​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

Running with Wolves: N.C. State comes to Carrier Dome as break from grind-it-out ACC gameplay

first_imgEach time James Robinson dribbled, the Syracuse zone shifted slightly. Slide to the left. Slide to the right.Tyler Ennis and Trevor Cooney shuffled by the 3-point line while Pittsburgh forward Talib Zanna zipped in and out of the high post.This went on for 25 seconds before Robinson flicked a chest pass to Lamar Patterson on the right wing before he made a 3-pointer with 16:33 left in the second half of Syracuse’s 58-56 win over the Panthers on Wednesday.The strategy was the same on almost every possession. Sometimes the ball would go in to Zanna for a quick high-low look. Other times Robinson would look to penetrate or pass to another teammate.But the clock drainage was consistent.AdvertisementThis is placeholder text“We tried to be patient,” Pitt head coach Jamie Dixon said, “but obviously we weren’t able to convert enough baskets down the stretch.”Pitt became the next in a long line of Atlantic Coast Conference opponents to slow-play SU. But on Saturday, the No. 1 Orange (24-0, 11-0 Atlantic Coast) faces a change-of-pace opponent in North Carolina State (16-8, 6-5) at 3 p.m. in the Carrier Dome. The Wolfpack ranks fourth in the conference in possessions per game and supplements a faster speed of play with T.J. Warren, who leads the ACC in scoring and usage rate.It’s a style of play the Orange has seen little of this season. Aside from giving up 89 points to then-No. 17 Duke, SU hasn’t allowed a conference opponent to score 60 points this season. The Orange holds opponents to 58.3 points per game while scoring 64 in ACC play.Players have grown to expect playing the full 35 seconds on defense.“We just take it game by game,” SU point guard Tyler Ennis said.Syracuse has won six games while scoring fewer than 60 points this season. The last time the Orange won that many contests despite failing to hit the 60-point mark was in the 1946-47 season.But the transition threats Syracuse leaned on only as recently as four years ago have been replaced.Now there are consistent closers. This team makes the most of its final possessions — as evidenced by scoring on its last four possessions against Pitt on Wednesday.“Being down six is difficult,” SU head coach Jim Boeheim said of the score before that run, “because they’re going to take 35 seconds.”The one issue that has plagued and compounded the effect of other teams running the clock on offense is the Orange’s subpar defensive rebounding. Extra possessions become more and more valuable the less of them there are.The Panthers grabbed 16 offensive rebounds, but had just 15 second-chance points. They had a tip-in chance on an offensive set around the two-minute mark, but were unable to put away the likely win-clinching shot.“That’s the one thing we wanted to do, and we didn’t do it very well,” Boeheim said.Led by Warren, the conference’s leading scorer, N.C. State presents a new challenge.The Wolfpack plays more up-tempo, and it shows with four players averaging double figures. It could be an adjustment for the Orange, but the faster-paced game could also be favorable.It might mean less standing in place, but it should mean more points, too.Said Dixon: “You are not going to get good shots against this defense early in the shot clock.” Comments Facebook Twitter Google+ Published on February 14, 2014 at 12:59 am Contact Stephen: sebail01@syr.edu | @Stephen_Bailey1last_img read more

President Trump signs new travel ban

first_imgA month after federal judges block President Trump’s executive order to ban residents from seven African and Middle Easter countries- Trump signed a new executive order Monday, presenting a new travel ban with not many changes made.Trump’s new travel ban will take effect March 16, exempting citizens from Syria, Iran, Libya, Somalia, Sudan and Yemen from obtaining visas for at least 90 days and suspending refugees from entering the United States for 120 days.Trump’s newly drafted ban dropped Iraq from the original list of countries from January’s executive order.The executive order states the United States allied Iraqi government had undertaken steps to enhance travel documentation, information sharing, and the allowed the return of Iraqi nationals that were turned away at airports.According to CNN, Secretary of State Rex Tillerson said Iraq’s removal from the list came after an intense review from the State Department to improve vetting from Iraqi citizens in collaboration with the Iraqi government.The original ban came under intense criticism for banning countries that have a large Muslim population, earning its label as the “Muslim ban”.This new order states it will not prioritize religious minorities when considering refugee admission cases.But many are voicing their opinions on social media, calling the new travel ban a repeat of the previous order.“Here we go again…Muslim Ban 2.0 #NoBanNowall,” tweeted by Indiana Democratic Representative Andre Carson.During the signing of the new executive order, no media was present but White House spokesman Sean Spicer tweeted a picture of President Trump signing the new order.“This order is part of our ongoing efforts to eliminate vulnerabilities that radical Islamist terrorists can and will exploit for destructive ends,” said Tillerson.last_img read more