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ESMA critical of ‘unsatisfactory’ asset-backed security assessment

first_imgESMA’s research found that CRAs were not ensuring that the due diligence underlying issuances was obtained prior to rating the instruments, something the supervisor said prejudiced a rating agency’s ability to conclude whether information on those assets was of “sufficient quality”.“ESMA also noted that, while some CRAs have enhanced the process of collecting such due diligence or third party assessment for new ratings, the same information is not always available for outstanding ratings issued before the entry into force of the [CRA] Regulation.”The supervisor suggested that disclosures on the assessment of the quality of information underpinning issuances be made as each rating was issued.A spokeswoman for Fitch told IPE that it had reviewed the review’s findings of residential mortgage-backed securities (RMBS) with interest.“While we are confident that our policies and procedures are robust and meet regulatory standards, we will continue to co-operate fully with ESMA,” she added.A spokeswoman for Moody’s added: “Moody’s continuously strives to improve its strong analytical processes. We will review our policies and procedures and adjust as appropriate.”Asset-backed securities, such as RMBS and commercial mortgage-backed securities (CMBS), have been controversial in the wake of the credit crisis, which saw a number of large pension investors suffer losses and subsequently sue a number of banks over their holdings.Dutch civil service scheme ABP in late 2013 settled with Credit Suisse and Morgan Stanley over alleged mis-selling of RMBS.The European Commission has recently said it would like to see renewed growth in the European securitisation market in order to stimulate lending to small firms.Read more about the European Central Bank’s attempts to grow the asset-backed securities market in a recent issue of IPE,WebsitesWe are not responsible for the content of external sitesLink to ESMA’s investigation into structured finance ratings Credit ratings agencies’ assessment of structured finance instruments is, at times, unsatisfactory and must be improved, Europe’s markets supervisor has insisted.The European Securities and Markets Authority (ESMA) examined the procedures employed by four large credit ratings agencies (CRAs) – DBRS Ratings, Fitch, Moody’s Investors Services and Standard & Poor’s – and said it found shortcomings in the way the underlying data was reviewed.Steven Maijoor, chairman of ESMA said that the high volume of structured finance instruments and the renewed interest in securitisation, partially stemming from the European Commission, made its nearly year long investigation timely.“All registered CRAs should take note of the problems identified and ensure that they properly incorporate the requirements and objectives of the CRA Regulation into their working practices in order to ensure the quality of credit ratings and maintain investor confidence,” he added.last_img read more

Coronation treble for St Nick

first_img Aidan O’Brien’s top-class six-year-old settled well behind the pacesetters Chapter Seven and Chamonix and moved up smoothly to take the lead at the two-furlong pole in the Group One contest. Jockey Joseph O’Brien had no worries after that as St Nicholas Abbey (30-100 favourite) quickened away and was always holding his market rival Dunaden, passing the post with three and three-quarter lengths to spare. O’Brien jnr said: “Whatever it is over the winter he’s matured, he lobs down to the start on a long rein and you can put him where you like in his races. “On his blow at home the other morning he was exceptional, better than he has ever been. He’s a force to be reckoned with this year, I don’t see why he can’t be the best around over middle distances.” O’Brien snr added: “He’s an incredible horse and has everything you want in a racehorse, he quickens, he travels and is a joy to be around. Everyone has done a good job with him at home and he’s a privilege to be involved with. “Joseph said he has been very fresh the last few weeks and Chamonix leads him at home, which is why he ran. It’s been a while since he ran. He’s a great traveller, comes down the hill well and slowly moves up the gears, it was great. “What everyone forgets is how much speed this lad showed as a two-year-old, he had that class all the time. The lads said they might bring him back for Ascot, maybe the Hardwicke, on the way to the King George.” Co-owner Derrick Smith said: “I loved him from the moment he first ran and I’ve loved him all the way through. He disappointed in his three-year-old career but since then he’s got better and better and, dare I say it, I think he’s better than he ever was. The King George comes to mind and we might go for the Hardwicke, we’ll just keep running him.” Mikel Delzangles, trainer of Dunaden, said: “I think that’s as good as he is compared to St Nicholas Abbey. He ran a good race, but that’s it. The big plan is to have him as well as today on the first Sunday in October (for the Prix de l’Arc de Triomphe). He will prepare for that in the Prix Foy, and maybe he will run once more before that.” Press Associationcenter_img St Nicholas Abbey completed a historic hat-trick in terrific style as he became the first horse to win the Investec Coronation Cup at Epsom for a third time.last_img read more

Alexander: What does Billie Jean King’s ownership stake in Dodgers mean?

