The Invisible Power of MacHines Revisiting the Proposed Flash Order Ban in the Wake of the Flash Crash

Technological innovation continues to make trading and markets more efficient, generally benefitting market participants and the investing public. But flash trading, a practice that evolved from high-frequency trading, benefits only a select few sophisticated traders and institutions with the resources necessary to view and respond to flashed orders. This practice undermines the basic principles of fairness and transparency in securities regulation, exacerbates information asymmetries and harms investor confidence. This iBrief revisits the Securities and Exchange Commission\u27s proposed ban on the controversial practice of flash trading and urges the Securities and Exchange Commission and the Commodity Futures Trading Commission to implement the ban across the securities and futures markets. Banning flash trading will not impact high-frequency trading or other advantageous innovative trading practices, and will benefit all market participants by making prices and liquidity more transparent. In the wake of the May 6, 2010 flash crash and the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, now is an opportune time for the Securities and Exchange Commission and Commodity Futures Trading Commission to implement the ban

Plant species and growing season weather influence the efficiency of selenium biofortification

Se deficiency is widespread in agricultural soils; hence, agronomic Se biofortification is an important strategy to overcome its deficiency in humans and animals. InFinland, fertilizers have been amended with inorganic Se for over 20years to reverse the negative effects of low Se content in feed and food. Plant species, climatic conditions, other nutrients and soil properties affect the efficiency of Se biofortification. The present twoyears' study compared the ability of oilseed rape, wheat and forage grasses to uptake fertilizer Se applied as sodium selenate in a sub-boreal environment. The effect of foliar N application on Se uptake was tested in thesecond year. Se concentration was determined in plant parts and in soil samples taken at the end of growth season in both years as well as from another plot where Se fertilizer had been used for 20years. Se fertilizer recovery in harvested wheat and oilseed rape was 1-16%, and in forage grasses was 52-64% in the first harvest and 15-19% in the second harvest. Foliar N application improved Se uptake only at the higher Se fertilizer level. The efficiency of biofortification depended on weather conditions, with forage grasses being the most reliable crop. Oilseed rape as a Se semi-accumulator had no advantage in Se biofortification in field conditions due to low translocation to seeds.Peer reviewe

Nonlinear approach to difference imaging in diffuse optical tomography

Difference imaging aims at recovery of the change in the optical properties of a body based on measurements before and after the change. Conventionally, the image reconstruction is based on using difference of the measurements and a linear approximation of the observation model. One of the main benefits of the linearized difference reconstruction is that the approach has a good tolerance to modeling errors, which cancel out partially in the subtraction of the measurements. However, a drawback of the approach is that the difference images are usually only qualitative in nature and their spatial resolution can be weak because they rely on the global linearization of the nonlinear observation model. To overcome the limitations of the linear approach, we investigate a nonlinear approach for difference imaging where the images of the optical parameters before and after the change are reconstructed simultaneously based on the two datasets. We tested the feasibility of the method with simulations and experimental data from a phantom and studied how the approach tolerates modeling errors like domain truncation, optode coupling errors, and domain shape errors

Genetic variation in the flowering and yield formation of timothy (Phleum pratense L.) accessions after different photoperiod and vernalization treatments

Timothy is a perennial forage grass grown commonly in Boreal regions. This study explored the effect of vernalization and photoperiod (PP) on flowering and growth characteristics and how this related to changes in expression of three flowering related genes in accessions from different geographic origin. Large variation was found in accessions in their vernalization and PP responses. In southern accessions vernalization response or requirement was not observed, the heading date remained unchanged, and plants flowered without vernalization. On the contrary, northern types had obligatory requirement for vernalization and long PP, but the tiller elongation did not require vernalization at 16-h PP. Longer vernalization or PP treatments reduced the genotypical differences in flowering. Moreover, the vernalization saturation progressed stepwise from main tiller to lateral tillers, and this process was more synchronized in southern accessions. The expression of PpVRN1 was associated with vernalization while PpVRN3 accumulated at long PP. A crucial role for PpVRN3 in the transition to flowering was supported as in southern accession the transcript accumulated in non-vernalized plants after transfer to 16-h PP, and the apices transformed to generative stage. Differences in vernalization requirements were associated with variation in expression levels of PpVRN1 and PpVRN3, with higher expression levels in southern type. Most divergent transcript accumulation of PpMADS10 was found under different vernalization conditions. These differences between accessions can be translated into agronomic traits, such as the tiller composition of canopy, which affects the forage yield. The southern types, with minimal vernalization response, have fast re-growth ability and rapidly decreasing nutritive value, whereas northern types grow slowly and have better quality. This information can be utilized in breeding for new cultivars for longer growing seasons at high latitudes.Peer reviewe

