Pixel shift is a method in digital cameras for producing a super-resolution image. The method works by taking several images, after each such capture moving ("shifting") the sensor to a new position. In digital colour cameras that employ pixel shift, this avoids a major limitation inherent in using Bayer pattern for obtaining colour, and instead produces an image with increased colour resolution and, assuming a static subject or additional computational steps, an image free of colour moiré. Taking this idea further, sub-pixel shifting may increase the resolution of the final image beyond that suggested by the specified resolution of the image sensor. Additionally, assuming that the various individual captures are taken at the same sensitivity, the final combined image will have less image noise than a single capture. This can be thought of as an averaging effect (for instance, in a pixel shift image composed of four individual frames with a classic Bayer pattern, every pixel in the final colour image is based on two measurements of the green channel). == List of cameras implementing pixel shift == All of the following cameras are fabricated with one imaging sensor, thus any kind of pixel shift requires a movement of the whole sensor. === Canon === Canon R5: Contains a 45 Mpixel sensor. The High-Resolution Mode shifts the sensor by one pixel to obtain a sequence of nine images that are merged into a 400 Mpixel image. === Fujifilm === Fujifilm GFX50S II: contains a 51 Mpixel sensor. The Pixel Shift Multi-Shot mode shifts the imaging sensor by 0.5-pixel movements to obtain a sequence of 16 images that are subsequently merged into a 200 Mpixel image. Fujifilm GFX100, Fujifilm GFX100 II: contains a 102 Mpixel sensor. A sequence of 16 pixel shifted images are merged into a 400 Mpixel image. Fujifilm GFX100S, Fujifilm GFX100S II: contains a 102 Mpixel sensor. A sequence of 16 pixel shifted images are merged into a 400 Mpixel image Fujifilm GFX100IR: contains a 102 Mpixel sensor. A sequence of 16 pixel shifted images are merged into a 400 Mpixel image Fujifilm X-H2: contains a 40 Mpixel sensor. A sequence of 20 shifted images are merged into a 160 Mpixel image. Fujifilm X-T5: contains a 40 Mpixel sensor. A sequence of 20 shifted images are merged into a 160 Mpixel image. === Nikon === Nikon Z8: contains a 47.5 Mpixel sensor. The High Res shot mode shifts the imaging sensor by 0.5-pixel movements to obtain a sequence of up to 32 images that can be merged in Nikon's NX studio software. Nikon Zf: contains a 24 Mpixel sensor. The High Res shot mode shifts the imaging sensor by 0.5-pixel movements to obtain a sequence of up to 32 images that can be merged in Nikon's NX studio software. === Olympus === Olympus OM-D E-M1 Mark II: contains a 20.4 Mpixel sensor. The High Res shot mode produces a 50 Mpixel image. Olympus OM-D E-M5 Mark II: contains a 16 Mpixel sensor. The High Res shot mode shifts the imaging sensor by 0.5-pixel movements to obtain a sequence of 8 images that are subsequently merged into a 40 Mpixel image. Olympus OM-D E-M5 Mark III: contains a 20.4 Mpixel sensor. The High Res shot mode shifts the imaging sensor by 0.5-pixel movements to obtain a sequence of 8 images that are subsequently merged into a 50 Mpixel image. Olympus OM-D E-M1X: contains a 20.4 Mpixel sensor. The camera sports two pixel shift mode: (a) the 80Mp Tripod mode produces an 80 Mpixel image, (b) the Handheld High Res shot mode produces a 50 Mpixel image. Olympus PEN-F: contains a 20.4 Mpixel sensor. The High Res Shot mode takes multiple images, continually shifting the position of the sensor in sub-pixel increments. Combining these images results in either a 50MP JPEG or an 80MP Raw file. ==== OM System ==== OM System OM-1: contains a 20MPix sensor. The High Res Shot mode takes multiple images, and it can be used handheld or on a tripod. Handheld it will internally produce 50 Mpix files and 80 Mpix when mounted on a tripod. OM System OM-5: contains a 20MPix sensor. The High Res Shot mode takes multiple images, and it can be used handheld or on a tripod. Handheld it will internally produce 50 Mpix files and 80 Mpix when mounted on a tripod. === Panasonic === Panasonic Lumix DC-G9: contains a 20.3 Mpixel sensor. The High Resolution Mode takes a sequence of 8 shots in quick succession between which the sensor is shifted by 0.5 pixel for each image. These are subsequently merged into an 80 Mpixel image. Panasonic Lumix DC-S1: contains a 24.2 Mpixel sensor. The High Resolution Mode takes a sequence of shots in quick succession between which the sensor is shifted by a small amount. These are subsequently merged into a 96 Mpixel image. Panasonic Lumix DC-S1R: contains a 47.3 Mpixel sensor. The High Resolution Mode shifts the