text:
North Carolina Award

The North Carolina Award is the highest civilian award bestowed by the U.S. state of North Carolina. It is awarded in the four fields of science, literature, the fine arts, and public service. Sometimes referred to as the "Nobel Prize of North Carolina", the award has been given to up to nine individuals each year since 1964. The awards, provided for by chapters 140A and 143B of the North Carolina General Statutes, are chosen by the North Carolina Awards Committee appointed by the Governor of North Carolina and supervised by the North Carolina Department of Natural and Cultural Resources.

The award was designed by sculptor Paul Manship and was one of the last commissions he completed before his death.

History of the award
The award was proposed by state Senator Robert Lee Humber of Pitt County, who wanted to recognize people who had contributed to the betterment of North Carolina and inspire others. He won the award for public service in 1968.

Biographical essays are available for each North Carolina Award recipient in the ceremony program for that year. Ceremony programs are online through the North Carolina Digital Collections.

1960s

 * 1964:
 * Literature: Inglis Fletcher
 * Science: John Couch
 * Fine Arts: Francis Speight
 * Public Service: John Morehead, Clarence Poe
 * 1965:
 * Literature: Paul Green, Gerald Johnson
 * Science: Frederick A. Wolf
 * Fine Arts: Hunter Johnson
 * Public Service: Frank Porter Graham
 * 1966:
 * Literature: Bernice Kelly Harris
 * Science: Oscar Rice
 * Fine Arts: Arthur G. Odell Jr.
 * Public Service: Luther Hodges
 * 1967:
 * Literature: Jonathan Worth Daniels
 * Science: Carl W. Gottschalk, H. Houston Merritt
 * Fine Arts: Benjamin F. Swalin
 * Public Service: Albert Coates
 * 1968:
 * Literature: Vermont C. Royster, Charles Russell
 * Science: Stanley Stephens
 * Fine Arts: Hobson Pittman
 * Public Service: Robert Lee Humber
 * 1969:
 * Literature: Ovid Pierce,
 * Science: Kenneth Brinkhous
 * Fine Arts: Charles Stanford, Jr.
 * Public Service: May G. L. Kellenberger

1970s

 * 1970:
 * Literature: Frances Gray Patton
 * Science: Philip Handler
 * Fine Arts: Henry C. Pearson
 * Public Service: Terry Sanford
 * 1971:
 * Literature: Guy Owen
 * Science: no award
 * Fine Arts: James Semans & Mary Semans
 * Public Service: Capus Waynick, James E. Webb
 * 1972:
 * Literature: John Ehle
 * Science: Edward David, Jr., Harold Hotelling
 * Fine Arts: Sidney Blackmer
 * Public Service: William Dallas Herring
 * 1973:
 * Literature: Helen Smith Bevington, Burke Davis
 * Science: Ellis Cowling
 * Fine Arts: Kenneth Ness
 * Public Service: Samuel J. Ervin
 * 1974:
 * Literature: Thad Stem, Jr.
 * Science: James Wyngaarden
 * Fine Arts: William Fields
 * Public Service: Ellen Black Winston
 * 1975:
 * Literature: Doris Betts
 * Science: John Etchells
 * Fine Arts: Robert Ward
 * Public Service: William Friday
 * 1976:
 * Literature: Richard Walser
 * Science: C. Clark Cockerham
 * Fine Arts: Romare Bearden, Foster Fitz-Simons
 * Public Service: Juanita Kreps
 * 1977:
 * Literature: Reynolds Price
 * Science: Reginald Mitchiner
 * Fine Arts: Joseph Sloane, Jonathan Williams
 * Public Service: Elizabeth Duncan Koontz
 * 1978:
 * Literature: Manly Wade Wellman
 * Science: David Sabiston, Jr.
 * Fine Arts: Henry Kamphoefner
 * Public Service: Robert Garvey, Jr., Harriet Tynes
 * 1979:
 * Literature: Harry Golden
 * Science: Walter Gordy
 * Fine Arts: Sam Ragan
 * Public Service: Archie Davis, John deButts

1980s

 * 1980:
 * Literature: Fred Chappell
 * Science: George Hitchings
 * Fine Arts: Robert Lindgren
 * Public Service: Dan Moore, Jeanelle Moore
 * 1981:
 * Literature: Glen Rounds, Tom Wicker
 * Science: Vivian Stannett
 * Fine Arts: Adeline McCall
 * Public Service: Ralph Scott
 * 1982:
 * Literature: Willie Snow Ethridge
 * Science: Floyd Denny, Jr.
 * Fine Arts: Selma Burke, R. Philip Hanes, Jr.
 * Public Service: Nancy Chase
 * 1983:
 * Literature: Heather Ross Miller
 * Science: Frank Guthrie
 * Fine Arts: Mary Keesler Dalton & Harry Lee Dalton
 * Public Service: Hugh Morton
 * 1984:
 * Literature: Joseph Mitchell, Lee Smith
 * Science: Robert Hill
 * Fine Arts: Maud Gatewood, Andy Griffith
 * Public Service: George Watts Hill
 * 1985:
 * Literature: Wilma Dykeman
 * Science: Irwin Fridovich
 * Fine Arts: Claude Howell
 * Public Service: J. Gordon Hanes, Jr.
 * 1986:
 * Literature: A.R. Ammons
 * Science: Ernest Eliel
 * Fine Arts: Doc Watson
 * Public Service: Joseph M. Bryan, Billy Graham Emmett McRae
 * 1987:
 * Literature: Maya Angelou
 * Science: Robert Lefkowitz
 * Fine Arts: Harvey Littleton
 * Public Service: John T. Caldwell, Charles Kuralt
 * 1988:
 * Literature: Charles Eaton
 * Science: Pedro Cuatrecasas
 * Fine Arts: Edith London
 * Public Service: David Brinkley, William Lee
 * 1989:
 * Literature: Ronald Bayes
 * Science: Gertrude Elion
 * Fine Arts: Loonis McGlohon
 * Public Service: Roy Park, Maxine Swalin

1990s

 * 1990:
 * Literature: Leon Rooke
 * Science: H. Keith H. Brodie
 * Fine Arts: Bob Timberlake
 * Public Service: Dean Colvard, Frank Kenan
 * 1991:
 * Literature: Robert Morgan
 * Science: Mary Ellen Jones
 * Fine Arts: William Brown
 * Public Service: Elizabeth Dole, Jesse Meredith
 * 1992:
 * Literature: Louis D. Rubin, Jr.
 * Science: John Madey
 * Fine Arts: Chuck Davis
 * Public Service: William McWhorter Cochrane, Maxwell Thurman
 * 1993:
 * Literature: John Hope Franklin
 * Science: Oliver Smithies
 * Fine Arts: Joe Cox, Billy Taylor
 * Public Service: Eric Schopler
 * 1994:
 * Literature: Elizabeth Spencer
 * Science: Marshall Edgell
 * Fine Arts: Sarah Blakeslee
 * Public Service: Richard Jenrette, Freda Nicholson
 * 1995:
 * Literature: James Applewhite
 * Science: Clyde A. Hutchison, III, John Mayo
 * Fine Arts: John Biggers, Kenneth Noland
 * Public Service: Banks Talley, Jr.
 * 1996:
 * Literature: Betty Adcock
 * Science: Joseph Pagano
 * Fine Arts: Joanne Bath
 * Public Service: Martha McKay, John L. Sanders, Robert Scott
 * 1997:
 * Literature: Clyde Edgerton
 * Science: Robert Bruck
 * Fine Arts: M. Mellanay Delhom
 * Public Service: Thomas Kenan, III, Elna Spaulding
 * 1998:
 * Literature: Kaye Gibbons
 * Science: Martin Rodbell
 * Fine Arts: Robert Gray, Marvin Saltzman, James Taylor
 * Public Service: Emily Harris Preyer, L. Richardson Preyer
 * 1999:
 * Literature: Allan Gurganus, Jill McCorkle
 * Science: Robert Parr, Knut Schmidt-Nielsen
 * Fine Arts: Frank L. Horton, Herb Jackson
 * Public Service: Julia Jones Daniels, Frank Daniels, Jr., Henry Shelton

2000s

 * 2000:
 * Literature: William S. Powell
 * Science: William Fletcher
 * Fine Arts: S. Tucker Cooke
 * Public Service: Henry Bowers, Harlan E. Boyles, James Goodmon
 * 2001:
 * Literature: Kathryn Stripling Byer, Shelby Stephenson
 * Science: Royce W. Murray
 * Fine Arts: Arthur Smith
 * Public Service: W.W. Finlator, Robert Jordan, III
 * 2002:
 * Literature: Romulus Linney
 * Science: William Anlyan
 * Fine Arts: Cynthia Bringle, Martha Nell Hardy
 * Public Service: Julius L. Chambers, H. G. Jones, Edwin Wilson
 * 2003:
 * Literature: Jaki Shelton Green
 * Science: William E. Thornton
 * Fine Arts: Etta Baker, Mary Ann Scherr
 * Public Service: Frank Borden Hanes, James B. Hunt, Jr.
 * 2004:
 * Literature: Walter J. Harrelson, Penelope Niven
 * Science: Annie Louise Wilkerson
 * Fine Arts: William Ivey Long, Elizabeth Matheson
 * Public Service: Voit Gilmore, LeRoy T. Walker
 * 2005:
 * Literature: Randall Kenan
 * Science: Mansukh C. Wani
 * Fine Arts: Bland Simpson
 * Public Service: Joseph M. Bryan, Jr., Betty Debnam Hunt, Thomas Willis Lambeth
 * 2006:
 * Literature: Emily Herring Wilson, Michael F. Parker
 * Science: Charles A. Sanders
 * Fine Arts: William T. Williams
 * Public Service: Roy Park, Jr., James E. Holshouser, Jr., Thomas K. Hearn, Jr.
 * 2007:
 * Literature: William Leuchtenburg
 * Science: Viney Aneja, Darrel Stafford
 * Fine Arts: Jan Davidson, Rosemary Harris
 * Public Service: Jerry C. Cashion, Henry Frye, Burley Mitchell, Charlie Rose
 * 2008:
 * Literature: Charles Frazier, Margaret Maron
 * Science: Maurice Brookhart
 * Fine Arts: Gerald Freedman, Alexander M. Rivera Jr.
 * Public Service: Ann Goodnight, James G. Martin, Dean Smith, Fred and Alice Stanback
 * 2009:
 * Literature: Gerald Barrax
 * Science: Joseph M. DeSimone
 * Fine Arts: Mark Peiser, Bo Thorp
 * Public Service: Betty Ray McCain, Hugh L. McColl, Jr.

