Swiss National Bank
The Swiss National Bank is the central bank of Switzerland, is therefore responsible for the monetary policy of the nation of Switzerland and for the issuing of Swiss franc banknotes. The bank is otherwise known as: German: Schweizerische Nationalbank; the SNB is an aktiengesellschaft under special regulations, has two head offices, one is in Bern and the other one in Zurich. The bank formed as a result of the need for a reduction in the number of banks of issue, which numbered 53 sometime after 1826. In the 1874 revision of the Federal Constitution it was given the task to oversee laws concerning the issuing of banknotes. In 1891 the Federal Constitution was revised again to entrust the Confederation with sole rights to issue banknotes; the National Bank Law was enforced on 16 January 1906, the Nationalbank began business activities on 20 June 1907, is thought founded sometime during either 1906 or 1907. SNB itself states that it was founded in 1907. Sometime during World War I, the bank was instructed to release notes of a small denomination, for the first time, by the Federal Council of Switzerland.
The Bundesrat devalued the Swiss Franc during 1936, as a result, there was made available to the Nationalbank, an amount of monies, which the bank subsequently stored in a Währungsausgleichsfonds reserve for the future, for usage in situations of emergency. In 1981 the bank participated in research involving Orell Füssli and an optical research group named Landis and Gyr, of matters of banknote design. During 1994 the Bank was described as a joint-stock company acting under the administration and supervision of the Confederation, it had twenty sub-branches within cantons. The governing board had overall executive management of the Nationalbank, with supervision entrusted to its shareholders, the banks' council, the banks' committee, its local committees and auditing committee. There were three members of the governing board, who together decided the monetary policy of the Nationalbank. Towards the end of 1993, there were 566 employees. With the inception of Article 99 of the Federal Constitution, in May 2004, the Nationalbank achieved formal independence.
As of 2015 the Nationalbank is owned, with the majority of shares belonging to the Swiss cantons and the banks of the cantons, the smaller remainder in the possession of private individuals. Shares of the SNB existed within SIX Swiss Exchange from 1907 onward; the Nationalbank made an announcement on 6 September 2011, of its intention to address changes in the value of the Swiss Franc to the Euro. More that it wanted the value of the Franc to fall below 1.2 to the Euro. A cap was placed on exchange-rates in order to take measures to stem the development of a possible recession; the bank stated the 1.2 exchange value was defendable as the bank could proceed to mint enough banknotes to control the rate sufficiently. The bank announced on January 15, 2015 the Euro currency arrangement would end as the Euro crisis had passed and the Europeans would be making financial policy changes; the basic governing principles of the Nationalbank are contained within Article 99 of the Federal Constitution, which deals with matters of monetary policy.
There are three numbered factors concerning principles explicitly mentioning the Nationalbank, of four altogether shown within the Article. The SNB is therefore obliged by constitutional statute law to act in accordance with the economic interests of Switzerland. Accordingly, the prime function of the Nationalbank is: to pursue a reliable monetary policy for the benefit of the Swiss economy and the Swiss people; the Nationalbank publishes within its own site a list of research done as work in progress by staff members, which begin at 2004, to 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014, to 1 August 2015 there is shown nine papers, a list of eight economic studies which relate to the tasks of the bank, listed from 2005, in addition to a bi-annually published update of research, listed from 2012 to the present. The National Bank is entrusted with the note-issuing privilege, it supplies the economy with banknotes that meet high standards with respect to quality and security. It is charged by the Confederation with the task of coin distribution.
In the field of cashless payment transactions, the National Bank provides services for payments between banks. These are settled in the Swiss Interbank Clearing system via sight deposit accounts held with the National Bank; the National Bank manages currency reserves. These engender confidence in the Swiss franc, help to prevent and overcome crises and may be utilized for interventions in the foreign exchange market; the National Bank contributes to the stability of the financial system by acting as an arbiter over monetary policy. Within the context of this task, it analyses sources of risk to the financial system, oversees systemically important payment and securities settlement systems and helps to promote an operational environment for the financial sector. Together with the federal authorities, the National Bank participates in international monetary cooperation and provides technical assistance; the National Bank acts as banker to the Swiss Confederation. It processes payments on behalf of the Confederation, issues money market debt register claims and bonds, handles the safekeeping of securities and carries out money market and foreign exchange transactions.
