The Structure and Function of Cells

The Structure and Function of Cells EUKARYOTIC CELL DESCRIPTION/FUNCTION: A. CELL MEMBRANE AND THE FUNCTIONS: CELL MEMBRANE Also called the plasma membrane gives mechanical strength to the cell. Its unique structure enables itself to serve as molecular traffic regulator. It is 5 up to 10 um in thickness. It also exhibits fluid mosaic nature, seal itsef if broken. B. THE CYTOPLASM AND ITS ORGANELLES CYTOPLASM A mass of jelly-like material that is somewhat grayish or colorless, translucent and viscous It can change from semi solid to semi liquid. C. CELL ORGANELLES ENDOPLASMIC RETICULUM (ER) is the transport network for molecules targeted for certain modifications and specific destinations, as compared to molecules that will float freely in the cytoplasm. ER has two forms: the rough ER and the smooth ER. RIBOSOMES The ribosome is a large complex composed of many molecules, including RNAs and proteins, and is responsible for processing the genetic instructions carried by an mRNA. Ribosomes float freely in the cytoplasm or sometimes bind to another organelle called the endoplasmic reticulum MITOCHONDRIA are self-replicating organelles that occur in various numbers, shapes, and sizes in the cytoplasm of all eukaryotic cells. Mitochondria have two functionally distinct membrane systems separated by a space: the outer membrane, which surrounds the whole organelle; and the inner membrane, which is thrown into folds or shelves that project inward. These inward folds are called cristae. Mitochondria play a critical role in generating energy in the eukaryotic cell, and this process involves a number of complex pathways GOLGI BODIES OR GOLGI APPARATUS (also called the golgi apparatus or golgi complex) a flattened, layered, sac-like organelle that looks like a stack of pancakes and is located near the nucleus. The golgi body packages proteins and carbohydrates into membrane-bound vesicles for export from the cell. LYSOSOMES are often referred to as the garbage disposal system of a cell. digest foreign bacteria that invade a cell. helping to recycle receptor proteins and other membrane components and degrading worn out organelles such as mitochondria. Lysosomes can even help repair damage to the plasma membrane by serving as a membrane patch, sealing the wound. MICROBODIES Variety of organelles similar to lysosome but contains different enzymes. One of these is the glyxoxysomes present in some plant, another is peroxisomes which contain powerful oxidative enzymes. CYTOSKELETON Microtubules that provide support to the internal system of cell thus, it provides support and shape. Also provides pathways for certain cellular molecules to move. VACUOLES Membrane- bound, fluid- filled spaces found in both animal and plant cell but bigger in plant cell. The vacuolar membrane is also called tonoplast and they contain liquid cell sap. MICROFILAMENTS Are long thread like extremely thin filaments first seen in skeletal muscle cells that gives the cell a striped appearance. CENTRIOLES Small dark bodies located just outside the nucleus of most animal cells. They are cylindrical structures and two of them lie close together. Associated in the spindle fibers of dividing animal cells. PLASTIDS Are cytoplasmic orhanelles found in cells of most plants. NUCLEUS It houses the cells chromosomes and is the place where almost all DNA replication and RNA synthesis occur. The nucleus is spheroid in shape and separated from the cytoplasm by a membrane called the nuclear envelope. CELL WALL a thick, rigid membrane that surrounds a plant cell. This layer of cellulose fiber gives the cell most of its support and structure. cell wall also bonds with other cell walls to form the structure of the plant. CHLOROPLASTS are similar to mitochondria but are found only in plants. Chloroplasts convert light energy from the sun into ATP through a process called photosynthesis. CENTROSOME (also called the microtubule organizing center) a small body located near the nucleus it has a dense center and radiating tubules. The centrosomes is where microtubules are made. During cell division (mitosis), the centrosome divides and the two parts move to opposite sides of the dividing cell. GRANUM (plural grana) A stack of thylakoid disks within the chloroplast is called a granum. NUCLEOLUS an organelle within the nucleus it is where ribosomal RNA is produced. DIFFERENCE BETWEEN THE PLANT CELL AND ANIMAL CELL Basis of Comparison Plant cells Animal cells 1. plasma membrane present Present 2. Cell wall present Absent 3. Lysosome Absent Present 4. Plastids Present Absent 5. Vacuoles Small but many Large but fewer 6. Chloroplast present Absent PROKARYOTIC CELL A TYPICAL BACTERIAL CELL DESCRIPTION/FUNCTION: 1. NUCLEOID a nuclear region where the chromosomal matter is found. DNA in the bacterial cell is generally confined to this central region. Though it isnt bounded by a membrane, it is visibly distinct from the rest of the cell interior. Prokaryotic cells genome usually consists of a single, large, circular DNA molecule 2. RIBOSOMES give the cytoplasm of bacteria a granular appearance in electron micrographs. Though smaller than the ribosomes in eukaryotic cells, these inclusions have a similar function in translating the genetic message in messenger RNA into the production of peptide sequences. 3. VESICLES relatively small and enclosed compartments, separated from the cytosol by at least one lipid bilayer. If they have only one lipid bilayer, they are called unilamellar vesicles; otherwise they are called multilamellar. 4. CAPSULE a layer of polysaccharide (sometimes proteins) that protects the bacterial cell and is often associated with pathogenic bacteria because it serves as a barrier against phagocytosis by white blood cells. 5. CELL WALL is composed of peptidoglycan (polysaccharides + protein), the cell wall maintains the overall shape of a bacterial cell. The three primary shapes in bacteria are coccus (spherical), bacillus (rod-shaped) and spirillum (spiral). Mycoplasma are bacteria that have no cell wall and therefore have no definite shape. 6. PLASMA MEMBRANE is a lipid bilayer much like the cytoplasmic (plasma) membrane of other cells. There are numerous proteins moving within or upon this layer that are primarily responsible for transport of ions, nutrients and waste across the membrane. 7. PILI are hollow, hairlike structures made of protein allow bacteria to attach to other cells. A specialized pilus, the sex pilus, allows the transfer from one bacterial cell to another. Pili (sing., pilus) are also called fimbriae (sing., fimbria). 8. FLAGELLA The purpose of flagella (sing., flagellum) is motility. Flagella are long appendages which rotate by means of a motor located just under the cytoplasmic membrane. DIFFERENCES BETWEEN PROKARYOTIC AND EUKARYOTIC CELL Basis of Comparison Prokaryotic cell Eukaryotic Cell 1. Nuclear Membrane Absent Present 2. Chromosomes Single Multiple 3. ER Absent Present 4. Golgi apparatus Absent Present 5. Lysosomes Absent Present 6. Mitochondria Absent Present 7. Ribosome Small Large

Toyota