2010s

 * 2010
 * Literature: Carole Boston Weatherford
 * Science: F. Ivy Carroll
 * Fine Arts: Robert Ebendorf, Donald Sultan
 * Public Service: R. Michael Leonard, Margaret S. "Tog" Newman
 * 2011
 * Literature: Ron Rash
 * Science: Trudy Mackay
 * Fine Arts: Branford Marsalis, Vollis Simpson
 * Public Service: Charles E. Hammer, Jr., H. Martin Lancaster
 * 2012
 * Literature: Gary Neil Carden
 * Science: B. Jayant Baliga
 * Fine Arts: Lou Donaldson, Thomas H. Sayre
 * Public Service: Bonnie McElveen-Hunter, Janice H. Faulkner
 * 2013
 * Literature: John Hart
 * Science: Myron S. Cohen
 * Fine Arts: John Cram
 * Public Service: Phil Kirk, John Harding Lucas, Walt Wolfram
 * 2014
 * Literature: Lenard Moore, Alan Shapiro
 * Science: Jagdish Narayan
 * Fine Arts: Ira David Wood III
 * Public Service: Betsy M. Bennett, Robert A. Ingram
 * 2015
 * Literature: Anthony S. Abbott
 * Science: Anthony Atala
 * Fine Arts: A. Everette James, Patricia McBride
 * Public Service: James T. Broyhill, Howard N. Lee
 * 2016
 * Literature: Joseph Bathanti
 * Science: Linda Birnbaum, Aziz Sancar, Paul L. Modrich
 * Fine Arts: Assad Meymandi
 * Public Service: Robert J. Brown, Jim Gardner
 * 2017
 * Literature: Margaret Donovan Bauer
 * Science: R.K.M. Jayanty
 * Fine Arts: Philip Freelon
 * Public Service: Loretta E. Lynch, Jane Smith Patterson, James H. Woodward
 * 2018
 * Literature: Michael McFee
 * Fine Arts: Bill Leslie, Barbara B. Millhouse
 * Public Service: Carolyn Q. Coleman, William L. Roper, Gene Roberts
 * 2019
 * Literature: Philip Gerard
 * Fine Arts: Lawrence J. Wheeler
 * Public Service: Deborah S. Proctor
 * Science: Catherine M. Wilfert, M.D.

2020s

 * 2020
 * Science: Ralph S. Baric, Francis S. Collins, Kizzmekia S. Corbett

 * 2021
 * Fine Arts: David Holt
 * Literature: André Leon Talley, Timothy B. Tyson
 * Public Service: Dudley E. Flood, Maria F. Spaulding
 * Science: Blake S. Wilson

 * 2022
 * Fine Arts: Eric Church
 * Literature: David Zucchino
 * Public Service: Eva Clayton, Mickey Michaux
 * Science: Priya Kishnani, Stanley Riggs

title: North Carolina Award


text:
Talk:Ontario Mills

Untitled
Discussion about fame from VfD:

 * Delete - "famous"? Name the largest shopping mall in Idaho.  Name the smallest shopping mall in Kansas.  Can't?  Then it isn't famous.   Name the actor from "The Terminator" who is now governor of California.  You know that one?  That's because he is famous. - Texture 16:10, 3 Mar 2004 (UTC)
 * Name the person who directed Chasing Amy. Name a town located in Shimomashiki District, Kumamoto, Japan.  Name a grammar similar to the Hebrew grammar.  Name the capital of Belize's Cayo District.  Name the largest Autonomous University of the University of the Philippines System.  Do I need to go on?  Surely even if you're going to require fame that fame need only be a limited fame.  Requiring the average person to have heard of every topic in wikipedia would eliminate 95% of it. Anthony DiPierro 16:30, 3 Mar 2004 (UTC)
 * Kevin Smith. I liked that movie.  You are mixing fame and encycopedic information.  Anything can be one, the other, or both.  Your vote said "famous" indicating that people would know it.   Grammar, capitals, and universities are informative and you can even argue that shopping malls are usefully informative (although I disagree) but you said "famous" so I responded to your claim to fame.  Start a new discussion of the "encyclopedic useful information" of the mall on its talk page sinced we are taking up too much space here on "fame". - Texture 16:38, 3 Mar 2004 (UTC)
 * That's great, you got 1 out of 5 (selected from "random page"). The shopping center is famous, within its town.  It's not famous worldwide, but very few things are.  The vast majority of the population has never heard of Kevin Smith.  That doesn't mean he's not famous.  If you're going to use fame as a criterium for deletion (which this nomination suggests), then clearly you have to accept fame which is limited.  Anthony DiPierro 16:46, 3 Mar 2004 (UTC)
 * I had no intention of responding to informative entries. You say all MALLS ARE FAMOUS and they are not - you would do better to argue that it is informative and should be kept. - Texture 16:54, 3 Mar 2004 (UTC)
 * Yes, I say all malls are famous, and I'm sticking by that. You, on the other hand, have said absolutely nothing as to why this should be kept or deleted. Anthony DiPierro 16:59, 3 Mar 2004 (UTC)
 * Since you missed it I will say it now. All malls are not famous.  This mall is not famous.  It is merely a shopping mall.  You don't have to agree.  We both get to have our opinions. Your blanket statement "malls are famous" is incorrect since there are many malls with no fame. - Texture 17:05, 3 Mar 2004 (UTC)
 * Hold it, hold it. Malls are famous within the localities they preside in.  Malls change the face of urban development within many cities because hundreds of thousands, if not millions of people visit any given mall annually.  I'd say, if nothing else, malls are just as important as listing things like skyscrapers, which are no more famous, except for one additional attribute: being tall.  RadicalBender 20:48, 3 Mar 2004 (UTC)
 * Out of curiousity, why is this discussion here and also in VfD? Keep.  It fits completely in Wikipedia's comprehensive format.  I've been adding information on interstate highway spur routes.  Surely they are as relevant as a major regional shopping mall.  As someone else always says, "Wikipedia is not paper."  There's room for this entry here. Moncrief, 3 Mar 2004

I'm responsible for initiating this article. If you look at the article on shopping center, there are other malls listed with articles.

Automatic doors

 * The mall is so enormous, that at each entrance, the automatic doors continuously play audio reminders of which entrance one used (in both English and Spanish).

How does this work? How does the door "know" which entrance a particular shopper used? (Reminds me of the Heart of Gold, actually...)
 * The use of this audio service has been rare in recent times.

Then isn't it a bit misleading to say that the doors play the audio "continuously"? Loganberry (Talk) 01:24, 29 December 2006 (UTC)

Fair use rationale for Image:Ontario mills logo.gif
Image:Ontario mills logo.gif is being used on this article. I notice the image page specifies that the image is being used under fair use but there is no explanation or rationale as to why its use in this Wikipedia article constitutes fair use. In addition to the boilerplate fair use template, you must also write out on the image description page a specific explanation or rationale for why using this image in each article is consistent with fair use.

Please go to the image description page and edit it to include a fair use rationale. Using one of the templates at Fair use rationale guideline is an easy way to insure that your image is in compliance with Wikipedia policy, but remember that you must complete the template. Do not simply insert a blank template on an image page.

If there is other fair use media, consider checking that you have specified the fair use rationale on the other images used on this page. Note that any fair use images lacking such an explanation can be deleted one week after being tagged, as described on criteria for speedy deletion. If you have any questions please ask them at the Media copyright questions page. Thank you.

BetacommandBot (talk) 17:28, 2 January 2008 (UTC)

license: Creative Commons - Attribution Share-Alike - https://creativecommons.org/licenses/by-sa/4.0/

title: Talk:Ontario Mills


text:
Binary option

A binary option is a financial exotic option in which the payoff is either some fixed monetary amount or nothing at all. The two main types of binary options are the cash-or-nothing binary option and the asset-or-nothing binary option. The former pays some fixed amount of cash if the option expires in-the-money while the latter pays the value of the underlying security. They are also called all-or-nothing options, digital options (more common in forex/interest rate markets), and fixed return options (FROs) (on the NYSE American).

While binary options may be used in theoretical asset pricing, they are prone to fraud in their applications and hence banned by regulators in many jurisdictions as a form of gambling. Many binary option outlets have been exposed as fraudulent. The U.S. FBI is investigating binary option scams throughout the world, and the Israeli police have tied the industry to criminal syndicates. The European Securities and Markets Authority (ESMA) has banned retail binary options trading. Australian Securities & Investments Commission (ASIC) considers binary options as a "high-risk" and "unpredictable" investment option, and finally also banned binary options sale to retail investors in 2021.

The FBI estimates that the scammers steal US$10 billion annually worldwide. The use of the names of famous and respectable people such as Richard Branson to encourage people to buy fake "investments" is frequent and increasing. Articles published in The Times of Israel newspaper explain the fraud in detail, using the experience of former insiders such as a job-seeker recruited by a fake binary options broker, who was told to "leave [his] conscience at the door". Following an investigation by The Times of Israel, Israel's cabinet approved a ban on the sale of binary options in June 2017, and a law banning the products was approved by the Knesset in October 2017.

On January 30, 2018, Facebook banned advertisements for binary options trading as well as for cryptocurrencies and initial coin offerings (ICOs). Google and Twitter announced similar bans in the following weeks.

Function
Binary options "are based on a simple 'yes' or 'no' proposition: Will an underlying asset be above a certain price at a certain time?" Traders place wagers as to whether that will or will not happen. If a customer believes the price of an underlying asset will be above a certain price at a set time, the trader buys the binary option, but if he or she believes it will be below that price, they sell the option. In the U.S. exchanges, the price of a binary is always under $100.

Investopedia described the binary options trading process in the U.S. thus:

[A] binary may be trading at $42.50 (bid) and $44.50 (offer) at 1 p.m. If you buy the binary option right then you will pay $44.50, if you decide to sell right then you'll sell at $42.50.

Let's assume you decide to buy at $44.50. If at 1:30 p.m. the price of gold is above $1,250, your option expires and it becomes worth $100. You make a profit of $100 – $44.50 = $55.50 (less fees). This is called being "in the money".

