Tag: 杭州水磨 盘丝洞

IPE Views: Watch out, MiFID II is coming!

first_imgMiFID II is set to extend the scope of regulation to pretty much all asset classes and a wider set of financial services firms. MiFID I encouraged trading on exchanges against quoted prices, but small lot sizes encouraged the creation of dark pools as investors sought more effective execution for large trades. The fragmentation of trading has also led to high-frequency trading, using algorithms to arbitrage pricing across different platforms – an activity that author Michael Lewis claimed, in his book Flash Boys, was rigged in the US by traders who front-run orders placed by investors. Whether that is true or not is controversial, but MiFID II introduces restrictions on the use of algorithms, high-frequency trading and dark pools.Another area where MiFID II is likely to have a major impact is through tighter rules around payments and services that could be considered inducements or would influence the overall governance of the related activities.This could encompass a huge range of activities, including soft commissions and the bundling of ‘free’ research alongside brokerage services. Forcing fund managers to be open about paying for research, whose costs were in the past hidden in transaction fees charged to the funds they managed – rather than to the fund manager’s P&L – will inevitably mean that much research will simply no longer be paid for. The mega firms could conclude that they have enough in-house resources to not require additional payments for all the research they were getting for free in the past, whilst the boutique firms may just be unable to afford it.While the changes will affect each type of firm differently – and, indeed, probably each firm differently – there is little doubt that pretty much every firm will require changes, often substantial, making them evaluate and change trading practices, operating models and partnerships, and even reconsider the financial viability of some products and activities.For European institutional investors, such changes mean there could be a substantial indirect impact on their own interests. As Ian Sutherland, chief executive at Kellian Consulting, tells me, there are three questions that pension funds should be asking of their fund managers over the next year.First, what do the fund managers see as the likely impact of MIFID II on their services? Second, what are they planning to do in response to the implementation of MIFID II? And third, what do they expect of their institutional clients?Institutional investors have plenty of time still to ensure these questions are being asked at their next meeting with their fund managers. But, with implementation due at the start of 2017, the clock is already running, and time getting short. While not all the answers are available yet, understanding the known unknowns will be critical.Joseph Mariathasan is a contributing editor at IPE Uunderstanding the known unknowns of MiFID II will be critical, Joseph Mariathasan warnsRegulation is always a double-edged sword, and that is certainly true of the EU’s attempts to create a single market for investment services and activities. Dark pools, high-frequency trading by firms using mathematical algorithms and a plethora of new competing exchanges are all relatively recent phenomena, having grown dramatically since the implementation of MiFID I (Markets in Financial Instruments Directive I), which came into force in November 2007.MiFID I applied mainly to equities, and whilst it had many positive results, it also had some undesirable and unforeseen consequences. MiFID II is coming into force on 3 January 2017. European institutional investors do need to take an interest, even if they are not directly affected.MiFID II addresses three key areas. Firstly, it represents the last leg of the European Commission’s post-financial crisis commitment to the G20 to reduce the risk in, and bring transparency to, the world of OTC derivatives. This follows the European Market Infrastructure Regulation (EMIR), designed to increase the stability of the OTC derivative markets in the EU, and the Alternative Investment Fund Managers Directive (AIFMD) regulating hedge funds and private equity firms. Secondly, MiFID II addresses the unforeseen consequences of MiFID I, and thirdly, it provides added investor protection.last_img read more

Tyler Lydon’s offensive breakout ‘was just a matter of when’