The National Bank compiles statistical data on banks and financial markets, the balance of payments, the international investment position and the
Adobe Photoshop is a raster graphics editor developed and published by Adobe Inc. for macOS and Windows. It was created in 1988 by Thomas and John Knoll. Since this software has become the industry standard not only in raster graphics editing, but in digital art as a whole; the software's name has thus become a generic trademark, leading to its usage as a verb although Adobe discourages such use. Photoshop can edit and compose raster images in multiple layers and supports masks, alpha compositing, several color models including RGB, CMYK, CIELAB, spot color, duotone. Photoshop uses its own PSB file formats to support these features. In addition to raster graphics, this software has limited abilities to edit or render text and vector graphics, as well as 3D graphics and video, its feature set can be expanded by plug-ins. Photoshop's naming scheme was based on version numbers. However, in October 2002, each new version of Photoshop was designated with "CS" plus a number. Photoshop CS3 through CS6 were distributed in two different editions: Standard and Extended.
With the introduction of the Creative Cloud branding in June 2013, Photoshop's licensing scheme was changed to that of software as a service rental model. Photoshop was bundled with additional software such as Adobe ImageReady, Adobe Fireworks, Adobe Bridge, Adobe Device Central and Adobe Camera RAW. Alongside Photoshop, Adobe develops and publishes Photoshop Elements, Photoshop Lightroom, Photoshop Express, Photoshop Fix, Photoshop Sketch and Photoshop Mix. Adobe plans to launch a full-version of Photoshop for the iPad in 2019. Collectively, they are branded as "The Adobe Photoshop Family". Photoshop was developed in 1987 by brothers Thomas and John Knoll, who sold the distribution license to Adobe Systems Incorporated in 1988. Thomas Knoll, a Ph. D. student at the University of Michigan, began writing a program on his Macintosh Plus to display grayscale images on a monochrome display. This program caught the attention of his brother John, an Industrial Light & Magic employee, who recommended that Thomas turn it into a full-fledged image editing program.
Thomas took a six-month break from his studies in 1988 to collaborate with his brother on the program. Thomas renamed the program ImagePro, but the name was taken; that year, Thomas renamed his program Photoshop and worked out a short-term deal with scanner manufacturer Barneyscan to distribute copies of the program with a slide scanner. During this time, John traveled to Silicon Valley and gave a demonstration of the program to engineers at Apple and Russell Brown, art director at Adobe. Both showings were successful, Adobe decided to purchase the license to distribute in September 1988. While John worked on plug-ins in California, Thomas remained in Ann Arbor writing code. Photoshop 1.0 was released on February 1990 for Macintosh exclusively. The Barneyscan version included advanced color editing features that were stripped from the first Adobe shipped version; the handling of color improved with each release from Adobe and Photoshop became the industry standard in digital color editing. At the time Photoshop 1.0 was released, digital retouching on dedicated high-end systems cost around $300 an hour for basic photo retouching.
Photoshop files have default file extension as. PSD, which stands for "Photoshop Document." A PSD file stores an image with support for most imaging options available in Photoshop. These include layers with masks, text, alpha channels and spot colors, clipping paths, duotone settings; this is in contrast to many other file formats that restrict content to provide streamlined, predictable functionality. A PSD file has a maximum height and width of 30,000 pixels, a length limit of two gigabytes. Photoshop files sometimes have the file extension. PSB, which stands for "Photoshop Big". A PSB file extends the PSD file format, increasing the maximum height and width to 300,000 pixels and the length limit to around 4 Exabytes; the dimension limit was chosen arbitrarily by Adobe, not based on computer arithmetic constraints but for ease of software testing. PSD and PSB formats are documented; because of Photoshop's popularity, PSD files are used and supported to some extent by most competing software. The.