But if the price of gold is below $1,250 at 1:30 p.m., the option expires at $0. Therefore you lose the $44.50 invested. This is called being "out of the money".

The bid and offer fluctuate until the option expires. You can close your position at any time before expiry to lock in a profit or a reduce a loss (compared to letting it expire out of the money).

In the U.S., every binary option settles at $100 or $0, $100 if the bet is correct, 0 if it is not.

In the online binary options industry, where the contracts are sold by a broker to a customer in an OTC manner, a different option pricing model is used. Brokers sell binary options at a fixed price (e.g., $100) and offer some fixed percentage return in case of in-the-money settlement. Some brokers, also offer a sort of out-of-money reward to a losing customer. For example, with a win reward of 80%, out-of-money reward of 5%, and the option price of $100, two scenarios are possible. In-the-money settlement pays back the option price of $100 and the reward of $80. In case of loss, the option price is not returned but the out-of-money reward of $5 is granted to the customer.

On non-regulated platforms, client money is not necessarily kept in a trust account, as required by government financial regulation, and transactions are not monitored by third parties in order to ensure fair play.

Binary options are often considered a form of gambling rather than investment because of their negative cumulative payout (the brokers have an edge over the investor) and because they are advertised as requiring little or no knowledge of the markets. Gordon Pape, writing in Forbes.com in 2010, called binary options websites "gambling sites, pure and simple", and said "this sort of thing can quickly become addictive... no one, no matter how knowledgeable, can consistently predict what a stock or commodity will do within a short time frame".

Pape observed that binary options are poor from a gambling standpoint as well because of the excessive "house edge". One online binary options site paid $71 for each successful $100 trade. "If you lose, you get back $15. Let's say you make 1,000 "trades" and win 545 of them. Your profit is $38,695. But your 455 losses will cost you $38,675. In other words, you must win 54.5% of the time just to break even".

The U.S. Commodity Futures Trading Commission warns that "some binary options Internet-based trading platforms may overstate the average return on investment by advertising a higher average return on investment than a customer should expect given the payout structure."

Black–Scholes valuation
In the Black–Scholes model, the price of the option can be found by the formulas below. In fact, the Black–Scholes formula for the price of a vanilla call option (or put option) can be interpreted by decomposing a call option into an asset-or-nothing call option minus a cash-or-nothing call option, and similarly for a put – the binary options are easier to analyze, and correspond to the two terms in the Black–Scholes formula.

In these, S is the initial stock price, K denotes the strike price, T is the time to maturity, q is the dividend rate, r is the risk-free interest rate and $$ \sigma $$ is the volatility. $$\Phi$$ denotes the cumulative distribution function of the normal distribution,
 * $$ \Phi(x) = \frac{1}{\sqrt{2 \pi}} \int_{-\infty}^x e^{-z^2/2} dz. $$

and,
 * $$ d_1 = \frac{\ln\frac{S}{K} + (r-q+\sigma^{2}/2)T}{\sigma\sqrt{T}}. $$
 * $$ d_2 = d_1-\sigma\sqrt{T}. $$

Cash-or-nothing call
This pays out one unit of cash if the spot is above the strike at maturity. Its value now is given by
 * $$ C = e^{-rT}\Phi(d_2). \,$$

Cash-or-nothing put
This pays out one unit of cash if the spot is below the strike at maturity. Its value now is given by
 * $$ P = e^{-rT}\Phi(-d_2). \,$$

Asset-or-nothing call
This pays out one unit of asset if the spot is above the strike at maturity. Its value now is given by
 * $$ C = Se^{-qT}\Phi(d_1). \,$$

Asset-or-nothing put
This pays out one unit of asset if the spot is below the strike at maturity. Its value now is given by:
 * $$ P = Se^{-qT}\Phi(-d_1). \,$$

American style

An American option gives the holder the right to exercise at any point up to and including the expiry time $$T$$. That is, denoting by $$K$$ the strike price, if $$K\geq S$$ (resp. $$K\leq S$$), the corresponding American binary put (resp. call) is worth exactly one unit. Let
 * $$ a=\frac{1}{\sigma}\ln(K/S)\text{, }\xi=\frac{r-q}{\sigma}-\frac{\sigma}{2}\text{, and }b=\sqrt{\xi^{2}+2r}. \,$$

The price of a cash-or-nothing American binary put (resp. call) with strike $$KS$$) and time-to-expiry $$T$$ is:
 * $$ \frac{1}{2}e^{a\left(\xi-b\right)}\left\{ 1+\operatorname{sgn}(a)\operatorname{erf}\left(\frac{bT-a}{\sqrt{2T}}\right)+e^{2ab}\left[1-\operatorname{sgn}(a)\operatorname{erf}\left(\frac{bT+a}{\sqrt{2T}}\right)\right]\right\} \,$$

where $$\operatorname{erf}$$ denotes the error function and $$\operatorname{sgn}$$ denotes the sign function. The above follows immediately from expressions for the Laplace transform of the distribution of the conditional first passage time of Brownian motion to a particular level.

Foreign exchange
If we denote by S the FOR/DOM exchange rate (i.e., 1 unit of foreign currency is worth S units of domestic currency) we can observe that paying out 1 unit of the domestic currency if the spot at maturity is above or below the strike is exactly like a cash-or nothing call and put respectively. Similarly, paying out 1 unit of the foreign currency if the spot at maturity is above or below the strike is exactly like an asset-or nothing call and put respectively. Hence if we now take $$r_{\mathrm{FOR}}$$, the foreign interest rate, $$r_{DOM}$$, the domestic interest rate, and the rest as above, we get the following results.

In case of a digital call (this is a call FOR/put DOM) paying out one unit of the domestic currency we get as present value,
 * $$ C = e^{-r_{\mathrm{DOM}} T}\Phi(d_2) \,$$

In case of a digital put (this is a put FOR/call DOM) paying out one unit of the domestic currency we get as present value,
 * $$ P = e^{-r_{\mathrm{DOM}}T}\Phi(-d_2) \,$$

While in case of a digital call (this is a call FOR/put DOM) paying out one unit of the foreign currency we get as present value,
 * $$ C = Se^{-r_{\mathrm{FOR}} T}\Phi(d_1) \,$$

and in case of a digital put (this is a put FOR/call DOM) paying out one unit of the foreign currency we get as present value,
 * $$ P = Se^{-r_{\mathrm{FOR}}T}\Phi(-d_1) \,$$

Skew
In the standard Black–Scholes model, one can interpret the premium of the binary option in the risk-neutral world as the expected value = probability of being in-the-money * unit, discounted to the present value. The Black–Scholes model relies on symmetry of distribution and ignores the skewness of the distribution of the asset. Market makers adjust for such skewness by, instead of using a single standard deviation for the underlying asset $$\sigma$$ across all strikes, incorporating a variable one $$\sigma(K)$$ where volatility depends on strike price, thus incorporating the volatility skew into account. The skew matters because it affects the binary considerably more than the regular options.

A binary call option is, at long expirations, similar to a tight call spread using two vanilla options. One can model the value of a binary cash-or-nothing option, C, at strike K, as an infinitesimally tight spread, where $$C_v$$ is a vanilla European call:
 * $$ C = \lim_{\epsilon \to 0} \frac{C_v(K-\epsilon) - C_v(K)}{\epsilon} $$

Thus, the value of a binary call is the negative of the derivative of the price of a vanilla call with respect to strike price:
 * $$ C = -\frac{dC_v}{dK} $$

When one takes volatility skew into account, $$\sigma$$ is a function of $$K$$:
 * $$ C = -\frac{dC_v(K,\sigma(K))}{dK} = -\frac{\partial C_v}{\partial K} - \frac{\partial C_v}{\partial \sigma} \frac{\partial \sigma}{\partial K}$$

The first term is equal to the premium of the binary option ignoring skew:
 * $$ -\frac{\partial C_v}{\partial K} = -\frac{\partial (S\Phi(d_1) - Ke^{-rT}\Phi(d_2))}{\partial K} = e^{-rT}\Phi(d_2) = C_{\mathrm{noskew}}$$

$$\frac{\partial C_v}{\partial \sigma}$$ is the Vega of the vanilla call; $$\frac{\partial \sigma}{\partial K}$$ is sometimes called the "skew slope" or just "skew". Skew is typically negative, so the value of a binary call is higher when taking skew into account.
 * $$ C = C_{\mathrm{noskew}} - \mathrm{Vega}_v * \mathrm{Skew}$$

Relationship to vanilla options' Greeks
Since a binary call is a mathematical derivative of a vanilla call with respect to strike, the price of a binary call has the same shape as the delta of a vanilla call, and the delta of a binary call has the same shape as the gamma of a vanilla call.

Regulation and fraud
Many binary option "brokers" have been exposed as fraudulent operations. In those cases, there is no real brokerage; the customer is betting against the broker, who is acting as a bucket shop. Manipulation of price data to cause customers to lose is common. Withdrawals are regularly stalled or refused by such operations; if a client has good reason to expect a payment, the operator will simply stop taking their phone calls. Though binary options sometimes trade on regulated exchange, they are generally unregulated, trading on the Internet, and prone to fraud. Most of the binary options brokers are registered in Saint Vincent and the Grenadines and offering their services globally. The country's Financial Services Authority has issued a warning to the general public about unlicensed Forex and binary options trading provided by entities registered in Saint Vincent and the Grenadines.

European Union
On 23 March 2018, The European Securities and Markets Authority, a European Union financial regulatory institution and European Supervisory Authority located in Paris, agreed to new temporary rules prohibiting the marketing, distribution or sale of binary options to retail clients.

Australia
The Australian Securities & Investments Commission (ASIC) warned Australian investors on 13 February 2015 against Opteck, an unlicensed binary option provider. The ASIC later began a focused effort to control unlicensed derivative providers, including "review" websites, broker affiliates, and managed service providers related to binary option products. ASIC finally released a ban on sale of binary options to retail clients in 2021.

Belgium
In August 2016, Belgium's Financial Services and Markets Authority banned binary options schemes, based on concerns about widespread fraud.

Canada
No firms are registered in Canada to offer or sell binary options, so no binary options trading is currently allowed. Provincial regulators have proposed a complete ban on all binary options trading include a ban on online advertising for binary options trading sites. A complete ban on binary options trading for options having an expiration less than 30 days was announced on September 28, 2017.