Company Objectives World domination with regard to car supply. Toyota seeks to achieve market leadership by delivering value to customers and providing high quality vehicles. Ill. Analysis Of Related Case Facts A. Porters Five Forces Analysis 1. Threat of New Entrants – Low New entrants can't enter the market easily as it requires huge capital investment, cutting-edge technology and the industry have already reached economics of scale. Brand loyalty among the buyers. They won't easily switched to new brand as purchasing a vehicle incurred high cost. 2.Bargaining Power of Supplier – Moderately Low Various types of suppliers in automobile industry such as cooling, electrical, fuel supply systems distributed across the globe. They own many interchangeable supplier and produced many components in the short time. Suppliers don't own the power to determine the price. 3. Bargaining Power of Buyer – High Can easily switch to other brands if they're cheaper and better spe cifications such as Hand's new Hybrid models which are more lucrative Toyota Pries. 4. Threat of Substitute – Moderately High There are a lot of substitutes in automobile industry.When the price or the specifications of the vehicle is lack of favor, the substitutes will emerge. Besides from vehicles, buyer can opt for other substitutes such as bicycle, bus, train or even walking to reach their destination with petrol price hiking. However, it depends greatly on the consumers geographical location. 5. Competitive Rivalry -? High Competition between existing players is high. There is not much differentiation between players and their products. Other automobile companies are moving aggressively with their strategy to own higher market share with Hybrid models.B. Soot Analysis Strengths Us period productivity and efficiency of Toyota Production System Toyota is the world's largest vehicle manufacturer by production and sales Global strong brand awareness Strong distribution and m arket efforts focused on high quality, sales and close involvement with customers It has initiated new technologies Weaknesses Recalls caused quite severe financial impact It is criticized as a foreign importer by Japanese local car producers In May 2009, they reported a record yearly net loss of $ 4. Billion In 2005 faced criticism because of a large scale recall and quality issues Opportunities Recovery of auto industries Positive growth trend in hybrid vehicle segment Growing demand from major emerging markets India and China Demand for fuel efficient, compact vehicles In 2009 Bank of India decreased the interests on automotive bank loans Product innovation The retreats Competition in the global automotive market Uncertainty in global economic condition Weakening demand, increasing cost Tightening emission standards C.PEST Analysis Political Factors Laws and regulations mandated by the government/state/local assembles may put in measures to ensure that safe and ethical practices are being allowed to promote fairness within the company. On the other hand, these laws, especially those foreign to Japanese customs create policies that imposes more profit loss for TM because it is a foreign car company. Economic and Social Factors The first that may impact Tm's profit is that the social status of the world economy as a whole.If the world market is suffering due to a world-wide recession. Customers may be forced to buy domestic cars due to their lower cost, rather than buying foreign cars. However, if consumers are earning a higher income, this may prove beneficial to Toyota thereby increasing many profit and accountability. Stability of the upcoming market is highly projected. Technological Factors Technological advancements may also be a factor in determining Tm's overall production. The world relies heavily on technology to plan out the details and executions of company plans and goals.It would be wise for TM to continue its research developments to improve th e company's value and reputation. IV. Relevant Strategic Management Lean Production System Lean Production System is the system designed and evolved in Toyota. It is modified form of Henry Ford's Mass Production System. In some areas its philosophy seem exactly opposite to the fundamental principles of Mass Production System. Mass Production System Mass production is a method of producing goods in large quantities at low cost per unit. This system of production is also known as Push System or Just- in-Case System .With precision equipment, large numbers of identical parts could be produced at low cost and with a small work force. Diversification At the time of establishment of Toyota Motor Company was in the business of making handloom. This can be seen as a Conglomerate Diversification as Toyota expanded its scope from Handloom Industry to Automobile Industry. Joint Venture ANNUM was established at the site Of a former GM Fremont Assembly site that had been closed two years earlier in 1982. GM and Toyota reopened the factory as a joint venture in 1 984 to manufacture vehicles to be sold under both brands.A joint venture was viewed as an approach that would lower the risk while providing help in overcoming difficult potential problems. Market Segmentation Toast's most significant business segment is its automotive operations. Toyota carries out its automotive operations as a global competitor in the relied automotive market. Toast's uses both differentiation and low cost as generic strategies to try and gain a competitive advantage over their competitors in the automotive industry. The market scope that Toyota uses is a broad one that encompasses nearly every type of customer that is in the market to purchase an automobile.Toyota is able to target such a large market because they have something for everyone. V. Alternative Courses and Action Toyota Motors Corporation, one of the largest automakers in the world. Due to growing number of recalls that it faced, s ales plummeted thereby effecting the company's position in the global automotive industry. The company recalled million of vehicles in 2009 that does not only hurt the company financially but significantly damaged the company's brand. Toyota must ensure that the cars produced are faultless and of good quality.Toyota must focus on differentiating the company by concentrating on the atmosphere and design of the vehicles . It must enhance customers service as full-service provider. Excellent customer service should be observed since it would be able to make the company boost their reputation and consistency in terms of customer satisfaction. There should be a unique offering of amenities and facilities which would give them a stand out compared to other competitors, something like a trademark item or facility in which it couldn't be copied or duplicated.Toyota has a reputation of manufacturing CEO friendly cars like the Pries based upon advanced technology developed by the organization . Toyota has also sold on its technology to other motor manufacturers. There is a big demand for CEO friendly and fuel efficient cars. Since Toyota already has a first mover advantage in making hybrid CEO friendly cars, it should capitalize n this opportunity and invest more on hybrid R and produce more environment friendly cars. VI. Analysis of Alternatives (Advantages and Disadvantages) VII.Conclusion Toyota has sources of strong competitive advantages in global automotive industry such as value chain, strong brand, wide product offering and hybrid vehicles. Major recalls, economic crisis and intense global competition have posed serious challenge for Toyota. Growing emerging markets and shifting customer demands offer Opportunities for Toyota to attain superior profitability and growth. Toyota must sustain its competitive advantages to attain its position and achieve future success. VIII. Recommendations Toyota motors are famous for their just in time manufacturing.The organizati on is doing well in this regard and competes with the world's top car manufacturing firms . However the quality of the car as compare to other car manufacturing companies is not satisfactory. They should focus on the quality and designs of the car. As compare to Honda, the intense competitor of Toyota in Asia and some other regions, they have elegant designs and quality cars. Apart from that the company should also focus on fuel efficient and hybrid cars to increase its production and to make people aware of these cars.T MAC needs to become more diverse, to allow the integration Of leadership in all sectors of leaderships to create a uniform leadership team. The way the system is set up is not going too well for the company's goal of being the number one manufacturer in the world. Also, Toyota needs to reanalyze its Research and Developmental Centers. It is through these centers that technologies are observed and tested to bring about the best possible and safe product for the consu mer to use. There needs to be a construction of the company as a whole. Toyota Company Objectives World domination with regard to car supply. Toyota seeks to achieve market leadership by delivering value to customers and providing high quality vehicles. Ill. Analysis Of Related Case Facts A. Porters Five Forces Analysis 1. Threat of New Entrants – Low New entrants can't enter the market easily as it requires huge capital investment, cutting-edge technology and the industry have already reached economics of scale. Brand loyalty among the buyers. They won't easily witched to new brand as purchasing a vehicle incurred high cost. 2.Bargaining Power of Supplier – Moderately Low Various types of suppliers in automobile industry such as cooling, electrical, fuel supply systems distributed across the globe. They own many interchangeable supplier and produced many components in the short time. Suppliers don't own the power to determine the price. 