Abstract: The invention relates to a reel (10) for winding or unwinding strip-shaped material, in particular a metal strip or the like, and to a method for tensioning a coil (12), the reel comprising a frame (13), at least one reel head (14) for disposing the coil for winding or unwinding material (11), a drive arrangement (15) having at least one electric motor (16) and a shaft (20) which connects the electric motor to the reel head, the electric motor being formed comprising a stator (17) and a rotor (18) and being disposed on the frame, the electric motor being a torque motor or a synchronous motor, the shaft directly connecting the rotor to the reel head, the rotor being mounted on the stator so as to be axially displaceable relative to the stator.

Abstract: A system and method for pricing of derivatives is presented. A volatility clustering time series process, including one or more predictive variables, is generated with an innovation process. Marginals of a probability distribution for the time series process follow a smoothly truncated heavy tailed and asymmetric probability distribution. Model parameters for the time series process are calibrated to a set of exogenously provided derivative prices. Pricing of derivatives, including options and swaps, is determined.