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These payments ow to and from the investor s liquidity buffer daily With an equitized strategy, however, the investor also experiences marks to market on the futures position These will tend to offset the marks to market on the shares borrowed An increase in the price of the short positions induced by a rise in the overall market, for example, should be accompanied by an increase in the price of the futures contracts held long The marks to market on the futures can thus be used to offset the marks to market on the shorts This is illustrated in Exhibit 82 Here, we assume that the long and short positions, as well as the futures position, double in value The investor will now owe the securities lenders $9 million on the marks to market on the borrowed shares.



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But the investor s account will also receive a $10 million positive mark to market on the futures position The securities lenders can be paid out of this $10 million, with $1 million left over Of course, the futures position, having doubled its initial value, is now undermargined by $05 million (assuming futures percentage margins remain the same) Purchasing an additional $05 million in Treasury bills to meet the futures margin leaves the investor with $05 million This is added to the liquidity buffer, which is now increased in line with the value of the invested positions..





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At the outset it is useful to compare XML and HTML in order to understand their different strengths. A brief summary of the differences is given in Table 9.1. A careful examination of the points raised in Table 9.1 should make one realize that XML is not intended to simply be a more powerful replacement for HTML. This is because HTMIL's primary purpose is to specify the display of data while XML's primary purpose is to describe the logical structure of data.

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Increasingly, Web designers lay out the structure of their sites in a process called storyboarding before filling in the details with text, image, and media content. This approach is all but essential on larger sites where development is divided among many people. In many ways, laying out the site s structure ahead of the content makes the content phase go much faster. You can, for example, pick an existing page (even if it is empty of content) from the Select File dialog box when building your links, rather than entering a nonexistent page s filename in the Link text box and then trying to remember to create it later. All you need to begin building your site with the Site Map is a single file, typically the site s home page. This home page is then defined as such in the Site Map Layout category of the Site Definition dialog box. To create a Web site structure from the Site Map, follow these steps: 1. Open the Site Map by choosing Window Site Map or one of the other methods previously described. 2. Select the icon of the site s home page. 3. Choose Site Link to a New File (Site Site Map View Link to a New File). You can also right-click (Ctrl+click) the page s icon and choose Link to New File from the shortcut menu. Or use the key shortcut: Ctrl+Shift+N (Command+Shift+N ). The Link to New File dialog box appears, as shown in Figure 7-11.

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Using progress properties and action priorities, we are now in a position to inv tigate the liveness problemsof the single-lane bridge. In particular,we are interested in the following two progress properties when the bridge is heavily loaded or congested.

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