New financial technology holds the promise of innovation and competition, challenging established products and services and frequently improving market processes. However, regulation of these new services faces a double challenge: to keep pace with innovation and facilitate new market entries while at the same time understanding and managing the regulatory risks that are involved.

At this stage, the existing EU regulatory framework is of little help: the bulk of the present body of financial regulation stems from a different time, with different regulatory problems in mind. EU regulation is also very slow to change and to adapt. Therefore, this paper proposes a regulatory “sandbox” – an experimentation space – as a step towards a regulatory environment where such new business models can thrive. A sandbox would allow market participants to test fintech services in the real market, with real consumers, but under the close scrutiny of the supervisor. The benefit of such an approach is that it fuels the development of new business practices and reduces the “time to market” cycle of financial innovation, while simultaneously safeguarding consumer protection. At the same time, a sandbox allows for mutual learning in a technical field which is sometimes poorly understood, both for firms and for the regulator. This would help to reduce the prevalent regulatory uncertainty for all market participants.

In the particular EU legal framework with various layers of legal instruments, the implementation of such a sandbox is not straightforward. In this paper, we propose a “guided sandbox”, operated by the EU Member States, but with endorsement, support, and monitoring by EU institutions. This innovative approach would be somewhat uncharted territory for the EU, and thereby also contribute to the future development of EU financial market governance as a whole.

Habitat banking and tradable development rights (TDR) have gained considerable currency as a way of achieving ‘no net loss’ of biodiversity and of reconciling nature conservation with economic development goals. This paper reviews the use of these instruments for biodiversity conservation and assesses their roles in the policy mix. The two instruments are compared in terms of effectiveness, cost effectiveness, social impact, institutional context and legal requirements. The role in the policy mix is discussed highlighting sequential relationships, as well as complementarities or synergies, redundancy and conflicts with other instruments, such as biodiversity offsets and land-use zoning.

Habitat banking and TDR have the potential to contribute to biodiversity conservation objectives and attain cost-effective solutions with positive social impacts on local communities and landowners. They can also help to create a new mind-set more favourable to public-private cooperation in biodiversity conservation. At the same time, these policy instruments face a number of theoretical and implementation challenges, such as additionality and equivalence of offsets, endurance of land-use planning regulations, monitoring of offset performance, or time lags between restoration and resulting conservation benefits.

A clear, enforceable regulatory approach is a prerequisite for the success of habitat banking and TDR. In return, these schemes provide powerful incentives for compliance with regulatory norms and ensure a more equitable allocation of the benefits and costs of land-use controls and conservation. Environmentally harmful subsidies in other policy sectors as well as alternative offset options, however, reduce the attractiveness and effectiveness of these instruments. Thus, the overall performance of habitat banking and TDR hinges on how they are integrated into the biodiversity conservation policy mix and fine-tuned with other sectoral policies.

Thermochronological data reveal that the Late Cretaceous–Tertiary nappe pile of the Anatolide belt of western Turkey displays a two-stage cooling history. Three crustal segments differing in structure and cooling history have been identified. The Central Menderes metamorphic core complex represents an ‘inner’ axial segment of the Anatolide belt and exposes the lowest structural levels of the nappe pile, whereas the two ‘outer’ submassifs, the Gördes submassif to the north and the Çine submassif to the south, represent higher levels of the nappe pile. A regionally significant phase of cooling in the Late Oligocene and Early Miocene affected the outer two submassifs and the upper structural levels of the Central Menderes metamorphic core complex. In the northern part of the Gördes submassif, cooling was related to top-to-the-NNE movement on the Simav detachment, as the apatite fission-track ages show a northward-younging trend in the direction of movement on this detachment. In the Çine submassif, relatively rapid cooling in Late Oligocene and Early Miocene times may have been related to top-to-the-S extensional reactivation of the basal thrust of the overlying Lycian nappes. The second phase of cooling in the Anatolide belt is related to Pliocene to Recent extension resulting in the formation of the Central Menderes metamorphic core complex in the inner part of the Anatolide belt. Core-complex development caused the formation of supra-detachment graben, which document the ongoing separation of the Central Menderes metamorphic core complex from the outer submassifs.