3. Bargaining Power of Buyer – High Can easily switch to other brands if they're cheaper and better spec ifications such as Hand's new Hybrid models which are more lucrative Toyota Pries. 4. Threat of Substitute – Moderately High There are a lot of substitutes in automobile industry.When the price or the specifications of the vehicle is lack of favor, the substitutes will emerge. Besides from vehicles, buyer can opt for other substitutes such as bicycle, bus, train or even walking to reach their destination with petrol price hiking. However, it depends greatly on the consumers geographical location. 5. Competitive Rivalry -? High Competition between existing players is high. There is not much differentiation between players and their products. Other automobile impasse are moving aggressively with their strategy to own higher market share with Hybrid models.B. Soot Analysis Strengths Superior productivity and efficiency of Toyota Production System Toyota is the world's largest vehicle manufacturer by production and sales Global strong brand awareness Strong distribution and marke t efforts focused on high quality, sales and close involvement with customers It has initiated new technologies Weaknesses Recalls caused quite severe financial impact It is criticized as a foreign importer by Japanese local car producers In May 009, they reported a record yearly net loss of $ 4. Billion In 2005 faced criticism because of a large scale recall and quality issues Opportunities Recovery of auto industries Positive growth trend in hybrid vehicle segment Growing demand from major emerging markets India and China Demand for fuel efficient, compact vehicles In 2009 Bank Of India decreased the interests on automotive bank loans Product innovation Threats Competition in the global automotive market Uncertainty in global economic condition Weakening demand, increasing cost Tightening emission standards C. PEST Analysis Political FactorsLaws and regulations mandated by the government/state/local assembles may put in measures to ensure that safe and ethical practices are being followed to promote fairness within the company. On the other hand, these laws, especially those foreign to Japanese customs create policies that imposes more profit loss for TM because it is a foreign car company. Economic and Social Factors The first that may impact Tm's profit is that the social status of the world economy as a whole. If the world market is suffering due to a world-wide recession.Customers may be forced to buy domestic cars due to their lower cost, rather than buying foreign cars. However, if consumers are earning a higher income, this may prove beneficial to Toyota thereby increasing company profit and accountability. Stability of the upcoming market is highly projected. Technological Factors Technological advancements may also be a factor in determining Tm's overall production. The world relies heavily on technology to plan out the details and executions of company plans and goals. It would be wise for T MAC to continue its research developments to improve the company's value and reputation.IV. Relevant Strategic Management Lean Production System Lean Production System is the system designed and evolved in Toyota. It is modified form of Henry Ford's Mass Production System. In some areas its philosophy seem exactly opposite to the fundamental principles of Mass Production System. Mass Production System Mass production is a method of producing goods in large quantities at low cost per unit. This system of production is also known as Push System or Just- in-Case System . With precision equipment, large numbers of identical parts could be produced at low cost and with a small work force.Diversification At the time of establishment of Toyota Motor Company was in the business of making handloom. This can be seen as a Conglomerate Diversification as Toyota expanded its scope from Handloom Industry to Automobile Industry. Joint Venture ANNUM was established at the site of a former GM Fremont Assembly site that had been closed two years earlier in 1982. GM and Toyota reopened the factory as a joint venture in 1984 to manufacture vehicles to be sold under both brands. A joint venture was viewed as an approach that would lower the risk while providing help in overcoming difficult potential problems.Market Segmentation Toast's most significant business segment is its automotive operations. Toyota carries out its automotive operations as a global competitor in the worldwide automotive market. Toast's uses both differentiation and low cost as generic strategies to try and gain a competitive advantage over their competitors in the automotive industry'. The market scope that Toyota uses is a broad one that encompasses nearly every type of customer that is in the market to purchase an automobile. Toyota is able to target such a large market because they have something for everyone.V. Alternative Courses and Action Toyota Motors Corporation, one of the largest automakers in the world. Due to growing number of recalls that it faced, s ales plummeted thereby affecting the company's position in the global automotive industry. The company recalled million of vehicles in 2009 that does not only hurt the company financially but significantly damaged the company's brand. Toyota must ensure that the cars produced are faultless and of good quality. Toyota must focus on differentiating the company by concentrating on the atmosphere and design of the vehicles .It must enhance customers service s full-service provider. Excellent customer service should be observed since it would be able to make the company boost their reputation and consistency in terms of customer satisfaction. There should be a unique offering of amenities and facilities which would give them a stand out compared to other competitors, something like a trademark item or facility in which it couldn't be copied or duplicated. Toyota has a reputation of manufacturing CEO friendly cars like the Pries based upon advanced technology developed by the organization .Toyota has also sold on its technology to other motor manufacturers. There is a big demand for CEO friendly and fuel efficient cars. Since Toyota already has a first mover advantage in making hybrid CEO friendly cars, it should capitalize on this opportunity and invest more on hybrid R&D and produce more environment friendly cars. VI. Analysis of Alternatives (Advantages and Disadvantages) VI'. Conclusion Toyota has sources of strong competitive advantages in global automotive industry such as value chain, strong brand, wide product offering and hybrid vehicles.Major recalls, economic crisis and intense global competition have used serious challenge for Toyota. Growing emerging markets and shifting Customer demands offer opportunities for Toyota to attain superior profitability and growth. Toyota must sustain its competitive advantages to retain its position and achieve future success. VIII. Recommendations Toyota motors are famous for their just in time manufacturing. The organiza tion is doing well in this regard and competes with the world's top car manufacturing firms -However the quality of the car as compare to other car manufacturing companies is not satisfactory.They should focus on the quality ND designs of the car. As compare to Honda, the intense competitor of Toyota in Asia and some other regions, they have elegant designs and quality cars. Apart from that the company should also focus on fuel efficient and hybrid cars to increase its production and to make people aware of these cars. TM needs to become more diverse, to allow the integration of leadership in all sectors of leaderships to create a uniform leadership team. The way the system is set up is not going too well for the company's goal of being the number one manufacturer in the world. Toyota Toyota, one of the most renowned auto company started