Who Invented the Spark Plug

Some historians have reported that Edmond Berger who invented an early spark plug (sometimes in British English called the sparking plug) on February 2, 1839. However, Edmond Berger did not patent his invention. And since spark plugs are used in  internal combustion engines  and in 1839 these engines were in the early days of experimentation. Therefore, Edmund Bergers spark plug, if it did exist, would have had to have been very experimental in nature as well or perhaps the date was a mistake. What is a Spark Plug? According to Britannica, a spark plug or sparking plug is a device that fits into the cylinder head of an internal-combustion engine and carries two electrodes separated by an air gap across which current from a high-tension ignition system discharges to form a spark for igniting the fuel. More specifically, a spark plug has a metal  threaded  shell thats electrically isolated from a central  electrode  by a  porcelain  insulator. The central electrode is connected by a heavily  insulated  wire to the output terminal of an  ignition coil. The spark plugs metal shell is screwed into the engines  cylinder head  and thus electrically  grounded. The central electrode protrudes through the porcelain insulator into the  combustion chamber, forming one or more  spark gaps  between the inner end of the central electrode and usually one or more protuberances or structures attached to the inner end of the threaded shell and designated the  side,  earth or  ground  electrodes. How Spark Plug Work The plug is connected to the high voltage generated by an  ignition coil  or  magneto. As current flows from the coil, a voltage develops between the central and side electrodes. Initially,​ no current can flow because the fuel and air in the gap is an insulator. But as the voltage rises further, it begins to change the structure of the gases between the electrodes. Once the voltage exceeds the  dielectric strength  of the gases, the gases become  ionized. The ionized gas becomes a conductor and allows current to flow across the gap. Spark plugs usually require voltage of 12,000–25,000  volts or more to fire properly, although it can go up to 45,000  volts. They supply higher current during the discharge process, resulting in a hotter and longer-duration spark. As the current of electrons surges across the gap, it raises the temperature of the spark channel to 60,000  K. The intense heat in the spark channel causes the ionized gas to expand very quickly, like a small explosion. This is the click heard when observing a spark, similar to  lightning  and  thunder. The heat and pressure force the gases to react with each other. At the end of the spark event, there should be a small ball of fire in the  spark gap  as the gases burn on their own. The size of this fireball or kernel depends on the exact composition of the mixture between the electrodes and the level of combustion chamber turbulence at the time of the spark. A small kernel will make the engine run as though the  ignition timing  was retarded, and a large one as though the timing was advanced.

Regulatory Framework Of UK Financial Market Finance Essay - Free Essay Example

Sample details Pages: 11 Words: 3197 Downloads: 8 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? The Financial Services Authority (FSA) is an independent non-governmental body (quasi-judicial body) and a company limited by guarantee that regulates the financial services industry in the United Kingdom. It aims to promote efficient, orderly and fair financial markets, to help retail consumers achieve a fair deal and to improve its business capability and effectiveness. The Financial Services and Markets Act 2000 (FSMA) gives the FSA following statutory objectives: Statutory objectives The Financial Services and Markets Act imposed five statutory objectives upon the FSA: market confidence: maintaining confidence in the financial system; public awareness: promoting public understanding of the financial system; financial stability: contributing to the UKs financial stability; consumer protection: securing the appropriate degree of protection for consumers; and reduction of financial crime: reducing the extent to which it is possible for a business carried on by a regulated person to be used for a purpose connected with financial crime Don’t waste time! Our writers will create an original "Regulatory Framework Of UK Financial Market Finance Essay" essay for you Create order Actions relating to the 2007-2009 sub prime crisis The FSA has been held by some observers to be weak and inactive in allowing irresponsible banking to precipitate the credit crunch which commenced in 2007, and which has involved the shrinking of the UK housing market, increasing unemployment (especially in the financial and building sectors), the public acquisition of Northern Rock in mid-February 2008, and the takeover of HBOS by Lloyds TSB. On the 18th of September 2008, the FSA announced a ban on  short selling  to reduce volatility in difficult markets lasting until January 16, 2009 In the UK, there is a choice of two principal institutions that provide public markets for equity securities. These are: The London Stock Exchange; and PLUS Markets Group London is a highly attractive international centre that offers applicants access to a vast base of investor capital. This, together