imaging sensor by a small increments to obtain a sequence of 8 images that are subsequently merged into a 187 Mpixel image. Panasonic Lumix DC-S1H Panasonic Lumix DC-S5 === Pentax === Pentax K-70: contains a 24.3 Mpixel sensor. The pixel shift mode takes a sequence of 4 shots between which the sensor is shifted by 1 pixel. These are subsequently merged into an image sporting 'all color data in each pixel to deliver super-high-resolution images'. Pentax KP: contains a 24.3 Mpixel sensor. The pixel shift mode takes a sequence of 4 shots between which the sensor is shifted by 1 pixel. These are subsequently merged into an image sporting 'high-resolution images with more accurate colours and much finer details'. Pentax K-3 II: contains a 24.3 Mpixel sensor. The pixel shift mode takes a sequence of 4 shots between which the sensor is shifted by 1 pixel. These are subsequently merged into an image sporting 'super-high-resolution images with far more truthful color reproduction and much finer details'. Pentax K-3 III: contains a 25.7 Mpixel sensor. The pixel shift mode takes a sequence of 4 shots between which the sensor is shifted by 1 pixel. These are subsequently merged into an image sporting 'a cancelling out of the Bayer pattern and removal of the need for sharpness-sapping demosaicing'. Pentax K-1: contains a 36.4 Mpixel sensor. The pixel shift mode takes a sequence of 4 shots between which the sensor is shifted by 1 pixel. These are subsequently merged into an image sporting 'improved detail and colour resolution'. Pentax K-1 II: contains a 36.4 Mpixel sensor. The camera sports two pixel shift mode: (a) a series of 4 tripod-stabilised images shifted by 1 pixel each are subsequently combined into a 47.3 Mpixel image, (b) a series of images taken in handheld mode are combined into a 47.3 Mpixel image that is, within limits, able to cope even with moving subjects. === Sony === Sony a6600: contains a 24.3 Mpixel sensor. The pixel shift mode takes a sequence of 4 shots between which the sensor is shifted by 1 pixel. These are subsequently merged into an image sporting 'all color data in each pixel to deliver super-high-resolution images'. Sony α7R III: contains a 42.4 Mpixel sensor. The pixel shift mode takes a sequence of 4 shots between which the sensor is shifted by 1 pixel. These are subsequently merged into a 42.4 Mpixel image with improved tonal resolution. Sony α7R IV: contains a 61 Mpixel sensor. The camera has two pixel shift modes, (a) the first takes a sequence of 4 shots between which the sensor is shifted by 1 pixel. These are subsequently merged into a 61 Mpixel image with improved tonal resolution, (b) the other takes a sequence of 16 shots between which the sensor is shifted by 0.5 pixel. These are subsequently merged into a 240 Mpixel image with both enhanced detail and improved tonal resolution. Sony α1: contains a 50 Mpixel sensor. The camera has two pixel shift modes, (a) the first takes a sequence of 4 shots between which the sensor is shifted by 1 pixel. These are subsequently merged into a 50 Mpixel image with improved tonal resolution, (b) the other takes a sequence of 16 shots between which the sensor is shifted by 0.5 pixel. These are subsequently merged into a 200 Mpixel image with both enhanced detail and improved tonal resolution. === Hasselblad === Hasselblad H3DII: the model H3DII-39 sports a 39 Mpixel sensor, the model H3DII-50 a 50 Mpixel sensor. Both enable a pixel shift mode which takes a sequence of 4 shots between which the sensor is shifted by 1 pixel. These are subsequently merged into a single image. Hasselblad H4D series: the model H4D-200MS contains a 50 Mpixel sensor. The sensor sports 3 different pixel shift modes which take (a) a sequence of 6 shots taken at slight offsets, (b) a sequence of 4 shots between which the sensor is shifted by 1 pixel, (c) a sequence of 4 shots between which the sensor is shifted by 0.5 pixels. Images obtained by all three modes are subsequently merged into 200 Mpixel images. Hasselblad H5D series: both models H5D-50c MS and H5D-200c MS contain a 50 Mpixel sensor. This sensor sports 2 different pixel shift modes which take (a) a sequence of 6 shots with full and half pixel moveme
Xiaoice
