Geographies of high frequency trading – Algorithmic capitalism and its contradictory elements

This paper investigates the geographies of high frequency trading. Today shares shift hands within microseconds, giving rise to a form of financial geographies termed algorithmic capitalism. This notion refers to the different spatio-temporalities produced by high frequency trading, under the valuation of time. As high frequency trading accelerates financial markets, the paper examines the spatio-temporalities of automated trading by the ways in which the speed of knowledge exploitation in financial markets is not only of interest, but also the expansion between different temporalities. The paper demonstrates how the intensification of time–space compression produces radical new dynamics in the financial market and develops information rent in HFT as convertible to a time rent and a spatio-temporal rent. The final section discusses whether high frequency trading only responds to crises in microseconds or constitutes them. It argues that automated trading will not only contribute to accelerate crises, but also deepen them by the ways in which it differentiates the dynamics between financial, fixed and productive capital.     

Spectral characteristics of the Gawler Range Volcanics in drill core Myall Creek RC1

Traditional core-logging methods in conjunction with spectral scanning techniques have been used to log volcanic successions of the lower Gawler Range Volcanics. The open-file drill core Myall Creek RC 1 was re-logged and scanned using HyLogger? core scanning technologies as a part of the Geological Survey of South Australia's Southern Gawler Rangers mapping program and the Mineral System Drilling Program. Myall Creek RC 1 is one of the key stratigraphic drill cores for the region, owing to the intersection of a large section of the Gawler Range Volcanics. Spectral characterisation of the Eucarro Rhyolite revealed differential weathering of plagioclase phenocrysts, while high-resolution imagery and spectral results were used to log new basaltic flows and small flow features in the Roopena Basalt. The composition and distribution of feldspars in the unnamed lower Gawler Range Volcanic units were used to aid traditional logging of visually similar lithologies. A spectral scalar, the felsic–mafic index, was used to identify unusual features in the unnamed sequence and was found to identify iron oxides as either fracture coatings or finely disseminated in the matrix of the sample. Iron oxides were also used to identify features within lithological units, which were difficult to discern visually, especially the layers in the deepest layered ignimbrite at the end of the drill core.     

National Virtual Core Library HyLogging data and Ni–Co laterites: a mineralogical model for resource exploration,extraction and remediation

The National Virtual Core Library (NVCL) HyLogging core-scanning system generates mineralogical information from visible, short-wave infrared and thermal infrared spectroscopic data. Currently, HyLogging data are freely available for more than 1500 drill holes via the AuScope Discovery Portal and various Geological Survey websites. With any new technology, there is commonly a lag between provision and take-up by users that can be aided by the publication of case studies in the scientific literature. This paper uses the Mt Davies nickel–cobalt (Ni–Co) laterite deposits, located in northwest South Australia, as a case study to assess the accessibility and representation of HyLogger data and provides an example of its application to all aspects of resource mining: exploration, extraction and processing, and remediation. In this study, we combine HyLogger-derived scalars indicating Fe-oxide and clay mineralogy with historical geological logs and assay data. In general, background Ni grades (<0.1 wt%) are linked to the presence of montmorillonite + hematite ± goethite, moderate grades (0.1–1.0 wt%) are associated with goethite ± nontronite ± saponite ± kaolinite ± montmorillonite, and higher grades (1.0–2.0 wt%) are coincident with goethite and minimal clay alteration, suggesting that goethite hosts Ni mineralisation. Gibbsite, where it occurs, is found immediately above zones of moderate to high Ni grades and may be an important proximal indicator mineral of nickeliferous laterite. Such a case study serves to suggest opportunities for further data modelling and search and query functionality that could facilitate increased use of this important digital geoscience data resource by the Australian minerals industry for all aspects of resource exploitation: exploration, extraction, processing, and environmental remediation.     

Numerical simulations of wave–current flow in an ocean basin

Wave–current flow is a phenomenon that is present in many practical engineering situations. Over the past several decades, this type of flow has been increasingly investigated under controlled laboratory conditions. This paper presents a numerical study of wave–current flow in the ocean basin of the LabOceano (COPPE/UFRJ). A homogeneous multiphase model based on the RANS equations and the k–ɛ turbulence model implemented in ANSYS-CFX code were used. A cross section of the ocean basin was represented. A regular wave with a height of 0.08 m and a period of 1.80 s (i.e., a wave steepness of H/L = 0.016), propagating on favourable currents, was simulated. The behaviour of the free surface elevation over time and the streamlines along the basin for wave and wave–current flows were presented. The numerical results were compared to the non-viscous theory given by the Rayleigh equation applied to the problem of wave–current interaction. Good agreement was found between the wave length estimated by the numerical results and the analytical solutions, with a deviation of less than 2%.     