first_img“We have a lot of listening to do first, a lot of learning, and then hopefully we’ll figure out how we can make the biggest impact to help them,” King said.“This happened pretty quickly. And you know Mark (Walter, chairman and managing partner) wants to do all kinds of stuff. So we’re going to sit down and learn about the organization, and what community outreach they have … We have a lot to learn, too, and hopefully, we can help make a really positive impact over time.”A fresh perspective never hurts. King, 74, has followed her Hall of Fame tennis career with a fairly extensive second act. She and Kloss, 62, run the Billie Jean King leadership initiative, are founding board members of the Elton John AIDS Foundation and serve on the executive committee of the Women’s Sports Foundation. And Kloss is the commissioner of World Team Tennis, of which King was one of the founders in 1973.“When you talk to people who are a little removed from your inner circle, sometimes you get the best ideas,” Kloss said. “So maybe by observing and being a little bit on the outside, we can have an idea or two that can make a difference.”But their biggest contribution might be just being who they are. Their presence reinforces a message to women, to the LGBTQ community, and to others who might wonder how they fit into society. The message: You are welcome here, and you belong.“We hope it will inspire future generations,” King said. “And I think it sends a strong message that we’re women, and we don’t mean just white women. We mean women and other people and other cultures that dream big.”King pointed to a study that showed that companies who practice inclusion and diversity do better on the bottom line, up to a 16 percent increase in profitability.“It makes a big difference,” she said. “Even one percent with the Dodgers would make a difference because they’re worth so much.”Related Articles PreviousBillie Jean King, left, and her partner Ilana Kloss take a selfie during Friday’s Dodgers game against the San Diego Padres at Dodger Stadium. King and Kloss have joined the team’s ownership group. (Photo by Michael Owen Baker, Contributing Photographer)Tennis champions Billie Jean King and her partner Ilana Kloss pose for photographers on the field after a news conference that added the two to the Los Angeles Dodgers ownership group in Los Angeles, Friday, Sept. 21, 2018.(AP Photo/Alex Gallardo)LOS ANGELES, CA – SEPTEMBER 21: Billie Jean King who is the newest member of the team’s ownership group waves as she leave the room after an introductory press conference before the game against the San Diego Padres at Dodger Stadium on September 21, 2018 in Los Angeles, California. (Photo by Jayne Kamin-Oncea/Getty Images) SoundThe gallery will resume insecondsTennis champion Billie Jean King, center, gestures with her partner Ilana Kloss, right, at a news conference to introduce them as part of the Los Angeles Dodgers ownership group by owner and chairman Mark Walter, left, in Los Angeles, Friday, Sept. 21, 2018. (AP Photo/Alex Gallardo)Tennis champion Billie Jean King displays a poster of singer Elton John, from a 1975 Dodger Stadium concert, after a news conference in Los Angeles, Friday, Sept. 21, 2018. King and her partner, Ilana Kloss, have taken an undisclosed stake in the Dodgers at the invitation of owner Mark Walter. (AP Photo/Alex Gallardo)Longtime partners Billie Jean King and Ilana Kloss who have joined the Dodgers ownership group, speak to the media during a press conference Friday afternoon at Dodger Stadium. (Photo by Jayne Kamin-Oncea/Getty Images)Los Angeles Dodgers owner and chairman Mark Walter, left, introduces to the baseball team ownership group tennis champion Billie Jean King at a news conference in Los Angeles, Friday, Sept. 21, 2018. (AP Photo/Alex Gallardo)Tennis champion Billie Jean King speaks during a news conference where the Los Angeles Dodgers announced that she and her partner Ilana Kloss are joining the team ownership group in Los Angeles, Friday, Sept. 21, 2018. (AP Photo/Alex Gallardo)Los Angeles Dodgers owner and chairman Mark Walter, left, and Dodgers president & CEO Stan Kasten, right, introduce to the baseball team ownership group, tennis champion Billie Jean King, second from left, and her partner Ilana Kloss at a news conference in Los Angeles, Friday, Sept. 21, 2018. (AP Photo/Alex Gallardo)Dodgers infielder Chase Utley talks with tennis icon Billie Jean King, who is the newest member of the team’s ownership group on the field before Friday’s game against the San Diego Padres at Dodger Stadium. Both graduated from Long Beach Poly High. (Photo by Jayne Kamin-Oncea/Getty Images)Dodgers infielder Chase Utley talks with tennis icon Billie Jean King who is the newest member of the team’s ownership group on the field before Friday’s game against the San Diego Padres at Dodger Stadium. Both are graduates of Long Beach Poly High. (Photo by Jayne Kamin-Oncea/Getty Images)LOS ANGELES, CA – SEPTEMBER 21: Billie Jean King who is the newest member of the Los Angeles Dodgers ownership group shows off her custom blue Adidas sneakers before the game against the San Diego Padres at Dodger Stadium on September 21, 2018 in Los Angeles, California. (Photo by Jayne Kamin-Oncea/Getty Images)Los Angeles Dodgers owner and chairman Mark Walter, left, and Dodgers president & CEO Stan Kasten, right, introduce to the baseball team ownership group, tennis champion Billie Jean King, second from left, and her partner Ilana Kloss at a news conference in Los Angeles, Friday, Sept. 21, 2018. (AP Photo/Alex Gallardo)Tennis champion Billie Jean King, center, gestures with her partner, Ilana Kloss, during a news conference to introduce them as part of the ownership group of the Los Angeles Dodgers by team owner Mark Walter, left, in Los Angeles, Friday, Sept. 21, 2018. (AP Photo/Alex Gallardo)LOS ANGELES, CA – SEPTEMBER 21: Los Angeles Dodgers Owner & Chairman Mark Walter the newest member of the ownership group, Billie Jean King with her own jersey during a press conference at Dodger Stadium on September 21, 2018 in Los Angeles, California. (Photo by Jayne Kamin-Oncea/Getty Images)Dodgers owner and chairman Mark Walter, left, and Dodgers president and CEO Stan Kasten, right, pose with tennis champions Billie Jean King, second from left, and her partner Ilana Kloss, during the press conference announcing the addition of the duo to the team’s ownership group on Friday at Dodger Stadium. (AP Photo/Alex Gallardo)Los Angeles Dodgers president and CEO Stan Kasten, right, and owner and chairman Mark Walter, left, introduce to the baseball team ownership group, tennis champions Billie Jean King, second from left, and her partner, Ilana Kloss, at a news conference in Los Angeles, Friday, Sept. 21, 2018. Pending approval by the WNBA, the two are also expected to have an ownership interest in the Los Angeles Sparks. (AP Photo/Alex Gallardo)Billie Jean King, left, and her partner Ilana Kloss take a selfie during Friday’s Dodgers game against the San Diego Padres at Dodger Stadium. King and Kloss have joined the team’s ownership group. (Photo by Michael Owen Baker, Contributing Photographer)Tennis champions Billie Jean King and her partner Ilana Kloss pose for photographers on the field after a news conference that added the two to the Los Angeles Dodgers ownership group in Los Angeles, Friday, Sept. 21, 2018.(AP Photo/Alex Gallardo)NextShow Caption1 of 17Tennis champions Billie Jean King and her partner Ilana Kloss pose for photographers on the field after a news conference that added the two to the Los Angeles Dodgers ownership group in Los Angeles, Friday, Sept. 21, 2018.(AP Photo/Alex Gallardo)ExpandLOS ANGELES — This is truly a feel-good story. Billie Jean King, maybe sports’ foremost symbol of inclusion, diversity and equality as well as tennis excellence, now owns an ownership stake in the Dodgers. And it didn’t come totally out of, er, left field.“I grew up with the Dodgers,” King said Friday afternoon, wearing a No. 17 jersey on the field at Dodger Stadium. “They came here in 1958 when I was 14 years old, and my younger brother (former Giants, Astros and Blue Jays reliever Randy Moffitt) went on to play 12 years of major league baseball, so it’s in our blood. My dad was a scout for the Brewers for a while.“So it’s a dream come true.”How many kids growing up in Southern California have similar dreams of being involved somehow with their favorite team, only to go on to other things? Hundreds of thousands. Newsroom GuidelinesNews TipsContact UsReport an Error Dodgers’ Max Muncy trying to work his way out of slow start And if it means, for example, that more women become involved in the sport in front offices or broadcast booths or maybe coaching or scouting staffs, how is that possibly a bad thing?But all of those possibilities are down the road. For the moment, the newest members of the Dodger ownership group seemed positively giddy Friday.“Driving in here, not as a fan but as an owner, I’m like, ‘Oh, my God!’” Kloss said.“Yeah,” King responded. “To see Vin Scully’s name (on the Ring of Honor)? That was great. And Jaime (Jarrín). I want to meet Jaime. … I think it’s so exciting, six (decades) of Spanish broadcasting. And he’s a young 82 years old.”“Wait a minute,” Kloss quipped. “Billie Jean’s not the oldest in the building anymore.”This could be [email protected]@Jim_Alexander on Twitter And how many are able to circle back and ultimately fulfill that dream? You can guess the answer.Sign up for our Inside the Dodgers newsletter. Be the best Dodger fan you can be by getting daily intel on your favorite team. Subscribe here.Asked if the 14-year-old Billie Jean Moffitt, while growing up in Long Beach, playing softball and rooting for the Dodgers, would have believed this was possible, she answered: “No way!”(She probably wouldn’t have predicted 39 career Grand Slam titles, either, not to mention what is still the most famous exhibition victory in tennis history, over Bobby Riggs in 1973. Life can indeed pull you in unexpected directions.)That said, now that King and her life partner, fellow former WTA player Ilana Kloss, are part of the Dodgers ownership group, what does it all mean?In practical, tangible terms, it’s hard to tell. Both women talked about bringing their past experiences to the table, but King said it is still too early to determine exactly how.center_img Cody Bellinger homer gives Dodgers their first walkoff win of season Fire danger is on Dave Roberts’ mind as Dodgers head to San Francisco Dodgers hit seven home runs, sweep Colorado Rockies How Dodgers pitcher Ross Stripling topped the baseball podcast empire last_img read more