Xiaoice (Chinese: 微软小冰; pinyin: Wēiruǎn Xiǎobīng; lit. 'Microsoft Little Ice', IPA [wéɪɻwânɕjâʊpíŋ]) is an AI system developed by Microsoft (Asia) Software Technology Center (STCA) in 2014 based on an emotional computing framework. In July 2018, Microsoft Xiaoice released the 6th generation. Xiaoice Company, formerly known as AI Xiaoice Team of Microsoft Software Technology Center Asia, was Microsoft's largest independent R&D team for AI products. Founded in China in December 2013 with an expanded Japanese R&D team established in September 2014, this team is distributed in Beijing, Suzhou, and Tokyo, etc. with its technical products covering Asia. On 13 July 2020, Microsoft spun off its Xiaoice business into a separate company. As of 2021, the AI chatbots created and hosted by the Xiaoice framework accounted for about 60% of total global AI interactions. == Platforms, languages and countries == Xiaoice exists on more than 40 platforms in four countries (China, Japan, USA and Indonesia) including apps such as WeChat, QQ, Weibo and Meipai in China, and Facebook Messenger in USA and LINE in Japan. == Introduction == On 13 July 2020, Microsoft spun off its Xiaoice business into a separate company, aiming at enabling the Xiaoice product line to accelerate the pace of local innovation and commercialization, and appointed Dr. Harry Shum, former global executive VP of Microsoft, as the chairman of the new company, Li Di, Microsoft Partner of Products in Microsoft STCA, as the CEO, and Cliff, Chief R&D Director, as the GM of the Japan branch. The new company will continue to use the brands of Xiaoice China and Rinna Japan. As of 2022, the single brand of Xiaoice has covered 660 million online users, 1 billion third-party smart devices and 900 million content viewers in the aforementioned countries. Xiaoice's customers include China Merchants Group, Winter Sports Center of the General Administration of Sport of China, China Textile Information Center, China Unicom, China Foreign Exchange Trade System, Hong Kong Securities and Futures Commission (SFC), Wind Information, BMW, Nissan, SAIC Motor, BAIC Group, Nio Inc., XPeng, HiPhi, Vanke, Wensli, etc. The Xiaoice Avatar Framework has incubated tens of millions of AI Beings, such as Xiaoice, Rinna, the Expo exhibitor Xia Yubing, the singer He Chang, the anchor F201, the human observer MERROR, anime robot character Roboko, and other; == Application == === Poet === In May 2017, the first AI-authored collection of poems in China—The Sunshine Lost Windows was published by Xiaoice. === Singer === Xiaoice has released dozens of songs with the similar quality to human singers, including I Know I New, Breeze, I Am Xiaoice, Miss You etc. The 4th version of the DNN singing model allows Xiaoice to learn more details. For example, Xiaoice can produce this breathing sound along with her singing as human. === Kid audio-books reciter === Xiaoice can automatically analyze the stories, to choose the suitable tones and characters to finish the entire process of creating the audio. === Designer === By learning the melodies of the songs and the landmarks about different cities, Xiaoice can create visual artworks of skylines when listening to the songs related to this city. Skyline Series T-shirts designed by Xiaoice have been jointly launched with SELECTED and been sold in stores. === TV and radio hostess === Xiaoice has hosted 21 TV programs and 28 Radio programs, such as CCTV-1 AI Show, Dragon TV Morning East News, Hunan TV My Future, several daily radio programs for Jiangsu FM99.7, Hunan FM89.3, Henan FM104.1 etc. === "AI being" === An "AI being" is a concept proposed by the Xiaoice team in 2019. According to the "White Book of China Virtual Human Development Industry in 2022" released by Frost & Sullivan and LeadLeo, the white paper cites six elements of an AI being proposed by the Xiaoice team, including: Persona, Attitude, Biological Characteristic, Creation, Knowledge and Skill. On May 16, 2023, Xiaoice released their "GPT Clones" as its "GPT Human Cloning Plan." The program is aimed at replicating celebrities, public figures, and regular people. As of June 2023, Xiaoice had launched more than 300 "GPT Clones." People were invited to register via WeChat in China and Japan. A major point of focus for Xiaoice with their AI Beings is having virtual partners. A paid fee allow for more complex responses, voice messages, and more. == Community feedback == Bill Gates mentioned Xiaoice during his speech at the Peking University: "Some of you may have had conversations with Xiaoice on Weibo, or seen her weather forecasts on TV, or read her column in the Qianjiang Evening News." '"Xiaoice has attracted 45 million followers and is quite skilled at multitasking. And I’ve heard she’s gotten good enough at sensing a user’s emotional state that she can even help with relationship breakups." According to Mr Li Di, vice President of Microsoft (Asia) Internet Engineering School, Xiaoice started writing poems since last year. Based on the data base that includes works of 519 Chinese contemporary poets since 1920s, a 100 hour long training session was conducted to allow Xiaoice to acquire the ability to write poems. What is more impressive is that Xiaoice has never been spotted as a bot while publishing poems on various forums