PSD file format can be exported to and from Adobe's other apps like Adobe Illustrator, Adobe Premiere Pro, After Effects. Photoshop functionality can be extended by add-on programs called Photoshop plugins. Adobe creates some plugins, such as Adobe Camera Raw, but third-party companies develop most plugins, according to Adobe's specifications; some are free and some are commercial software. Most plugins work with only Photoshop or Photoshop-compatible hosts, but a few can be run as standalone applications. There are various types of plugins, such as filter, import, color correction, automation; the most popular plugins are the filter plugins, available under the Filter menu in Photoshop. Filter plugins can either create content. Below are some popular types
A banknote is a type of negotiable promissory note, made by a bank, payable to the bearer on demand. Banknotes were issued by commercial banks, which were required to redeem the notes for legal tender when presented to the chief cashier of the originating bank; these commercial banknotes only traded at face value in the market served by the issuing bank. Commercial banknotes have been replaced by national banknotes issued by central banks. National banknotes are legal tender, meaning that medium of payment is allowed by law or recognized by a legal system to be valid for meeting a financial obligation. Banks sought to ensure that they could always pay customers in coins when they presented banknotes for payment; this practice of "backing" notes with something of substance is the basis for the history of central banks backing their currencies in gold or silver. Today, most national currencies have no backing in precious metals or commodities and have value only by fiat. With the exception of non-circulating high-value or precious metal issues, coins are used for lower valued monetary units, while banknotes are used for higher values.
In China during the Han dynasty promissory notes were made of leather. Rome may have used a durable lightweight substance as promissory notes in 57 AD which have been found in London. However, Carthage was purported to have issued bank notes on parchment or leather before 146 BC. Hence Carthage may be the oldest user of lightweight promissory notes; the first known banknote was first developed in China during the Tang and Song dynasties, starting in the 7th century. Its roots were in merchant receipts of deposit during the Tang dynasty, as merchants and wholesalers desired to avoid the heavy bulk of copper coinage in large commercial transactions. During the Yuan dynasty, banknotes were adopted by the Mongol Empire. In Europe, the concept of banknotes was first introduced during the 13th century by travelers such as Marco Polo, with European banknotes appearing in 1661 in Sweden. Counterfeiting, the forgery of banknotes, is an inherent challenge in issuing currency, it is countered by anticounterfeiting measures in the printing of banknotes.
Fighting the counterfeiting of banknotes and cheques has been a principal driver of security printing methods development in recent centuries. Paper currency first developed in Tang dynasty China during the 7th century, although true paper money did not appear until the 11th century, during the Song dynasty; the usage of paper currency spread throughout the Mongol Empire or Yuan dynasty China. European explorers like Marco Polo introduced the concept in Europe during the 13th century. Napoleon issued paper banknotes in the early 1800s. Cash paper money originated as receipts for value held on account "value received", should not be conflated with promissory "sight bills" which were issued with a promise to convert at a date; the perception of banknotes as money has evolved over time. Money was based on precious metals. Banknotes were seen by some as an I. O. U. or promissory note: a promise to pay someone in precious metal on presentation, but were accepted - for convenience and security - in the City of London for example from the late 1600s onwards.
With the removal of precious metals from the monetary system, banknotes evolved into pure fiat money. Development of the banknote began in the Tang dynasty during the 7th century, with local issues of paper currency, although true paper money did not appear until the 11th century, during the Song dynasty, its roots were in merchant receipts of deposit during the Tang Dynasty, as merchants and wholesalers desired to avoid the heavy bulk of copper coinage in large commercial transactions. Before the use of paper, the Chinese used coins that were circular, with a rectangular hole in the middle. Several coins could be strung together on a rope. Merchants in China, if they became rich enough, found that their strings of coins were too heavy to carry around easily. To solve this problem, coins were left with a trustworthy person, the merchant was given a slip of paper recording how much money they had with that person. If they showed the paper to that person, they could regain their money; the Song Dynasty paper money called "jiaozi" originated from these promissory notes.
