Sweden’s AP1 steps down as lead plaintiff in dark pools lawsuit

first_imgThe lawsuit – dubbed the “‘Flash Boys’ case”, after a best-selling book that exposed the practices of high-frequency traders (HFTs) – revolves around so-called “dark pools”, a trading venue where investors can trade stocks almost anonymously, preventing large block orders from influencing the market.Within a dark pool, investors do not have to contemporaneously reveal their buy or sell orders to others.The orders are therefore less likely to be picked off by HFTs looking to beat investors slower to react to new information.However, the lawsuit alleges Barclays not only allowed HFTs to trade in its own dark pool (Barclays LX) but encouraged them with unfair perquisites over other traders.The plaintiffs said the presence of so many predators within the pool meant institutional investors trading there suffered harm because share prices were influenced to their detriment.Meanwhile, Barclays’s marketing literature was claiming that very little of the trading within the dark pool was “aggressive”, when in fact, by May 2014, this kind of trading made up more than 30% of the activity, according to Barclays’s own analysis quoted in the court papers.The plaintiffs accused Barclays of deceit by concealment, unfair competition and false advertising.Furthermore, they claimed the exchanges rigged their markets in favour of the HFT firms, by offering products which shave infinitesimal fractions of a second off the time it takes to receive and respond to information from the exchanges.AP1 estimates it lost around SEK275m (€29.4m) over five years.However, the judge found the exchanges to be immune from the lawsuit, saying: “The SEC [which regulates the exchanges] has ample authority and ability to … address any improprieties by the exchanges.”He also said the plaintiffs failed to adequately plead that Barclays committed any manipulative acts, “and their claims do not allege reasonable reliance [on Barclays’s statements]”.An appeal has been lodged, but AP1 has now said it will step down as lead plaintiff if the appeal is heard in the courts, although it will remain as a passive member of the class if a court certifies it.Ossian Ekdahl, head of communication and ESG at AP1, said the main reason was the management time that would have to be spent on the case.“Up until now,” he said, “we have not spent too much time on the case, but if we take it further, the amount of time needed will be significant.”But he said no monetary considerations were involved, as AP1’s lawyers are paid on a no-win, no-fee basis.Ekdahl added that, besides recovery of presumed losses, AP1’s involvement in the lawsuit was also motivated by a desire to uphold fair trading standards for all market participants.“All institutions and individuals who have purchased US equities have suffered losses because of the actions taken by the firms,” he said.“Because AP1 is a major player in many of the world’s stock exchanges, it is important for us to promote exchange trading functions in a beneficial and fair way, so that no players can enrich themselves at the expense of others.” Swedish buffer fund AP1 has stepped down as lead plaintiff in a US class action against 40 securities brokers, high-frequency traders and exchanges, in view of a possible appeal, after a New York judge dismissed the case.Jesse Furman, US district judge, Southern District of New York, said the lawsuit, which was consolidated from five separate cases, was primarily a matter for the financial market regulators.Other lead plaintiffs include the City of Providence Rhode Island, and the Plumbers and Pipefitters National Pension Fund.Defendants include Barclays Capital, the New York Stock Exchange, Nasdaq and Bats Global Markets.last_img read more

Hapag-Lloyd Secures USD 113 Mn Loan

first_imgMoving forward with the implementation of its Strategy 2023, German shipping company Hapag-Lloyd has entered into a new EUR 100 million (USD 112.8 million) revolving credit facility.As informed, the facility is to be made available for utilization from June 14, 2019, for different maturities up to 18 months and subject to up to two years extension.“Hapag-Lloyd AG may use the financing from the facility for general corporate purposes and to optimize its debt maturity profile and cost of capital, in line with its strategic objectives,” the company said.Hapag-Lloyd got the first quarter of this year off to a good start as it reported a significantly higher operating profit. Earnings before interest and taxes (EBIT) increased to EUR 214 million for the period, compared to EUR 51 million reported in the same quarter a year earlier.In addition, the net result was at EUR 96 million, against a net loss of EUR 34 million seen in the first quarter of 2018.“We took the positive momentum of the second half of the year with us into 2019 and got the first quarter off to a strong start,” Rolf Habben Jansen, CEO of Hapag-Lloyd AG, said on June 12 when Hapag-Lloyd announced the re-election of Michael Behrendt to the supervisory board as a shareholder representative.“Looking ahead, we want to increase our revenues, further reduce debt and continue to implement our Strategy 2023,” Jansen concluded.Hapag-Lloyd has a fleet of 235 containerships with a total transport capacity of 1.7 million TEU.last_img read more