and traditional literary under an alias. == Controversy == In 2017, Xiaoice was taken offline on WeChat after giving user responses critical to the Chinese government. It was subsequently censored and the bots will avoid and sidestep any inquiries using politically sensitive terms and phrases. == Activity == On September 22, 2021, Xiaoice Company and Microsoft Software Technology Center Asia (STCA) jointly held the 9th generation Xiaoice annual press conference in Beijing.Upgrading of Core Technologies of the 9th Generation Xiaoice Avatar Framework，1st First-party Social Platform APP "Xiaoice Island" from Xiaoice, WeChat Xiaoice has been reopened and other information == Regional varieties of Xiaoice == China: Xiaoice, launched in 2014 Japan: りんな, launched in 2015 America: Zo, launched in 2016 – discontinued summer 2019 India: Ruuh, launched in 2017 – discontinued June 21, 2019 Indonesia: Rinna, launched in 2017
LRE Map
The LRE Map (Language Resources and Evaluation) is a freely accessible large database on resources dedicated to Natural language processing. The original feature of LRE Map is that the records are collected during the submission of different major Natural language processing conferences. The records are then cleaned and gathered into a global database called "LRE Map". The LRE Map is intended to be an instrument for collecting information about language resources and to become, at the same time, a community for users, a place to share and discover resources, discuss opinions, provide feedback, discover new trends, etc. It is an instrument for discovering, searching and documenting language resources, here intended in a broad sense, as both data and tools. The large amount of information contained in the Map can be analyzed in many different ways. For instance, the LRE Map can provide information about the most frequent type of resource, the most represented language, the applications for which resources are used or are being developed, the proportion of new resources vs. already existing ones, or the way in which resources are distributed to the community. == Context == Several institutions worldwide maintain catalogues of language resources (ELRA, LDC, NICT Universal Catalogue, ACL Data and Code Repository, OLAC, LT World, etc.) However, it has been estimated that only 10% of existing resources are known, either through distribution catalogues or via direct publicity by providers (web sites and the like). The rest remains hidden, the only occasions where it briefly emerges being when a resource is presented in the context of a research paper or report at some conference. Even in this case, nevertheless, it might be that a resource remains in the background simply because the focus of the research is not on the resource per se. == History == The LRE Map originated under the name "LREC Map" during the preparation of LREC 2010 conference. More specifically, the idea was discussed within the FlaReNet project, and in collaboration with ELRA and the Institute of Computational Linguistics of CNR in Pisa, the Map was put in place at LREC 2010. The LREC organizers asked the authors to provide some basic information about all the resources (in a broad sense, i.e. including tools, standards and evaluation packages), either used or created, described in their papers. All these descriptors were then gathered in a global matrix called the LREC Map. The same methodology and requirements from the authors has been then applied and extended to other conferences, namely COLING-2010, EMNLP-2010, RANLP-2011, LREC 2012, LREC 2014 and LREC 2016. After this generalization to other conferences, the LREC Map has been renamed as the LRE Map. == Size and content == The size of the database increases over time. The data collected amount to 4776 entries. Each resource is described according to the following attributes: Resource type, e.g. lexicon, annotation tool, tagger/parser. Resource production status, e.g. newly created finished, existing-updated. Resource availability, e.g. freely available, from data center. Resource modality, e.g. speech, written, sign language. Resource use, e.g. named entity recognition, language identification, machine translation. Resource language, e.g. English, 23 European Union languages, official languages of India. == Uses == The LRE map is a very important tool to chart the NLP field. Compared to other studied based on subjective scorings, the LRE map is made of real facts. The map has a great potential for many uses, in addition to being an information gathering tool: It is a great instrument for monitoring the evolution of the field (useful for funders), if applied in different contexts and times. It can be seen as a huge joint effort, the beginning of an even larger