MILWAUKEE–After the Giants traded Andrew McCutchen to the Yankees last week, outfield prospect Chris Shaw received a call to join the roster and made his major league debut.A 2015 first round draft choice, Shaw led the organization with 24 home runs at Triple-A Sacramento this year and he already boasts the longest home run hit by a Giants player this season. But outside of a 468-foot solo shot at Coors Field, Shaw has struggled to adjust to major league pitching and has struck out in 10 of …
14 December 2012Safcom, South Africa’s clearing house appointed by the Johannesburg Stock Exchange (JSE) to provide services to the local exchange-traded derivatives market, on Thursday became the first in the world to qualify for CPSS-IOSCO compliance.CPSS-IOSCO is a global standard for risk management aimed at any organisation enabling the part of a trade that occurs once an investor gives the “buy” command, namely, clearing, settling and recording the transaction.The risk is that a party to a derivatives contract may default and fail to perform its contractual obligations, causing losses to one or more parties or a third party.Part of global financial stability driveThe standard was designed as part of an international drive towards financial stability in the wake of the 2008-09 global financial crisis.“If clearing houses are ineffective, they could be a transmitter of contagion, financial shocks and default,” the JSE said in a statement on Thursday. “CPSS-IOSCO compliance demands adherence to a comprehensive set of principles designed to enhance investor protection, promote transparency and reduce systemic risk.”Safcom’s achievement is important to derivative traders because Basel III, the global regulatory standard on banking regulations including capital adequacy, imposes prohibitive capital penalties on banks which deal with clearing houses that aren’t IOSCO-compliant.“Failure to comply means banks will have to hold up to 10 times more capital as surety, which will result in the derivatives market becoming increasingly expensive to trade in, further resulting in a decrease in investments,” the JSE explained.Basel III was agreed in 2011, and is scheduled to be introduced from 2013.‘Boost for SA as investment destination’According to the JSE, there is currently R320-billion traded on the derivatives market in South Africa at any time, with R14-billion in initial margins to guarantee settlements.“The JSE believes that the achievement of IOSCO compliance is a major step forward for Safcom, and an important move to enhance the credibility of the South African market ecosystem as a foreign investment destination,” said Leila Fourie, director of post trade services at the JSE.“The appointment of a qualifying clearing house in South Africa enables growth in the derivatives market as we approach the implementation of Basel III.”The achievement was the result of collaboration between the JSE, the country’s banks and Safcom’s other market participants, as well as JSE regulator the Financial Services Board, which reviewed and assessed the compliance activities.‘Next up: IOSCO-compliant OTC offering’Having achieved compliance for clearing in the on-exchange environment, the JSE believes that the next logical step is to work with the market to resolve the need to centrally clear the Over The Counter (OTC) derivatives market.“Internationally, the move is towards OTC derivatives being cleared through a regulated clearing house,” said Fourie. “Having Safcom certified as a qualifying clearing house for exchange-traded derivatives creates a great foundation for the future development of an IOSCO-compliant OTC offering.”Achieving compliance has been a strategic initiative for the JSE as it enhances risk standards, affecting the market credibility and liquidity of the exchange.As part of the compliance, Safcom established an enhanced default fund which further increases protection of investors, while also creating a more equitable line of defence against any possible default event.“In the event of a default or insolvency, Safcom will now absorb the first loss before non-defaulting clearing members. This allows the risk to be spread rather than being carried by the banks alone,” Fourie said.SAinfo reporter
When South Africa celebrated 20 years of democracy in 2014, a TV series titled Play Your Part was aired on SABC 2. It aimed to inspire South Africans to make a difference in their communities. The TV series will return in August 2017.Prolific kwaito artist and Play Your Part ambassador, Kabelo Mabalane, will host the third season of the Play Your Part TV series. (Image: Shout SA)Hosted by Play Your Part Ambassador, Kabelo Mabalane, the exciting series aimed to inspire South Africans to take action and make a difference in their communities.Brand South Africa looks forward to showcasing and promoting the spirit of active citizenship and nation building in South Africa, as well as to inspire and empower viewers to play their part and get involved.
Don’t miss out on the latest news and information. “Siklab Atleta Pilipinas Sports Foundation will fuel the Philippine’s best athletes to make the country’s dream of bagging an Olympic gold a reality,’’ said Phoenix Petroleum president and CEO Dennis Uy, the brains behind the foundation.During its launching at the Century Park Hotel in Manila, Uy led the unveiling of the 29 elite athletes who will receive all-out financial support from the foundation.FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSLillard, Anthony lead Blazers over ThunderSPORTSMalditas save PH from shutout“We need to provide our athletes the support befitting their stature as our country’s representatives to the world,’’ said Uy, also President Rodrigo Duterte’s Presidential Adviser for Sports.Heading the list of the athletes expected to qualify to the 2020 Olympics in Tokyo are Rio Olympic silver medalist Hidilyn Diaz, windsurfing champion Geylord Coveta, triathlete Kim Mangrobang, tracksters Eric Cray and Trenton Beram, taekwondo jins Elaine Alora and Pauline Lopez. Pussycat Dolls set for reunion tour after 10-year hiatus John Lloyd Cruz a dashing guest at Vhong Navarro’s wedding Typhoon ‘Tisoy’ threatens Games Police teams find crossbows, bows in HK university PLAY LIST 01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City Families in US enclave in north Mexico hold sad Thanksgiving MOST READ Siklab Atleta Launch. CONTRIBUTED PHOTOAfter the recent Philippine Olympic Committee elections, private support for Filipino athletes hoping to make it big in the Olympics has started to come in.Siklab Atleta Pilipinas Sports Foundation, Inc. became the first organization outside of the government to formalize its backing on Saturday for the country’s ultimate objective of capturing a first Olympic gold medal.ADVERTISEMENT LOOK: Iya Villania meets ‘Jumanji: The Next Level’ cast in Mexico Tenorio ‘blessed’ to have played 57 minutes in Ginebra 3OT win Google honors food scientist, banana ketchup inventor and war hero Maria Orosa LATEST STORIES View comments Typhoon Kammuri accelerates, gains strength en route to PH Cycling’s Marella Salamat, Sienna Fines and Ariana Dormitrio were also included in the cast along with archer Nicole Tagle, judokas Kiyomi Watanabe, Mariya Takahashi, Shugen Nakano and Kesei Nakano, boxers Eumir Marcial and John Tupas, gymnasts Carlos Yulo and Kaitlin De Guzman.Completing the lineup are canoe-kayak’s Hermie Macaranas and OJ Fuentes, swimmers James Dieparine and Nicole Oliva, pole vaulter EJ Obiena, karateka OJ Delos Santos, surfers Philmar Alipayo and Edito Alcala, weightlifter Kristel Macrohon and windsurfer Yancy Kaibigan.Uy has called on fellow businessmen to help support these athletes in their quest for the gold. Siklab Atleta Pilipinas Sports Foundation executive director Raymond Zorilla said the resources would be pooled through the foundation to provide athletes with training equipment and facilities, coaches services, exposure to international competitions, education, housing and livelihood programs.Also present during the affair were Foreign secretary and Philippine Southeast Asian Games organizing committee chair Alan Peter Cayetano, POC president Ricky Vargas, Philippine Sports Commission chair Butch Ramirez and PSC commissioner Ramon Fernandez.ADVERTISEMENT Read Next Brace for potentially devastating typhoon approaching PH – NDRRMC