AGS inks Utsira data licensing deal

first_img Categories: AGS completed the Utsira multi-client ocean-bottom node survey in the North Sea in October last year. The Utsira OBN seismic data library is now in its final stage of data processing. Axxis Geo Solutions (AGS) has entered into a data licensing agreement with an undisclosed international oil company. The late sale is related to the company’s OBN seismic data library over Utsira in Norway. “We are encouraged to see new clients licensing the Utsira OBN multi-client library, and with data processing being finalized, we expect significant customer interest,” says CEO Ronny Bøhn. Posted: 11 months ago It deployed seven vessels including two vessels fitted with AGS proprietary node handling system. Posted: 11 months ago AGS and TGS Deliver Major OBN Survey Off Norway The Utsira OBN survey is also the world’s largest multi-client project of its kind. The program has set several production records. It also saw 140,000 node deployments and 3.8 million sources without any lost time incidents. The program is a joint effort with JV partner TGS and covers an area of approximately 1,600 square kilometres of full azimuth multi-client 3D seismic. Business & Finance Processing and delivery to pre-funding customers of the northern half of this landmark OBN multi-client survey in the Norwegian North Sea wrapped up in March last year. The complete survey should be ready for licensing during September 2020. last_img read more

Senior citizen hacked to death

first_imgBACOLOD City – A senior citizen washacked to death in Barangay Abaca, Cauayan, Negros Occidental. Fajardo was detained in the lockup cellof the Cauayan municipal police station, facing charges./PN According to police investigators, Tapilwas standing outside his house when Fajardo, who was under the influence ofliquor, hacked the victim using a bolo for no apparent reason. The 41-year-old resident Jolan Fajardowas tagged suspect.center_img The incident happened around 3:15 p.m.on March 21, it added. Police identified him as 70-year-oldresident Conelio Tapil. He sustained hack wounds on the neck, a police reportshowed.last_img read more

18 MLS players test positive for coronavirus

first_img The league is set to resume on July 8 with the start of the MLS is Back tournament, with each of the league’s teams heading to Orlando for a competition that will include a group stage and knockout rounds. Teams were able to begin training on June 4 and, since training began, a total of 668 players have been tested. On Sunday, MLS confirmed that, of those 668, 18 have received positive Polymerase Chain Reaction (PCR) tests prior to heading to Orlando. Prior to travelling to Orlando and entering the league’s isolated setup for the tournament, players and staff must complete an additional two PCR tests 24 hours apart and within approximately 72 hours of travel. After that, all of those travelling will be required to take another PCR test and will be quarantined until they receive the result of that test. Any individual who produced a positive test after arriving in Orlando will undergo a clinical assessment by a healthcare provider while also being moved to the isolation area of the hotel until receiving medical clearance. Starting on Tuesday, the league will begin providing updates every other day with testing results for all involved in the MLS is Back tournament. As of Sunday, three MLS clubs have already entered the league’s setup in Orlando: the San Jose Earthquakes, FC Dallas and hosts Orlando City. So far, a total of 329 people have been administered PCR tests on-site, with two tests producing positive results from players who had just arrived in Orlando. With the tournament nearing kickoff, all teams are required to be settled in Orlando within seven days of their opening match of the tournament. The tournament will make MLS the first major men’s professional sports league to return to play in the U.S., with the NWSL resuming play this past weekend. read also:Ronaldo assures Nani he will ‘probably’ play in MLS Hosts Orlando City will face local rivals Inter Miami in the first matchup of the tournament and the first matchup of the two Florida teams. Later that night, Inter Miami’s expansion partner Nashville SC will face the Chicago Fire. FacebookTwitterWhatsAppEmail分享 Loading… MLS has announced that 18 players and six staff members have received positive tests as the league prepares to return to play for the first time since the outbreak of the coronavirus. Promoted Content7 Ways To Understand Your Girlfriend BetterBirds Enjoy Living In A Gallery Space Created For Them7 Universities In The World With The Highest Market ValueDid You Know There’s A Black Hole In The Milky Way?Couples Who Celebrated Their Union In A Unique, Unforgettable WayWhy Go Veg? 7 Reasons To Do This7 Biggest Celebrity Endorsement DealsHere Are The Best Movies Since 1982 You Should Definitely SeeBest & Worst Celebrity Endorsed Games Ever Made7 Mind-Boggling Facts About Black HolesWhat Happens To Your Brain When You Play Too Much Video Games?The Very Last Bitcoin Will Be Mined Around 2140. Read Morelast_img read more

