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where Fd the full or dirty price of the forward (clean price plus accrued interest) Sd the full or dirty price of the underlying spot (clean price plus accrued interest) Af the accrued interest on the forward at expiration of the forward The equation bears a very close resemblance to the forward formula presented earlier as F S (1 RT). Indeed, with the simplifying assumption that T 0, Fd reduces to Sd Af. In other words, if settlement is immediate rather



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Therefore, the preparation of the mandate for the PN caused considerable discussion in GSM, in particular at a number of meetings of the delegation heads during meeting no 9 of GSM in September October 1985 Two quite different approaches were considered One was to follow the approach sometimes seen in large international organisations, ie to leave it to the PN to work out the detailed speci cations on the basis of broad agreements in the main group only, perhaps even to the point of discontinuing the WPs The other approach was to stay with the well functioning mode of operation that we had established, according to which we would keep the present structure in which most of the detailed work would be performed by the WPs, and use the PN to provide support to the WPs in the production and management of the documentation.





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Theorem 737 If a family M of subsets of objects of a given set U is constructed observing the two conditions stated on page 245, then this family M has the running intersection property Proof Adding a node set to a given family M either adds isolated nodes, ie, nodes not contained in any subfamily, to a subfamily, or connects two or more subfamilies, or both Hence one can show that the method referred to indeed results in a family M having the running intersection property by a simple inductive argument, which proves that all subfamilies that are created during the construction have the running intersection property: A subfamily with a single node set trivially has the running intersection property (induction anchor) So assume that all subfamilies up to a certain size, ie.

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, with a certain number of node sets, have the running intersection property (induction hypothesis) If a new node set only adds isolated nodes to a subfamily, the enlarged family has the running intersection property, because in this case the second condition on page 245 is equivalent to the last part of the defining condition of a construction sequence (cf Definition 4127 on page 116) Hence the construction sequence of the subfamily (which must exist due to the induction hypothesis) is simply extended by one set So assume that a new node set connects two or more subfamilies (and maybe adds some isolated nodes, too).

We chose the latter approach, and I don t think that anyone among us ever regretted it One huge bene t of the PN was that we now had a body with program managers for each WP, able to assist the WPs in their work as well as keep an overall view of the system work such as identifying the effects in one area of the system when changes were made to another It also had the resources to keep track of the various documents and the changes to them, a monumental task as it turned out to be when the number of Change Requests (CRs)rose to several hundred in each plenary meeting In addition, the PN also took on several other tasks which were of a general nature and thus not necessarily belonging in any particular WP.

In order to show that there is a construction sequence for the resulting subfamily of node sets, we show first that any set of a family of sets having the running intersection property can be made the first set in a construction sequence for this family: Reconsider the join tree illustration of Graham reduction (cf page 244) Obviously, the reduction can be carried out wrt a join tree even if a given set (ie, a given node of the join tree) is chosen in advance to be the last to be removed, simply because we can work from the leaves of the join tree towards the corresponding node Since the reverse of the order in which the node sets are removed by Graham reduction is a construction sequence, there is a construction sequence.

One example of this was the initiative concerning the IPR issue, another one was the work done in the very important eld of operation and maintenance, which after some time led to a regular working party..

'. . . I can't remember . . I think you'd better ask my wife . .'

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