This study examines the effects of competition and competitiveness on hemodynamics. Cardiovascular activity was measured in 27 men at resting baseline and during a car racing game, which comprised a solo race against time and three races against an experimenter. To assess hematocrit, blood was collected at rest and after the final race. Trait competitiveness was assessed by questionnaire. Competition elicited increases in hematocrit, blood pressure, heart rate, and total peripheral resistance, as well as decreases in preejection period and heart rate variability. The final race was rated as more competitive than the solo race. Compared to intrapersonal solo racing, the final interpersonal race was associated with shorter preejection periods and faster heart rates, markers of beta-adrenergic activation. Although trait competitiveness was not associated with beta-adrenergic activation, variations in state competitiveness were.

The present study examined the hemodynamics underlying blood pressure elevations for evidence of a shift in the control of blood pressure during prolonged mental stress. Mean arterial pressure (MAP), cardiac output (CO), and total peripheral resistance (TPR) were measured at rest, during a 28-min mental arithmetic stress task, and during recovery, in 30 young healthy men and women. The stress task elicited a sustained increase in MAP: CO rose during the first half of the task but returned to baseline levels during the last quarter of the task, whereas TPR increased as the task progressed. When participants' hemodynamic reactions were classified as cardiac, vascular, or neither, there were more cardiac reactors early relative to late in the task, whereas there were more vascular reactors late relative to early. Thus, the sustained pressor response was initially supported mainly by cardiac mechanisms but subsequently by predominantly vascular mechanisms.

Studies in psychophysiology and behavioral medicine have uncovered associations among psychological processes, behavior, and lung function. However, methodological issues specific to the measurement of mechanical lung function have rarely been discussed. This report presents an overview of the physiology, techniques, and experimental methods of mechanical lung function measurements relevant to this research context. Techniques to measure lung volumes, airflow, airway resistance, respiratory resistance, and airflow perception are introduced and discussed. Confounding factors such as ventilation, medication, environmental factors, physical activity, and instructional and experimenter effects are outlined, and issues specific to children and clinical groups are discussed. Recommendations are presented to increase the degree of standardization in the research application and publication of mechanical lung function measurements in psychophysiology.

A baroreflex mechanism may explain hypertensive hypoalgesia. At rest, arterial baroreceptors are stimulated during the systolic upstroke of the pressure pulse wave. This study examined the effects of naturally occurring variations in baroreceptor activity during the cardiac cycle on an objective measure of pain, the nociceptive flexion reflex (NFR). Two interleaved up–down staircase procedures determined separate NFR thresholds during systole and diastole in 36 healthy, normotensive young adults. On odd-numbered trials, the sural nerve was stimulated electrocutaneously at R + 300 ms whereas on even-numbered trials, stimulation was delivered at R + 600 ms. The NFR threshold was higher at R + 300 ms than R + 600 ms. In contrast, stimulus intensity ratings did not differ between R + 300 ms and R + 600 ms. Stimulation of baroreceptors by natural increases in blood pressure during the systolic phase of the cardiac cycle was associated with dampened nociception.

This study examined possible neuroendocrine mechanisms underlying the association between stress and antibody response to vaccination. Hepatitis B antibody titers were obtained, and salivary cortisol and cardiovascular activity measured during baseline, mental arithmetic, and recovery in 30 undergraduates. It was hypothesised that higher reactivity would be associated with poorer antibody status. Compared to individuals with high antibody titers, those with low titers had significantly lower cortisol levels throughout, exhibited a significantly attenuated end-of-task reduction in cortisol relative to resting baseline, and had larger cardiac output and inotropic reactions, but smaller increases in total peripheral resistance, to mental arithmetic. In sum, variations in indices of both hypothalamic pituitary adrenocortical axis and sympathetic nervous system activity were associated with individual differences in immune response to vaccination.