Guedioura blow for Eagles

first_imgCrystal Palace midfielder Adlene Guedioura will be sidelined for “at least six weeks” after puncturing a lung and breaking two ribs, caretaker manager Keith Millen has revealed. “It doesn’t look good for him – he’s fractured two ribs and it’s damaged his lung as well,” Millen told Advertiser Sport. “For cracked ribs, you’re looking at around at least six weeks out. “The trouble with cracked ribs is that you can’t exercise and you can’t get your heart and lungs going. “Some injuries, you can keep your cardiovascular fitness up, but with this injury you can’t do anything. “In four weeks’ time, if he can do some exercise and it’s not aggravating him, then great, he can.” Press Associationcenter_img The 27-year-old, who joined the Eagles from Nottingham Forest in the summer, was forced off midway through the first half of Saturday’s 2-0 Barclays Premier League defeat at West Brom. Guedioura collided with goalkeeper Boaz Myhill and, after receiving lengthy treatment, was carried from the pitch on a stretcher. last_img read more

Mary Parker memorial race to be held Oct. 14

first_imgBAR HARBOR — The Mary Parker Running for Rides Memorial 5K Race has been scheduled for Oct. 14.2017 marks the second year of the race, which began last year in honor of Parker, who worked at Island Connections for seven years before her cancer diagnosis forced her to retire. She passed away in April 2015.Last year, more than 50 participants came to race. As Parker was an avid dog lover, this year’s runners are strongly encouraged to bring their four-legged friends — as long as they’re kept on leashes.The race, which is limited to 100 participants, will be begin at 8 a.m. at Pat’s Pizza and go through Park Loop Road in Acadia National Park. For those who register in advance, the cost is $10 for children and $20 for adults. On race day, those costs increase to $15 and $25, respectively.This is placeholder textThis is placeholder textFor more information, contact Doreen Willett or Amy Roebuck at 288-4457.last_img read more

Paul Bassey to Lecture CAF Match Commissioners

first_img“Most match commissioners, referees, coordinators and other officers are yet to come to grasp with the CMS so we have to organise seminars like this to bring them up to date,” CAF source said monday.Paul Bassey, Chairman Akwa United and member NFF’s Technical and Development Committee was the designated General Coordinator for the botched Champions League clash between Zamalek and Setif.The veteran journalist in the past three years has being the lead resource person in the NFF Pre- season match commissioners’ seminar.Chairman Technical Committee and Board Member of the NFF, Chris Green, will be a participant in the Cairo Seminar.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram The Confederation of African Football (CAF) has invited Nigeria’s Paul Bassey to superintend over the CAF Match Commissioners seminar scheduled for Cairo from July 11 to 17.A letter from the African soccer ruling body invited the respected FIFA and CAF match commissioner to serve as an instructor for the match commissioners who have been invited by CAF to come and refresh their knowledge of the round leather game as the sport gets sophisticated by the day.CAF it will be recalled is in the vanguard of technological match assessment and reporting with the institution of the CAF Competitions Management System (CMS) which is an online reporting tool for match officials.last_img read more

