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☆ Maryland Cracker Barrel apologizes after turning away students with disabilities
▼ + stars: | 2024-12-10 | by ( Joseph Lamour | ) www.nbcnews.com time to read: +5 min

A group of students with disabilities visited a Cracker Barrel in Waldorf, Maryland, and were refused service, according to school officials, leading to community outcry and a planned protest. Navarro wrote that, prior to the visit, staff notified the Cracker Barrel location of the group’s plans, including headcount and purpose of the visit. “We look forward to hearing from Cracker Barrel,” Navarro ended the letter. The discussion board on the event, as well as other posts by Reed, are filled with supportive comments, outrage and vows never to visit Cracker Barrel again. “This group of students and teachers were, are, and always will be welcome to dine with us,” the Cracker Barrel representative said.

Persons: Maria V, Navarro, CCPS, Stacey Campbell, ”, “, ” Navarro, CCPS “, Dustin Reed, Reed, Johnna, ” Reed, ” Penrod, ” Pernod, TODAY.com Organizations: Public Schools, CBI, NBC Washington, Cracker Locations: Waldorf , Maryland, Charles

☆ EU committee backs law to relocate euro clearing from London to bloc
▼ + stars: | 2023-11-28 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Nov 28 (Reuters) - An influential committee of European Union lawmakers voted on Tuesday in favour of a draft law aimed at shifting clearing of euro-denominated derivatives from a post-Brexit London to the bloc. Long a Brexit battleground between London and Brussels, the EU wants better oversight of clearing in euro denominated interest rate swaps bought by EU-based market participants, the bulk of which are cleared by the London Stock Exchange Group in the United Kingdom. EU securities regulator ESMA would also have to become the direct supervisor of clearers based in the EU. LSEG CEO David Schwimmer has said he is "optimistic" that clearing in London for EU customers would continue after that date. EU banks have warned that being cut off from global clearing pools in London would put them at a competitive disadvantage to international rivals.

Persons: Long, Danuta Huebner, David Schwimmer, Huw Jones, Mark Potter Organizations: European Union, EU, London Stock Exchange Group, Deutsche Boerse, European, Thomson Locations: London, Brussels, United Kingdom, EU, Frankfurt, Madrid

☆ Bank of England central counterparty stress tests confirm resilience
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +1 min

The Bank of England is seen in the City of London, Britain, February 14, 2017. REUTERS/Hannah McKay Acquire Licensing RightsLONDON, Nov 8 (Reuters) - The Bank of England on Wednesday said results of stress tests on central counterparties (CCPs) showed continued resilience at the businesses, which help clear and settle trades in financial instruments and commodities essential for the global economy. "The results confirm the continued resilience of UK CCPs to market stress scenarios that are of equal and greater severity than the worst-ever historical market stresses," said Sarah Breeden, the BoE's Deputy Governor for Financial Stability. The stress tests covered three central counterparties which operate in Britain, ICE Clear Europe Limited (ICE.N), LCH Limited, a part of LSEG (LSEG.L), and LME Clear Limited, owned by Hong Kong Exchanges and Clearing Ltd (0388.HK). The BoE said it would use the findings "to support and inform its ongoing supervision and regulation of UK CCPs".

Persons: Hannah McKay, Sarah Breeden, BoE, William James, David Milliken, Sarah Young Organizations: of, City of, REUTERS, Bank of England, Financial Stability, ICE Clear Europe, LCH, LME Clear, Hong Kong Exchanges, Clearing, HK, LME, Thomson Locations: of England, City, City of London, Britain, LSEG, LME Base

☆ Bank of England deepens supervisory cooperation with US CFTC
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: 1 min

LONDON, April 14 (Reuters) - The Bank of England said on Friday that it was deepening its cooperation with the United States' Commodities Futures Trading Commission regarding the supervision of cross-border central counterparties (CCPs), a key part of financial infrastructure. "The CFTC and the Bank reaffirm the primacy of the UK and US home authorities in their respective jurisdictions," the BoE said in a statement. The BoE said that it would recognise CFTC assessments of U.S.-based CCPs which operate in Britain. "This assessment enables the Bank to place reliance on the CFTC's supervision and oversight of incoming CCPs based in the US," it said. Reporting by David Milliken, editing by Andy BruceOur Standards: The Thomson Reuters Trust Principles.