By 960 the Song dynasty, short of copper for striking coins, issued the first circulating notes. A note is a promise to redeem for some other object of value specie; the issue of credit notes is for a limited duration, at some discount to the promised amount later. The jiaozi did not replace coins during the Song Dynasty; the central government soon observed the economic advantages of printing paper money, issuing a monopoly right of several of the deposit shops to the issuance of these certificates of deposit. By the early 12th century, the amount of banknotes issued in a single year amounted to an annual rate of 26 million strings of cash coins. By the 1120s the central government stepped in and produced their own state-issued paper money. Before this point, the Song government was amassing large amounts of paper tribute, it was recorded that each year before 1101 AD, the prefecture of Xin'an alone would send 1,500,000 sheets of paper in seven different varieties to the capital at Kaifeng. In that year of 1101, the Emperor Huizong of Song decided to lessen the amount of paper taken in the tribute quota, because it was causing detrimental effects and creating heavy burdens on the people of the regio
Adobe Inc. is an American multinational computer software company headquartered in San Jose, California. It has focused upon the creation of multimedia and creativity software products, with a more recent foray towards digital marketing software. Adobe is best known for its Adobe Flash web software ecosystem, Photoshop image editing software, Acrobat Reader, the Portable Document Format, Adobe Creative Suite, as well as its successor Adobe Creative Cloud. Adobe was founded in December 1982 by John Warnock and Charles Geschke, who established the company after leaving Xerox PARC in order to develop and sell the PostScript page description language. In 1985, Apple Computer licensed PostScript for use in its LaserWriter printers, which helped spark the desktop publishing revolution; as of 2018, Adobe has about 19,000 employees worldwide, about 40% of whom work in San Jose. Adobe has major development operations in Newton, Massachusetts, it has major development operations in Noida and Bangalore in India The company was started in John Warnock's garage.
The name of the company, comes from Adobe Creek in Los Altos, which ran behind Warnock's house. Adobe's corporate logo features a stylized "A" and was designed by Marva Warnock, graphic designer and John Warnock's wife. Steve Jobs asked to buy the company for five million dollars in 1982, but Warnock and Geschke refused, their investors urged them to work something out with Jobs, so they agreed to sell him shares worth 19 percent of the company, for which Jobs paid a five-times multiple of their company's valuation at the time, plus a five-year license fee for PostScript, in advance. The purchase and advance made Adobe the first company in the history of Silicon Valley to become profitable in its first year. Warnock and Geschke considered various business options including a copy-service business and a turnkey system for office printing, they chose to focus on developing specialized printing software, created the Adobe PostScript page description language. PostScript was the first international standard for computer printing as it included algorithms describing the letter-forms of many languages.
Adobe added kanji printer products in 1988. Warnock and Geschke were able to bolster the credibility of Postscript by connecting with a typesetting manufacturer, they weren't able to work with Compugraphic, but worked with Linotype to license the Helvetica and Times Roman fonts. By 1987, PostScript had become the industry-standard printer language with more than 400 third-party software programs and licensing agreements with 19 printer companies. Warnock described the language as "extensible", in its ability to apply graphic arts standards to office printing. Adobe's first products after PostScript were digital fonts, which they released in a proprietary format called Type 1. Apple subsequently developed a competing standard, TrueType, which provided full scalability and precise control of the pixel pattern created by the font's outlines, licensed it to Microsoft. In the mid-1980s, Adobe entered the consumer software market with Illustrator, a vector-based drawing program for the Apple Macintosh.
Illustrator, which grew from the firm's in-house font-development software, helped popularize PostScript-enabled laser printers. Adobe entered NASDAQ in August 1986, its revenue has grown from $1 billion in 1999 to $4 billion in 2012. Adobe's fiscal years run from December to November. For example, the 2007 fiscal year ended on November 30, 2007. In 1989, Adobe introduced what was to become its flagship product, a graphics editing program for the Macintosh called Photoshop. Stable and full-featured, Photoshop 1.0 was ably soon dominated the market. In 1993, Adobe introduced PDF, the Portable Document Format, its Adobe Acrobat and Reader software. PDF is now an International Standard: ISO 32000-1:2008. In December 1991, Adobe released Adobe Premiere, which Adobe rebranded as Adobe Premiere Pro in 2003. In 1992, Adobe acquired Inc.. In 1994, Adobe acquired Aldus and added PageMaker and After Effects to its product line in the year. In the same year, Adobe acquired Compution Inc.. In 1995, Adobe added FrameMaker, the long-document DTP application, to its product line after Adobe acquired Frame Technology Corp.