To examine gender differences in immune reactions to stress and relationships between immune and cardiovascular reactivity, measures of cellular and mucosal immunity and cardiovascular activity were recorded in 77 men and 78 women at rest and in response to active (mental arithmetic) and passive (cold pressor) stress tasks. Both tasks reduced CD4+ T cells and the CD4/8 ratio. Total lymphocytes, NK cells, CD8+ T cells, and secretory immunoglobulin A (sIgA) increased with active stress. Passive stress decreased sIgA. At rest, men had more NK cells, less CD4+ T cells, and fewer neutrophils than women. Mental stress increased sIgA in men but not women. Cardiovascular reactivity to active stress was associated with increases in NK cells. The data support the hypothesis that stress-related increases in lymphocytes are beta-adrenergically mediated, and suggest that the fall in CD4+ T cells may be alpha-adrenergically driven. Mechanisms underlying sIgA reactions are more difficult to determine. Men and women differed in some cell counts, but not in reactivity, although gender influenced sIgA reactions to arithmetic.

Carotid baroreceptor stimulation has been shown to dampen pain. This study tested, in 40 normotensive adults, the hypothesis that pain is lower during systole when arterial baroreceptor stimulation is maximal than diastole when stimulation is minimal. The sural nerve was stimulated electrocutaneously to obtain a nociceptive flexion reflex (NFR) threshold, and then stimulation was delivered for 28 trials at 100% NFR threshold at seven intervals after the R-wave. Nociceptive responding was indexed by electromyographic (EMG) activity elicited in the biceps femoris. Significant variations in EMG activity occurred across the cardiac cycle, with less activity midcycle, indicating that the NFR response was attenuated during systole compared to diastole. Stimulation of baroreceptors by natural changes in blood pressure during the cardiac cycle dampened nociception, and accordingly, the data support the arterial baroreflex mechanism of hypertensive hypoalgesia.

Cardiovascular activity was measured at resting baseline and in response to a car racing game, undertaken in competition or in cooperation with an experimenter, or individually. Competitiveness and win and goal orientations were assessed by questionnaire. Competition provoked increases in blood pressure and heart rate, and a significant shortening of the preejection period, an index of enhanced beta-adrenergic influences on the heart. The cooperation task was largely without effect, and although the solo task affected cardiovascular activity, it did so to a lesser extent and much less consistently than did the competition task. The three task conditions, then, were largely distinguishable by their capacity to activate beta-adrenergic processes. Participants high in competitiveness and desire to win showed higher blood pressure reactions and greater shortening of the preejection period to competition than those low in these characteristics.

The mechanism underlying acute changes in secretory immunoglobulin A (sIgA) remains to be determined. In this experiment, sIgA and cardiovascular activity were monitored at rest and while participants performed a mental arithmetic task, cold pressor, and submaximal cycle exercise following placebo or 1 mg of the alpha-adrenergic blocker, doxazosin. Under placebo, the tasks produced patterns of cardiovascular activity indicative of combined alpha- and beta-adrenergic, alpha-adrenergic, and beta-adrenergic activation, respectively. Doxazosin was associated with reduced blood pressure during cold pressor, but not during arithmetic or exercise. Mental arithmetic elicited increases in sIgA concentration and exercise produced increases in both sIgA concentration and secretion rate; these changes were unaffected by alpha blockade. In contrast, the cold pressor was associated with decreases in both sIgA concentration and secretion rate, which were blocked by doxazosin. These data suggest that acute decreases, but not increases, in sIgA are mediated by alpha-adrenergic mechanisms.

The role of the autonomic nervous system in secretory immunoglobulin A (sIgA) responses to laboratory challenge was explored in a study in which sIgA and cardiovascular activity were recorded at rest and during mental arithmetic and paced breathing. These tasks were selected to preferentially engage the sympathetic and parasympathetic nervous systems, respectively. Mental arithmetic elicited a mixed pattern of increased alpha- and beta-adrenergic activity and a reduction in parasympathetic activity; diastolic blood pressure, total peripheral resistance, and systolic blood pressure increased, preejection period shortened, and heart rate variability decreased. In contrast, paced breathing primarily elicited an increase in parasympathetic activity; heart rate variability increased. Mental arithmetic also provoked an increase in sIgA concentration but no change in saliva volume, whereas paced breathing affected neither sIgA concentration nor saliva volume. These data suggest that sIgA responses to laboratory challenges are mediated by sympathetic rather than parasympathetic processes.

