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Further three-year delay on derivatives clearing for pension funds

first_imgEuropean pension funds have received a further three-year exemption from derivatives clearing rules in a move the European Commission claims will save them “up to €1.6bn”.Pension schemes will not be expected to comply with requirements to trade derivatives through clearing houses until 2020, the commission announced yesterday as it unveiled amendments to the European Market Infrastructure Regulation (EMIR).In its proposed amendments, the commission said “no viable technical solution facilitating the participation of [pension schemes] in central clearing has emerged to date”.The delay will give central clearing houses, pension schemes, and other players more time to come up with solutions, the European Commission said. However, Valdis Dombrovskis, vice-president responsible for financial stability, financial services, and the capital markets union, said central clearing for pension funds remained “a clear goal”.He added that the delay would help pension schemes “avoid estimated losses of up to €1.6bn”.The decision marks the third time the European Commission has delayed bringing pension funds into EMIR’s scope. It originally pushed back the deadline by two years to August this year, before adding another year to this revised timetable.A spokesman for PensionsEurope, the continent-wide trade body, said: “The prolongation of the exemption is good news for pension funds. We appreciate that the European Commission has taken seriously into consideration the undue financial burden that would have resulted from [the] clearing obligation when only cash can be used as collateral. Now we need to use these extra years of exemption to find good permanent solutions.”James Walsh, policy lead for EU and international at the UK’s Pensions and Lifetime Savings Association, welcomed the exemption.“This extension recognises that the market has not yet developed a practicable solution for clearing by pension schemes,” he said. “While this development removes the worrying prospect of compulsory clearing from August 2018, it does not present a solution to the underlying problem. Derivatives are an essential tool for pension funds, who use them to hedge their risks and ensure they can pay pensioners.”In a speech announcing the EMIR amendments, Dombrovskis also outlined regulatory effects on non-EU-based central clearing houses, a particularly important issue with the UK’s impending exit from the EU. London is a key hub of derivatives trading in Europe, with the commission estimating that as much as 75% of euro-denominated interest rate derivatives are traded in the UK capital.Dombrovskis said the European Commission was considering whether to require clearing houses “of key systemic importance” to be domiciled within the EU. Alternatively, the commission could request “enhanced supervisory powers” over clearing houses in non-EU countries.He added that detailed discussions on this issue would begin soon, with a view to proposing legislation in June.In addition to the exemption for pension funds, the commission also announced a streamlining of reporting requirements to alleviate the burden on smaller players in the derivatives markets, particularly non-financial companies.last_img read more

Forward Taurean Thompson has reportedly withdrawn from Syracuse

first_imgUPDATED: Aug. 28, 2017 at 2:38 p.m.Forward Taurean Thompson has reportedly withdrawn from Syracuse and “likely won’t be back,” according to Donna Ditota of Syracuse.com.“We have been informed that Taurean is taking a leave of absence from Syracuse University,” SU head coach Jim Boeheim said in a statement to Syracuse.com. “My understanding is he wants to go to school closer to home due to some family health issues.”Summer-long rumors speculated something like this would happen, Ditota reported. She wrote that Thompson did not attend summer classes, “unusual though not unprecedented.” That Thompson was rumored to maybe transfer from SU or pursue a professional career. That Thompson has not responded to messages and invitations from teammates over the summer.Thompson’s two high school coaches, Bob Hurley at St. Anthony (New Jersey) High School and Jason Smith at Brewster (New Hampshire) Academy, both told The Daily Orange that they had not heard from him in months.AdvertisementThis is placeholder textThompson attended a closing ceremony for St. Anthony in May, Hurley said, and at that time everything seemed “normal. School and everything seemed good.” Jessica Sheldon | Staff PhotographerLast season, Thompson averaged 9.2 points and 3.8 rebounds per game. He shot 54.6 percent from the field while playing 17.9 minutes per game. He scored well, but struggled with foul trouble and learning the Orange’s 2-3 zone defense. Thompson rotated in at center.Now, at that position, Syracuse has only Paschal Chukwu, the 7-foot-2 Providence, Rhode Island transfer who missed most of last season after eye surgery, and Bourama Sidibe, an incoming freshman. Comments Facebook Twitter Google+ Published on August 28, 2017 at 1:40 pm Contact Sam: sjfortie@syr.edu | @Sam4TRlast_img read more