In 1996, Adobe Inc added Ares Software Corp. In 2002, Adobe acquired Canadian company Accelio. On December 12, 2005, Adobe acquired its main rival, Macromedia, in a stock swap valued at about $3.4 billion, adding ColdFusion, Captivate, Adobe Connect, Dreamweaver, Flash, FlashPaper, FreeHand, HomeSite, JRun and Authorware to Adobe's product line. Adobe released Adobe Media Player in April 2008. On April 27, Adobe discontinued development and sales of its older HTML/web development software, GoLive in favor of Dreamweaver. Adobe offered a discount on Dreamweaver for GoLive users and supports those who still use GoLive with online tutorials and migration assistance. On June 1, Adobe launched a series of web applications geared for collaborative work. Creative Suite 4, which includes Design, Production Premium, Master Collection came out in October 2008 in six configurations at prices from about US$1,700 to $2,500 or by individual application; the Windows version of Photoshop includes 64-bit processing.
On December 3, 2008, Adobe laid off 600 of its employees citing the weak economic environment. On November 10, 2009, the company laid off a further 680 emplo
A central bank, reserve bank, or monetary authority is the institution that manages the currency, money supply, interest rates of a state or formal monetary union, oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base in the state, generally controls the printing/coining of the national currency, which serves as the state's legal tender. A central bank acts as a lender of last resort to the banking sector during times of financial crisis. Most central banks have supervisory and regulatory powers to ensure the solvency of member institutions, to prevent bank runs, to discourage reckless or fraudulent behavior by member banks. Central banks in most developed nations are institutionally independent from political interference. Still, limited control by the executive and legislative bodies exists. Functions of a central bank may include: implementing monetary policies. Setting the official interest rate – used to manage both inflation and the country's exchange rate – and ensuring that this rate takes effect via a variety of policy mechanisms controlling the nation's entire money supply the Government's banker and the bankers' bank managing the country's foreign exchange and gold reserves and the Government bonds regulating and supervising the banking industry Central banks implement a country's chosen monetary policy.
At the most basic level, monetary policy involves establishing what form of currency the country may have, whether a fiat currency, gold-backed currency, currency board or a currency union. When a country has its own national currency, this involves the issue of some form of standardized currency, a form of promissory note: a promise to exchange the note for "money" under certain circumstances; this was a promise to exchange the money for precious metals in some fixed amount. Now, when many currencies are fiat money, the "promise to pay" consists of the promise to accept that currency to pay for taxes. A central bank may use another country's currency either directly in a currency union, or indirectly on a currency board. In the latter case, exemplified by the Bulgarian National Bank, Hong Kong and Latvia, the local currency is backed at a fixed rate by the central bank's holdings of a foreign currency. Similar to commercial banks, central banks incur liabilities. Central banks create money by issuing interest-free currency notes and selling them to the public in exchange for interest-bearing assets such as government bonds.
When a central bank wishes to purchase more bonds than their respective national governments make available, they may purchase private bonds or assets denominated in foreign currencies. The European Central Bank remits its interest income to the central banks of the member countries of the European Union; the US Federal Reserve remits all its profits to the U. S. Treasury; this income, derived from the power to issue currency, is referred to as seigniorage, belongs to the national government. The state-sanctioned power to create currency is called the Right of Issuance. Throughout history there have been disagreements over this power, since whoever controls the creation of currency controls the seigniorage income; the expression "monetary policy" may refer more narrowly to the interest-rate targets and other active measures undertaken by the monetary authority. Frictional unemployment is the time period between jobs when a worker is searching for, or transitioning from one job to another. Unemployment beyond frictional unemployment is classified as unintended unemployment.