Three-dimensional electrical impedance tomography to monitor unsaturated moisture ingress in cement-based materials

The development of tools to monitor unsaturated moisture flow in cement-based material is of great importance, as most degradation processes in cement-based materials take place in the presence of moisture. In this paper, the feasibility of electrical impedance tomography (EIT) to monitor three-dimensional (3D) moisture flow in mortar containing fine aggregates is investigated. In the experiments, EIT measurements are taken during moisture ingress in mortar, using electrodes attached on the outer surface of specimens. For EIT, the so-called difference imaging scheme is adopted to reconstruct the change of the 3D electrical conductivity distribution within a specimen caused by the ingress of water into mortar. To study the ability of EIT to detect differences in the rate of ingress, the experiment is performed using plain water and with water containing a viscosity-modifying agent yielding a slower flow rate. To corroborate EIT, X-ray computed tomography (CT) and simulations of unsaturated moisture flow are carried out. While X-ray CT shows contrast with respect to background only in highly saturated regions, EIT shows the conductivity change also in the regions of low degree of saturation. The results of EIT compare well with simulations of unsaturated moisture flow. Moreover, the EIT reconstructions show a clear difference between the cases of water without and with the viscosity-modifying agent and demonstrate the ability of EIT to distinguish between different flow rates

Can Electrical Resistance Tomography be used for imaging unsaturated moisture flow in cement-based materials with discrete cracks?

Previously, it has been shown that Electrical Resistance Tomography (ERT) can be used for monitoring moisture flow in undamaged cement-based materials. In this work, we investigate whether ERT could be used for imaging three-dimensional (3D) unsaturated moisture flow in cement-based materials that contain discrete cracks. Novel computational methods based on the so-called absolute imaging framework are developed and used in ERT image reconstructions, aiming at a better tolerance of the reconstructed images with respect to the complexity of the conductivity distribution in cracked material. ERT is first tested using specimens with physically simulated cracks of known geometries, and corroborated with numerical simulations of unsaturated moisture flow. Next, specimens with loading-induced cracks are imaged; here, ERT reconstructions are evaluated qualitatively based on visual observations and known properties of unsaturated moisture flow. Results indicate that ERT is a viable method of visualizing 3D unsaturated moisture flow in cement-based materials with discrete cracks

Visual versus automated analysis of [I-123]FP-CIT SPECT scans in parkinsonism

The clinical evaluation of dopamine transporter (DAT) SPECT scans typically relies on visual analysis in combination with an automated semi-quantitative method. The interpretation of the results may be difficult in cases that show disagreement between the two methods on the borderline of abnormality. The frequency and clinical characteristics of such cases are unclear. Automated semi-quantitative analyses and independent visual analyses by two experienced nuclear medicine physicians and four inexperienced raters were performed for 120 patients with clinically uncertain parkinsonism scanned with brain [I-123]FP-CIT SPECT. Agreement was evaluated with kappa statistics. The clinical characteristics of patients who had discrepant findings between the two analysis methods were investigated. The expert raters outperformed nonexperts in terms of agreement between visual and automated analyses (kappa = 0.66, 0.72 vs. 0.23-0.54) and between raters (kappa = 0.81 vs. 0.44-0.63). Twelve patients showed discrepant findings between the visual and automated analyses. These patients were older compared to other patients (p = 0.023), had 17.6 % lower mean striatal tracer binding compared to normal scans (p = 0.003) and 62.7 % higher compared to abnormal scans (p < 0.001). After a minimum of 4.5 years of clinical follow-up, none of these patients developed neurodegenerative parkinsonism. Clinical DAT SPECT scans show discrepancies between visual and automated analyses in 10 % of cases. The patients with discrepant findings are older, show normal to slightly abnormal tracer binding, and importantly, do not develop neurodegenerative parkinsonism syndromes. Visual analyses by experienced raters are reliable, but the diagnostic accuracy in discrepant cases can be improved by an automated method

The Core Interaction of Platforms: How Startups Connect Users and Producers

The platform economy is disrupting innovation while presenting both opportunities and challenges for startups. Platforms support value creation between multiple participant groups, and this operationalization of an ecosystem's value co-creation represents the "core interaction" of a platform. This article focuses on that core interaction and studies how startups connect producers and users in value-creating core interaction through digital platforms. The study is based on an analysis of 29 cases of platform startups interviewed at a leading European startup event. The studied startups were envisioning even millions of users and hundreds or thousands of producers co-creating value on their platforms. In such platform businesses, our results highlight the importance of attracting a large user pool, providing novel services to those users, offering a new market for producers, supporting the core interaction in various ways, and utilizing elements of the platform canvas - an adaptation of the business model canvas, which we have accommodated for platform-based business models - to accomplish these goals

