Much of the underlying demand for OTC derivatives originates from non-dealer financial institutions, such as institutional investors, or non-financial corporations (collectively referred to as ‘non-dealers’ in this article). Often, such firms use OTC derivatives to hedge financial risks arising from their investments or real economic activities. A life insurance provider, for instance, may use ...

INTRODUCTION Multi stage distillation processes are normally operated in columns, equipped with trays or packing to obtain counter current flow of vapour and liquid. In tray columns the liquid is moving from the inlet over the active area to the exit downcomer. The necessary mass transfer area between the phases is achieved by intense mixing of vapour and liquid on the bubbling area. In packed ...