For example, structural unemployment is a form of unemployment resulting from a mismatch between demand in the labour market and the skills and locations of the workers seeking employment. Macroeconomic policy aims to reduce unintended unemployment. Keynes labeled any jobs that would be created by a rise in wage-goods as involuntary unemployment: Men are involuntarily unemployed if, in the event of a small rise in the price of wage-goods to the money-wage, both the aggregate supply of labour willing to work for the current money-wage and the aggregate demand for it at that wage would be greater than the existing volume of employment.—John Maynard Keynes, The General Theory of Employment and Money p11 Inflation is defined either as the devaluation of a currency or equivalently the rise of prices relative to a currency. Since inflation lowers real wages, Keynesians view inflation as the solution to involuntary unemployment. However, "unanticipated" inflation leads to lender losses as the real interest rate will be lower than expected.
Thus, Keynesian monetary policy aims for a steady rate of inflation. A publication from the Austrian School, The Case Against the Fed, argues that the efforts of the central banks to control inflation have been counterproductive. Economic growth can be enhanced by investment such as more or better machinery. A low interest rate implies that firms can borrow money to invest in their capital stock and pay less interest for it. Lowering the interest is therefore considered to encourage economic growth and is used to alleviate times of low economic growth. On the other hand, raising the interest rate is used in times of high economic growth as a contra-cyclical device to keep the economy from overheating and avoid market bubbles. Further goals of monetary policy are stability of interest rates, of the financial market, of the foreign exchange market. Goals cannot be separated fr
In science and engineering, a black box is a device, system or object which can be viewed in terms of its inputs and outputs, without any knowledge of its internal workings. Its implementation is "opaque". Anything might be referred to as a black box: a transistor, an algorithm, or the human brain. To analyse something modeled as an open system, with a typical "black box approach", only the behavior of the stimulus/response will be accounted for, to infer the box; the usual representation of this black box system is a data flow diagram centered in the box. The opposite of a black box is a system where the inner components or logic are available for inspection, most referred to as a white box; the modern meaning of the term "black box" seems to have entered the English language around 1945. In electronic circuit theory the process of network synthesis from transfer functions, which led to electronic circuits being regarded as "black boxes" characterized by their response to signals applied to their ports, can be traced to Wilhelm Cauer who published his ideas in their most developed form in 1941.
Although Cauer did not himself use the term, others who followed him did describe the method as black-box analysis. Vitold Belevitch puts the concept of black-boxes earlier, attributing the explicit use of two-port networks as black boxes to Franz Breisig in 1921 and argues that 2-terminal components were implicitly treated as black-boxes before that. In cybernetics, a full treatment was given by Ross Ashby in 1956. A black box was described by Norbert Wiener in 1961 as an unknown system, to be identified using the techniques of system identification, he saw the first step in self-organization as being to be able to copy the output behavior of a black box. Many other engineers and epistemologists, such as Mario Bunge and perfected the black box theory in the 1960s; the black box is an abstraction representing a class of concrete open system which can be viewed in terms of its stimuli inputs and output reactions: The constitution and structure of the box are altogether irrelevant to the approach under consideration, purely external or phenomenological.
In other words, only the behavior of the system will be accounted for. The understanding of a black box is based on the "explanatory principle", the hypothesis of a causal relation between the input and the output, and: input and output being believed to be distinct, having observable inputs and outputs, being black to the observer. An observer makes observations over time. All observations of inputs and outputs of a black box can be written in a table with the form: in which, at each of a sequence of times, the states of the box’s various parts and output, are recorded. Thus, using an example from Ashby, examining a box that has fallen from a flying saucer might lead to this protocol: Thus every system, fundamentally, is investigated by the collection of a long protocol, drawn out in time, showing the sequence of input and output states. From this there follows the fundamental deduction that all knowledge obtainable from a Black Box is such as can be obtained by re-coding the protocol. If the observer controls input, the investigation turns into an experiment, hypotheses about cause and effect can be tested directly.
