Sunday 23rd November 2014
NEWS TICKER – FRIDAY NOVEMBER 21ST 2014: The director of the National Security Agency, Navy Admiral Michael Rogers, says he expects to see adversaries launch a cyber-attack in the next few years aimed at severely damaging America's critical infrastructure. "I fully expect that during my time as commander, we're going to be tasked to help defend critical infrastructure within the United States because it is under attack by some foreign nation or some individual or group," Rogers told the House Select Committee on Intelligence this morning (EST). Rogers, who also serves as commander of the US Cyber Command, says the government is better prepared to defend against those attacks than it was two years ago.On November 24th, the Federal Reserve will conduct a fixed-rate offering of term deposits through its Term Deposit Facility (TDF) that will incorporate an early withdrawal feature. This feature will allow depository institutions to obtain a return of funds prior to the maturity date subject to an early withdrawal penalty. The Federal Reserve will offer eight-day term deposits with an interest rate of 0.29000% and a maximum tender amount of $20,000,000,000. The penalty for early withdrawal is 0.75%, the minimum tender per institution is $20,000,000,000 - The Straits Times Index (STI) ended +29.72 points higher or +0.90% to 3345.32, taking the year-to-date performance to +5.70%. The FTSE ST Mid Cap Index gained +0.64% while the FTSE ST Small Cap Index gained +0.83%. The top active stocks were SingTel (+0.51%), UOB (+1.37%), DBS (+1.64%), Keppel Corp (+0.22%) and OCBC Bank (+1.16%). The outperforming sectors today were represented by the FTSE ST Basic Materials Index (+1.70%). The two biggest stocks of the FTSE ST Basic Materials Index are Midas Holdings (+1.72%) and Geo Energy Resources (+3.02%). The underperforming sector was the FTSE ST Technology Index, which gained +0.16% with Silverlake Axis’s share price gaining 0.41% and STATS ChipPAC’s share price unchanged. The three most active Exchange Traded Funds (ETFs) by value were the IS MSCI India (+1.70%), SPDR Gold Shares (+0.34%), DBXT MSCI Singapore IM ETF (unchanged). The most active Real Estate Investment Trusts (REITs) by value were Suntec REIT (unchanged), Ascendas REIT (unchanged), CapitaCom Trust (+0.89%) - In an interview with US online service Careers Info-Security News Greg Shannon, chief scientist at the CERT Division of Carnegie Mellon University's Software Engineering Institute says that to defeat cyber-adversaries, cybersecurity professionals should adopt a contrarian attitude, says. "Having that contrarian point of view allows you to get into the mindset of the adversary," Shannon says in an interview with Information Security Media Group. "How would this technology work if it did something the designer of it didn't think of?" he asks. "Certainly, that's the way the adversary is thinking, coming up with new attacks, new threats. They're looking at an app, a piece of software or some websites, [and they think] 'What can I do here that the designer didn't think of? Is there a way to get information through channels, through tricks that weren't anticipated? Is there some frailty of humans that I can exploit to get information out of them that they wouldn't normally give me?'" – Raiffeisen Bank International warned in an analyst conference call yesterday that profits in its Russian business would be challenged in Q4 versus Q3. The bank’s Chief Financial Officer Martin Gruell said higher risk provisioning and increased operating expenses could cut profits in its single most profitable market. "I would expect the fourth quarter to be a bit lower than the third quarter," he said. He believes the worst of the rouble's devaluation is over, but explained that the impact on the group’s capital from the dip in the ruble, could push RBI's core capital below 10% of risk-weighted assets by the end of this year - The performance of the Dutch residential mortgage-backed securities (RMBS) market remained stable during the three-month period ended September 2014, according to the latest indices published by Moody's Investors Service. The 60+ day delinquencies of Dutch RMBS, including Dutch mortgage loans benefitting from a Nationale Hypotheek Garantie, decreased to 0.95% in September 2014 from 0.98% in June 2014. At the same time, the 90+ day delinquencies decreased to 0.72% during the three-month period compared with 0.75% in June 2014. Cumulative defaults continued to increase to 0.54% of the original balance, plus additions (in the case of Master Issuers) and replenishments in September 2014, compared with 0.47% in June 2014, says the ratings agency. Cumulative losses slightly increased to 0.11% in September 2014 from 0.10% in June 2014 – According to a Clearstream client bulletin on November 18th, the US Internal Revenue Service and the US Treasury published an amendment to the current temporary regulations (TD9657) regarding FATCA. The amendment impacts Foreign Financial Institutions (FFIs) who have entered into an agreement with the IRS to become a participating FFI. It amends the determination date and timing for reporting with respect to the 2014 calendar year.

West Midlands Integrated Transport Authority completes first Local Government Pension Scheme buy-in

Friday, 20 April 2012
West Midlands Integrated Transport Authority completes first Local Government Pension Scheme buy-in West Midlands Integrated Transport Authority (WMITA) has completed the buy-in of its pensioners with Prudential and the assistance of Mercer and Squire Saunders. This is the first  local authority involvement in UK’s buy-in market. With a premium in the region of £272m, this is the largest such transaction to date in 2012. http://www.ftseglobalmarkets.com/

West Midlands Integrated Transport Authority (WMITA) has completed the buy-in of its pensioners with Prudential and the assistance of Mercer and Squire Saunders. This is the first  local authority involvement in UK’s buy-in market. With a premium in the region of £272m, this is the largest such transaction to date in 2012.

West Midlands Integrated Transport Authority (WMITA) has completed the buy-in of its pensioners with Prudential and the assistance of Mercer and Squire Saunders. This is the first such transaction for any local government pension fund. With a premium in the region of £272m, this is the largest such transaction to date in 2012.

A buy-in is an insurance wrapper which provides payment of pensions for the insured section of a pension fund’s members. The Fund continues to be managed as before but the transaction gives them certainty over their costs. This is distinct from a buyout where the liabilities are fully transferred to an insurance company.



According to Geik Drever, director of Pensions at the West Midlands Pension Fund, the transaction forms an important part of the WMITA Fund’s risk management strategy, "and has insured  circa 50% of the fund’s liabilities. It has protected the fund and the sponsor against the volatility of investment markets and any unanticipated increases in life expectancy of the pensioners. Risk management is a very important part of local authority governance for both the main fund and the WMITA Fund, and as such this is a welcome outcome given the policies in place for the Funds as well as the Authority.”

According to Clifford Sims, partner at Squire Saunders, the law firm which advised the authority and its fund on the legal issues surrounding the transaction: “As in all local government contracts, the public sector procurement process, which requires great depth of transparency and objectivity, had to be followed. This transaction is the first time that these procedures have been entwined in the processes surrounding a bulk annuity transaction. Another feature was that the price was determined by an electronic auction process enabling the price to be settled in a matter of hours.”

Paul Middleman, fund actuary and head of Public Sector Consulting, adds, "Whilst we have seen this in the private sector this is breaking new ground in the sector in terms of local authority pension fund risk management for a sponsoring employer and ultimately the taxpayer. The transaction required a team with specialist knowledge and experience when determining whether it was the right option. Now one Fund has taken the plunge we could see this becoming a viable option for Funds when dealing with legacy liabilities as part of the governance around their risk management strategy."

Squire Sanders' team was headed by pensions partner Clifford Sims, assisted by senior associate Ohad Graber-Soudry on procurement issues and pensions associate Sian Williams. Global legal practice Squire Sanders, with 37 offices in 18 countries, has one of the largest pensions law teams in the UK. 

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