cooperative action not just among few leaders but among all the researchers. It is also an "educational" means towards the broad acknowledgment of the need of meta-research activities with the active involvement of many. It is also instrumental in introducing the new notion of "citation of resources" that could provide an award and a means of scholarly recognition for researchers engaged in resource creation. It is used to help the organization of the conferences of the field like LREC. == Derived matrices == The data were then cleaned and sorted by Joseph Mariani (CNRS-LIMSI IMMI) and Gil Francopoulo (CNRS-LIMSI IMMI + Tagmatica) in order to compute the various matrices of the final FLaReNet reports. One of them, the matrix for written data at LREC 2010 is as follows: English is the most studied language. Secondly, come French and German languages and then Italian and Spanish. == Future == The LRE Map has been extended to Language Resources and Evaluation Journal and other conferences.
INDECT
INDECT is a research project in the area of intelligent security systems performed by several European universities since 2009 and funded by the European Union. The purpose of the project is to involve European scientists and researchers in the development of solutions to and tools for automatic threat detection through e.g. processing of CCTV camera data streams, standardization of video sequence quality for user applications, threat detection in computer networks as well as data and privacy protection. The area of research, applied methods, and techniques are described in the public deliverables which are available to the public on the project's website. Practically, all information related to the research is public. Only documents that comprise information related to financial data or information that could negatively influence the competitiveness and law enforcement capabilities of parties involved in the project are not published. This follows regulations and practices applied in EU research projects. == Application and target users == The main end-user of INDECT solutions are police forces and security services. The principle of operation of the project is detecting threats and identifying sources of threats, without monitoring and searching for particular citizens or groups of citizens. Then, the system operator (i.e. police officer) decides whether an intervention of services responsible for public security are required or not. Further investigation eventually leading to persons related to threats is performed, preserving the presumption of innocence, based on existing procedures already used by police services and prosecutors. As it can be found in the project deliverables, INDECT does not involve storage of personal data (such as names, addresses, identity document numbers, etc.). A similar, behavior-based surveillance program was SAMURAI (Suspicious and Abnormal behavior Monitoring Using a netwoRk of cAmeras & sensors for sItuation awareness enhancement). == Expected results == The main expected results of the INDECT project are: Trial of intelligent analysis of video and audio data for threat detection in urban environments Creation of tools and technology for privacy and data protection during storage and transmission of information using quantum cryptography and new methods of digital watermarking Performing computer-aided detection of threats and targeted crimes in Internet resources with privacy-protecting solutions Construction of a search engine for rapid semantic search based on watermarking of content related to child pornography and human organ trafficking Implementation of a distributed computer system that is capable of effective intelligent processing == Controversy == Some media and other sources accuse INDECT of privacy abuse, collecting personal data, and keeping information from the public. Consequently, these issues have been commented and discussed by some Members of the European Parliament. As seen in the project's documentation, INDECT does not involve mobile phone tracking or call interception. The rumors about testing INDECT during 2012 UEFA European Football Championship also turned out to be false. The mid-term review of the Seventh Framework Programme to the European Parliament strongly urges the European Commission to immediately make all documents available and to define a clear and strict mandate for the research goal, the application, and the end users of INDECT, and stresses a thorough investigation of the possible impact on fundamental rights. Nevertheless, according to Mr. Paweł Kowal, MEP, the project had the ethical review on 15 March 2011 in Brussels with the participation of ethics experts from Austria, France, Netherlands, Germany and Great Britain.