Cyprus
On May 3, 2012, the Cyprus Securities and Exchange Commission (CySEC) announced a policy change regarding the classification of binary options as financial instruments. The effect is that binary options platforms operating in Cyprus, where many of the platforms are now based, would have to be CySEC regulated within six months of the date of the announcement. CySEC was the first EU MiFID-member regulator to treat binary options as financial instruments.

In 2013, CySEC prevailed over the disreputable binary options brokers and communicated intensively with traders in order to prevent the risks of using unregulated financial services. On September 19, 2013, CySEC sent out a press release warning investors against binary options broker TraderXP, who was not and had never been licensed by CySEC. On October 18, 2013, CySEC released an investor warning about binary options broker NRGbinary and its parent company NRG Capital (CY) Ltd., stating that NRGbinary was not and had never been licensed by CySEC.

CySEC also temporarily suspended the license of the Cedar Finance on December 19, 2013, because the potential violations referenced appeared to seriously endanger the interests of the company's customers and the proper functioning of capital markets, as described in the official issued press release. CySEC also issued a warning against binary option broker PlanetOption at the end of the year and another warning against binary option broker LBinary on January 10, 2014, pointing out that it was not regulated by the Commission and the Commission had not received any notification by any of its counterparts in other European countries to the effect of this firm being a regulated provider.

The Cyprus regulator imposed a penalty of €15,000 against ZoomTrader. OptionBravo and ChargeXP were also financially penalized. CySEC also indicated that it had voted to reject the ShortOption license application.

In 2015, CySEC repeatedly fined Banc De Binary for several violations including the solicitation of U.S. clients. In 2016, the regulator fined Banc De Binary Ltd once again for violation of its legislation. The broker has come to a settlement of €350,000.

France
In August 2016, France's Sapin II bill on transparency was announced by the Autorité des Marchés Financiers (AMF), seeking to outlaw all financial derivatives advertising. The AMF stated that it would ban the advertising of certain highly speculative and risky financial contracts to private individuals by electronic means. The document applies specifically to binary options, and to contracts for difference (CFDs), and financial contracts on currencies. The French regulator is determined to cooperate with the legal authorities to have illegal websites blocked. The law also prohibits all forms of sponsorship and partnership that results in direct or indirect advertising of the financial products it covers. This ban was seen by industry watchers as having an impact on sponsored sports such as European football clubs.

The Cyprus-based company 24Option was banned from trading in France by AMF earlier in 2016. They had sponsored a well-known Irish mixed martial artist, Conor McGregor, who in turn promoted the company through social media.

Germany
German Federal Financial Supervisory Authority (BaFin) has been regularly publishing investor warnings. On November 29, 2018, BaFin announced that it is planning to "prohibit the marketing, distribution and sale of binary options to retail clients at a national level".

Indonesia
According to the Commodity Futures Trading Regulatory Agency (CoFTRA) in Indonesia, also known as BAPPEBTI, binary options are considered a form of online gambling and is illegal in the country. The move to delegalize binary options stems from concerns that the public may be swayed by misleading advertisements, promotions, and offers to participate in fraudulent practices that operate under the guise of binary options trading. As of 2 February 2022, at least 92 binary options websites, including Binomo, IQ Option, and Olymp Trade, have been classified as unlicensed operators and blocked by the Indonesian government.

Israel
In March 2016 binary options trading within Israel was banned by the Israel Securities Authority, on the grounds that such trading is essentially gambling and not a form of investment management. The ban was extended to overseas clients as well in October 2017. It was approved by the Knesset in October, despite strong opposition from the binary options industry.
 * Binary options trading

In 2016 The Times of Israel ran several articles on binary options fraud. "The wolves of Tel Aviv: Israel's vast, amoral binary options scam exposed" revealed that the industry is a scam. A second article describes in detail how a binary options salesman fleeced clients. "According to one ex-employee of a firm that employs over 1,000 people in a high-rise office building in Tel Aviv, losses are guaranteed because the 'dealing room' at the binary options firm controls the trading platform — like the crooked ownership of a rigged casino manipulating the roulette wheel".
 * Fraud

In July 2016 the Israeli binary option firms Vault Options and Global Trader 365 were ordered by the U.S. District Court for the Northern District of Illinois to pay more than $4.5 million for unlawful off-exchange binary options trading, fraud, and registration violations. The companies were also banned permanently from operating in the United States or selling to U.S. residents.

In November 2016 the Israel Securities Authority carried out a raid on the Ramat Gan offices of binary option broker iTrader. The CEO and six other employees were charged with fraud, providing unlicensed investment advice, and obstruction of justice.

On May 15, 2017, Eliran Saada, the owner of Express Target Marketing, which has operated the binary options companies InsideOption and SecuredOptions, was arrested on suspicion of fraud, false accounting, forgery, extortion, and blackmail. The case involves a Singaporean woman who claims to have lost over $500,000 to the firm.

In August 2017 Israeli police superintendent Rafi Biton said that the binary trading industry had "turned into a monster". He told the Israeli Knesset that criminal investigations had begun.

In September 2017, the FBI arrested Lee Elbaz, CEO of binary options trading company Yukom Communications, upon her arrival in the United States. They arrested her for wire fraud and conspiracy to commit wire fraud. In 2019, Lee Elbaz was found guilty and sentenced to 22 years in prison.

In February 2019, the FBI arrested Austin Smith, founder of Wealth Recovery International, after his arrival in the United States. Smith was arrested for wire fraud due to his involvement as an employee of Binarybook.com.

Malta
In March 2013 the Malta Financial Services Authority (MFSA) announced that binary options regulation would be transferred away from Malta's Lottery and Gaming Authority. On 18 June 2013 MFSA confirmed that in their view binary options fell under the scope of the Markets in Financial Instruments Directive (MiFID), which made Malta the second EU jurisdiction to regulate binary options as a financial instrument. This required providers to obtain a category 3 Investment Services license and conform to MiFID's minimum capital requirements; firms could previously operate from the jurisdiction with a valid Lottery and Gaming Authority license.

New Zealand
In April 2017, New Zealand's Financial Markets Authority (FMA) announced that all brokers that offer short-term investment instruments that settle within three days are required to obtain a license from the agency. This is intended to cover binary options as well as contracts for difference (CFDs).

United Kingdom
In the UK, binary options were regulated by the Gambling Commission rather than the Financial Conduct Authority (FCA). This regulation, however, applied only to firms that have gambling equipment in the UK. The FCA in 2016 did propose bringing binary options under its jurisdiction and restricting them. They stated that binary options "did not appear to meet a genuine investment need". In March 2017, Action Fraud issued a warning on binary options.
 * Binary options trading

The Isle of Man, a self-governing Crown dependency for which the UK is responsible, has issued licenses to companies offering binary options as "games of skill" licensed and regulated under fixed odds betting by the Isle of Man Gambling Supervision Commission (GSC). This positions binary options as a form of gambling, and the administrator of the trading as something akin to a casino, as opposed to an exchange or brokerage house.

On October 19, 2017, London police raided 20 binary options firms in London. On January 3, 2018, the FCA took over regulation of binary options from the Gambling Commission. In December 2018, FCA has proposed new rules which would permanently ban the sale, marketing and distribution of binary options to retail consumers.

Fraud within the market is rife, with many binary options providers using the names of famous and respectable people without their knowledge. According to a national fraud and cybercrime reporting centre Action Fraud, 664 binary options frauds were reported in 2015/16, increasing to 1,474 in 2016/17. The City of London police in May 2017 said that reported losses for the previous financial year were £13 million, increased from £2 million the year before. In the first half of 2017, 697 people reported losses totaling over £18 million.
 * Fraud

United States

 * Binary options trading

In the United States, the Securities and Exchange Commission (SEC) approved exchange-traded binary options in 2008. Trading commenced on the NYSE American (MYSEA) and the Chicago Board Options Exchange (CBOE) in May and June 2008.

The MYSEA offers binary options on some exchange-traded funds and a few highly liquid equities such as Citigroup and Google. On the exchange binary options were called "fixed return options" (FROs). To reduce the threat of market manipulation of single stocks, FROs use a "settlement index" defined as a volume-weighted average of trades on the expiration day. MYSEA and Donato A. Montanaro submitted a patent application for exchange-listed binary options using a volume-weighted settlement index in 2005. CBOE offers binary options on the S&P 500 (SPX) and the CBOE Volatility Index (VIX). The tickers for these are BSZ and BVZ, respectively.

NADEX, a U.S.-based Commodity Futures Trading Commission (CFTC) regulated exchange, launched binary options for a range of Forex, commodities, and stock indices' markets in June 2009,. On March 30, 2010 the CFTC issued an amended Order of Designation to allow trades on NADEX to be intermediated. NADEX have since offered binary options trading between buyers and sellers. They do not participate in the trades.

 * Fraud

On June 6, 2013, the U.S. CFTC and the SEC jointly issued an Investor Alert to warn about fraudulent promotional schemes involving binary options and binary options trading platforms. The two agencies said that they had received numerous complaints of fraud about binary options trading sites, "including refusal to credit customer accounts or reimburse funds to customers; identity theft; and manipulation of software to generate losing trades". Other binary options operations were violating requirements to register with regulators.

In June 2013, U.S. regulators charged Israeli-Cypriot company Banc De Binary with illegally selling binary options to U.S. investors. In February 2016, the company reached an $11 million settlement with U.S. authorities. Regulators found the company used a "virtual office" in New York's Trump Tower in pursuit of its scheme, evading a ban on off-exchange binary option contracts. The company neither admitted nor denied the allegations. In November 2016, SEC published yet another Investor Alert on binary options websites. In 2016,

In February 2017 The Times of Israel reported that the FBI was conducting an active international investigation of binary option fraud, emphasizing its international nature, saying that the agency was "not limited to the USA". Victims from around the world were asked to contact an FBI field office or the FBI's Internet Crime Complaint Center. The investigation is not limited to the binary options brokers, but is comprehensive and could include companies that provide services that allow the industry to operate. Credit card issuers will be informed of the fraudulent nature of much of the industry, which could possibly allow victims to receive a chargeback, or refund, of fraudulently obtained money.

On March 13, 2017, the FBI reiterated its warning, declaring that the "perpetrators behind many of the binary options websites, primarily criminals located overseas, are only interested in one thing—taking your money". They also provide a checklist on how to avoid being victimized.