having a problem around in 1998 when it failed o store its new brand product Lexus’s data’s ineffectively. Though all it did not happen on purpose, but accidentally the Lexus Company could not fulfil the requirement and satisfaction of its customer in its early trail of database maintenance. Lexus the Toyotas high end luxury system had implemented a Corporate Customer information System in which there were some problems seen regarding the recording of customer information and override of wrong information of the customer data. Though the company had best tried to save that customer information in a appropriate manner but due to the system deficiency the company was having a massive data quality problem. This problem aroused because the company failed to maintain and implement a central database system where all he customer information would be stored in a central database, which when required would display the multi branches customer information. The company had 15 different databases stored in 15 different parts of the company, where the individual company would only access their local data stored by the local branch. In words of Management we can correlate this problem as lack of centralised authority to data control, storing, maintenance and update of recent transactions. The world of Information Technology as compared to the Management is quite controversial. Controversial in a sense that, in proper management Decentralization and Delegation of authority is required to achieve the best results in efficient management performances while as in terms of Information Technology, it requires the access, storage, support and maintenance of centralised database system in order to keep the up to date records of every activities performed everyday to track down the right solution to the problem. An efficient Information System demands the availability of information and resources however and whenever demanded at any point of request. The database Toyota Lexus ha designed was to store all its customer info which would help when the system was asked to provide the customer details of the owner for organizational purpose. The objective LEXUS had established to serve its customer via maintaining a customer dataset could not be fulfilled as the purpose of developing a database could no be fulfilled as it resulted to various problems in miscommunication of information all around. The ownership of the vehicles ad been transferred to the people who did not even had the ownership license, the cheques were paid to the person who were even not entitled to receive and the legitimate information were passed where there had been frequent problems of fake customer identity. The customer details failed to validate the right owners of the vehicles which as a result led to a problem of data loss. Because of the problem, Toyota would return the owners car fixed, washed filled with fuel. Cheques were made payable to the people whom it did not even belonged to. CASE EXAMPLES Example: 1 http://www. internetautoguide. om/auto-recalls/09-int/1998/lexus/gs400/index. html APR 17, 1998 | Recall ID# 50473 Hide Details |Recall Reason |SUSPENSION:AUTOMATIC STABILITY CONTROL (ASC) | |Recall Date |APR 17, 1998 | |Model Affected |GS400 | |Potential Units Affected |14855 | Recall Summary | |VEHICLE DESCRIPTION: PASSENGER VEHICLES. DUE TO A MANUFACTURING DEFECT OF THE YAW RATE SENSOR FOR THE VEHICLE STABILITY | |CONTROL (VSC), THE VSC CAN OPERATE IMPROPERLY IF THE SENSOR IS AFFECTED BY CERTAIN ELECTROMAGNETIC WAVES, SUCH AS FROM A | |CELLULAR PHONE. | |Consequence | |SHOULD THIS OCCUR, THE BRAKE MAY OPERATE UNEXPECTEDLY, AFFECTING STEERING AND SPEED CONTROL, INCREASING THE RISK OF A | |VEHICLE CRASH. |Remedy | |DEALERS WILL REPLACE THE YAW RATE SENSOR. | |Notes | |TOYOTA MOTOR CO. , LTD. | Example 2: http://www. justanswer. com/questions/35ik7-i-have-a-1998-lexus-es300-i-have-had-problems-with-the-gas Question I have a 1 998 Lexus ES300, I Have had problems with the gas pedals sticking on three occasions but paid no attention to it until I read about this problem on new cars. Have there been other cases reported with this model? What should I do about it? Submitted: 11 days and 23 hours ago. Category:  Lexus Value:  ? 7 Status:  CLOSED + Read  More Optional Information Year: 1998 Make: Lexus Model: ES300 Already Tried: I have a 1998 Lexus ES300, I Have had problems with the gas pedals sticking on three occasions but paid no attention to it until I read about this problem on new cars. Have there been other cases reported with this model? What should I do about it? Accepted Answer Hi, Your particular vehicle uses a mechanical, cable connection from the gas pedal to the throttle body as opposed to the electrical servo type throttles involved in the numerous recall related problems. Because of that, there would be no directly correlation between the two vehicles. That being said, there are 3 typical causes for sticking throttle in your vehicle. Least likely, but easiest to check is the infamous â€Å"floor mat obstruction†. This is typically noticeable while driving if your floor mat is interfering with the cable, but worth checking regardless. Second, is a worn out throttle cable. This is the cable that connects the gas pedal to the throttle body. Vehicles in northern states that have more issues with rust/corrosion are more likely to see a problem here. The cable is a thin metal wire sheathed in a plastic coating. As the exposed area of metal wire corrodes from environmental elements, it widens the cable making it more difficult to travel inside the cable sheath, often sticking. You can check this condition by operating the throttle body by hand an monitoring the cable to see if there is any resistance going into the sheath or if it travels smoothly. Lastly, and most common, is buildup of carbon/oil elements in the throttle body. Because of the ventilation system required by law, the throttle body is exposed to oil vapor from inside the engine via breathing hoses in the intake. Over time this builds up into a layer of hardened, baked-on oil inside the throttle body, right where the throttle plate needs to move. Due to it being softer than the metal throttle plate, the throttle plate always wins when it gets stuck, but the oil buildup does create resistance that will intermittently stick the throttle in position. Having the throttle body cleaned to prevent this should be done every 15k miles on this car for full assurance, or 30k miles at minimum for normal operation. Typical cost for cleaning is 1/2 hour labor (normal â€Å"minimum charge† at many shops), about $45 depending on the shops labor rate. pic] |Expert:   |Doug Cleland | |Pos. Feedback:   |100. 0 % | |Accepts:   |12 | |Answered:   |2/16/2010 | ASE Certified Technician Toyota Factory training and worked for a heavily Lexus trafficked Toyota store Read more: http://www. justanswer. com/questions/35ik7-i-have-a-1998-lexus-es300-i-have-had-problems-with-the-gas#ixzz0grgbynyy Example 3: http://www. motortrend. com/used_cars/07/1998/lexus/recalls/index. html Featured 1998 Recalls [pic] | |1998 Lexus LX470 | |Before you purchase a used car, make sure you check our comprehensive auto recall information to see if there are any | |problems that have been reported by the NHTSA. You can get detailed information on how and where to fix the car defect. | |Recall:   EXTERIOR LIGHTING : HEADLIGHTS | | | | | | | | | | Read more: http://www. motortrend. com/used_cars/07/1998/lexus/recalls/index. html#ixzz0grjp1yvD Take a noteworthy case in 1998. Toyota Motor Sales USA (TMS) responded to a recurring service problem with its Lexus vehicles by contacting owners, then picking up their vehicles, taking them in for repairs and leaving loaner cars as replacements. When done, the owners' cars were returned—fixed, washed and tanked up. That level of service was made possible by TMS's Corporate Customer Information System, an application used by the company's call center in Iowa to help handle warranty, roadside assistance, prepaid maintenance and other service requests. But 1998 didn't go altogether smoothly. Relying on data in that system, TMS began to mail checks to Lexus owners to replace troublesome tires. The checks, for more than $400 each, in some cases went to people who