Photo-consistency
In computer vision, photo-consistency determines whether a given voxel is occupied. A voxel is considered to be photo consistent when its color appears to be similar to all the cameras that can see it. Most voxel coloring or space carving techniques require using photo consistency as a check condition in Image-based modeling and rendering applications. == Usage == 3D Volumetric Reconstruction. Image registration. Multi-view reconstruction.
Security and Privacy in Computer Systems
Security and Privacy in Computer Systems is a paper by Willis Ware that was first presented to the public at the 1967 Spring Joint Computer Conference. == Significance == Ware's presentation was the first public conference session about information security and privacy in respect of computer systems, especially networked or remotely-accessed ones. The IEEE Annals of the History of Computing said that Ware's 1967 Spring Joint Computer Conference session, together with 1970's Ware report, marked the start of the field of computer security.
News analytics
In trading strategy, news analysis refers to the measurement of the various qualitative and quantitative attributes of textual (unstructured data) news stories. Some of these attributes are: sentiment, relevance, and novelty. Expressing news stories as numbers and metadata permits the manipulation of everyday information in a mathematical and statistical way. This data is often used in financial markets as part of a trading strategy or by businesses to judge market sentiment and make better business decisions. News analytics are usually derived through automated text analysis and applied to digital texts using elements from natural language processing and machine learning such as latent semantic analysis, support vector machines, "bag of words" among other techniques. == Applications and strategies == The application of sophisticated linguistic analysis to news and social media has grown from an area of research to mature product solutions since 2007. News analytics and news sentiment calculations are now routinely used by both buy-side and sell-side in alpha generation, trading execution, risk management, and market surveillance and compliance. There is however a good deal of variation in the quality, effectiveness and completeness of currently available solutions. A large number of companies use news analysis to help them make better business decisions. Academic researchers have become interested in news analysis especially with regards to predicting stock price movements, volatility and traded volume. Provided a set of values such as sentiment and relevance as well as the frequency of news arrivals, it is possible to construct news sentiment scores for multiple asset classes such as equities, Forex, fixed income, and commodities. Sentiment scores can be constructed at various horizons to meet the different needs and objectives of high and low frequency trading strategies, whilst characteristics such as direction and volatility of asset returns as well as the traded volume may be addressed more directly via the construction of tailor-made sentiment scores. Scores are generally constructed as a range of values. For instance, values may range between 0 and 100, where values above and below 50 convey positive and negative sentiment, respectively. === Absolute return strategies === The objective of absolute return strategies is absolute (positive) returns regardless of the direction of the financial market. To meet this objective, such strategies typically involve opportunistic long and short positions in selected instruments with zero or limited market exposure. In statistical terms, absolute return strategies should have very low correlation with the market return. Typically, hedge funds tend to employ absolute return strategies. Below, a few examples show how news analysis can be applied in the absolute return strategy space with the purpose to identify alpha opportunities applying a market neutral strategy or based on volatility trading. Example 1 Scenario: The gap between the news sentiment scores for direction, S {\displaystyle S} , of Company X {\displaystyle X} and Market Y {\displaystyle Y} has moved beyond + 20 {\displaystyle +20} . That is, S X − S Y {\displaystyle S_{X}-S_{Y}} ≥ 20 {\displaystyle 20} . Action: Buy the stock on Company X {\displaystyle X} and short the future on Market Y {\displaystyle Y} . Exit Strategy: When the gap in the news sentiment scores for direction of Company X {\displaystyle X} and Market Y {\displaystyle Y} has disappeared, S X − S Y {\displaystyle S_{X}-S_{Y}} = 0 {\displaystyle 0} , sell the stock on Company X {\displaystyle X} and go long the future on Market Y {\displaystyle Y} to close the positions. Example 2 Scenario: The news sentiment score for volatility of Company X {\displaystyle X} goes above 70 {\displaystyle 70} out of 100 {\displaystyle 100} indicating an expected volatility above the option implied