There is also a popular binary options recovery services scam, where fraudsters promise to "hunt" down the binary options scammers and retrieve the money from them through legal methods. In January 2018, Boston federal prosecutors filed a complaint against Leonel Alexis Valerio Santana and Frank Gregory Cedeno, accusing them of such type of fraud. In August 2018, Santana was sentenced to 63 months in prison, three years of supervised release, and ordered to pay restitution of $105,869 (Cedeno was indicted in March and pleaded not guilty).

title: Binary option


text:
Xargs

xargs (short for "extended arguments" ) is a command on Unix and most Unix-like operating systems used to build and execute commands from standard input. It converts input from standard input into arguments to a command.

Some commands such as  and   can take input either as command-line arguments or from the standard input. However, others such as  and   can only take input as arguments, which is why xargs is necessary.

A port of an older version of GNU xargs is available for Microsoft Windows as part of the UnxUtils collection of native Win32 ports of common GNU Unix-like utilities. A ground-up rewrite named wargs is part of the open-source TextTools project. The xargs command has also been ported to the IBM i operating system.

Examples
One use case of the xargs command is to remove a list of files using the rm command. POSIX systems have an for the maximum total length of the command line,  so the command may fail with an error message of "Argument list too long" (meaning that the exec system call's limit on the length of a command line was exceeded):   or. (The latter invocation is incorrect, as it may expand globs in the output.)

This can be rewritten using the  command to break the list of arguments into sublists small enough to be acceptable:

In the above example, the  utility feeds the input of   with a long list of file names. then splits this list into sublists and calls  once for every sublist.

Some implementations of xargs can also be used to parallelize operations with the  argument to specify how many parallel processes should be used to execute the commands over the input argument lists. However, the output streams may not be synchronized. This can be overcome by using an  argument where possible, and then combining the results after processing. The following example queues 24 processes and waits on each to finish before launching another.

xargs often covers the same functionality as the command substitution feature of many shells, denoted by the backquote notation ( or  ). xargs is also a good companion for commands that output long lists of files such as,   and  , but only if one uses   (or equivalently  ), since   without   deals badly with file names containing  ,   and space. GNU Parallel is a similar tool that offers better compatibility with find, locate and grep when file names may contain,  , and space (newline still requires  ).

-I option: single argument
The xargs command offers options to insert the listed arguments at some position other than the end of the command line. The  option to xargs takes a string that will be replaced with the supplied input before the command is executed. A common choice is.

The string to replace may appear multiple times in the command part. Using -I at all limits the number of lines used each time to one.

Shell trick: any number
Another way to achieve a similar effect is to use a shell as the launched command, and deal with the complexity in that shell, for example:

The word sh at the end of the line is for the POSIX shell sh -c to fill in for $0, the "executable name" part of the positional parameters (argv). If it weren't present, the name of the first matched file would be instead assigned to  and the file wouldn't be copied to. One can also use any other word to fill in that blank, my-xargs-script for example.

Since cp accepts multiple files at once, one can also simply do the following: This script runs cp with all the files given to it when there are any arguments passed. Doing so is more efficient since only one invocation of cp is done for each invocation of sh.

Separator problem
Many Unix utilities are line-oriented. These may work with  as long as the lines do not contain ,  , or a space. Some of the Unix utilities can use NUL as record separator (e.g. Perl (requires  and   instead of  ),   (requires using  ),   (requires using  ),   (requires   or  ),   (requires using  )). Using  for   deals with the problem, but many Unix utilities cannot use NUL as separator (e.g. ,  ,  ,  ,  ,  ,  ,  ).

But often people forget this and assume  is also line-oriented, which is not the case (per default   separates on newlines and blanks within lines, substrings with blanks must be single- or double-quoted).

The separator problem is illustrated here: Running the above will cause  to be removed but will remove neither the directory called , nor the file called.

The proper fix is to use the GNU-specific  option, but   (and other tools) do not support NUL-terminated strings:

When using the  option, entries are separated by a null character instead of an end-of-line. This is equivalent to the more verbose command: or shorter, by switching   to (non-POSIX) line-oriented mode with the   (delimiter) option:

but in general using  with   should be preferred, since newlines in filenames are still a problem.

GNU  is an alternative to   that is designed to have the same options, but is line-oriented. Thus, using GNU Parallel instead, the above would work as expected.

For Unix environments where  does not support the   nor the -d option (e.g. Solaris, AIX), the POSIX standard states that one can simply backslash-escape every character:. Alternatively, one can avoid using xargs at all, either by using GNU parallel or using the -exec ... + functionality of find.

Operating on a subset of arguments at a time
One might be dealing with commands that can only accept one or maybe two arguments at a time. For example, the  command operates on two files at a time. The  option to   specifies how many arguments at a time to supply to the given command. The command will be invoked repeatedly until all input is exhausted. Note that on the last invocation one might get fewer than the desired number of arguments if there is insufficient input. Use  to break up the input into two arguments per line:

In addition to running based on a specified number of arguments at a time, one can also invoke a command for each line of input with the  option. One can use an arbitrary number of lines at a time, but one is most common. Here is how one might  every git commit against its parent.

Encoding problem
The argument separator processing of  is not the only problem with using the   program in its default mode. Most Unix tools which are often used to manipulate filenames (for example,  ,  , etc.) are text processing tools. However, Unix path names are not really text. Consider a path name /aaa/bbb/ccc. The /aaa directory and its bbb subdirectory can in general be created by different users with different environments. That means these users could have a different locale setup, and that means that aaa and bbb do not even necessarily have to have the same character encoding. For example, aaa could be in UTF-8 and bbb in Shift JIS. As a result, an absolute path name in a Unix system may not be correctly processable as text under a single character encoding. Tools which rely on their input being text may fail on such strings.

One workaround for this problem is to run such tools in the C locale, which essentially processes the bytes of the input as-is. However, this will change the behavior of the tools in ways the user may not expect (for example, some of the user's expectations about case-folding behavior may not be met).

title: Xargs


text:
Winterthur

Winterthur (Winterthour) is a city in the canton of Zürich in northern Switzerland. With over 110,000 residents, it is the country's sixth-largest city by population, as well as its ninth-largest agglomeration with about 140,000 inhabitants. Located about 20 km northeast of Zürich, Winterthur is a service and high-tech industrial satellite city within Greater Zürich.

The official language of Winterthur is German, but the main spoken language is the local variant of the Alemannic Swiss German dialect, Zürich German. Winterthur is usually abbreviated as Winti in the local dialect and by its inhabitants.

Winterthur is connected to Germany by direct trains and has links to Zurich Airport. It is also a regional transport hub: the A1 motorway from Geneva through to St. Margrethen connects in Winterthur with the A4 motorway heading north toward Schaffhausen and the A7 motorway heading close to the Swiss-German border at Kreuzlingen. There are also roads leading to other places such as Turbenthal. The railway station is the fourth busiest railway station in Switzerland, and is 20 minutes away by train from Zürich.

History
Vitudurum was a vicus in what is now Oberwinterthur during the Roman era (first century BC to third century AD). It was fortified into a castrum at the end of the third century, apparently in reaction to the incipient Alamannic invasion.

There was an Alamannic settlement on the site in the seventh century.

In a battle near Winterthur in 919, Burchard II of Swabia asserted his control over the Thurgau within the Duchy of Swabia against the claims of Rudolph II of Burgundy.

The counts of Winterthur, a cadet branch of the family of the counts of Bregenz, built Kyburg castle in the tenth century. With the extinction of the counts of Winterthur in 1053, the castle passed to the counts of Dillingen. Winterthur as a city (presumably on the site of a pre-existing village) was founded by Hartmann III of Dillingen in 1180, shortly before his death in the same year. From 1180 to 1263, Winterthur was ruled by the cadet line of the House of Kyburg.

When the counts of Kyburg became extinct in the male line in 1263, Winterthur passed to the House of Habsburg, who established a comital line of Neu-Kyburg in 1264 and granted city rights to Winterthur in the same year. From 1415 until 1442 Winterthur was reichsfrei (subject only to the Holy Roman Emperor). However, in the Old Zürich War they lost this freedom and came back under the control of the Austrian Habsburgs. Needing money, in 1467, the Habsburgs sold Winterthur to the city of Zürich.

While it was under the leadership of Zürich, Winterthur's economic freedom was restricted. It lost many of its market rights and the right to trade in some goods. This ended in 1798, when Napoleonic troops took the town. On 27 May 1799, it was the site of the Battle of Winterthur between elements of the French Army of the Danube and elements of the Habsburg army, commanded by Friedrich, Baron von Hotze during the War of the Second Coalition, in the French Revolutionary Wars. Because Winterthur lies near Zürich and at the junction of seven roads, the army that held the town held the access to most of Switzerland and points crossing the Rhine into southern Germany. Although the forces involved were small, the ability of the Austrians to sustain an 11-hour assault against the French line, on the plateau north of Zürich, resulted in the consolidation of three Austrian forces. This led to the French defeat a few days later.

In the 19th century, Winterthur became an industrial town when companies, like Sulzer, Rieter and SLM, built large industrial plants. Winterthur suffered severely from its investments in and guarantee of loans to the National Railway of Switzerland (a private enterprise). In 1878, Winterthur had to sell its shares in the line, and from 1881 to 1885 it was in great difficulties due to a loan of nine million francs guaranteed in 1874 by the town, together with three others in Aargau, to the enterprise. As the three co-guarantor towns were unable to pay their shares, the whole burden fell on Winterthur, which struggled to meet its liabilities. But it was assisted by large loans from the cantonal and federal governments.

The Great Depression, in the 1930s, hit Winterthur extremely hard. Sixty percent of the total employees in town worked in the machine industry. Jobs became extremely hard to find. However, with the outbreak of World War II, industry grew again in the city.

In 2008, Winterthur reached 100,000 inhabitants.

Topography
Winterthur is located at an elevation of 439 m. The city is located in a basin south and east of the river Töss before it meets the High Rhine after 10 kilometers. The Eulach, a small river, flows from the town's east end through the middle of the town to meet the Töss at the west exit of the city. Because of this the town is colloquially also called "Eulachstadt". Zürich lies about 20 km southwest of Winterthur.