didn't even own a Lexus. One errant check even found its way to a Toyota auditor, for a vehicle he hadn't owned for a while. â€Å"You can imagine the repercussions of that,† says John Gonzales, data quality manager at TMS. â€Å"We can't afford to be giving money away to people who shouldn't be getting it. † The glitch was symptomatic of a bigger problem. The system depended on customer data stored in â€Å"roughly 15 databases in different parts of company,† says Gonzales. Just to get to all the data about a customer, call center employees would have to navigate through four or five mainframe applications, while customers waited. The glitch resulted in a mandate from Toyota's office of the president for a centralized, single customer database. And Gonzales was tagged to make it happen. â€Å"The main goal was to service customers' calls quicker,† he says. But also, â€Å"as the volume of calls went up, we didn't want to increase the number of people in the call center. † Finding a way to pull off the consolidation turned out to be no mean feat. Gonzales and his team looked at a procession of products purportedly offering business intelligence,† but none fit the bill. Then, a solution was nearly dropped into his lap. While attending a Toyota Toyota, one of the most renowned auto company started having a problem around in 1998 when it failed o store its new brand product Lexus’s data’s ineffectively. Though all it did not happen on purpose, but accidentally the Lexus Company could not fulfil the requirement and satisfaction of its customer in its early trail of database maintenance. Lexus the Toyotas high end luxury system had implemented a Corporate Customer information System in which there were some problems seen regarding the recording of customer information and override of wrong information of the customer data. Though the company had best tried to save that customer information in a appropriate manner but due to the system deficiency the company was having a massive data quality problem. This problem aroused because the company failed to maintain and implement a central database system where all he customer information would be stored in a central database, which when required would display the multi branches customer information. The company had 15 different databases stored in 15 different parts of the company, where the individual company would only access their local data stored by the local branch. In words of Management we can correlate this problem as lack of centralised authority to data control, storing, maintenance and update of recent transactions. The world of Information Technology as compared to the Management is quite controversial. Controversial in a sense that, in proper management Decentralization and Delegation of authority is required to achieve the best results in efficient management performances while as in terms of Information Technology, it requires the access, storage, support and maintenance of centralised database system in order to keep the up to date records of every activities performed everyday to track down the right solution to the problem. An efficient Information System demands the availability of information and resources however and whenever demanded at any point of request. The database Toyota Lexus ha designed was to store all its customer info which would help when the system was asked to provide the customer details of the owner for organizational purpose. The objective LEXUS had established to serve its customer via maintaining a customer dataset could not be fulfilled as the purpose of developing a database could no be fulfilled as it resulted to various problems in miscommunication of information all around. The ownership of the vehicles ad been transferred to the people who did not even had the ownership license, the cheques were paid to the person who were even not entitled to receive and the legitimate information were passed where there had been frequent problems of fake customer identity. The customer details failed to validate the right owners of the vehicles which as a result led to a problem of data loss. Because of the problem, Toyota would return the owners car fixed, washed filled with fuel. Cheques were made payable to the people whom it did not even belonged to. CASE EXAMPLES Example: 1 http://www. internetautoguide. om/auto-recalls/09-int/1998/lexus/gs400/index. html APR 17, 1998 | Recall ID# 50473 Hide Details |Recall Reason |SUSPENSION:AUTOMATIC STABILITY CONTROL (ASC) | |Recall Date |APR 17, 1998 | |Model Affected |GS400 | |Potential Units Affected |14855 | Recall Summary | |VEHICLE DESCRIPTION: PASSENGER VEHICLES. DUE TO A MANUFACTURING DEFECT OF THE YAW RATE SENSOR FOR THE VEHICLE STABILITY | |CONTROL (VSC), THE VSC CAN OPERATE IMPROPERLY IF THE SENSOR IS AFFECTED BY CERTAIN ELECTROMAGNETIC WAVES, SUCH AS FROM A | |CELLULAR PHONE. | |Consequence | |SHOULD THIS OCCUR, THE BRAKE MAY OPERATE UNEXPECTEDLY, AFFECTING STEERING AND SPEED CONTROL, INCREASING THE RISK OF A | |VEHICLE CRASH. |Remedy | |DEALERS WILL REPLACE THE YAW RATE SENSOR. | |Notes | |TOYOTA MOTOR CO. , LTD. | Example 2: http://www. justanswer. com/questions/35ik7-i-have-a-1998-lexus-es300-i-have-had-problems-with-the-gas Question I have a 1 998 Lexus ES300, I Have had problems with the gas pedals sticking on three occasions but paid no attention to it until I read about this problem on new cars. Have there been other cases reported with this model? What should I do about it? Submitted: 11 days and 23 hours ago. Category:  Lexus Value:  ? 7 Status:  CLOSED + Read  More Optional Information Year: 1998 Make: Lexus Model: ES300 Already Tried: I have a 1998 Lexus ES300, I Have had problems with the gas pedals sticking on three occasions but paid no attention to it until I read about this problem on new cars. Have there been other cases reported with this model? What should I do about it? Accepted Answer Hi, Your particular vehicle uses a mechanical, cable connection from the gas pedal to the throttle body as opposed to the electrical servo type throttles involved in the numerous recall related problems. Because of that, there would be no directly correlation between the two vehicles. That being said, there are 3 typical causes for sticking throttle in your vehicle. Least likely, but easiest to check is the infamous â€Å"floor mat obstruction†. This is typically noticeable while driving if your floor mat is interfering with the cable, but worth checking regardless. Second, is a worn out throttle cable. This is the cable that connects the gas pedal to the throttle body. Vehicles in northern states that have more issues with rust/corrosion are more likely to see a problem here. The cable is a thin metal wire sheathed in a plastic coating. As the exposed area of metal wire corrodes from environmental elements, it widens the cable making it more difficult to travel inside the cable sheath, often sticking. You can check this condition by operating the throttle body by hand an monitoring the cable to see if there is any resistance going into the sheath or if it travels smoothly. Lastly, and most common, is buildup of carbon/oil elements in the throttle body. Because of the ventilation system required by law, the throttle body is exposed to oil vapor from inside the engine via breathing hoses in the intake. Over time this builds up into a layer of hardened, baked-on oil inside the throttle body, right where the throttle plate needs to move. Due to it being softer than the metal throttle plate, the throttle plate always wins when it gets stuck, but the oil buildup does create resistance that will intermittently stick the throttle in position. Having the throttle body cleaned to prevent this should be done every 15k miles on this car for full assurance, or 30k miles at minimum for normal operation. Typical cost for cleaning is 1/2 hour labor (normal â€Å"minimum charge† at many shops), about $45 depending on the shops labor rate. pic] |Expert:   |Doug Cleland | |Pos. Feedback:   |100. 