Uncompetitive clearing market could trigger ‘unmanageable’ risks

first_imgLack of competition within the clearing market could expose pension funds to unmanageable risks and higher than necessary costs, according to PensionsEurope.The European industry group also argued that the European Market Infrastructure Regulation (EMIR), which currently offers the pensions sector a time-limited exemption from centrally clearing derivatives trades, should be amended to allow the exemption to continue indefinitely.Responding to a consultation by the European Securities and Markets Authority (ESMA) on recommended changes to the EMIR framework, PensionsEurope argued the regulation risked not achieving its goal of increasing financial stability, while leading to higher costs for the pensions sector if no further consideration was given to the use of cash as collateral.The industry group raised concerns about the number of clearing members in the market, arguing it was “not healthy and competitive”, damaging the ability of smaller pension funds to negotiate good deals. “Some [pension funds] experience difficulty finding clearing members that are willing to offer services on reasonable terms, or at all. This may force [pension funds] and other end users to accept unmanageable risks and higher cost levels.”The response noted the current pension fund exemption from clearing, set to expire in August 2017, should be extended until viable alternatives to posting cash as collateral were in place.It also said that as pension funds were usually fully invested, they would need to access the repo market or other methods of collateral transformation to post variation margins – but warned the markets may not be fully liquid at times of market stress, when the collateral would be most needed.“PensionsEurope’s calls on the Commission to maintain the exemption for [pension funds] from the central clearing obligation until a suitable clearing solution has been found,” the organisation said.It added: “The market has not yet developed a practicable and efficient process for central clearing of pension scheme’s over-the-counter (OTC) derivative transactions.“In addition to this, the existing exemption has not delivered a relief from mandatory clearing for three to six years as originally envisaged, as the clearing obligation is still not effective.”The industry group previously warned that clearing would divert funding away from long-term investments.Extending pension funds’ exemption to the EMIR regulation beyond 2017 would require amendments to existing legislation, something that would need ratifying by the European Parliament.,WebsitesWe are not responsible for the content of external sitesPensionsEurope response o ESMA consultationlast_img read more

MLB trade rumors: Madison Bumgarner says, ‘I’m the same guy I was in 2014’

first_imgIn fact, the Yankees, one of the teams that has reportedly checked in about acquiring Bumgarner, are rumored to be having internal discussions about Bumgarner’s true value, according to MLB Network’s Jon Heyman. The 29-year-old Bumgarner has heard the rumors he’s not the same pitcher he was a few years ago. But he told The Athletic he feels the same. Related News “I’m the same guy I was in 2014, contrary to popular belief,” Bumgarner said. “I know that gets said a lot, ‘Oh, he’s not the same guy he used to be.’ That’s just wrong. Numbers are what they are right now, but let’s just wait to the end of the season, and we’ll check. Maybe they won’t be there and maybe they will.“All I know is, the last two years, the stuff was a little different rushing back from two injuries. Now? How I feel is the same. My stuff is the same.” Will Yankees land front-line starters like Max Scherzer, Trevor Bauer? ‘We’ll see,’ Brian Cashman says The Giants are widely expected to trade longtime ace Madison Bumgarner this summer, yet one question looms large.Which Bumgarner will the other team get — the seemingly invincible left-hander who carried the Giants to the World Series title in 2014, or the pitcher who has a career-high 4.21 ERA this season?center_img MLB trade rumors: Yankees targeting 4 big names on pitching market The Twins have reportedly shown “strong interest” in Bumgarner, according to USA Today.According to Fox Sports, eight teams are on Bumgarner’s “no-trade” list: the Yankees, Braves, Red Sox, Cubs, Astros, Brewers, Phillies and Cardinals. That doesn’t necessarily mean he does not want to play for those teams, but he would have to approve a trade to one of those destinations.Bumgarner, who will earn $12 million in 2019, is a free agent after this season.last_img read more

Mistletoe is missing the machinery to make energy

first_img Email It’s a biological assembly line as classic as the Model T’s. To produce energy, mitochondrial power plants in a cell use electron transport chains to convert electrons to adenosine triphosphate (ATP), the cell’s energy currency. Now, two independent groups reveal how evolution has severely messed with the production line in European mistletoe, the holiday adornment best known as an excuse for surprise smooches.Researchers first noticed something was wrong when genomic sequencing turned up a dearth of mitochondrial genes for coding the protein subunits that make up the electron transport chain’s first station, dubbed complex I. Missing such a critical piece was unheard of in multicellular organisms. Perhaps the genes had simply skipped from the mitochondrial to the nuclear genome, researchers surmised. But this seemed highly unlikely, given the number of genes that had disappeared.To find out which parts of the assembly line machinery had vanished, researchers extracted proteins from mitochondria in the mistletoe’s leaves and compared them to those in a small flowering weed of the mustard family called Arabidopsis thaliana. Although they found evidence for the machinery of other stations in the mistletoe transport chain, neither team detected any sign of complex I, they report today in Current Biology. Furthermore, the other transport chain stations—complexes II to V—were found to have 14% to 44% less protein than Arabidopsis did, suggesting that mistletoe is unable to produce all the energy it needs using this system. Click to view the privacy policy. Required fields are indicated by an asterisk (*) By Roni DenglerMay. 3, 2018 , 1:35 PM Sign up for our daily newsletter Get more great content like this delivered right to you! Country So how does mistletoe adjust? Scientists say the flora has made some extreme adjustments to its metabolism. But it also helps that the plants are parasites. Hanging from trees rather than doorways, the mistletoe can make ATP by breaking down sugar pilfered from their hosts. That stolen sugar just might be enough to make up for their faulty electron transport chain assembly line. 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