Area
, Winterthur has an area of 68.1 km2; 24.8% is used for agricultural purposes, 40.4% is forested, 33.6% is settled (buildings or roads) and 1.1% is non-productive (rivers, glaciers or mountains). housing and buildings made up 21.9% of the total area, while transportation infrastructure made up the rest (9%). Of the total unproductive area, water (streams and lakes) made up 0.6% of the area. , 27.6% of the total municipal area was undergoing some type of construction.

Subdivisions
Winterthur has seven city districts (Stadtkreise): 1 – Winterthur-Stadt, 2 – Oberwinterthur, 3 – Seen, 4 – Töss, 5 – Veltheim, 6 – Wülflingen, 7 – Mattenbach

Government
The City Council (Stadtrat) constitutes the executive government of the City of Winterthur and operates as a collegiate authority. It is composed of seven councilors (Stadtrat/ Stadträtin), each presiding over a department. Departmental tasks, coordination measures and implementation of laws decreed by the Large Municipal Council are carried by the City Council. In the mandate period 2018–2022 (Legislatur) the City Council is presided by Stadtpräsident Michael Künzle. The regular election of the City Council by any inhabitant valid to vote is held every four years. Any resident of Winterthur allowed to vote can be elected as a member of the City Council. The mayor is elected as such by public election by means of a system of Majorz, while the heads of the other directorates are assigned by the collegiate. The delegates are elected by means of a system of Majorz.

, Winterthur's City Council is made up of three representatives of the SP (Social Democratic Party), one member of the FDP (FDP.The Liberals), one of the GPS (Green Party), one of the GLP (Green Liberal Party), and one of the CVP (Christian Democratic People's Party, who is also the mayor), giving the left parties a combined four out of seven seats. The last regular election was held on 5 March and 15 April 2018, the last special election on 23 August 2020.

Ansgar Simon is Town Chancellor (Stadtschreiber) since and Marcel Wendelspiess is Legal Counsel (Rechtskonsulent) since 2013 for the City Council.

Parliament
The Large Municipal Council (Grosser Gemeinderat) holds legislative power. It is made up of 60 members, with elections held every four years. The Large Municipal Council decrees regulations and by-laws that are executed by the City Council and the administration. The delegates are selected by means of a system of proportional representation (Proporz).

The sessions of the Large Municipal Council are public. Unlike members of the City Council, members of the Large Municipal Council are not politicians by profession, and they are paid a fee based on their attendance. Any resident of Winterthur allowed to vote can be elected as a member of the Large Municipal Council. The parliament holds its meetings in the Rathaus once a month on Mondays.

The last regular election of the Large Municipal Council was held on 8 March 2018 for the mandate period (Legislatur) from May 2018 to April 2022. Currently the Large Municipal Council consists of 18 members of the Social Democratic Party (SP/PS), 10 Swiss People's Party (SVP/UDC), 8 The Liberals (FDP/PLR), 7 Green Liberal Party (GLP/PVL), 5 Green Party (GPS/PES), 4 Evangelical People's Party (EVP), 3 Christian Democratic People's Party (CVP/PDC), 2 Alternative List (AL), one representative each of the Conservative Democratic Party (BDP/PBD), Federal Democratic Union (EDU/UDF), and the Pirate Party.

National Council
In the 2019 federal election for the Swiss National Council the most popular party was the PS which received 22.6% (−3.4) of the vote. The next six most popular parties were the SVP (17.8%, -5.6), the Green Party (17.8%, +9), the glp (14.3%, +5.5), FDP (10.6%, -1.5), the EVP (5.0%, 0), and the CVP (4.2%, +0.2). In the federal election a total of 32,907 votes were cast, and the voter turnout was 47.0%.

In the 2015 election for the Swiss National Council the most popular party was the SPS which received 26.1% of the vote. The next most popular parties were the SVP (23.4%), the FDP (12.1%), the Green Party (8.8%), the glp (8.8%), the EVP (5.0%), the CVP (4.0%), and BDP (3.5%). In the federal election, a total of 33,426 voters were cast, and the voter turnout was 49.3%. In the 2011, federal election the most popular party was the SP which received 22.5% of the vote. The next three most popular parties were the SVP (21.8%), the Green Liberals (11.1%) and the Green Party (10.1%).

Twin towns
Winterthur is twinned with two Swiss and two international towns and coordinates its international relations together with the Swiss towns Frauenfeld, St. Gallen, and Schaffhausen:
 * Yverdon-les-Bains, Switzerland
 * La Chaux-de-Fonds, Switzerland
 * 🇨🇿 Pilsen, Czech Republic
 * 🇦🇹 Hall in Tirol, Austria

Namesake
The community of Winterthur in Delaware, US, is named after the city.

Demographics
the population of Winterthur is 100,000. More recently (as of ) the population was. 23.6% of the population was made up of foreign nationals. the gender distribution of the population was 48.6% male and 51.4% female. Over the last 10 years the population has grown at a rate of 10.4%. Most of the population speaks German (83.0%), with Italian being second-most common (4.9%) and Albanian being third (2.0%).

The age distribution of the population is children and teenagers (0–19 years old) make up 19.9% of the population, while adults (20–64 years old) make up 63.9% and seniors (over 64 years old) make up 16.2%. There are 42,028 households in Winterthur.

there were 37,327 members of the Swiss Reformed Church (37.1% of the population) and 26,995 Catholics (26.7% of the population) in Winterthur. Of the other Christian faiths, 326 (0.3%) were Lutheran, 203 (0.2%) were Christian Catholic, 3141 (3.1%) are some type of Christian Orthodox and 3,132 (3.1%) are another Christian faith. Of the rest of the population, 11,608 (11.5%) were Muslim, 108 (0.1%) were Jewish, 1,359 (1.3%) belonged to another non-Christian faith and 16,779 (16.6%) were atheist or agnostic or did not belong to any organized faith.

Economy
Historically, Winterthur was one of the homes of Switzerland's rail industry and an industrial centre, however the rail industry and other heavy industry have mostly shut down. Amongst the most significant companies was Sulzer Brothers, today's Sulzer Ltd., Sulzer AG, commonly abbreviated to Sulzer. Textile production declined even earlier on. The Rieter textile machinery company is based in Winterthur.

Switzerland's largest bank, and one of the world's large banks, Union Bank of Switzerland (UBS, since 1998 UBS AG), was founded in Winterthur.

The Landbote newspaper is situated in Winterthur, and also serves as Winterthurer Stadtanzeiger, the official publication organ of the city of Winterthur.

Peraves, the manufacturer of the fully enclosed "cabin motorcycle" named the Monotracer, predated by an earlier model named the Ecomobile, has been manufacturing these vehicles since the early 1980s. In 2010, Peraves won the Progressive Insurance Automotive X-Prize with an electric powered version of the Monotracer.

Among other commercial organizations, Winterthur was home to Switzerland's largest insurance business Winterthur Insurance. Until its acquisition, the company was the largest in Switzerland and was in Europe's top 10. On 1 January 2007 the Winterthur company was acquired by the French AXA group and is now known as AXA Winterthur.

, Winterthur had an unemployment rate of 3.53%. , there were 185 people employed in the primary economic sector and about 60 businesses involved in this sector; 11,880 people are employed in the secondary sector and there are 884 businesses in this sector; 59,767 people are employed in the tertiary sector, with 6,983 businesses in this sector. 47.9% of the working population were employed full-time, and 52.1% were employed part-time.

Education
In Winterthur, about 70.7% of the population (between ages 25 and 64) have completed either non-mandatory upper secondary education or additional higher education (either university or a Fachhochschule).

The town is renowned for its institute of higher education Technikum, which is the largest school of technology in Switzerland. The institute has recently teamed up with schools from Zürich and is now known as Zürcher Hochschule für Angewandte Wissenschaften (ZHAW).

The headquarters of the Club of Rome are located in Winterthur.

SIS Swiss International School maintains a campus in Winterthur. International School Winterthur, formerly located in Winterthur, closed in 2015.

Transport

Bahnhof Winterthur, the central station, is one of the busiest stations on the Swiss Railway Network with 105,000 passengers a day. As the town is close to Zürich, it is served by many trains on the local Zürich S-Bahn network. EuroCity services to Munich and regional trains to St. Gallen, Konstanz or Romanshorn also serve the station. As well as the Hauptbahnhof, there are nine more stations within the city, called Oberwinterthur, Seen, Grüze, Töss, Hegi, Reutlingen, Wülflingen, Wallrüti and Sennhof-Kyburg.

The local public transport is run by Stadtbus Winterthur with twelve town bus lines, including the Winterthur trolleybus system, and five regional bus lines.

There are two airports: Winterthur Hegmatten (LSPH) and Speck (LSZK).

Tourism
Winterthur is not high on the list of tourist destinations in Switzerland. As a result, it does not offer a wide range of hotels to choose from. As it is relatively easy to reach from Zürich by public transport, tourists who do visit Winterthur often stay in Zürich.

Nevertheless, Winterthur is mentioned in most tourist guides for its numerous museums, many of which offer world class art, among them of the Gottfried Keller-Stiftung. The most famous are:

 * 1) Oskar Reinhart Collection 'Am Römerholz'
 * 2) Oskar Reinhart Collection am Stadtgarten
 * 3) Kunstmuseum Winterthur
 * Villa Flora
 * 1) Fotomuseum Winterthur
 * 2) Swiss Science Center Technorama

Music
Winterthur's chamber orchestra Orchester Musikkollegium Winterthur is the oldest orchestra in Switzerland, and also plays at the Zurich Opera. Between 1922 and 1950, the philanthropist Werner Reinhart and the conductor Hermann Scherchen played a leading role in shaping the musical life of Winterthur, with numerous premiere performances emphasizing contemporary music.

The city hall Stadthaus, in which the concerts of the Musikkollegium take place, was built by Gottfried Semper.

Musikfestwochen, in late August and early September, sees Winterthur's Old Town taken over for live music of all kinds, in the street and bars as well as in concert venues.

The "Albanifest", the largest annual festival in a historic town in Switzerland, is named after Saint Alban, one of the city's four saints, is held here, over three days in late June every year. Although a recent creation, the festival celebrates the granting of a charter to the town in 1264 by Rudolf of Habsburg on 22 June of that year, which happened to be the saint's day.

The church of St. Laurenz in the city centre dates from 1264, the town hall was built in 1781, the assembly hall in 1865.