We investigated the influence of sympathetic nervous system processes on mucosal immunity by comparing the effects of beta-adrenoceptor blockade with 40 mg propranolol and placebo on secretory immunoglobulin A (sIgA) at rest and during paced serial arithmetic, cold pressor, and submaximal cycling. These tasks produced patterns of cardiovascular activity indicative of combined alpha- and beta-adrenergic, alpha-adrenergic, and beta-adrenergic activation, respectively. The effectiveness of the beta blockade was confirmed by the attenuation under propranolol of the shortening of the cardiac preejection period and the tachycardia elicited by mental arithmetic and exercise. The cold pressor test did not affect sIgA under either the placebo or the propranolol. Mental arithmetic increased sIgA concentration, and this increase was not blocked by propranolol. Exercise elicited increases in both sIgA concentration and sIgA secretion rate, which were not diminished by beta blockade. These data suggest that sIgA is not regulated by beta-adrenergic mechanisms.

Secretory immunoglobulin A (sIgA) in saliva and cardiovascular reactions to mental arithmetic and cold pressor tasks were recorded in 16 healthy young men on two sessions, 4 weeks apart. Both tasks elicited significant increases in sIgA secretion rate, reflecting increases in both salivary volume and sIgA concentration. Whereas mental arithmetic elicited a mixed pattern of alpha- and beta-adrenergic cardiovascular reactions, the pattern of reactions to cold pressor was predominantly alpha-adrenergic. Task levels of sIgA secretion rate, sIgA concentration, and saliva volume showed moderate to high test–retest reliability (r = .52–.83), although test-retest correlations were less impressive for change scores (r = −.19–.53). The pattern of correlations between change in sIgA secretion rate and cardiovascular reactivity variables was inconsistent.

Secretory immunoglobulin A (sIgA) in saliva and cardiovascular reactions to mental arithmetic and cold pressor tasks were recorded in 16 healthy young men on two sessions, 4 weeks apart. Both tasks elicited significant increases in sIgA secretion rate, reflecting increases in both salivary volume and sIgA concentration. Whereas mental arithmetic elicited a mixed pattern of alpha- and beta-adrenergic cardiovascular reactions, the pattern of reactions to cold pressor was predominantly alpha-adrenergic. Task levels of sIgA secretion rate, sIgA concentration, and saliva volume showed moderate to high test–retest reliability (r = .52–.83), although test-retest correlations were less impressive for change scores (r = −.19–.53). The pattern of correlations between change in sIgA secretion rate and cardiovascular reactivity variables was inconsistent.

A heartbeat detection task, based on the method of constant stimuli (MCS), requires participants to judge which of a series of tones presented at different delays following a heartbeat are coincident with the heartbeat. Two experiments were conducted to test the validity of the MCS in assessing individual differences in the ability to detect heartbeat sensations. The first experiment found the MCS to be valid, in that about one-third of subjects met the criterion for classification as heartbeat detectors when the tones were presented with respect to their actual heartbeats, but only one subject met the criterion when the tones were presented with respect to previously recorded heartbeats. The second experiment manipulated the timing of the comparison intervals (i.e., R + 100–600 ms rather than R + 0–500 ms) to examine the validity of the median R-wave to tone interval as an index of temporal location of perceived heartbeats, and found it to be a valid index.

The discovery of high critical temperature superconducting oxides 1,2 has stimulated intensive research activities aimed not only at understanding the physical mechanisms of superconductivity, but also developing techniques to produce these ceramics in useful forms. A promising application for superconductors is in electronic components industry which has given rise to an interest in the various ways of producing thin films of superconducting materials.