Fatigue analysis of offshore well conductors: Part II – Development of new approaches for conductor fatigue analysis in clays and sands

This paper, Part II, presents two soil modelling approaches developed specifically for fatigue analysis of well conductors. The first approach uses Winkler springs and can account for soil damping. The second approach is based on continuum soil mechanics and uses the kinematic hardening principles. They focus on cyclic soil behaviour at the steady-state condition. The paper demonstrates appropriateness of the approaches in predicting fatigue damage through comparisons with the centrifuge fatigue lives measured from the Series 1 tests in NC to lightly OC kaolin clay. It also presents and discusses the analyzed data and the fatigue lives measured from the Series 2 (medium-dense sand), Series 3 (NC to lightly OC GoM clay), and Series 4 (OC natural clay) tests. Finally, soil models (based on the first approach) are presented for fatigue analysis of well conductors installed in NC to lightly OC clays, over-consolidated (OC) clays and medium-dense sands, and their ability to predict conductor fatigue damage under wide range of loading conditions is demonstrated. Overall, the accuracy of fatigue life predictions using these novel soil models is very high – generally within about a few percentages of the measured values.     

Fatigue analysis of offshore well conductors: Part I – Study overview and evaluation of Series 1 centrifuge tests in normally consolidated to lightly over-consolidated kaolin clay

An important aspect of deepwater well integrity assurance is conductor fatigue analysis under environmental loads acting on the riser system during drilling operation. Fatigue damage arises from stress changes in a structure due to cyclic loading. In practice, the lateral cyclic soil response is typically modelled using Winkler p–y springs. An appropriate soil model for conductor–soil interaction analysis is the one based on which the absolute magnitudes of stresses and their changes can accurately be predicted for well integrity evaluation. The API recommendations for p–y curves, which are often used for conductor–soil interaction analysis, have originally been developed for piled foundation and are inappropriate for well fatigue analysis. To that end, an extensive study involving four series of centrifuge model tests and FE numerical analyses was conducted to fundamentally study conductor–soil interaction under a wide spectrum of loading conditions. The tests simulated conductor installations in normally to over consolidated clays, and medium-dense clean sands. Soil models were developed specifically for conductor fatigue analysis for each of the soil types. The test results and soil models are presented in two papers. The first paper, Part I, presents an overview of the study and first series tests in normally to lightly over-consolidated kaolin clay and discusses the observations made with regards to monotonic and cyclic soil resistances and their relationship to conductor fatigue modelling. The second paper, Part II, presents centrifuge test results in normally to lightly over-consolidated Golf of Mexico (GoM) clay, over-consolidated natural clay and medium-dense clean sands along with the respective soil models developed for conductor fatigue damage prediction. Overall, the accuracy of fatigue life predictions using these novel soil models is very high – generally within about a few percentage of the measured values.     

The emplacement of in situ greenstones in the northern Hidaka belt: The tectonic relationship between subduction of the Izanagi–Pacific ridge and Hidaka magmatic activity

Greenstone bodies emplaced upon or into clastic sediments crop out ubiquitously in the Hidaka belt (early Paleogene accretionary and collisional complexes exposed in the central part of northern Hokkaido, NE Japan), but the timing and setting of their emplacement has remained poorly constrained. Here, we report new zircon U–Pb ages for the sedimentary complexes surrounding these greenstones. The Hidaka Supergroup in the northern Hidaka belt is divided into four zones from west to east: zones S, U, and R, which contain in situ greenstones; and zone Y, which does not. Detrital zircons in zones S, U, and R have early Eocene U–Pb ages (55–47 Ma) and these strata are intruded by early Eocene granites (46–45 Ma), indicating that they were deposited between 55 and 46 Ma. Therefore, in situ greenstones in the northern Hidaka belt can only be explained by the subduction of the Izanagi–Pacific Ridge during 55–47 Ma. In contrast, the deposition of zone Y (the Yubetsu Group, younging to the west) began by 73–71 Ma, indicating that the accretionary prism in front of the paleo-Kuril arc formed at the same time as that in the Idonnappu zone and grew continuously until 48 Ma. The plutonic rocks that intruded the Hidaka belt are roughly divided into three stages: (1) early Eocene granites intruded the northern Hidaka belt at 46–45 Ma, during subduction of the Izanagi–Pacific Ridge; (2) the upper sequence of the Hidaka metamorphic zone was metamorphosed by magmatism at 40–37 Ma associated with the collision of the paleo-Kuril arc and NE Asia; and (3) younger granites intruded the entire Hidaka belt at 20–17 Ma in association with asthenospheric upwelling caused by back-arc expansion.     