In 1989, Winterthur received the Wakker Prize for the development and preservation of its architectural heritage.

The Swiss folk metal band Eluveitie was formed in Winterthur and the Punkabilly band The Peacocks comes from here.

Open Doors
Open Doors is an artist supported platform for artists with art studios in Winterthur, Switzerland. The platform was established to bridge arts and the community as well as provide the artists with means to independently promote their art in any way they choose. Open Doors takes place annually during the last weekend of September. Participating artists open their studios to the public and present their art to the public. Oftentimes it is possible to view the artists while they are working. Among the approximate 60 artists who participate there are local, international, autodidacts and art academy graduates. Open Doors Winterthur was founded in 2008 by San Francisco-born artist Michelle Bird and resident of Winterthur. Open Doors Winterthur publishes the annual MAP Magazine Artist Professionals which is available on line and in print form. MAP Magazine features articles about local art initiatives and profiles local artists and their art studios. The event is supported by a map that indicates the location of each artist's studio on a map.

Sport
EHC Winterthur is the city's main hockey team which currently plays in the Swiss League, the second-highest ice hockey league in Switzerland. Their arena is the 3,000-seat Deutweg Arena. The arena held in April 2011 the 2011 IIHF Women's World Championship top division, sharing the hosting with the Hallenstadion in Zürich.

FC Winterthur are the city's football club and currently play in the Swiss Super League. They play at the Stadion Schützenwiese.

Pfadi Winterthur is the professional handball club, former multiple national champions and still playing in the Swiss First League of Handball. They play at the Winterthur Central Sports Hall which they share with top floorball club HC Rychenberg Winterthur.

Winterthur Lions AFC, founded in 2017, have been playing Australian rules football in the AFL Switzerland league since 2019.

1800–1850

 * Jonas Furrer (1805–1861), politician, first Federal President of Switzerland
 * David Eduard Steiner (1811–1860), painter, eraser and lithographer
 * Henrik Haggenmacher (1827–1917), Swiss-born Hungarian industrialist, business magnate, philanthropist and investor
 * Konrad Grob (1828–1904), lithographer and painter
 * Jacob Weidenmann (1829–1893), landscape architect

1851–1900

 * Charles E. L. Brown (1863–1924), machine designer, co-founder (Brown, Boveri & Cie)
 * Heinrich Wölfflin (1864–1945), art historian
 * John Henry Hintermeister (1869–1945), Zurich educated painter, commercially successful in the United States
 * Alfred Ernst (1875–1968), botanist
 * Hans Gamper (1877–1930), sportsman and founder of FC Barcelona
 * Joan Gamper (1877–1930), Swiss football pioneer, versatile athlete and club president.
 * Ernst Wetter (1877–1963), politician
 * Alfred Büchi (1879–1959), inventor of the exhaust gas turbocharger
 * Albert Thellung (1881–1928), botanist
 * Werner Reinhart (1884–1951), industrialist and patron
 * Oskar Reinhart (1885–1965), art collectors and patrons
 * Emil Brunner (1889–1966), a reformed theologian
 * Jakob Flach (1894–1982), writer, puppeteer and painter
 * Willy Bretscher (1897–1992), newspaper writer and editor

1901–1950

 * Georges Miez (1904–1999), gymnast
 * Willy Hess (composer) (1906–1997), musicologist and composer
 * Albert Büchi (1907–1988), cyclist
 * Max Bill (1908–1994), architect, artist and designer
 * Warja Lavater (1913–2007), graphic artist and illustrator
 * Sigmund Widmer (1919–2003), Swiss politician, historian and writer, University of Zürich faculty
 * Rudolf Friedrich (1923–2013), lawyer and politician
 * Georg Gerster (born 1928), journalist, pioneer of flight photography
 * Bruno Hunziker (1930–2000), politician, parliamentarian and economic attorney
 * Richard R. Ernst (1933–2021), chemist (Nobel Prize Laureate 1991)
 * Ursula Bagdasarjanz (born 1934), violinist
 * Hannes Keller (born 1934), computer pioneer, entrepreneur, diving pioneer and amateur pianist
 * Niklaus Wirth (1934–2024), computer scientist
 * Oscar Fritschi (1939–2016), politician
 * Michael Gempart (born 1941), actor
 * Markus Imhoof (born 1941), film director and screenwriter
 * Hans-Ulrich Brunner (1943–2006), painter
 * Beat Raaflaub (born 1946), conductor
 * Jürg Amann (1947–2013), writer

1951–2000

 * Viktor Giacobbo (born 1952), Swiss writer, comedian and actor
 * Mirco Müller (born 1995), Swiss ice hockey player, currently playing for the New Jersey Devils
 * Martin Buser (born 1958), Swiss dog musher, 4-time Iditarod champion
 * Marlies Bänziger (born 1960), Swiss politician
 * Chantal Galladé (born 1972), Swiss politician
 * Chrigel Glanzmann (born 1975), Swiss musician, founder of Eluveitie
 * Steven Zuber (born 1991), Swiss professional football player

title: Winterthur


text:
Lifting bag

A lifting bag is an item of diving equipment consisting of a robust and air-tight bag with straps, which is used to lift heavy objects underwater by means of the bag's buoyancy. The heavy object can either be moved horizontally underwater by the diver or sent unaccompanied to the surface.

Lift bag appropriate capacity should match the task at hand. If the lift bag is grossly oversized a runaway or otherwise out of control ascent may result. Commercially available lifting bags may incorporate dump valves to allow the operator to control the buoyancy during ascent, but this is a hazardous operation with high risk of entanglement in an uncontrolled lift or sinking. If a single bag is insufficient, multiple bags may be used, and should be distributed to suit the load.

There are also lifting bags used on land as short lift jacks for lifting cars or heavy loads or lifting bags which are used in machines as a type of pneumatic actuator which provides load over a large area. These lifting bags of the AS/CR type are for example used in the brake mechanism of rollercoasters.

Physics of buoyant lifting
The volume of the bag determines its lifting capacity: each litre of air inside the bag will lift a weight of 1 kilogram, or each cubic foot will lift about 62 pounds. For example, a 100 L bag can lift a 100 kg underwater object.

A partially filled bag will accelerate as it ascends because the air in the bag expands as the pressure reduces on the ascent, following Boyles law, increasing the bag's buoyancy, whereas a full bag will overflow or blow off excess volume and maintain the same volume and buoyancy providing it does not descend. A bag which leaks sufficiently to start sinking will lose volume to compression and become less buoyant in a positive feedback loop until stopped by the bottom.

Breakout
The force required to lift a submerged object from the bottom can be split into two main components: Once the object has broken free of the bottom, only the apparent weight remains, and a controlled lift requires a way of managing the sudden decrease of resistance to the lifting force. There are three basic ways this can be done:
 * Apparent weight, which is the weight of the object less the buoyancy of its displacement.
 * Breakout forces due to embedment in the bottom, which can be negligible, or in some cases the major part of the load.
 * Use of mechanical or hydraulic excavation to loosen the sediments holding the load.
 * Use of a "Dead Man Anchor" - a large heavy weight - and restraining cable to prevent the bag from moving away too far, so that the buoyancy can be corrected to more closely match the load.
 * Use of shallow bags with long cables to the load to provide breakout, which will only lift a short distance before surfacing, after which the load can be lifted further by staged lifts or direct lift by close-coupled bags.

Stability of the load
Once a load is lifted off the substrate, it will rotate until the centre of gravity is in the position of lowest potential energy. If it is suspended from a single point, the apparent centre of gravity (corrected for inherent buoyancy) will be directly below the lift point. If it is undesirable for the load to rotate by a large angle as it leaves the bottom, the lifting point must be chosen to allow for this effect, and a multi-part sling or spreader bar may be needed, and it may be necessary to secure slings so they do not slip.

Types and construction
Underwater lifting bags are lifting equipment and as such may be required to comply with safety standards.

Open lift bags (parachute lift bags)
Parachute lift bags are open at the bottom. When full any extra or expanding air will spill out. The shape of an open lifting bag should distribute the volume in a vertical rather than a horizontal direction so that the open end of the bag always remains underwater. If the open end reaches the surface, air will escape from the bag and it may sink.

The simplest version are two-sided bags, either joined round the edges or folded and joined along two sides. Webbing straps may be stitched to doubler patches which are then glued or welded to the bag on light duty bags, but on large and heavy duty bags there are usually strips of bag material bonded to the bags which form flat retaining tubes for the webbing which is threaded through the tubes and may be withdrawn for maintenance and inspection. heavy duty open bags are generally conical with a domed top or a reversed truncated cone top, and may have several straps from the lifting point at the bottom, through the guide tubes on the sides, to a crown ring of webbing or steel at the top, to spread the load evenly over the fabric of the bag.

Parachute lift bags cannot be overfilled and are suitable for lifts where there is a large pressure change, and where it may be necessary to capsize (invert) the bag to stop a runaway lift.

Some lift bags can be converted from open to closed by screwing a cover onto the bottom opening.

Propeller lifting bags
Installation and removal of propellers is a specialised application where there is usually very little clearance above the load, which is usually at least partly underneath a vessel. Lift bags for this application partly enclose the propeller when in use, and are required to hold the propeller in the correct alignment for fitting to the shaft. It may be necessary to ballast the lower blade to keep the propeller upright. and details of the rigging will depend on the precise geometry of the propeller, such as aspect ratio, skew, and number of blades. The propeller lift bag will cover the upper part of the propeller, but cannot project below the line of the top of the shaft. It will support the propeller by at least two blades, for stability, and the propeller will generally by slung with a gap at the top, for maximum tip clearance. The bag may be shaped with a relatively horizontal top or a curve to follow the blade disc. Attachment to the blades must be on both sides for stability, and the slings must not harm the blade surfaces or damage the leading or trailing edge.

Closed lift bags (camels)
Closed lift bags have an overpressure valve to prevent internal pressure from exceeding ambient pressure by more than a set amount (around 10kPa, or 1msw) Closed lift bags are intended for use at or near the surface, as they retain the air even in rough seas. They are available in several configurations, including horizontal cylinder, vertical cylinder, teardrop and pillow.

