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Russian regulator sets out rules for pension fund risk management

first_imgThe NPFs will be expected to measure and assess the separate risks at least once a month and perform quarterly stress tests, as well as extraordinary stress tests in the case of significant changes in either asset structure or market-driven risk levels.The stress testing scenarios of market risks have to cover a period of at least three years from the start of the test, and include adverse changes such as rises in interest rates, unemployment or inflation, and decreases in stock prices, the rouble, the price of oil and the credit rating (or default) of issuers of securities held by the funds.The risk managers themselves will have to have had a minimum four years’ experience of risk management or investment-strategy development in a financial market industry such as pensions, insurance, banking or securities.To avoid conflicts of interest, the managers should not be involved in trading transactions of either pensions savings or reserves (the assets used for financing the NPFs’ retired customers).Furthermore, they should not be part of any remuneration scheme run by an NPF that would encourage them to take risks.According to the document’s time-table, following approval of the ordinance, the NPFs will have to set up a risk-identification system within six months and a risk-management system within 12 months, with the first stress test performed within 18 months.The CBR envisages that successful compliance by the NPFs would enable them to broaden their investment horizons.“As NPFs start assessing risks from investing and prove their competence in this area,” it said, “the regulator is likely to ease the requirements for admissible assets.”In the absence of significant international financing following the Ukraine crisis, alongside substantial capital outflows, the NPFs are being increasingly viewed as a source of investment funding for the national economy.In February, president Vladimir Putin noted that the NPFs could participate in the privatisations planned this year to offset a budget deficit induced by collapsing low oil prices.Meanwhile, the Ministry of Economic Development is working on a proposal to allow the NPFs to invest a small share of their assets into venture capital and private equity funds, although this may be deemed a risk too far for the central bank and the funds themselves.Separately, the CBR is working on its proposals for further reforms of the pension system.Specifically, according to Russian press reports, CBR governor Elvira Nabiullina wants the NPFs – rather than the state-owned Vnesheconombank, as is now the case – to become the default option for those workers undecided where to channel their second-pillar contributions. Bank of Russia (CBR), the country’s pension fund regulator, has published a draft ordinance detailing the risk analysis and stress testing it wants non-state pension funds (NPFs) to perform.According to the document, each fund will be expected to establish a management system capturing market, credit, operational and liquidity risks.The systems must ensure the funds’ investments solely serve the interests of current and future pensioners.This process includes regular reviews of target asset structures that reflect the optimal risk/reward ratio, assessments of the asset management companies used by the funds, and best execution of transactions.last_img read more

Tipp football team to play Clare announced

first_imgJohn O’Callaghan – BallyporeenRobbie Kiely – Carbery RangersAlan Campbell – Moyle RoversAlan Maloney – Rockwell RoversMartin Dunne – Moyle RoversJosh Keane – Golden KilfeaclePeter Acheson (Capt.) – Moyle RoversBrian Fox – Éire Óg AnnacartyKevin O’Halloran – PortroeConor Sweeney – BallyporeenPhilip Austin -BorrisokaneTipp FM will have live coverage of the match from shortly before 2 o’clock on Sunday afternoon. This is the side that chosen by Liam Kearns and his selectors:Evan Comerford – Kilsheelan KilcashColm O’Shaughnessy – ArdfinnanJimmy Feehan – KillenauleCiarán McDonald – Aherlowlast_img read more

Dylan Mitchard: Betgenius – Live basketball betting a data-driven success

first_img Share Betgenius expands virtual sports range with Kiron August 20, 2020 Share Submit Betgenius: Spare change… how will the increase to five subs affect football trading? June 4, 2020 Stats Perform extends NBL data and streaming deal July 13, 2020 Related Articles StumbleUpon Dylan Mitchard – BetgeniusAs turnover on in-play basketball continues to rise, Dylan Mitchard, Business Development Manager at Betgenius, looks at how further investment into data capture technology will deliver an even more engaging and profitable product for bookies…______________A regular in the top-three betting sports in key European markets, basketball’s importance to bookmakers has never been greater. The majority of our clients have seen a significant shift from pre-match to in-play on the sport, with the latter now representing in excess of 60% of turnover for many and as high as 70% for a handful.Like football and tennis before it, basketball’s in-play betting experience is reaping the benefits of deep, lightning-fast data. Trading teams can price and manage dozens if not hundreds of split-second live markets simultaneously – giving fans an immersive live experience that complements broadened TV coverage and live streaming.But this is also leading to a disparity in the quality of products available to punters on the market. Basketball’s sheer pace of play and frequency of scoring means that with any latency in the data, traders can’t keep up – or at least have to suspend many in-play markets. When the data is sub-standard, the match-winner market and points total risk suspensions and derivative markets are often not laid at all.Bet settlement also suffers. With markets relating to time periods and individual plays, the demand for quick settlement does not only exist for a short burst after the final buzzer but regularly throughout the live-action, too.Quality Control The observant amongst you will have seen the news last week that our sister company Genius Sports announced a long-term renewal of their landmark 15-year partnership with FIBA, the world governing body of basketball.Since 2004, our two organisations have collaborated to revolutionise the digital infrastructure of over 200 basketball leagues and federations worldwide, including the speed and accuracy with which live data is captured and distributed to media and betting operators.Our data capture technology, LiveStats, is used by our trained basketball reporters on fixtures sanctioned by FIBA direct from courtside. In milliseconds, each data point is verified, distributed and then integrated into our trading console and the fingertips of trading partners.The technology does not only drive low latency, sub-one-second data feeds, but ones which are accurate and rich, too. Aided by intuitive workflows, LiveStats enables up to 800 unique data points to be captured as they happen, the kind of depth needed to trade prop bets and power in-product visualisations with speed and precision.A Win-Win RelationshipBasketball’s live betting success story is an example of how investment in high-quality betting data benefits all parties.Trading teams get the vital, reliable and accurate product they need to do their jobs and that provides the foundations for in-game innovation and new market types; punters enjoy an uninterrupted and frictionless live betting experience; and FIBA’s member leagues receive a return for betting on their fixtures, visibility of betting markets for integrity protection and a powerful way to grow global interest in their competitions.Thanks to the foresight of its global governing body and leagues the world over, basketball is a great example of a sport where premium live data has had a material impact on betting turnover. Data collected by official means is becoming faster and increasingly detailed, and will no doubt benefit from further machine learning-powered, automated data collections.As this trend plays out, the gap between products underpinned by these premium feeds and those collected in unofficial capacity will only grow wider.___________________Dylan Mitchard – Business Development Manager – Betgeniuslast_img read more

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