Risk Factors in Heating, Ventilating, and Air-Conditioning Systemsfor Occupant Symptoms in U.S. Office Buildings: the EPA BASE Study

Nonspecific building-related symptoms among occupants of modern office buildings worldwide are common and may be associated with important reductions in work performance, but their etiology remains uncertain. Characteristics of heating, ventilating, and air-conditioning (HVAC) systems in office buildings that increase risk of indoor contaminants or reduce effectiveness of ventilation may cause adverse exposures and subsequent increase in these symptoms among occupants. We analyzed data collected by the U.S. EPA from a representative sample of 100 large U.S. office buildings--the Building Assessment and Survey Evaluation (BASE) study--using multivariate logistic regression models with generalized estimating equations adjusted for potential personal and building confounders. We estimated odds ratios (ORs) and 95% confidence intervals (CIs) for associations between seven building-related symptom outcomes and selected HVAC system characteristics. Among factors of HVAC design or configuration: Outdoor air intakes less than 60 m above the ground were associated with approximately doubled odds of most symptoms assessed. Sealed (non-operable) windows were associated with increases in skin and eye symptoms (ORs= 1.9, 1.3, respectively). Outdoor air intake without an intake fan was associated with an increase in eye symptoms (OR=1.7). Local cooling coils were associated with increased headache (OR=1.5). Among factors of HVAC condition, maintenance, or operation: the presence of humidification systems in good condition was associated with an increase in headache (OR=1.4), whereas the presence of humidification systems in poor condition was associated with increases in fatigue/difficulty concentrating, as well as upper respiratory symptoms (ORs=1.8, 1.5). No regularly scheduled inspections for HVAC components was associated with increased eye symptoms, cough and upper respiratory symptoms (ORs=2.2, 1.6, 1.5). Less frequent cleaning of cooling coils or drip pans was associated with increased headache (OR=1.6). Fair or poor condition of duct liner was associated with increased upper respiratory symptoms (OR=1.4). Most of the many potential risk factors assessed here had not been investigated previously, and associations found with single symptoms may have been by chance, including several associations that were the reverse of expected. Risk factors newly identified in these analyses that deserve attention include outdoor air intakes less than 60 m above the ground, lack of operable windows, poorly maintained humidification systems, and lack of scheduled inspection for HVAC systems. Infrequent cleaning of cooling coils and drain pans were associated with increases in several symptoms in these as well as prior analyses of BASE data. Replication of these findings is needed, using more objective measurements of both exposure and health response. Confirmation of the specific HVAC factors responsible for increased symptoms in buildings, and development of prevention strategies could have major public health and economic benefits worldwide

Different Relationship between hsp70 mRNA and hsp70 Levels in the Heat Shock Response of Two Salmonids with Dissimilar Temperature Preference

The heat shock response (HSR) refers to the rapid production of heat shock proteins (hsps) in response to a sudden increase in temperature. Its regulation by heat shock factors is a good example of how gene expression is transcriptionally regulated by environmental stresses. In contrast, little is known about post-transcriptional regulation of the response. The heat shock response is often used to characterize the temperature tolerance of species with the rationale that whenever the response sets on, a species is approaching its lethal temperature. It has commonly been considered that an increase in hsp mRNA gives an accurate indication that the same happens to the protein level, but this need not be the case. With climate change, understanding the effects of temperature on gene expression of especially polar organisms has become imperative to evaluate how both biodiversity and commercially important species respond, since temperature increases are expected to be largest in polar areas. Here we studied the HSR of two phylogenetically related Arctic species, which differ in their temperature tolerance with Arctic charr having lower maximally tolerated temperature than Atlantic salmon. Arctic charr acclimated to 15 degrees C and exposed to 7 degrees C temperature increase for 30 min showed both an increase in hsp70 mRNA and hsp70 whereas in salmon only hsp70 mRNA increased. Our results indicate that the temperature for transcriptional induction of hsp can be different from the one required for a measurable change in inducible hsp level. The species with lower temperature tolerance, Arctic charr, are experiencing temperature stress already at the higher acclimation temperature, 15 degrees C, as their hsp70 mRNA and hsp70 levels were higher, and they grow less than fish at 8 degrees C (whereas for salmon the opposite is true). Consequently, charr experience more drastic heat shock than salmon. Although further studies are needed to establish the temperature range and length of exposure where hsp mRNA and hsp level are disconnected, the observation suggests that by measuring both hsp mRNA and hsp level, one can evaluate if a species is approaching the higher end of its temperature tolerance, and thus evaluate the vulnerability of an organism to the challenges imposed by elevated water temperature