Rapid deployment
Rapid deployment lift bags have a scuba cylinder mounted on the outside which contains sufficient air to inflate the bag at a specified depth. The bag can be attached to the load and when ready, the valve is opened and the diver swims clear. If the regulator pressure is set to a lower pressure than the over-pressure relief valve, a closed bag will automatically stop filling before the relief valve opens, but will be topped up if it leaks after reaching the surface. The regulator pressure must take into account the hydrostatic pressure difference between the top and bottom of the bag so that the bag will be completely filled.

Dump valves
Dump valves are used to release air from the bag when in the water. They can be operated manually at the valve by a diver or may be remotely operated by a pull-cord, which may be operated by a diver or attached to a weight which will automatically open the valve if the weight is lifted off the bottom. Some dump valves can be operated in both these ways. One system operates by pressing on the top or pulling a line attached to the bottom to actuate the spring-loaded valve. The dump valve may be a screw-in quick change system, and the spring tension may be adjustable.

Dynamic lifts
When the empty lift bag is attached to the load and the lift is made by controlling the volume of inflation air it is referred to as a dynamic lift.

Direct lift
The bag or set of bags is used to lift the load directly to the surface. This is simple, but there is a risk if the lift bag is too large and cannot be vented fast enough the lift may get out of control and ascend so fast that the bag breaks the surface, capsizes and collapses, losing so much air that it then cannot support the weight of the load, and will then sink back to the bottom. If there is a marker buoy attached it will at least not be lost. A lift bag which is only slightly larger than needed to support the load will ascend more slowly, and is less likely to capsize at the surface, as excess air will be spilled continuously during the ascent.

Staged lift
Lift bags are used to bring the load up in stages: a long chain or sling is used to connect the load to a lift bag just below the surface, which is filled to break out the load and lift it until the bag reaches the surface, then a second bag is used to bring the load up further. This procedure continues until the load has been raised sufficiently. Advantages of this method are a more controlled lift, the facility to use a larger capacity for initial breakout without risk of a runaway. Disadvantages include the requirement for divers to work on or near the lifting gear when under load.

Buoyancy assisted lift
The lift is controlled by a line from the surface vessel, and the load is reduced by a lift bag with a volume too small to support the weight of the load when full. This allows a faster lift by the winch. The lifting gear must be capable of supporting the load if the bag fails, or must be arranged to fail safely.

A buoyancy assisted lift is a common procedure for recreational divers to assist the recovery of the shotline or anchor, which would otherwise be pulled up manually. A small lift bag attached to the shot is partially filled by the last diver to leave the bottom, and after surfacing the crew pull up the line and the air in the bag expands as it ascends, providing more assistance to the crew. In this application a runaway lift is not usually a problem, and the bag size is not critical.

Static lifts
Lift bags also can be used for static lifts, where the bag is anchored in place by rigging, and used as a lifting point with very high buoyancy compared to the load, which is then lifted in a controlled manner using a purchase or chain block or other suitable lifting device.

Rigging lift bags
Lift bags can not be over inflated, and can not normally exert a static buoyant force greater than their safe working load (SWL), however the rigging can be subjected to snatch loads, which can be caused by several factors.
 * When the bag is used in shallow water and surge or wave action causes rapid changes in dynamic loading, by pulling the bag from side to side
 * When the bag has lifted the load to the surface and the bag is subjected to vertical wave action
 * When the lift bag is incorrectly rigged
 * When the lift bag is snagged, then breaks free to be snubbed when the slack is taken up.
 * When the load is partly supported by a lifting cable and there is a sudden variation on the tension in the cable due to vessel movement or cable slip.

When lifting with more than one bag, allowance should be made for reduced filling capacity if bags are attached in such a way that they press against each other.

Incorrect rigging can cause load concentration on attachment points which may exceed the SWL

An inverter or capsizing line can be attached to the top of the bag. This line should be long enough and strong enough to attach to an independent anchor point so that if the lift bag or rigging fails the bag will be inverted and the air will escape, preventing a runaway lift. This procedure is generally used for short-distance transport near the bottom, as when aligning large components for assembly. With this method the load will generally hold the bag in the upright position, so the tripping line may be subjected to considerable load and the bag may not invert. An inverter line can also be attached to the load, so it will capsize the bag if it breaks free of the load, but this will not stop a runaway lift, and a holdback line is used for this purpose.

A holdback line is used to prevent the lift bag and load from floating away when used for short distance lifts at the bottom. The holdback is attached to the lifting ring of the bag, or to the load, and should be attached by a strong cable to an anchor point it cannot lift. The SWL of the holdback should be at least equal to the lifting capacity of the bag. A holdback and inverter are often used together.

A spreader bar may be used to distribute the lifting load more evenly between bags or along the load.

When filling bags, if each bag is completely filled before starting to fill the next bag, it is less likely that a runaway will be initiated, as only one of the bags can increase lift as it ascends. This will be the last bag, and the divers will be monitoring it most carefully while they are filling it, so will be more likely to react in time to regain control of the lift.

A weighted dump line will automatically start open the valve to start dumping excess air if the weight is lifted off the bottom. This will stop the lift from ascending any further if the dump valve releases air fast enough. When the weight is lowered back to the bottom by the sinking load, the valve will close again, and should hold the load steady. The stability of this system depends on the preload of the valve spring and the size of the valve opening.

Filling lift bags
The amount of air required for a lift bag depends on the apparent weight of the load and the depth of the bag. Approximately 1 m3 of air at ambient pressure is required per tonne of lift. Free air volume follows Boyle's law, and is proportional to absolute ambient pressure in bar or ata.

 * For example: A 5 tonne lift with the bags to be filled at 20m, requires 5m3 of air at 3 bar, which is 15m3 at surface pressure.

Filling air is usually supplied from the surface from a low pressure compressor, but for small lifts the diver may carry a cylinder of air for the purpose. It is considered bad practice in some jurisdictions to fill a lift bag from the diver's breathing gas cylinder, particularly if the diver has decompression obligations or only one cylinder as the risk of using up too much air and leaving the diver without sufficient air for a safe ascent is considered unacceptable.

Bags can be inflated from a safer distance by use of an air-lance, a rigid pipe which can be inserted into the opening of the bag.

Hazards of use

 * Snagging of the diver or diver's umbilical or lifeline in the lifting equipment, resulting in an uncontrolled rapid ascent.
 * Using too much air from a scuba diver's breathing gas supply, resulting in an out of air incident.
 * Using too much volume in the lift bags, resulting in a positive feedback expansion on ascent and a runaway lift.
 * Leaks in lift bags, causing loss of buoyancy and sinking of the load after lifting. The load may then sink increasingly rapidly as the air in the bags compresses, and may be a hazard to divers below or working on the load at the surface, or the load may be lost.
 * Unbalanced attachment of lifting gear may cause the load to be unstable once lifted free of the bottom. subsequent capsize or shifting of the load may break it free of the rigging, or damage the load or the lift bag. Similarly, poorly chosen or inadequate lifting points may result in overstressing the cargo and causing damage.

Marking the lift
If there is a significant risk of the bag losing buoyancy and sinking again with the load, a surface marker can be attached that will remain at the surface and mark the new position of the load so that it can be recovered again. The marker buoy line should be long enough to reach the surface if the load sinks anywhere in the vicinity.

Securing the load at the surface
Once at the surface, the load may be secured by adding more buoyancy, lifting on board a vessel or other method.

title: Lifting bag


text:
Hopper

Hopper or hoppers may refer to:

Places

 * Hopper, Illinois
 * Hopper, West Virginia
 * Hopper, a mountain and valley in the Hunza–Nagar District of Pakistan
 * Hopper (crater), a crater on Mercury

People with the name

 * Hopper (surname), a list of people with the name

Insects

 * Hopper, the immature form of a locust
 * Grasshopper
 * Hoppers, butterflies of the genus Platylesches
 * Leafhopper, a member of the family Cicadellidae
 * Treehopper, a member of the family Membracidae (typical treehoppers) or Aetalionidae

Mechanical parts

 * Hopper, a storage container used to dispense granular materials through the use of a chute to restrict flow, sometimes assisted by mechanical agitation
 * Hopper (particulate collection container), a large container used for dust collection
 * A paintball loader
 * A manufacturing line hopper
 * Part of an agricultural aircraft to store the chemicals to be spread
 * Part of a combine harvester
 * Part of a wheel tractor-scraper to store the soil load
 * Feeder (livestock equipment)

Transportation

 * Hopper (spacecraft), a proposed spacecraft
 * Hopper, a prototype test vehicle for the SpaceX Starship
 * Hopper balloon, a kind of ultralight hot air balloon
 * Hopper barge, a kind of barge
 * Hopper car, a type of railway freight car
 * Gravity wagon, or slant wagon, a type of wagon that is essentially a hopper; used in agriculture
 * Space hopper, a toy: a ball with handles for bouncing on
 * USS Hopper, a U.S. Navy destroyer

Fictional entities

 * Hopper, a character and the main antagonist in the animated film A Bug's Life
 * H.O.P.P.E.R.S. or Hoppers, the nickname of the fictional Huerta, California, from Jaime Hernandez's Locas graphic novels published in Love and Rockets
 * Franz Hopper, a character in Code Lyoko
 * Jim Hopper (Stranger Things), the police chief from the Netflix science-fiction horror series Stranger Things
 * Hopper 1, a Chemy in Kamen Rider Gotchard

Games

 * Hoppers (game), a peg solitaire game released by Think Fun
 * Hopper, multiple clones of the video game Frogger
 * Hopper, a fairy chess piece

Music

 * Hopper (band), English indie rock band
 * The Hoppers, a Southern Gospel family ensemble

Other uses in arts, entertainment, and media

 * Dish Hopper (DVR), a service of Dish Network known for its AutoHop commercial-skipping feature

Other uses

 * Hopper (food) or Appam or Aappam hoppers, a type of food in Tamil Nadu, Kerala and Sri Lankan cuisine
 * Hopper (microarchitecture), codename for a microarchitecture developed by Nvidia
 * Hopper, one who harvests hops
 * Hopper, a Lindy Hop dancer
 * Hopper, an urban entry-level drug dealer or drug dealer's aide—typically a minor
 * Bill hopper, a wooden box on the desk of the Clerk of the United States House of Representatives in which bills or resolutions to be voted on are deposited
 * Hopper crystal, a type of crystal formation shaped like a hopper wagon
 * Hopper (company), a travel booking app and online travel marketplace that sells flights, hotels, rental cars, and short-term rentals.

title: Hopper