with the UKs more principles based approach to regulation and corporate governance (which stands in marked contrast to many prescriptive regulatory overseas regimes), results in the London market providing a more cost-effective offering with a lower cost to access capital than its counterparts in the US, The London Stock Exchange plc Founded in 1801 it is one of the largest Stock Exchanges in the world with over 1,600 companies listed on the Main Market, coming from over 60 countries and spread across 42 sectors. In 2006  £8.4 billion of funds were raised in new issues on the market with 66 new companies being listed. A further feature is the liquidity it offers for shares traded on the secondary market (i.e. after IPO). It also offers the widest investor base of all the UK markets and its secondary market is also the most liquid. A significant portion of this liquidity is generated by the inclusion of shares in the FTSE Index Series, which covers all primary listed shares on the Main Market (but not secondary listed shares or Depository Receipts Structure The London Stock Exchange has four core areas: Equity markets enables companies from around the world to raise capital. There are four primary markets; Main Market, Alternative Investment Market (AIM), Professional Securities Market (PSM) and Specialist Fund Market (SFM). Trading services highly active market for trading in a range of securities, including UK and international equities, debt, covered warrants, exchange traded funds (ETFs), Exchange Traded Commodities (ETCs) Reits, fixed interest, contracts for difference (CFDs) and depositary receipts. Market data information The London Stock Exchange provides real-time prices, news and other financial information to the global financial community. Derivatives A major contributor to derivatives business is EDX London, created in 2003 to bring the cash equity and derivatives markets closer together. PLUS Markets Group plc In July 2007, PLUS Markets Group plc was granted Recognised Investment Exchange status by the FSA (Financial Services Authority), PLUS operates two primary markets: PLUS-listed; and PLUS-quoted offerings PLUS-quoted PLUS Markets cater for international companies, but it does not have the overseas profile that AIM (or the Main Market) has acquired over recent years. PLUS-quoted is an exchange regulated market and has a similar regulatory regime to that of AIM. The PLUS Rules are very similar to those of AIM. Similarly, those sections of the Prospectus Rules that apply to AIM quoted companies also apply to PLUS-quoted companies. Financial instruments traded in secondary market in UK Equity shares This type of share is called as common stock. As a unit of ownership, common stock typically carries voting rights that can be exercised in corporate decisions. Preferred stock Preferred stock differs from common stock in that it typically does not carry voting rights but is legally entitled to receive a certain level of dividend payments before any dividends can be issued to other shareholders. Convertible Preference Shares Convertible preferred stock is preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Shares of such stock are called convertible preferred shares (or convertible preference shares in the UK) Derivatives The derivatives market is the financial market for derivatives, financial instruments like futures contracts or options, which are derived from other forms of assets. It has no independent existence without an underline asset and these are basically designed for investors to manage the risk efficiently and at the same time allowing them to hedge or speculate the market. Forwards A forward is a non-standardized contract between two parties to buy or sell an asset at a specified future time at a price agreed today. This is in contrast to a spot contract, which is an agreement to buy or sell an asset today. It costs nothing to enter a forward contract. The party agreeing to buy the underlying asset in the future assumes a long position, and the party agreeing to sell the asset in the future assumes a short position. The price agreed upon is called the delivery price, which is equal to the forward price at the time the contract is entered into. Futures Futures is a standardized contract between two parties to buy or sell a specified asset of standardized quantity and quality at a specified future date at a price agreed today (the futures price). The contracts are traded on a futures exchange. Futures contracts are not direct securities like stocks, bonds, rights or warrants. They are still securities, however, though they are a type of derivative contract. The party agreeing to buy the underlying asset in the future assumes a long position, and the party agreeing to sell the asset in the future assumes a short position. Options An option is a derivative financial instrument that establishes a contract between two parties concerning the buying or selling of an asset at a reference price during a specified time frame. During this time frame, the buyer of the option gains the right, but not the obligation, to engage in some specific transaction on the asset, while the seller incurs the obligation to fulfil the transaction if so requested by the buyer. The price of an option derives from the value of an underlying asset (commonly a stock, a bond, a currency or a futures contract) plus