Los Angeles Dodgers clinch NL West Title

first_imgLOS ANGELES >> And so — here they are again.But this time it was a rookie manager leading them through record use of the disabled list — including the 75-day loss of their ace to a back injury — and leaning as heavily on the products of baseball’s top-ranked farm system as baseball’s highest payroll. The Dodgers finished atop the National League West again Sunday afternoon when Charlie Culberson’s game-winning home run in the 10th inning gave them a 4-3 victory over the Colorado Rockies.The win came just moments before the San Francisco Giants’ latest loss (their 41st in 66 games since the All-Star break) became final, which also would have sent the Dodgers to the postseason.But the Culberson homer was a much more appropriate ending for a team that boasted of its depth leading into the season, started rookie pitchers a major-league high 65 times and had every man on their 40-man roster active for Sunday’s clincher. Dave Roberts used 19 of them against the Rockies, just a typical September afternoon for him. “My first year managing, to see this whole big machine come together and to realize one part of a goal — it’s really tough to put into words,” Roberts said.“You get your best player (Corey Seager) hitting that game-tying home run off (Adam) Ottavino (with two outs in the bottom of the ninth) and then you get Charlie Culberson, who was a non-roster invitee, who was up and down all year long, who did everything we asked — for him to get that big hit … I embraced him and he said outside of him having his baby that was the greatest moment of his life.”The Dodgers will head to the postseason for the seventh time in the past 11 seasons still looking for it to end with greatness for the first time since 1988.Nonetheless, they are the first team to win the NL West in four consecutive seasons, the first NL team to win their division four consecutive times since the Philadelphia Phillies won the NL East five consecutive times from 2007-11.They will meet the Washington Nationals in the first round with only the travel arrangements to be finalized. The Nationals (91-64) hold a 1 1/2-game lead over the Dodgers (90-66) for homefield in a best-of-5 Division Series. The Nats’ magic number to clinch that advantage is six as the regular season enters its final week. Newsroom GuidelinesNews TipsContact UsReport an Errorcenter_img “I mean, if we only had to use 25 guys and had no injuries — that would have been fine too,” GM Farhan Zaidi said of watching the depth assembled by the Dodgers’ front office pay off on the field. “But I wouldn’t say it’s validation because you go through injuries every year and this year was no different. And if it wasn’t for these guys stepping up and performing, what does depth mean?“I’ve seen it over the years and I know how hard it is for guys to come up and hit the ground running in the big leagues. For guys like Grant Dayton and Andrew Toles to come up and make such a big impact right away and sustain it — you just don’t see it that often with this volume of players so it’s been really tremendous.”For most of the day Sunday, however, it was all about Vin Scully — whether he liked it or not.The first time through the lineup, Dodgers batters stopped near home plate and raised their helmets in his direction, saluting the Hall of Fame broadcaster as he called his final game at Dodger Stadium.“Me and JT were texting last night and said we should do something. That’s what we came up with,” Dodgers first baseman Adrian Gonzalez said. “We have a hitters meeting every day and we talked about it and everybody thought it was a good idea. We went with it to honor Vin and give him the respect he deserves.“He deserves way more than that. I think it’s a little token of our appreciation for him.”Scully was moved, exclaiming on air, “Are they waving up here? Oh, that’s terrific. Holy Mackerel.”It was almost the only time all afternoon the Dodgers managed to get to a left-hander.Rockies starter Tyler Anderson held the Dodgers to one run over the first six innings despite scattering eight hits. The Dodgers went 0 for 8 with runners in scoring position against Anderson, their latest frustration against a left-handed pitcher.But in the seventh, the Dodgers tied the game on an RBI triple by Corey Seager. The Rockies regained the lead in the top of the ninth when Dodgers closer Kenley Jansen gave up a two-out home run to David Dahl.Down to their last out in the bottom of the ninth, Seager came through again, re-tying the game with a drive into the seats down the right-field line.Culberson’s clinching home run came an inning later with two outs off Rockies reliever Boone Logan. He dropped the bat and stood at home plate, admiring the drive with more gusto than a player with six career home runs can usually muster.“I don’t hit too many home runs,” he said sheepishly in the afterglow. “I knew that was gone.”That put a punctuation mark on an emotional weekend during which the Dodgers embraced both their Hall of Fame broadcaster and a “team mentality, really,” as Clayton Kershaw put it.“This year has been a little different for me personally, being out for so long,” he said. “It’s good to see these guys do what they needed to do. It just shows this team isn’t about one guy. Any guy can step up, any guy can win a game and you just saw that today.“One guy goes down, another guy steps up. A testament to our team, the depth that we have, the guys that we could bring in, the young guys that stepped up.”last_img read more