0 % | |Accepts:   |12 | |Answered:   |2/16/2010 | ASE Certified Technician Toyota Factory training and worked for a heavily Lexus trafficked Toyota store Read more: http://www. justanswer. com/questions/35ik7-i-have-a-1998-lexus-es300-i-have-had-problems-with-the-gas#ixzz0grgbynyy Example 3: http://www. motortrend. com/used_cars/07/1998/lexus/recalls/index. html Featured 1998 Recalls [pic] | |1998 Lexus LX470 | |Before you purchase a used car, make sure you check our comprehensive auto recall information to see if there are any | |problems that have been reported by the NHTSA. You can get detailed information on how and where to fix the car defect. | |Recall:   EXTERIOR LIGHTING : HEADLIGHTS | | | | | | | | | | Read more: http://www. motortrend. com/used_cars/07/1998/lexus/recalls/index. html#ixzz0grjp1yvD Take a noteworthy case in 1998. Toyota Motor Sales USA (TMS) responded to a recurring service problem with its Lexus vehicles by contacting owners, then picking up their vehicles, taking them in for repairs and leaving loaner cars as replacements. When done, the owners' cars were returned—fixed, washed and tanked up. That level of service was made possible by TMS's Corporate Customer Information System, an application used by the company's call center in Iowa to help handle warranty, roadside assistance, prepaid maintenance and other service requests. But 1998 didn't go altogether smoothly. Relying on data in that system, TMS began to mail checks to Lexus owners to replace troublesome tires. The checks, for more than $400 each, in some cases went to people who didn't even own a Lexus. One errant check even found its way to a Toyota auditor, for a vehicle he hadn't owned for a while. â€Å"You can imagine the repercussions of that,† says John Gonzales, data quality manager at TMS. â€Å"We can't afford to be giving money away to people who shouldn't be getting it. † The glitch was symptomatic of a bigger problem. The system depended on customer data stored in â€Å"roughly 15 databases in different parts of company,† says Gonzales. Just to get to all the data about a customer, call center employees would have to navigate through four or five mainframe applications, while customers waited. The glitch resulted in a mandate from Toyota's office of the president for a centralized, single customer database. And Gonzales was tagged to make it happen. â€Å"The main goal was to service customers' calls quicker,† he says. But also, â€Å"as the volume of calls went up, we didn't want to increase the number of people in the call center. † Finding a way to pull off the consolidation turned out to be no mean feat. Gonzales and his team looked at a procession of products purportedly offering business intelligence,† but none fit the bill. Then, a solution was nearly dropped into his lap. While attending a

Charles Baxter s The Art Of Subtext - 848 Words

A story is only as good as the way it is told. The way a writer uses his or her words to say something is just as important as what they don’t say. Charles Baxter, author of plethora of books and university teacher, writes a craft book that goes deeper than the surface of writing and deeper than the words written down. In Charles Baxter’s The Art of Subtext, he discusses how authors can use the words they do write just as much to express what they don’t write. The first chapter, â€Å"The Art of Staging† claims â€Å"Staging in fiction involves putting characters in specific strategic positions in the scene so that some unvoiced nuance is revealed.† (Baxter 13) This includes the character’s standing positions, their proximity to each other, specific gestures and facial expressions, which give the reader more insight to the scene and the characters without explicitly saying so. This goes hand in hand with the setting of the atmosphere where atmosphere sets the dominant tone or the mood of a story. The atmosphere can be in reference to the setting or the characters themselves. Here, the reader is to read between the lines. The key to this is using a lot of detail which is crucial to providing the information. This is something important that I need to incorporate in my own writing. More detail in my writing concerning the unspoken things will allow the reader to see the evolution of the narrator’s state of mind. A twitch of an eye or how close my antagonist stands to his or her

The Impact of Fixed Income Securities Essay Example Pdf - Free Essay Example

Sample details Pages: 11 Words: 3291 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Compare and contrast essay Did you like this example? Collateralized Borrowing and Lending Obligation is a fully collateralized and secured instrument for borrowing and lending money. It is a money market instrument approved by the RBI and is backed by government securities as collaterals. CBLO creates an obligation on the part of the borrower to repay the money borrowed along with interest on a predetermined future date and provides a right to the lender to receive the money lent along with the interest on a predetermined future date. Don’t waste time! Our writers will create an original "The Impact of Fixed Income Securities Essay Example Pdf" essay for you Create order CBLO was introduced as a product for the purpose of those entities who had been phased out of the call money market and on whom restrictions had been placed on borrowing or lending in the call money market. CBLO can be issued for a maximum tenor of one year but the CBLO instruments that are generally available for trading are those with maturity of next seven business days and three month end dates. Membership to CBLO segments is given to NDS members as well as non-NDS members. The entities eligible for NDS membership are Nationalized banks, foreign banks, cooperative banks, Financial institutions, insurance companies, mutual funds, primary dealers, pension funds etc. Borrowing Limit and Initial Margin The amount that the members can borrow is determined by the mark to market values of securities and hair-cuts applicable on the securities deposited by the members in the CBLO segment. The maximum amount that the members can borrow is upto the borrowing limit which includes all the amounts which have already been borrowed and are outstanding at that point in time. Members are also required to deposit initial margin which is generally in the form of cash(minimum of Rs 1 lakh)and government securities. By depositing additional government securities or cash as collaterals members can enhance their borrowing limit or initial margin. Dealing CBLO dealing system is maintained by ClearCorp Dealing Systems(India) Ltd.(CCDS), a fully owned subsidiary of CCIL. Auction Market Only NDS members having settlement account at RBI have access to auction market while Associate members do not have access to auction market. Members can borrow and lend funds on overnight basis indicating the amount they want to borrow and maturity and the cap rate which is linked to CIBOR before the commencement of the auction session. CCDS approves the borrowing request of the members subject to the availability of the borrowing limits. At the end of the auction market process CCDS initiates the auction matching process which is based on Uniform Yield Principle to determine the successful borrower or lender. Normal Market The CBLO normal market is available to both CBLO(NDS) members and Associate members. Members need to deposit cash and/or securities prior to starting the CBLO dealing operations. The borrowing limit that is made available to t he members depends on the cash/securities deposited with the CCIL for that purpose in the CBLO segment. The borrowing and lending orders are matched on yield time priority. Clearing and Settlement CBLO operates on a Straight through Processing(STP) environment.The trades received are novated and netted for settlement.For each settlement date a simple obligation is generated for each member by netting trades received for settlementon that business date with redemption obligations for the same date.For those members who either do not maintain a current account with the RBI or are not allowed to operate that current account for secondary market transactions, a single obligation called CBLO funds obligations is settled at settlement bank.For those members who maintain a current account with the RBI and are allowed to settle secondary market transactions in those accounts, funds settlement is achieved in RBI account for those members. Risk Management Risks relating to trading and settlement are addressed in various