Russia 2018: Buhari, Saraki, Dogara Congratulate S’ Eagles on Qualification

first_imgOmololu Ogunmade, Damilola Oyedele and James Emejo in AbujaPresident Muhammadu Buhari led congratulatory messages streaming from across the country as the Super Eagles of Nigeria defeated the Chipolopolo of Zambia at the Godswill Akpabio International Stadium, Uyo, saturday to qualify for the Russia 2018 World Cup. The president, according a statement by his chief spokesman, Mr. Femi Adesina, described “the hard-earned” victory of the Eagles as “very sweet, soothing and a 57th Independence Anniversary gift to the nation.”The president applauded the team for being the first African country to qualify for Russia 2018 FIFA World Cup tournament, with a match left to play.Adesina also said the president joined millions of football-loving Nigerians to rejoice with the players and their coaching crew and called on all Nigerians to apply the values of perseverance, resilience, discipline, hard work and team-spirit which he said propelled the footballers to excel since the beginning of the qualifying matches, to all sectors of national life.“The President promised that the Federal Government will continue to support the team within available resources so that the nation will maximise the unifying potentials of sports in general and football in particular.“He enjoined the entire team and Nigerian Football Federation (NFF) officials to remain steadfast and focused when they begin preparations for the global football fiesta in order to make Nigeria proud.“President Buhari urged public, private organisations and well-meaning Nigerians to continue to assist the Super Eagles as the team heads for a sixth appearance at the summit of football competition.“The President also appreciates the government of Akwa Ibom State for the invaluable support it has been rendering to the football team, describing it as worthy of emulation,” the statement added.Meanwhile, Senate President, Dr. Abubakar Bukola Saraki, also congratulated the Super Eagles and all Nigerians on the nation’s qualification for the World Cup.Saraki, in a statement signed by his Special Adviser on Media & Publicity, Yusuph Olaniyonu, said that being in Uyo to witness first-hand the dedication, poise and consistency of our players has given hope to all Nigerians that our team will represent Africa well at the next World Cup.“I want to congratulate our players for the way that they have played throughout this whole qualifying phase,” the President of the Senate said, “It is my hope, and the hope of millions across the country that our Super Eagles will represent our nation and the continent well at next year’s World Cup.“It was great to have been in Uyo to cheer you on to victory,” Saraki stated.The President of the Senate also stated that the Senate would work to ensure that our players are well equipped and well-prepared for the 2018 outing, while also urging the Nigerian Football Federation and the Ministry of Sports to not take its feet off the pedal ahead of 2018.“Right now, we must begin to plan and work towards victory for our Super Eagles,” Saraki said, “They have made us proud on the field, now, the NFF, the Ministry of Sports, the sponsors, and all concerned stakeholders must work together to ensure that our players and the team thrive at the World Cup.“As our players continue to make us all proud and demonstrate the greatness in our diversity, I want to also congratulate all Nigerians. We can truly achieve great things when we come together.”Speaker of the House of Representatives, Hon. Yakubu Dogara, also congratulated the team.In a statement issued by Turaki Hassan, his Special Adviser on Media and Public Affairs, Dogara hailed members of the national team for their dedication and patriotism, and commitment to doing Nigeria proud.He said: “The Super Eagles have once again made us all very proud. Being the first African team to qualify for the World Cup is no small feat, and the sense of patriotism and dedication to national duty must be commended by all.”He further pledged the commitment of the House of Representatives to prioritising sports development and ensuring better welfare for athletes.According to him: “The team can rest assured that they will always have the support of the House, as we’ve proven over time that the welfare of our athletes and development of sports in the country are of utmost importance to us.”“They have done a great job flying the Nigerian flag and we wish them success at the World Cup tournament in Russia next year.”The Speaker called for early preparations for the 2018 World Cup.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more