Effect of earth–air breathing on evaporation of deeply buried phreatic water in extremely arid regions

In extremely arid regions, deeply buried phreatic water evaporates during the daytime from March to November in the northern hemisphere. It has been found that the earth–air undergoes ‘autonomous breathing’ and ‘passive breathing’, respectively caused by the changes of temperature and atmospheric pressure. In this paper, the effects of these breathing modes on phreatic evaporation (PhE) were investigated as well as the responsible mechanisms. Quantitative estimates suggest that the direct contribution from autonomous breathing is only 0.55 g·m⁻²·yr⁻¹. Passive breathing pumps water vapour upwards from the deeply buried phreatic water table. Film water on the soil continuously migrates in pulsation from deep layers to the upper layer. Na₂SO₄ in the shallow soil absorbs moisture from the earth–air at night and decomposes during the day, forming water vapour, which is critical to the occurrence of PhE. The diurnal PhE process can be elucidated in detail by the bimodal variation in the atmospheric pressure. PhE occurs mainly from 10:00 to 17:00 during daytime from March to November, which correlates with passive breathing of the earth–air. The amplitude of atmospheric fluctuation determines the amount of earth–air that outflows, while temperature determines the water vapour concentration. In calculation, PhE is equal to the net absolute humidity (AH) times the amount of earth–air. There is 1.55 mm·year⁻¹ of PhE caused by daily peak→valley differences, and about 2.97 mm·year⁻¹ in estimation caused by numerous atmospheric fluctuations smaller than 2.84 hPa. The results coincide with the actual amount of PhE monitored of 4.52 mm·year⁻¹. Therefore, the amount of PhE is proportional to the range and frequency of fluctuation in external atmospheric pressure, and is also positively related to soil temperature, salt content, water content, porosity, and vadose zone thickness.     

Larger floods of Himalayan foothill rivers sustained flows in the Ghaggar–Hakra channel during Harappan age

The human–landform interaction in the region of the Ghaggar–Hakra palaeochannel in the northwest Indo-Gangetic plains during the Bronze Age Indus/Harappan civilisation (~4.6–3.9 thousand years before the present, ka bp ) remains an enigmatic case due to a paucity of evidence regarding the hydrology of the then existing river. Here, we estimated the palaeohydrology of the foothill Markanda River in the sub-Himalayan catchment of the Ghaggar–Hakra (G–H) palaeochannel. Our morphology and chronology results show aggradation of a fan (57.7 ka) during the Late Pleistocene and T–1 to T–5 fluvial terraces (13.1 to 6.0 ka) during the terminal Pleistocene to Holocene, and deposition of palaeoflood sediments (3.9–3.8 ka) over the T–3 terraces during the Late Holocene. Considering the known uplift rates along the Himalayan frontal thrust, and our estimated aggradation rates, we derived channel palaeogeometry and calculated peak discharge at the site of palaeoflood deposits. We conclude that the Markanda River's peak discharge was several orders of magnitude higher during the Late Holocene than the modern-day peak discharge of 100-year return period. The palaeoflood deposits represent larger flooding of the foothill rivers that sustained flows in the downstream reaches of the Ghaggar–Hakra palaeochannel during the Late Harappan civilisation.     

Economic vulnerability to Peak Oil

Peak Oil, which refers to the maximum possible global oil production rate, is increasingly gaining attention in both science and policy discourses. However, little is known about how this phenomenon will impact economies, despite its apparent imminence and potential dangers. In this paper, we construct a vulnerability map of the U.S. economy, combining two approaches for analyzing economic systems, i.e. input–output analysis and social network analysis (applied to economic data). Our approach reveals the relative importance of individual economic sectors, and how vulnerable they are to oil price shocks. As such, our dual-analysis helps identify which sectors, due to their strategic position, could put the entire U.S. economy at risk from Peak Oil. For the U.S., such sectors would include Iron Mills, Fertilizer Production and Transport by Air. Our findings thus provide early warnings to downstream companies about potential ‘trouble’ in their supply chain, and inform policy action for Peak Oil. Although our analysis is embedded in a Peak Oil narrative, it is just as valid and useful in the context of developing a climate roadmap toward a low carbon economy.