a premium based on the time remaining until the expiration of the option. Swaps A swap is a derivative in which counterparties exchange certain benefits of one partys financial instrument for those of the other partys financial instrument. The benefits in question depend on the type of financial instruments involved. For example, in the case of a swap involving two bonds, the benefits in question can be the periodic interest (or coupon) payments associated with the bonds. Specifically, the two counterparties agree to exchange one stream of cash flows against another stream. Usually at the time when the contract is initiated at least one of these series of cash flows is determined by a random or uncertain variable such as an interest rate, foreign exchange rate, equity price or commodity price. Global Depositary Receipts (GDR) is a certificate issued by a depository bank, which purchases shares of foreign companies and deposits it on the account. GDRs represent ownership of an underlying number of shares. It facilitates trade of shares, and are commonly used to invest in companies from developing or emerging markets. Prices of GDR are often close to values of related shares, but they are traded and settled independently of the underlying share. For example, UK investors wanting to buy shares listed in emerging market countries like Russia can face a tough time when there are government restrictions on who can own and trade them. GDRs offer a solution. Instead of trying to buy the share in its local market, the investor buys a depositary receipt, which represents the shares, instead. These are issued by investment banks, listed in the investors home market and traded separately from the underlying share. Apart from easier access, the key advantages of global depositary receipts include the fact t hey are priced in the investors home currency (typically US dollars), carry lower dealing costs and pay more timely dividends, again in dollars, than the shares they represent. Whilst similar in most respects to American Depositary Receipts, GDRs tend to be listed in European markets like the London Stock Exchange. Related innovative instruments Swaption: A swaption is an option granting its owner the right but not the obligation to enter into an underlying swap. Although options can be traded on a variety of swaps, the term swaption typically refers to options on interest rate swaps. There are two types of swaption contracts: A payer swaption gives the owner of the swaption the right to enter into a swap where they pay the fixed leg and receive the floating leg. A receiver swaption gives the owner of the swaption the right to enter into a swap in which they will receive the fixed leg, and pay the floating leg. Swaption = option, on an interest rate swap A pay-fixed swaption protects its purchaser from interest rates rising above a chosen rate, the strike rate. Likewise, a receive-fixed swaption protects its purchaser from falling interest rates. The cost (premium) of the swaption depends on several factors; but for otherwise equivalent pay-fixed swaptions the lower the fixed rate, the higher the swaption premium. The opposite dynamic holds for receive-fixed swaptions. The interest rate at which the cost of a pay-fixed swaption equals the cost of an otherwise equivalent receive-fixed swaption is referred to as the at the money swap rate for that period. Mortgage-Backed Security A mortgage-backed security (MBS) is an asset-backed security or debt obligation that represents a claim on the cash flows from mortgage loans through a process known as securitization1. Credit Default Swap A credit default swap (CDS) is a swap contract in which the protection buyer of the CDS makes a series of payments (often referred to as the CDS fee or spread) to the protection seller and, in exchange, receives a payoff if a credit instrument (typically a bond or loan) experiences a credit event. 1Securitization is a structured finance process that distributes risk by aggregating assets in a pool (often by selling assets to a special purpose entity), and then issuing new securities backed by the assets and their cash flows. The securities are sold to investors who share the risk and reward from those assets. Collateralized Debt Obligations Collateralized debt obligations (CDOs) are a type of structured asset-backed security (ABS) whose value and payments are derived from a portfolio of fixed-income underlying assets. CDOs securities are split into different risk classes, or tranches2, whereby senior tranches are considered the safest securities. Interest and principal payments are made in order of seniority, so that junior tranches offer higher coupon payments (and interest rates) or lower prices to compensate for additional default risk. Equity Cash Senior notes Interest Principal Assets sold to the SPV Funding Special Purpose Company Mezz notes Originating bank Debt/Equity Hybrid A debt/equity hybrid is a financial instrument that contains both debt and equity characteristics. Hybrid instruments can be designed so that they exhibit changing proportions of debt and equity over time. In addition, hybrid instruments may incorporate derivative characteristics. Some of the better known hybrid instruments include certain classes of preference shares, convertible notes, capital protected equity loans, profit participating loans, perpetual debt, endowment warrants and equity swaps. All Debt and No Equity No Debt and all Equity Some Debt and Some Equity This diagram above shows that corporations finance their activities by raising debt (such as issuing bonds payable) or by issuing common shares (equity) or do a little bit of both. Corporations (and the capital markets) are very inventive in designing not only new types of derivative instruments, but also new types of primary securities that have characteristics of both debt and equity. These new types of securities are called hybrid securities or investment vehicles. 