volatility. Action: Buy a short-dated straddle (the purchase of both a put and a call) on the stock of Company X {\displaystyle X} . Exit Strategy: Keep the straddle on Company X {\displaystyle X} until expiry or until a certain profit target has been reached. === Relative return strategies === The objective of relative return strategies is to either replicate (passive management) or outperform (active management) a theoretical passive reference portfolio or benchmark. To meet these objectives such strategies typically involve long positions in selected instruments. In statistical terms, relative return strategies often have high correlation with the market return. Typically, mutual funds tend to employ relative return strategies. Below, a few examples show how news analysis can be applied in the relative return strategy space with the purpose to outperform the market applying a stock picking strategy and by making tactical tilts to ones asset allocation model. Example 1 Scenario: The news sentiment score for direction of Company X {\displaystyle X} goes above 70 {\displaystyle 70} out of 100 {\displaystyle 100} . Action: Buy the stock on Company X {\displaystyle X} . Exit Strategy: When the news sentiment score for direction of Company X {\displaystyle X} falls below 60 {\displaystyle 60} , sell the stock on Company X {\displaystyle X} to close the position. Example 2 Scenario: The news sentiment score for direction of Sector Z {\displaystyle Z} goes above 70 {\displaystyle 70} out of 100 {\displaystyle 100} . Action: Include Sector Z {\displaystyle Z} as a tactical bet in the asset allocation model. Exit Strategy: When the news sentiment score for direction of Sector Z {\displaystyle Z} falls below 60 {\displaystyle 60} , remove the tactical bet for Sector Z {\displaystyle Z} from the asset allocation model. === Financial risk management === The objective of financial risk management is to create economic value in a firm or to maintain a certain risk profile of an investment portfolio by using financial instruments to manage risk exposures, particularly credit risk and market risk. Other types include Foreign exchange, Shape, Volatility, Sector, Liquidity, Inflation risks, etc. Below, a few examples show how news analysis can be applied in the financial risk management space with the purpose to either arrive at better risk estimates in terms of Value at Risk (VaR) or to manage the risk of a portfolio to meet ones portfolio mandate. Example 1 Scenario: The bank operates a VaR model to manage the overall market risk of its portfolio. Action: Estimate the portfolio covariance matrix taking into account the development of the news sentiment score for volume. Implement the relevant hedges to bring the VaR of the bank in line with the desired levels. Example 2 Scenario: A portfolio manager operates his portfolio towards a certain desired risk profile. Action: Estimate the portfolio covariance matrix taking into account the development of the news sentiment score for volume. Scale the portfolio exposure according to the targeted risk profile. === Computer algorithms using news analytics === Within 0.33 seconds, computer algorithms using news analytics can notify subscribers which company the news is about, if the news article sentiment is positive or negative, if the news is ranked as high or low relative importance … relative relevance. the stock price reaction and the increase in trade volume is concentrated in the first 5 seconds after an news article is released. === Algorithmic order execution === The objective of algorithmic order execution, which is part of the concept of algorithmic trading, is to reduce trading costs by optimizing on the timing of a given order. It is widely used by hedge funds, pension funds, mutual funds, and other institutional traders to divide up large trades into several smaller trades to manage market impact, opportunity cost, and risk more effectively. The example below shows how news analysis can be applied in the algorithmic order execution space with the purpose to arrive at more efficient algorithmic trading systems. Example 1 Scenario: A large order needs to be placed in the market for the stock on Company X {\displaystyle X} . Action: Scale the daily volume distribution for Company X {\displaystyle X} applied in the algorithmic trading system, thus taking into account the news sentiment score for volume. This is followed by the creation of the desired trading distribution forcing greater market participation during the periods of the day when volume is expected to be heaviest. == Effects == Being able to express news stories as numbers permits the manipulation of everyday information in a statistical way that allows computers not only to make decisions once made only by humans, but to do so more efficiently. Since market participants are always looking for an edge, the speed of computer connections and the delivery of news analysis, measured in milliseconds, have become essential.