ways by CCIL.For instance , membership is restricted only to those entities who meet the minimum eligibility criteria in accordance with the stringent membership norms adopted by the CCIL.Also the borrowing limit for members is determined base on mark to market valuation of the securities deposited by them and by applying a appropriate hair-cut.The securities in the CSGL account are also subjected to daily valuation and any decline in the market value of the securities as compared to the amount borrowed is collected from the members.Initial Margin is also collected form the members.CCIl acts as a central counterparty to all CBLO trades and guarantees settlement of CBLO trades.When members fail to meet the funds obligation on the day of settlement funds shortfall can take place.IN such situations CCIL meets the shortages and then starts the default handling process by withholding the CBLO receivable by the defaulting members.For example, when the borrower fails to meet the redemption proceeds on maturity of the CBLO, the underlying securities of such members are withheld while the funds are deposited along with the charges.In case of eventual default, CCIL liquidates the underlying securities and adjusts the proceeds towards shortfall and other charges. The CBLO Market Month wise CBLO volumes from 20th Jan, 2003 to 31st Mar, 2004 Volumes in CBLO were initially very low when it was first introduced in Jan 2003 but the volumes grew very quickly in 2004 and in Mar 2004 the total volume was Rs 31329 crore.Although the CBLO was slow to pick up due to the market participants being seemingly averse to change, it now dominates the money market with most of the activity in the money market occurring in CBLO.The monthly volumes went up from 67.5 crore in Jan 2003 to 31329 crore in Mar 2004 with the daily volumes increasing from 6 crore in Jan 2003 to above Rs 2000 crore in Mar 2004.The number of active members in the CBLO segment in July 2003 were 30 and 52 in Jan 2004 and therefore the increase in volumes could be partly attributed to the increase in the number of active members. The CBlO volumes have also increased steadily from 852 crore in 2002-03 to 8824784.2 crore in 2008-09.These statistics indicate that CBLO has managed to gain a sizeable share of money market transactions and has been consolidating its po sition over the years.Also the regulatory initiatives by the RBI imposing ceilings on the non-bank entities in participating in the call money market has forced them to move away from the call market to the CBLO market which also led to the increase in volumes in the CBLO market. Category wise share in CBLO turnover during the period 20th Jan, 2003 to 31st Mar, 2004 Mutual funds and co operative banks benefited most from CBLO features.Becuse the call money market is open only to banks and primary dealers, mutual funds had little option but to deploy their money in CBLO and repo overnight market to manage their liquid funds.Therefore the CBLO market became an attractive destination for mutual funds to deploy their money available in the form of cash.Cooperative banks also benefited from CBLO market and found it more beneficial to borrow and lend in the CBLO market.Also since CCIL is the counterparty to each trade, cooperative banks were able to trade on par with other NDS members and get competitive rates.The public sector banks accounted for 14.70% while the primary dealers accounted for 13.01%.The private sector banks and insurance companies accounted for the balance of the turnover.It can also be seen that the share of non-bank entities which were not allowed to participate in the call money market is 46.46% as they gained access to a safe a venue to deploy their short term funds. Inter-Category Participation in CBLO Market during the period 20th Jan, 2003 to 31st Mar, 2004 It can be seen that the major borrowers were the Co-operative banks, Public Sector banks and primary dealers with their share in overall borrowing of 36.37%, 28.07% and 25.58% respectively.Mutual Fund was the major lender with a share of 84.26% followed by insurance companies and Co-operative banks with share of 7.645 and 5.91%. It can be seen that in CBLO borrowing segment, compared to 2003-04, in 2008-09 the share of Co-operative banks has decreased to only 4% and that of Primary dealers to just 5% while the share of Public Sector banks has increased from 28.07% to 42%. In the CBLO lending segment for 2008-09 compared to 2003-04, the share of mutual funds has decreased from 84.26% to 70.62% while the share of financial institutions has increased from .245% to 14.06% while that of public sector banks has increased from 1.33% to 8.67%. Comparison between CBLO, REPO and CALL in Money Market Average Trade Volumes The real impact of CBLO on the money market can be seen from the fact that since its inception in January 2003, CBLOs now accounts for nearly 60% of the total money market in recent times. On the other hand other instruments such as REPO and CALL have seen massive decrease in volumes especially in CALL which accounts for just 10% of the total market. The chart below indicates the trend in market share for these 3 instruments in terms of average trade volumes of money market Market Share of average trade volumes of money market Average trade volumes of money market (Rs crore) The chart clearly shows that in recent past the uses of CBLOs have increased and there has been a decrease in use of CALL in the money market. Thought there was a small decrease in use of CBLOs during the recessionary phase however since then it has been looking up. In comparison to low volumes of nearly 300 Cr initially to the huge volumes of nearly 70,000 Cr in CBLO are of one of the major indicator of the success of CBLOs in the money market. Thus the CBLO market, which started in 2003, has stabilized and in terms of trading value it has surpassed the Repo market since March05 and now combined volume of Repo and overnight call is lower than the CBLO volume. Rate Movement in Call, Repo and CBLO Markets Since the borrowings under CBLO are fully collateralised, logically the spread between REPO and CBLO should be close to zero. Rather CBLO provides more flexibility and hence rates in CBLO segment should be lower than that of the Repo market. The chart above shows the movement of daily weighted average rates in the overnight Call, Repo and CBLO market for the initial period when CBLO was just launched. It may be observed that the CBLO rates, rates have taken a middle path between the call and repo rates during the period between January 2003 and October 2003. The reason for this could be attributed to the presence of a few numbers of active members in CBLO coupled with lesser volumes. However, from the month of November 2003, the CBLO rates have aligned with the repo rates with increase in the number of participants. The trend in the rates have remained almost similar in the recent past with CBLO rates either being between Repo and Call or just lower than Repo, as now CBLO is an established market with large number of participants and huge volumes. The trend in the chart below shows how there has been huge decrease in the rates during the period of economic crisis for all the markets. The rates have reached a low of around 2.97% also during the peak period of the global economic crisis. Besides this, the spread between CBLO and other markets is almost zero with rates for CBLO being slightly lower due to more flexibility and transparency in the markets Movement in Money Market rates Assessing the impact of CBLO on other money market instruments using Regression Analysis For our analysis we have used data from the period Jan 20,2003 when CBLO was introduced to July 31,2004.We have used weekly volume data from Saturday to Friday for this period for LAF, Call, Repo and CBLO.The chart below shows the movement is weekly market volumes of the various segments during this period. It can be seen from the graph that call market volumes which remained almost constant till Oct,2003 started declining thereafter while the CBLO volumes started increasing from Jan 2004 onwards.After the non-bank entities like mutual funds joined the CBLO segment form Jan 2004, volumes have been increasing steadily. Methodology: We have tried to