​Swedish watchdog urges preparation for ‘hard’ Brexit

first_imgSweden’s financial regulator, Finansinspektionen (FI), has called on investors clearing derivatives through London to prepare for their counterparties to be considered unauthorised after the UK leaves the EU in March.With less than six months to go until the UK’s departure from the union, and still no agreement on how the break would happen, it was currently uncertain what status derivatives clearing services such as LCH would have after Brexit, FI said. More than 90% of interest-rate derivatives denominated in Swedish kronor are currently cleared by LCH.The regulator said: “Against this background, FI calls on companies that directly and indirectly conduct clearing at LCH to prepare for a scenario where LCH does not become an authorised central counterparty after Brexit.” LCH becoming a third-country player in the case of a possible ‘hard’ Brexit was identified as “the single most important consequence” of the split in this context, the regulator said.“When LCH becomes a third-country player, Swedish companies can no longer use LCH for clearing new OTC derivatives with clearing requirements,” it said.On top of this, there was also uncertainty surrounding requirements for contracts that had already been agreed.“An altered status for LCH can thus cause inconvenience and additional costs for the Swedish banks,” the regulator said.FI recommended that investors assess the likely consequences for liquidity and solvency, and take capital and liquidity planning into account.Companies should also consider whether their business models and strategies would be affected by this and what measures needed to be taken to manage potential adverse effects, FI said.Regulators in the Netherlands and the UK have highlighted the derivatives sector as one of the most likely to be affected by Brexit.Last year, Cardano warned that a ‘hard’ Brexit could cost pension schemes hundreds of millions of euros if it shuts them out of London’s derivatives sector.The European Parliament’s chief Brexit spokesman Guy Verhofstadt recently warned that some UK financial products would become unavailable to EU investors after Brexit.However, UK and EU regulators have sought to reassure investors and co-operate on agreements to keep markets open.last_img read more

Plexus Buys into KMS

first_imgPlexus has made an investment of £735,000 to acquire a 49% interest in KMS, a precision engineering business focused on the oil and gas industry. The transaction is said to be in line with management’s strategy to position Plexus as an IP-led company based around its POS-GRIP friction grip method of engineering with a design, development and now a machining capability.KMS was founded in 2001 and manufactures parts used in harsh and demanding subsea environments within the oil and gas industry. KMS supplies a range of blue-chip international clients, including Schlumberger, Halliburton, GE Oil & Gas, NOV and Weatherford.Post the sale of its niche wellhead exploration equipment services business for jack-up applications to TechnipFMC in February 2018, Plexus is focused on commercialising and exploiting its existing IP as well as developing new POS-GRIP-enabled products either organically or with partners such as TechnipFMC, with whom the company has entered into a collaboration agreement.It is anticipated that KMS will provide Plexus with additional means by which to machine bespoke equipment for new applications and technologies as well as for R&D testing, and will potentially enable Plexus to more effectively supply specific markets.Plexus is acquiring its 49% interest in KMS by means of a subscription for new shares in KMS. KMS intends to use the proceeds from the Transaction to expand existing capacity and fund other growth initiatives. For example, KMS has recently acquired a new large bore machine which has already resulted in a significant expansion in capacity. KMS intends to use circa £310,000 of the proceeds arising from Plexus’ investment, in settlement for this piece of machinery. Under the terms of the transaction, Plexus will be entitled to future distributions/dividend payments which would provide an annual return on Plexus’ investment, subject to KMS’ profitability, in addition to any capital appreciation in the value of Plexus’ 49% shareholding in KMS. An additional cash payment of up to £150,000 may be payable by Plexus to the current owners of KMS, subject to the future performance of KMS in the year to 31 December 2018.Plexus’ CEO Ben Van Bilderbeek said, “As a highly experienced engineering company based in Aberdeenshire with a blue-chip customer base, KMS shares many similarities with Plexus. We already have first rate IP in the form of our POS-GRIP technology, and now thanks to today’s transaction, we are further able to support our programme to expand the application of our proprietary technology throughout the oil and gas supply chain and beyond into areas such as geothermal and decommissioning. Having established our jack-up exploration wellhead business as the dominant supplier to the North Sea HP/HT market, we know the challenges companies operating in the sector face. Therefore, we look forward to working with and supporting the KMS team going forward, as we look to grow our business substantially over the coming years.“last_img read more