2Tranche is one of a number of related securities offered as part of the same transaction. In the financial sense of the word, each bond is a different slice of the deals risk. Transaction documentation usually defines the tranches as different classes of notes, each identified by letter (e.g. the Class A, Class B, Class C securities) with different bond credit ratings. Market Derivatives in UK and various crises Dot-com bubble burst, 2001 The dot-com bubble was a speculative bubble covering roughly 1995-2000 during which stock markets in industrialized nations saw their equity value rise rapidly from growth in the more recent Internet sector and related fields. While the latter part was a boom and bust cycle, the Internet boom sometimes is meant to refer to the steady commercial growth of the Internet with the advent of the world wide web as exemplified by the first release of the Mosaic web browser in 1993 and continuing through the 1990s. The period was marked by the founding (and, in many cases, spectacular failure) of a group of new Internet-based companies commonly referred to as dot-coms. A combination of rapidly increasing stock prices, market confidence that the companies would turn future profits, individual speculation in stocks, and widely available venture capital created an environment in which many investors were willing to overlook traditional metrics such as P/E ratio in favour of confidence in techn ological advancements. The Sub prime crisis, 2007-2009 In the UK, where the financial market is most developed, H1 2008 turnover for several market derivatives reached a respectable 38% of the deal volume transacted in the base market. However, the outstanding notional value of these derivatives still accounts for only roughly 1% of the size of the UK commercial investment market. At this stage, market derivatives failed to effectively mitigate property risk. There was still a long way until their market potential was reached. Equivalent to todays proportions for equity derivatives, the potential is estimated to be about 35ÃÆ' ¢Ãƒâ€¹Ã¢â‚¬  Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢40% of the base market size. However, although the derivatives market is still small, its effect on the subprime crisis was already valuable. First, property derivatives might have accelerated the market clearance. Forward prices reflect, in equilibrium, the expectations of the market. In doing that, they are much more timely and realistic than forecast surveys and thus catalyse more realistic valuations. Liquidity: As market derivatives are standardized, trading volume is concentrated in a small number of fungible contracts. For example, in the heterogeneous market for physical properties and for MBS, liquidity typically evaporates in a sharp downturn. In Q2 2008 for example, transaction volume for UK commercial properties tumbled to GBP 6.1 billion, a 60% drop from the previous year. According to a survey, investors are waiting to see how far values fall. Further, the Royal Institute of Chartered Surveyors (RICS) reported a collapse in housing transactions, mainly due to the inability of many to secure mortgage finance. Time-on-market for housing more than doubled compared to the previous year. Finally, liquidity in the MBS market globally collapsed in 2008. At the same time, the nascent property derivatives market did not dry up but reached record trading volumes. Global nature of the financial market The OTC segment operates with almost complete disregard of national borders. Derivatives exchanges themselves provide equal access to customers worldwide. As long as local market regulation does not impose access barriers, participants can connect and trade remotely and seamlessly from around the world. The fully integrated, single derivatives market is clearly a reality within the European Union. Taken as a whole, the derivatives market is truly global. For example, today almost 80 percent of the turnover at Eurex, one of Europes major derivatives exchanges, is generated outside its home markets of Germany and Switzerland, up from only 18 percent ten years ago. Europes leading role within the derivatives market Today, Europe is the most important region in the global derivatives market, with 44 percent of the global outstanding volume significantly higher than its share in equities and bonds. The global OTC derivatives segment is mainly based in London. Primarily due to principle-based regulation, which provides legal certainty as well as flexibility, the OTC segment has developed especially favourably in the UKs capital. The unrestricted pan-European provision of investment services, in place since the introduction of the European Unions Investment Services Directive (ISD) in January 1996, has strengthened the competitive position