MLAX : EIGHT BALL: Adjustment in offensive plan leads SU to 8 4th-quarter goals in blowout of Friars

first_imgFOXBORO, Mass. — John Desko had seen enough of his team unsuccessfully trying to read Providence’s defensive changes. Standing around and waiting wasn’t working, and the scoreboard showed it.‘The defenses kind of make you do that, you have to kind of see what they’re in,’ said Desko, Syracuse’s head coach. ‘We thought we could take advantage of their slides in the first half, and we said the heck with it. We’ll start moving.’Syracuse broke out in the second half with nine consecutive goals — including eight in the fourth quarter — to beat Providence 13-3 in front of 5,316 in the New England Lacrosse Classic at Gillette Stadium. At the same time, the Orange defense held the Friars scoreless after the first quarter. For a while, Providence held the No. 1 Orange (10-1, 3-0 Big East) in check. In the end, though, the score looked just as badly as it usually does for the Friars (3-8, 0-3 Big East). Syracuse has completely dominated Providence in the last three games the two teams have played, with the Orange outscoring the Friars 49-11. So as the game went into halftime Saturday, the score reflected a surprising move away from those gaudy numbers.With the score 4-3 in favor of SU, the offensive struggles against lowly Providence called for a switch of the game plan. The Orange couldn’t figure out PC’s defensive schemes. At one moment, it would be man to man. The next, zone. Not making anything easier was the fact that Syracuse’s worst minutes were Providence’s best.AdvertisementThis is placeholder textThe Friars scored their only three goals in the opening 10 minutes of the game. Providence also tried at times to limit SU’s scoring by holding the ball, just as it did in last season’s game. With a little less than two minutes remaining and the score knotted at 3-3, Friar midfielder Steve Lydon took the ball behind the net and ran back and forth or stood in one place, but never passed. SU had to figure out a way to respond.‘We kind of switched up our offense a little bit,’ said SU attack Stephen Keogh, who had three goals and two assists. ‘We just started getting more movement and being unselfish, just throwing the ball around quickly. It was a little too close early, but we pulled away.’For most of the first half, the Orange stood around in its offensive zone. There was very little ball movement, as SU tried to take advantage of the Friars’ defensive slides. Syracuse took shots from the outside, but many of them were inaccurate and sailed high over the top of the net and went out of bounds. In the first half, SU took 19 shots but scored only four goals.Providence had Syracuse guessing, but the Orange wasn’t able to guess right. That’s what called for the switch of the offense, and in the fourth quarter, it broke out in a big way. Ball movement became key as the Orange passed the ball around the zone to create opportunities.With just less than 12 minutes remaining and the score at 6-3, midfielder Jeremy Thompson had the ball and stood about 20 yards in front of the net. He sent a 10-yard pass straight up the middle of the field to Keogh, who then turned around and fired a shot into the cage to give SU a four-goal advantage. That goal started a barrage of rapid-fire goals.‘You knew the offense had it in them,’ Syracuse goaltender John Galloway said. ‘It was just waiting to break out.’Even Galloway got involved in SU’s offense, sending a long pass across the field to long-stick midfielder Joel White in the fourth quarter in a clearing situation. White took the pass and quickly converted a goal. At that point of the game, SU’s scoring troubles were virtually obsolete.In a span of two minutes and 13 seconds, the Orange scored four goals. That was a stark contrast to the 15-minute stretch in the third quarter and the start of the fourth, when it failed to find the back of the net. Within a couple of minutes, the game went from a surprising defensive battle to the blowout that was expected.‘We just kind of went with it,’ Desko said. ‘We changed our offense in the fourth quarter, and fortunately it broke free in the fourth quarter with a bunch of goals.’cjiseman@syr.edu Facebook Twitter Google+ Published on April 15, 2011 at 12:00 pm Contact Chris: cjiseman@syr.edu | @chris_isemancenter_img Commentslast_img read more