Men’s golf: Jordan Hahn takes home Boilermaker Invitational title, adding another feat to illustrious UW career

first_imgThe golf world was buzzing this weekend as Tiger Woods prevailed at The Masters for his 15th major championship, but Badger fans were brought a master of their own as senior Jordan Hahn took home an individual title at the Boilermaker Invitational Sunday.Sunday’s final round was canceled due to rain, leaving Hahn at the top of the leaderboard through 36 holes. Hahn finished at an impressive 9-under par through two rounds, winning by a comfortable two strokes at Purdue’s Kampen Course in West Lafayette, Indiana.Men’s golf: Strong finishes from Jordan Hahn, Griffin Barela bring optimism entering final month of seasonComing off their first team title since 2015 at the Pinetree Intercollegiate, the University of Wisconsin men’s golf team has Read…Hahn was joined by teammates Griffin Barela, Pete Kuhl, Sam Anderson, Cameron Frazier and Brett Robinson who all competed individually. The team played to a combined score of even par, placing them at tied for seventh place out of 15 schools.Kampen Course is by no means a walk in the park. Designed by famous golf architect Pete Dye, the course provides a strong challenge and has hosted countless Big Ten and NCAA championships.The challenge certainly did not scare Hahn. He adds a fourth top-10 finish in his final season and eleventh as a Badger to his remarkable career. His victory marks the third individual title in his four-year career and the first solo win for the Badgers since 2006.Men’s Golf: Badgers look forward to spring season with high ambitionsAfter a 10th place finish in last year’s Big Ten championships lead by a top 10 individual performance from then Read…“I know this win means a lot to Jordan,” Head Coach Michael Burcin said. “Kampen Golf Course is one of the toughest tests in the country and he beat a bunch of really great players. Winning on great courses is always impressive, and he continues to build his resume as one of the greatest to ever play at Wisconsin. Watching his progression has been so much fun.”The Badgers look to finish the season strong with a trip to Philadelphia at the end of April to compete for the Big Ten team title. Hahn will look to add a Big Ten title of his own — one that has eluded him for the past four years — to an already extraordinary Badger career.last_img read more

See which Indian cricketer ICC is hailing for his efforts against Coronavirus

first_imgImage Courtesy: Reuters/BCCIAdvertisement 6yk2un5NBA Finals | Brooklyn Vs7z70Wingsuit rodeo📽Sindre E49oa( IG: @_aubreyfisher @imraino ) 4lkWould you ever consider trying this?😱5b6Can your students do this? 🌚zxhRoller skating! Powered by Firework While the Coronavirus is slowly spreading into the Indian population, the police force of the country are on their level best to maintain the 21-day lock down that India is currently experiencing in an effort to curb the outbreak. With all the collective praise from the people, one certain policeman is under the radar of the International Cricket Council (ICC), and has been highly praised for his duty. Say hello to Joginder Sharma, the former Team India all rounder and currently a police officer who is on his relentless duty to serve his nation during this time of crisis.Advertisement Image Courtesy: Reuters/BCCIAfter his retirement from all forms of cricket in 2017, Joginder Sharma joined Haryana Police.  As the novel Coronavirus pandemic has created a woeful situation in India, the 2007 World Twenty20 star has been seen on duty to maintain peace and law during the troubled times.Yesterday, ICC’s official Twitter handle posted two photos of Sharma, one from the 2007 WT20 final, and another one donning his khaki uniform along with a mask.Advertisement Hailing Sharma as both “2007: #T20WorldCup hero” and “2020: Real world hero”, ICC captioned the post with :“In his post-cricket career as a policeman, India’s Joginder Sharma is among those doing their bit amid a global health crisis.” Although having a sporadic international career with the men in Blue, Sharma’s rise to fame came in the final of the 2007 WT20 against Pakistan at the Wanderers Stadium in Johannesburg.Sharma, the team’s star all rounder, finished off the first innings with a blistering 16-ball-30, and also secured two wickets in defending the total of 157. In their 5 run victory over their rivals, Sharma picked the vital wicket of Pakistan’s run machine Misbah-ul-Haq in the final over.Sharma’s match-winning performance earned him praise all over the country, and especially from Government of Haryana, which helped him land a job with the Haryana Police.The Chennai Super Kings star enjoyed a lengthy career in domestic cricket with Haryana cricket team, and following his retirement in 2017, Sharma is now a Deputy Superintendent Of Police.Till date, there has already been over 1000 positive Coronavirus cases in India, with 24 deaths.Also read-Read which Indian cricketer just donated Rs 52 Lahks for the fight against CoronvirusAthletes qualified for the Tokyo Olympics will retain their spots in 2021 Advertisementlast_img read more