of Europe in the global market environment. Many European banks are currently global leaders in derivatives. Historically, large derivatives exchanges were almost exclusively located in the US. Strong European derivatives exchanges appeared only after deregulation and demutualization in the 1980s and 1990s. These European exchanges were more independent of their users, who had been less supportive of significant changes at US exchanges. They revolutionized trading by introducing fully electronic trading and by setting industry standards. Over the years European players have strengthened their position, increasing their global market share from 24 percent in 1995 to almost 40 percent in 2007. They are now among the largest exchanges worldwide in a sector where the biggest players are international exchange groups that offer trading globally. Drivers of innovation Competition is the major driving force behind these product and technology innovations. Every product innovation is an opportunity for exchanges and broker-dealers to compete for new trading volumes. Consequently, even product segments that have been introduced recently are heavily contested. Meanwhile, technological innovations can often be a good way to enter a market. Electronic trading helped Eurex win the market for derivatives on long term German government bonds (Bund Future) the benchmark in European fixed-income markets, which had been served mainly by UK derivatives exchange LIFFE (London International Financial Futures and Options Exchange) before 1996. Facts and figures mentioned above, when summed up, gives a brief idea about secondary markets in UK. To summarise what has happened to the UK in the past ten years it would be as follows. Investment and growth have remained relatively subdued, compared with previous periods and with more dynamic growth areas, while at the same time being fairly stable. The UK has benefited from high levels of foreign direct investment. The finance sector became more important to the UK in both an absolute and a relative sense, and both domestically and in relation to the world economy, while manufacturing continued its long term decline. Household wealth grew mainly as a result of the housing bubble and the rise in the stock market, which along with easy credit and cheap imports led to a boom in retail consumption.

British Rule In England Free Essays

â€Å"Trade was Britain’s doorway to India. † (Bogard et. al. We will write a custom essay sample on British Rule In England or any similar topic only for you Order Now 4th par. 3rd sentence) The colonization of Asia is often referred to as the Second British Empire; the British East India Company India was successful in annexing the Indian subcontinent (India, Bangladesh, Pakistan, Myanmar), an extremely lucrative acquisition as it became a large source of revenue (British East India Company 1st par. 1st sentence). India is a country with a rich culture and a civilization far older than that of the British (Bessant 2nd par. 2nd sentence). Its identity has been forged long before the coming of Western Civilization. However, during the period of the annexation of the subcontinent, India was in a period of regional strife. There were wars being fought among the different governors in the territory. The local leaders were fighting each other as well as the foreign invaders. In â€Å"Did Great Britain Unify India? †, the authors think that when Great Britain first came to India, it was suffering a period of division (2nd par. ). The governors of India tended towards disintegration, leading to outrageous defense expenditures which continued with the conflicts against the British (Birodkar). The British made external changes that led India to desire and achieve national unity (Bogard, et. al. 4th par. ). An example of the unifying external changes introduced was the concept of a universal language. The British required knowledge of the English language to qualify for employment in the government. It was also taught in the universities. But the Indians did not completely accept the foreign language of the colonizers. The regional languages still exist today, and only a small portion of population speaks English. However, even if the Indians still speak in different languages and there is still no universal language in India, Hindi has become the official language. Hindi is taught in the elementary and high school level. English is taught in the college levels, it is the language of the educated in India. (Bogard, et. al. ). The British also introduced western developments. The Empire built railroads, highways and ports across the Indian subcontinent to facilitate trade, built canals for irrigation and created public health measures to prevent diseases. On the flip side, the activities of the British were geared towards acquisition of economic wealth for Britain. (Bogard, et. al). According to Bidokar, â€Å"The policy of ‘Great’ Britain was of a systematic annihilation of Indian handicraft industries by exposing them to the ruinous competition from the cheap machine products coming from UK. † (18th par. 1st sentence) A large bulk of the raw materials produced by India is acquired, at very cheap prices, by the Britain; then, later on, finished products are dumped back to India, resulting to very large profits for Britain (Bidokar18th par. 2nd sentence). This exacerbated