The European Commission should offer pension funds an indefinite exemption from clearing derivatives, the UK’s industry body has argued.According to the Pensions and Lifetime Savings Association (PLSA), pension funds should be offered more than time-limited exemption from central clearing, until such a point as the industry develops “satisfactory” ways to enable clearing.Pension funds are currently exempt from clearing until 2017, the second exemption offered under the European Market Infrastructure Regulation (EMIR). However, the wording of the law only allows for two exemptions, leading the PLSA to urge that the exemption be maintained indefinitely. The European Commission is currently working on a number of ways to facilitate central clearing for pension funds but has yet to set out a definite solution.The idea of an indefinite exemption is not shared by all pension funds, and the Dutch pension provider PGGM suggested recently that it was in favour of a “robust” central clearing framework that functioned well when markets were under stress.The PLSA’s call for an indefinite exemption comes after the UK Investment Association urged further action around clearing for pension funds.In its own response to the European Commission’s consultation on the current regulatory framework for financial services, which closed at the end of last month, the industry body for UK asset managers warned that if pension providers stopped using derivatives, they would end up increasing their risk exposure.The association’s submission noted that pension funds needed to liquidate holdings to meet the margin calls, as they were not traditionally invested in cash.“This would increase liquidity risk within the market, especially at times of stress, and could force pension funds to sell out of assets when asset prices are likely to be falling,” it said.The submission also questioned the risk associated with the requirement that only half of collateral for non-cleared trades be from a single sovereign.It argued that it left UK pension funds, and other non-euro member state investors, at a disadvantage, as they would be forced to employ collateral from a second currency.The association said the arrangement would leave investors exposed to increased currency risk.
The Trojans distanced themselves from the field on the last day, finishing 4-under-par on the final day and finishing with a total score of 11-under-par 841. Oregon finished in second place at 842 while Kent State, Virginia and TCU rounded out the top-five.Kang led the Trojans throughout the tournament and earned another top-12 finish, finishing in 10th place with a final score of 4-under-par 209.Lim (72-70-69) and freshman Anthony Paolucci (67-69-75) tied for 13th at 2-under-par 211. Lim had three birdies in the final round and an eagle at 11th hole. Paolucci’s finished in the top 17, his fifth top finish this season. Smith, meanwhile, had five birdies, including three during a 2-under-par on the back 9. Junior Martin Trainer hit three birdies in the final round and finished in 35th place.“It feels great to play well in such a critical week,” USC coach Chris Zambri said in a statement. “Everyone contributed and now we need to find ways to improve and be sharp for [the Rivera Country Club].”In his sixth seasons at USC, Zambri has led the Trojans into the NCAA finals four times.USC is now eyeing the NCAA final next week. The championship, hosted by the Trojans, starts May 29 and continues until June 3 and will be held at the Riviera Country Club in Pacific Palisades, Calif. The Trojans are looking for their first national title in program history. The No. 5 USC men’s golf team advances to the NCAA final after winning the NCAA Ann Arbor Regional Saturday. The win was the Trojans’ second this season. It also marked the eighth top-4 finish during the 2011-2012 season.The Trojans were led by the success of sophomore Jeffrey Kang who recorded his second consecutive score of 67. Senior Steve Lim and junior Sam Smith both logged 69, pushing USC into the NCAA championship.On par · Sophomore Jeffrey Kang (above) helped lead the Trojans past Oregon to finish in first place at the NCAA Ann Arbor Regional. USC will compete next at the NCAA Finals, which begin May 29. – Photo courtesy of Sports Information
After previously planning to retire in the wake of several athletic department scandals, University of Maryland president Wallace Loh reversed course Wednesday, announcing that he would serve in his role for the 2019-20 academic year before stepping down. “For eight years, I have been honored to serve the state’s flagship institution as the accomplishments of our faculty, staff, students and alumni have propelled Maryland to new heights,” Loh said in a statement provided to The Diamondback, Maryland’s independent student newspaper. “The (UMD board of regents) discussed with me having a smooth transition of leadership, and we mutually agreed upon a retirement date of June 2020. With all of Maryland’s supporters, I look forward to what we will accomplish together.” MORE: A timeline of the events that led to Jordan McNair’s death Loh has been sharply criticized for overseeing an athletic department racked by claims of improper conduct. An independent report released Sept. 21, 2018, found Maryland trainers mishandled the care of football player Jordan McNair, who died of heatstroke suffered at a team workout last summer. A separate independent commission report released in October outlined instances of verbal abuse from coaches toward football players and found Loh should bear “some responsibility” for ongoing athletic department dysfunction. Loh reportedly wanted to fire former football coach DJ Durkin immediately after the October report, but the school’s board of regents wanted to keep Durkin and made it clear to Loh he needed to reinstate the coach in order to keep his own job. (The regents only have the power to dismiss Loh; all other personnel decisions are delegated to Loh). Rather than taking a stand against the regents, Loh followed the board’s recommendation before changing his mind the next day under public criticism and dismissing Durkin. Soon after, ESPN “SportsCenter” anchor and prominent Maryland alum Scott Van Pelt called for Loh to leave immediately rather than delay his announced retirement until this summer. “It seems like everyone went into cover-your-own-ass mode and the worst type of crab-in-a-bucket behavior imaginable,” Van Pelt said on the network. “My question is, given their roles in this, how can Wallace Loh and athletic director Damon Evans remain? It feels as if there has to be a complete cultural reset.” The university’s provost and every academic dean signed a letter dated Nov. 1 asking Loh to not retire and instead continue his presidency indefinitely.