Sailors assigned to Explosive Ordnance Disposal Group 2 recover a high-altitude surveillance balloon off the coast of Myrtle Beach, South Carolina, Feb. 5, 2023. Sailors assigned to Explosive Ordnance Disposal Group 2 recover a high-altitude surveillance balloon off the coast of Myrtle Beach, South Carolina, Feb. 5, 2023. Sailors assigned to Explosive Ordnance Disposal Group 2 recover a high-altitude surveillance balloon off the coast of Myrtle Beach, South Carolina, Feb. 5, 2023. Sailors assigned to Explosive Ordnance Disposal Group 2 recover a high-altitude surveillance balloon off the coast of Myrtle Beach, South Carolina, Feb. 5, 2023. Sailors assigned to Explosive Ordnance Disposal Group 2 recover a high-altitude surveillance balloon off the coast of Myrtle Beach, South Carolina, Feb. 5, 2023.

☆ Asset managers, banks call on EU to cost plans to grab euro clearing from London
▼ + stars: | 2023-02-02 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Feb 2 (Reuters) - Asset managers, hedge funds and banks on Thursday called on the European Union to properly cost its plans to force market participants to shift derivatives clearing business from London to mandatory accounts in the bloc. London Stock Exchange Group's LCH and ICE in London have long dominated parts of the euro derivatives market, but the EU wants direct say over this activity measured in trillions of euros to ensure financial stability after Britain's departure from the EU. The cross-industry call in a joint statement said the proposals to bolster euro denominated derivatives clearing in the EU would damage the bloc's capital market. Derivatives industry bodies ISDA and FIA, hedge fund and alternative investments association AIMA, and EFAMA, which represents the EU's asset management industry, said the plans would be costly to implement. A strategy based on organic growth and market-driven solutions would best support the competitiveness of EU clearing houses in a global clearing marketplace, they added.

☆ Euronext Italian arm to become group-wide clearer from end 2023
▼ + stars: | 2022-11-03 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, Nov 3 (Reuters) - Pan-European stock exchange Euronext (ENX.PA) said on Thursday that customers will be able to clear all share trades at its Italian arm from the end of 2023, a move that ends reliance on a London Stock Exchange Group (LSEG) unit in Paris. "This is the first milestone in the transformation of Euronext Clearing to create the Euronext clearing house of choice for its cash equity markets," Euronext said in a third quarter trading statement. Clearing in Euronext credit derivatives will follow in 2024. As many are likely to shift stock and derivatives trading to Italy given efficiencies from using one location. Earlier this week, Deutsche Boerse's Eurex Clearing offered payments to buy-side customers who relocate derivatives clearing from London in 2023 in anticipation of the EU legislation.

☆ Bank of England says stress test shows UK counterparties 'resilient'
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +1 min

LONDON, Oct 13 (Reuters) - The Bank of England said on Thursday that the central counterparties (CCPs) in Britain's financial system were "resilient" after publishing the conclusions of its first public stress test for ICE Clear Europe, LCH and LME Clear. "While the stress test was exploratory, with no pass-fail assessments, the results are evidence of the overall resilience of the UK CCPs," BoE Deputy Governor Jon Cunliffe said in a statement. Register now for FREE unlimited access to Reuters.com RegisterThe BoE said it checked whether the CCPs were resilient to a market stress scenario and to the simultaneous default of the two largest clearing member groups. The exercise started in October 2021 and was designed to be as severe as the worst historical market stress scenario experienced by each CCP up to that point. "We will engage these CCPs on our findings, which will help the Bank target its supervision and inform CCPs' approach to risk management," Cunliffe said.

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