first_imgTyler Lydon hung from the rim with his right hand, just above Georgetown’s Rodney Pryor. The Carrier Dome crowd erupted. The referees called Pryor for a foul and sent Lydon to the free-throw line in the two-point game.But first he basked in the moment. He let out a scream and looked to the crowd with six and a half minutes remaining. This was the Tyler Lydon that landed on the preseason Wooden Award watch list. Not the one that entered the game averaging 9.9 points.A minute and a half later, Lydon stepped back at the 3-point line and nailed a shot to cut the deficit to one. As he backpedaled down the court, he held his hands below his waist. Then he lifted one arm up and pointed to fans sitting along the sideline. If the Orange was to complete a comeback, it would have to be on his back. But trailing by one was as close as SU got.Lydon poured in a career-high 29 points on Saturday afternoon as Syracuse’s (6-4) comeback fell short in a 78-71 loss to the Hoyas (7-4). The sophomore has spent time with assistant coach Adrian Autry before practices in recent weeks to workshop his game. The work finally paid off as he got going by scoring around the basket. The forward went 12-of-13 from the field, including three 3s, and recorded nine rebounds, four offensive, to spark the Orange.“He was aggressive, I thought. But you know, he just had an unbelievable game,” SU head coach Jim Boeheim said. “Tremendous inside, outside, post-ups, everything he did was great.”AdvertisementThis is placeholder textBefore practice on Wednesday, Autry methodically drilled Lydon. The emphasis was on his footwork on jump shots. He curled around screens Autry set for him. He stepped back, caught and shot. He stepped inside the arc, took a dribble and unloaded. He side-stepped with his feet in sync and let it fly. From the top of the key, the wings and the corners.Lydon missed one 3 from the left wing and yelled “f*ck”. When he messed up a shuffle step he chucked the ball at the backboard from the 3-point line. After sets he hunched over with his hands on his hips.He entered Saturday with just three games of multiple 3-pointers. As Syracuse’s most heralded returner, Lydon’s 3-point percentage drop from 40.2 percent to 34.3 percent left him needing more.Remove the buzz of 30,000, the “Pearl” warmup shirt and the fans clamoring to see the player that could be the Orange’s next to leave early for the NBA. Before facing Georgetown, Lydon performed a similar routine with Autry. He had to go to work.“Tyler Lydon doesn’t have an unbelievable game, we lose by 15,” Boeheim said. “That’s about what it probably should have been.”Lydon scored on putbacks following each of his four offensive rebounds to get going offensively. Boeheim has urged the streaky 3-point shooter to attack the glass this season.Throughout the year, guard Andrew White has spoken with Lydon about being the player opposing defenses key in on. To combat the “red X” Lydon carries with him, White said he needs to get easy baskets.“He was a rock for our team tonight,” White said.As he heated up in the second half, he began calling for the ball. Whether it was spotting up behind the arc on the weak side of the defense or posting up in the paint, Lydon knew he had the hot hand en route to 20 points after halftime.Lydon tried to take advantage of every mismatch and scored seven consecutive points, trimming Georgetown’s lead to 60-59.“I knew it would come. It was just a matter of when,” Lydon said. “Like I’ve been saying the whole time, it’s basketball. I’m not going to make every shot. … I just got to keep working, keep pushing through and just keep going.”Lydon scored another six points in the final three minutes, but missed two late free throws.The Orange couldn’t keep up with the Hoyas but it wasn’t because of Lydon.“He played great basketball today,” Boeheim said. “But one guy can’t do it.” Comments Facebook Twitter Google+ Published on December 17, 2016 at 4:42 pm Contact Paul: [email protected] | @pschwedslast_img read more

Neymar stars as Brazil beat Mexico to reach last eight

first_imgNeymar scored one goal and played a key role in the second as Brazil edged out Mexico in Samara to reach the World Cup quarter-finals for a seventh consecutive time.Brazil did not have it all their own way, especially in an opening period dominated by the Central Americans, but the five-time winners grew into what became a controlled performance.It means Mexico are once again eliminated at the last-16 stage – as they have been at every World Cup since 1994.They did have plenty of chances early on, and it was only after a largely frustrating first half for Brazil that Neymar started the move to put his side ahead.His run across goal and clever backheel won Willian space, and the Chelsea midfielder only needed two touches to drive into box and lay the ball across for the world’s most expensive player to slide home.It was Brazil’s 227th goal at the World Cup, meaning they overtake Germany as the all-time top scorers. Just moments earlier, Mexico’s Jesus Gallardo wasted a brilliant chance when he shot wildly over the crossbar instead of playing in Hirving Lozano.For much of the second half, Mexico’s bright start was just a memory, but Carlos Vela forced a save from Brazil goalkeeper Alisson with his side’s first shot on target not long after going behind.In the match’s closing stages they rallied once more, but Brazil defended stoically before doubling their lead on the break through a Roberto Firmino tap-in after Neymar’s effort was diverted by the toe of Mexico goalkeeper Guillermo Ochoa.Brazil will face Belgium or Japan – who meet in Rostov-on-Don in the day’s second match – in their last-eight tie in Kazan on Friday.last_img read more

Three takeaways from No. 5 Kentucky’s blowout win over No. 1 Tennessee

first_imgKentucky handed the No. 1 team in the country its second loss of the season.The Wildcats beat the Volunteers 86-69 Saturday and bounced back from their heartbreaking loss to LSU. Kentucky’s defense has the potential to be eliteThe Wildcats were physical from the start against the Volunteers. Kentucky set brick wall screens, clogged passing lanes, secured steals and blocked shots while playing smart basketball. The Wildcats only fouled three times in the first half of the contest. Tennessee’s top scorer Grant Williams finished with 16 points, but it was on 3-of-4 shooting. Most of his offense came from the free-throw line on the night.Tennessee entered Saturday as the nation’s second best team in terms of distributing the basketball, averaging 19.9 assists. But they were limited to just 11 against the Wildcats.PJ Washington is becoming a consistent offensive forceWashington totaled 23 points on 9-of-12 shooting. He scored 13 in the first half and his efficient post hook was on full display.Washington has eclipsed 20 points in each of his last four games and leads the Wildcats in points (14.4) and rebounds per game (8.1).If the Wildcats’ star maintains his rhythm, it will be hard to beat them moving forward.Tennessee needs to address its rebounding The Volunteers were beaten on the boards 39-26 on the night.Kentucky is a top five rebounding team, and Tennessee will have to face it again on March 2.  RJ Barrett records fourth triple-double in school history for Duke Tennessee has now been outrebounded in three of its last four contests, and matching physicality and effort in the trenches will be critical to how it finishes the year.Kentucky has already lost four games and sits at 21-4, but it is looking to peak at the right time. The Wildcats will take on Missouri on Tuesday. Tennessee hadn’t lost since it fell to Kansas in November, but it’s 19-game winning streak was finally snapped.Here are three takeaways from Kentucky’s win: Related Newslast_img read more