determine the relationship among CBLO, LAF, Call and Repo in terms of their trading volumes and for this purpose we have used weekly trading values for each segment.We have used the multiple regression equation Log(CBLO)t = ?0 + ?1log(LAF)t + ?2log(Call) + ?3log(Repo) + errort for this purpose.Logs of all the dependent and independent variables have been used in which log(CBLO) represents log of CBLO weekly volume and similarly for the independent variables.A similar equation has been estimated for each of the other segments like Call and Repo. Results and Conclusions Model 1: OLS, using observations 1-80 Dependent variable: lCBLO Heteroskedasticity-robust standard errors, variant HC1 Coefficient Std. Error t-ratio p-value const -3.72811 5.09377 -0.7319 0.46648 lLAF 0.597274 0.107464 5.5579 lt;0.00001 *** lCall -1.18554 0.325223 -3.6453 0.00049 *** lRepo 1.68467 0.177669 9.4821 lt;0.00001 *** R-squared 0.848924 Adjusted R-squared 0.842306 Model 2: OLS, using observations 1-80 Dependent variable: lRepo Heteroskedasticity-robust standard errors, variant HC1 Coefficient Std. Error t-ratio p-value const 7.43748 1.8206 4.0852 0.00011 *** lLAF -0.146593 0.0437716 -3.3490 0.00126 *** lCall 0.142557 0.148539 0.9597 0.34024 lCBLO 0.340914 0.0356992 9.5496 lt;0.00001 *** R-squared 0.703578 Adjusted R-squared 0.691877 Model 3: OLS, using observations 1-80 Dependent variable: lCall Heteroskedasticity-robust standard errors, variant HC1 Coefficient Std. Error t-ratio p-value const 10.9016 1.11869 9.7450 lt;0.00001 *** lLAF -0.00183859 0.0268031 -0.0686 0.94549 lRepo 0.0994866 0.112626 0.8833 0.37984 lCBLO -0.167425 0.0310693 -5.3888 lt;0.00001 *** From Model 1 we note that CBLO volumes are significantly related with all of LAF, Call and repo volumes at the 1% significance level.The coefficients on LAF, Call and Repo represent the elasticity of LAF, Call and Repo volumes with respect to CBLO volumes.The coefficient on log(Call) is negative meaning that a 1% decrease in call weekly volume increases CBLO weekly volume by 1.18554%.This is what we should expect as the call market restrictions have resulted in the market participants moving out of the call market into the CBLO market which has contributed to the increase in CBLO volumes.CBLO has a positive relationship with LAF and Repo. For a 1% increase in repo volumes the CBLO volumes increase by 1.68467%. From Model 2 we see that Repo weekly volumes have a significant relationship with only LAF and CBLO weekly volumes at the 1% significance level.It has a positive relationship with CBLO as the factors that tend to favour the CBLO market also favour the Repo market. From Model 3 we see that Call weekly volumes have a significant relationship with only CBLO weekly volumes at the 1% significance level.For a 1% increase in CBLO weekly volume the Call weekly volume decreases by 0.167425%. Therefore from the results we can conclude that CBLO volumes have a negative relationship with the Call volumes and positive relationship with the repo volumes as indicated by the significance levels. We also did an event study to see whether the introduction of the new product had any impact on the overnight call market or not.For this we used the data on the overnight call market weekly volumes for the period 4 Jan 2002 to 23 July, 2004.We we used the equation Log(Call)t = ?0 + ?1log(Call)t-1 + ?2Dummyt + errort The dummy variable takes the value 0 for periods before the CBLO was introduced and 1 for the period after the introduction of the CBLO. Model 4: OLS, using observations 2-134 (T = 133) Dependent variable: l_Call_VolumeRs HAC standard errors, bandwidth 3 (Bartlett kernel) Coefficient Std. Error t-ratio p-value const 4.96731 1.04573 4.7501 lt;0.00001 *** Dummy -0.341943 0.0858867 -3.9813 0.00011 *** l_Call_Volume_1 0.569396 0.0903287 6.3036 lt;0.00001 *** R-squared 0.679982 Adjusted R-squared 0.675058 We found that the dummy variable is significant at the 1% significant level indicating that the introduction of the CBLO did have an impact on the call market.Also the sign of the coefficient on the dummy variable is negative which means that with the introduction of the CBLO the volumes in the call market declined. CBLO as a benchmark rate of the future For any well-functioning market, a perfect benchmark rate is a necessity because of two major reasons. One is investors take their positions based on this rate and second is that derivatives market almost wholly depend on benchmark rate because of the estimation of future cash flows. Indian debt markets use various benchmarks like Overnight Index Swaps, MIBOR, MIOIS, Treasury Bill rate and the long term rates like Bank rate. The Long term benchmark rates are based on the gilts. This is a very good choice for a benchmark because of liquidity, volume and transparency. But there have been numerous problems with the short term benchmarks. One widely used benchmark till now for money market has been the MIBOR. The major issue with the use of MIBOR is that it is a polled rate. MIBOR is calculated by asking some specific players at the start of a day about what rate they will be ready to trade on that day. The results are polled and average is taken and termed as MIBOR. The traders hav e no commitment to their daily stated rate. They can change it freely over the course of the day and most of them do change it. So being a polled rate, MIBOR is viewed of as more of a speculative rate and so the money market needs a new efficient benchmark. CBLOs have emerged as a very attractive and viable choice as the future money market rate. The various reasons are explained below Liquidity: As already discussed in the previous section, where the various money market instruments like repo, call money and CBLOs were compared; CBLOs have grown in volumes at a tremendous pace eating into the repo market majorly and also the call money market. With such high volumes, the CBLO should be the next natural first choice. Liquidity is such an important factor because money markets major function includes supporting the bond market and this can be done only when liquidity is high Availability for various tenors: CBLOs are available from 1 day to a year. So this feature make s it easy to construct yield curves without many approximations. Credit Risk: CBLOs practically have zero credit risk because they are completely collateralized by cash and securities. In addition, the CCIL is the central counterparty to all transactions ensuring definite performance for one side if the other defaults. High transparency: All the transactions in the CBLO market are done electronically in an anonymous order driven matching system. The statistics and data are shown online in real time which provides a high degree of transparency and confidence. Actual rather than polled: The CBLO system works on CCBID and CCBOR. All these rates are got at the start of the day and order matching is done and majority of the trades are finished in the beginning of the day itself. So the rate at which the market is trading can be taken as a benchmark rate rather than the polled or derived system. Volatility: The expectation of an average investor is that a less vola tile rate should be chosen as the benchmark. But the truth is that more volatility implies more response to information which reduces the arbitrage opportunities. Again, as shown in the previous section CBLO volatility is considerably higher than the call and repo rates. All these factors prove that CBLO can successfully be adapted as the benchmark rate in the future. Conclusion We can see that CBLO, introduced by the CCIL has had an impact on the Indian money market, especially the call market.Although the volumes were slow to pick up initially as is the case with any new product but with the passage of time volumes in the CBLO segment began to pick up as the market participants became aware of its utility.The restrictions imposed by the RBI on the non-bank entities also contributed to the increase in volumes in CBLO market as market participants began to shift from the call market to CBLO.CBLO also provides tremendous flexibility to the users which a repo does not provide.Therefore the volumes in CBLO segment have been constantly increasing since its launch and it now dominates the Indian money market.