the poverty of India (Bidokar18th par. 2nd sentence). Bidokar also believed that: Thus after nearly two centuries of living through the twilight of two ages of the dying feudalism and the deformed nascent newborn Capitalism, we inherited an economy which bore the worst features of both feudalism and colonial capitallsm at the dawn of our independence. (20th paragraph) Bogard et,al, on the other hand, claims that poverty in India is a result of improved health care. The public health measures created by the British led to lower infant mortality rates and population explosion. The caste system is a social system by which the members of society are divided into four groups which are ranked. These four groups are priests and teachers, rulers and warriors, merchants and traders and workers and peasants. In the Indian caste system, a person is born within a caste and has little means of improving social standing, except through reincarnation. The occupation and acquaintances of a person is also governed by his caste. The caste system has already been criticized and attacked by various groups before the coming of the British, among these are Buddhists and Muslims. It was convenient for the British to strengthen the caste system when it first came to India (Bogard, et. al). It gave back the privileges of the priests and teachers which the Muslims had previously taken away. However, the changes in society introduced by the British weaken the caste system (Bogard, et. al). People of different caste started mingling in public transportation. British laws also do not allow a higher punishment for a person of lower caste from that of a higher one for the same offense. The advances in transportation allowed people of lower caste from other regions to pretend to belong in a higher caste in a different region. India is the birth place of Hinduism, Buddhism and Sikhism. Religion is a vital part of Indian life; it permeates all other aspects of life and culture. Religion’s impact is felt even on political matters. Moreover, it constantly clashed with the western culture introduced by the British. As an example, the Sepoy Rebellion arose because the Buddhist soldiers believed that the British did not respect their religion. Christianity made its debut in India before the British through the Portuguese and Spanish missionaries. Later, Anglican and Protestant missionaries also helped spread Christianity in India. At present, it is the second largest religious minority in India; Islam is the first. Christianity also influenced Hinduism. Ram Mohan Roy, a hindu leader, was inspired by the story of Jesus Christ that he fought against the social abuses inherent in Hinduism. It was through his effort that the suttee was declared illegal. (Bogard, et. al) Another devout Hindu influenced by teachings of Christianity is Mahatma Gandhi. Mahatma Gandhi read the works of many west’s great thinker and the gospel of Christ’s He actions is greatly influenced by his readings, but he never lost his faith in Hinduism or his Indian identity. (Bogard, et. al) The effects goes both ways, Ramakrishna, a Hindu missionary, roamed the United States and England to preach Hinduism. Lamb said: The fact that he had so successfully preached Hinduism in the very lands from which the Christian missionaries came seemed to prove that political subjection need not involve religious subjection. Hindus could be proud at least of the essential truths of their religion. The reaffirmation of Hinduism served as an emotional counterbalance to the damage to Hindu self-respect caused by British political domination. (qtd. Bogard, et. al. ) Religion spilled over Indian literature. The Ramayana and Mahabharata, considered as two of the greatest literature of all time, are familiar epics of the Sanskrit. It is written in verse and orally passed down. In more modern times, Indian literature is represented in the world by the works of Rabindranath Tagore and Allama Iqbal. The more lasting influence of Britain to India is in the field of sports. Cricket, a sport invented by the British, is India’s favorite past time (Bogard, et. al). In fact in the 1993 At present, the ties between India and Great Britain are being kept strong by international trade. India and Britain entered into a partnership in 1993. Britain reported a 69% increase in bilateral trade after the partnership was entered into and several joint ventures have been signed between Indian and British companies. Britain is also the largest market for Indian trade services, this amount to 12% of the total IT service exports. Cited Works Bessant, Annie. â€Å"England and India. † Theosophical Publishing Co. 1921. http://www. theosophical. ca/EnglandIndiaAB. htm. Birodkar, Sudheer. â€Å"The Coming of European Colonialism. † http://www. hindubooks. org/sudheer_birodkar/hindu_history/landbritish. html. â€Å"British East India Company. † Wikipedia. http://en. wikipedia. org/wiki/British_Empire. â€Å"British Raj. † Wikipedia. http://en. wikipedia. org/wiki/British_Raj. Bogard, Medina, et. al. â€Å"Did Great Britain Unify India? † May 1, 1997. http://home. snu. edu/~dwilliam/s97/india/. â€Å"Indian Literature. † Wikipedia. http://en. wikipedia. org/wiki/Indian_literature. â€Å"Indo-UK Partnership. † http://www. google. com. ph/search? hl=tlq=indo-british+partnership+initiativemeta=. How to cite British Rule In England, Papers