When the experimenter is motivated to control the box, there is an active feedback in the box/observer relation, promoting what in control theory is called a feed forward architecture. The modeling process is the construction of a predictive mathematical model, using existing historic data. A developed black box model is a validated model when black-box testing methods ensures that it is, based on observable elements. With backtesting, inputs for past events are entered into the model to see how well the output matches the known results. Black box theories are things defined only in terms of their function; the term black box theory is applied to any field and science or otherwise where some inquiry or definition is made into the relations between the appearance of something, i.e. here the thing's black box state, related to its characteristics and behaviour within. The inquiry is focused upon a thing that has no apparent characteristics and therefore has only factors for consideration held within itself hidden from immediate observation.
The observer is assumed ignorant in the first instance as the majority of available data is held in an inner situation away from facile investigations. The black box element of the definition is shown as being characterised by a system where observable elements enter a imaginary box with a set of different outputs emerging which are observable. In humanities disciplines such as philosophy of mind and behaviorism, one of the uses of black box theory is to describe and understand psychological factors in fields such as marketing when applied to an analysis of consumer behaviour; the black box theory of consciousness states that the mind is understood once the inputs and outputs are well-defined. In computer programming and software engineering, black box testing is used to check that the output of a program is as expected, given certain inputs; the term "black box" is used. In computing in general, a black box program is one where the user cannot see the inner workings or one which has no sid
The EURion constellation is a pattern of symbols incorporated into a number of banknote designs worldwide since about 1996. It is added to help imaging software detect the presence of a banknote in a digital image; such software can block the user from reproducing banknotes to prevent counterfeiting using colour photocopiers. According to research from 2004, the EURion constellation is used for colour photocopiers but not used in computer software, it has been reported that Adobe Photoshop will not allow editing of an image of a banknote, but this is believed to be due to a different, unknown digital watermark rather than the EURion constellation. The name "EURion constellation" was coined by security researcher Markus Kuhn, who uncovered the pattern on the 10 Euro banknote in early 2002 while experimenting with a Xerox colour photocopier that refused to reproduce banknotes; the word is a portmanteau of EUR, the euro's ISO 4217 designation, Orion, a constellation of similar shape. The EURion constellation first described by Kuhn consists of a pattern of five small yellow, green or orange circles, repeated across areas of the banknote at different orientations.
The mere presence of five of these circles on a page is sufficient for some colour photocopiers to refuse processing. Some banks integrate the constellation with the remaining design of the note. On 50 DM German banknotes, the EURion circles formed the innermost circles in a background pattern of fine concentric circles. On the front of former Bank of England Elgar £20 notes, they appear as green heads of musical notes. On some U. S. bills, they appear as the digit zero in yellow numbers matching the value of the note. On Japanese yen, these circles sometimes appear as flowers. Technical details regarding the EURion constellation are kept secret by its users. A 1995 patent application suggests that the pattern and detection algorithm were designed at Omron Corporation, a Japanese electronics company, it is not clear whether the feature has any official name. The term "Omron anti-photocopying feature" appeared in an August 2005 press release by the Reserve Bank of India. In 2007 the term "Omron rings" was used in an award announcement by a banknote collectors society.
The following table lists the banknotes. Countries where all recent banknotes use the constellation are in bold. Since 2003, image editors such as Adobe Photoshop CS or Paint Shop Pro 8 refuse to print banknotes. According to Wired.com, the banknote detection code in these applications, called the Counterfeit Deterrence System, was designed by the Central Bank Counterfeit Deterrence Group and supplied to companies such as Adobe as a binary module. Experiments by Steven J. Murdoch and others showed that this banknote detection code does not rely on the EURion pattern, it instead detects a digital watermark embedded in the images, developed by Digimarc. Printer steganography, used by some colour laser printers to add hidden encoded information to printouts Coded anti-piracy, an anti–copyright-infringement technology which marks each film print of a motion picture with a distinguishing patterns of dots, used as a forensic identifier to identify the source of illegal copies "Photoshop and CDS". Adobe Systems Incorporated.
The rules for currency image use- website of the Central Bank Counterfeit Deterrence Group Nieves, J.. & Bringas, P.'Recognizing Banknote Patterns for Protecting Economic TransactionsDatabase and Expert Systems Applications, 2010 Workshop on', IEEE, 247--249. Data Genetics, Anti Counterfeit Measures