The manager of Norway’s sovereign wealth fund, the Government Pension Fund Global (GPFG), says the fragmentation and increased competition in the stock exchange sector has led to “worrying developments”, and that exchanges must adapt to new circumstances.In a research note on the role of exchanges in well-functioning markets, Norges Bank Investment Management (NBIM), which manages the NOK7.2trn (€793bn) fund, said it wanted exchanges to consider changes, such as a return to local exchanges.NBIM said: “We view exchanges as critical to well-functioning markets, both in their function as listing venues, and as the final arbiter of the price discovery process. “However, if they are to re-assert their central role, they must adapt and innovate to enhance their attractiveness to institutional investors who have supplanted the many small retail investors that exchanges were originally designed to serve,” it said. Its main concerns were that stiffer competition between exchanges and alternative trading systems could lead to poorer regulation and governance and that the efforts by exchanges and dealers to keep up with the speed race could end up harming all market participants.“For-profit exchanges are now challenged to maintain their regulatory and corporate governance duties in this competitive landscape,” it said.As an example of how the push to increase speed of communications could be detrimental, NBIM cited the current speed race amongst providers of network infrastructure, so-called microwave data-link providers.These providers were able to earn increasingly “super-normal” profits, it believed, to the detriment of all financial market participants. “We support efforts to remove complexity that leads to this form of over-investment,” the manager said.”We view the current latency race as ultimately a dead-end,” it said.Efforts by exchanges to increase availability of liquidity in size would be welcome, it said.“Supporting the development of batch auctions and experimenting with size versus time priority models are all initiatives in the right direction, in our view,” it said.NBIM also said it was worried about the fall in the number of listings in the US and Europe in recent years.“We do not believe economies benefit when going public simply means cashing in, rather than raising capital,” it said.It added: “We encourage exchanges to develop new solutions in this area, be they in the form of new listing classes, or potentially even a return to local exchanges.”,WebsitesWe are not responsible for the content of external sitesLink to NBIM research note
TUCSON, Ariz. — Any hopes then-No. 9 USC had of playing in Miami for the BCS National Title game are essentially gone.Trailing by three points, the Trojans were unable to convert a late Hail Mary attempt as time expired, losing 39-36 at Arizona Stadium.Tough to take · USC junior wide receiver Robert Woods walks off the field after losing to Arizona, 36-39. Despite a USC-record 493 passing yards from senior quarterback Matt Barkley, the Trojans were unable to hold off the Wildcats. – Carlo Acenas | Daily TrojanDespite a school-record 345 receiving yards from sophomore wide receiver Marqise Lee, the Trojans’ 13 penalties and five turnovers ultimately led to their downfall.“It was a very discouraging loss today,” USC coach Lane Kiffin said. “We made a lot of mistakes and weren’t able to catch up.”The game was filled with penalties and strange calls for USC (6-2, 4-2) from the onset. After receiving the opening kickoff, junior running back Silas Redd appeared to score on a 34-yard touchdown run, but officials ruled he was down after he spun off an Arizona defender and his elbow touched the ground.Senior quarterback Matt Barkley, who threw for a school-record 493 yards on the afternoon to go along with his three touchdown passes, was intercepted off a tipped pass with 9:15 left in the first quarter. A taunting penalty by senior safety T.J. McDonald left the Trojans’s defense on the field after what should have been a three-and-out. Arizona quarterback Matt Scott threw an eight-yard touchdown later on in the drive, to make it 7-0 for the Wildcats.Lee caught a 57-yard pass on first-and-30 later in the first quarter. But on fourth-and-2, Barkley missed sophomore tight end Xavier Grimble in the end zone and the Trojans gave the ball back to Arizona (5-3, 1-3). The Wildcats finished the opening frame up 10-0.“We made plays out there; there’s no question about the playmaking of our guys,” Barkley said. “But we just kept cheating ourselves early in the game.”The second quarter didn’t start much better for the Trojans, as Redd fumbled at the Arizona 10-yard line. The Trojans’ defense held, however, and forced a Wildcat punt.With 11:12 left in the half, Lee caught another deep pass, this one for 50 yards. The Trojans scored with a little more than 10 minutes left when Barkley hit Grimble in the flat, after which he took it upfield.Barkley was intercepted on the next Trojan drive, though, giving the Wildcats the ball at the 34-yard line. But Arizona failed to convert a fourth-and-5, and Lee again made a highlight-reel play on the ensuing possession.Lee took a short slant pass 49 yards and blazed past Wildcat defenders, giving the Trojans their first lead of the day at 14-10. Starling intercepted a Scott pass but was stripped by an Arizona player, which gave the Wildcats the ball at the 28-yard line. Arizona made the most of it by hitting a 44-yard field goal to cut the Trojan lead to one.After a couple more big plays from Lee, D.J. Morgan took it in from the three-yard line. USC took a 21-13 lead into the locker room.“We all know he’s a special player,” Barkley said of Lee. “All the yards after the catch and what he can do with the ball.”Things looked as if they might have finally turned around for the Trojans after halftime, as they got off to a fast start in the third quarter. Lee caught a 44-yard touchdown to break R. Jay Soward’s school record of 260 yards and Mike Hass’ conference record of 293 receiving yards in a game.The Wildcats, as was the theme the entire game, responded with four minutes left in the third. Scott scored on a quarterback draw to bring Arizona closer at 28-20. Sophomore running back D.J. Morgan fumbled on the next drive and the Wildcats capitalized with a touchdown pass from Scott to receiver Dan Buckner. They missed the two-point conversion, trailing the Trojans 28-26.The fourth quarter, however, was when things fell apart.Arizona took a 32-28 lead with 10:46 left in the fourth after the Trojans failed to convert a fourth-and-two attempt. They scored again on Scott’s third scoring pass of the day with just under six minutes left in the game.“They did what they had to do to win,” junior cornerback Nickell Robey said. “We gave a lot of effort and we played the best game we can play. The effort level we had today was remarkable.”Lee returned the ensuing kickoff 72 yards, and the Trojans scored on a 10-yard touchdown run from Redd. USC converted a two-point try on a pass to Lee, bringing the Arizona lead to just 39-36.That was as close as it would get, though.The Trojans got the ball back with just under a minute left, and had the chance to win the game on a last second Hail Mary. Lee had a chance to secure a jump ball in the endzone as time expired, but lost the ball in a scrum of Arizona defenders.“You never know. Those are kind of throw-up plays,” Barkley said of the last-second heave. “I don’t think it should have come down to a play like that in the first place. It’s unfortunate that it did.”After the disappointing loss, the Trojans face No. 4 Oregon on Nov. 3 at the Los Angeles Memorial Coliseum.“At the end of the day, we didn’t make the plays — all the credit to Arizona,” sophomore cornerback Josh Shaw said. “Now we’ve just got to regroup, come back and we have a big week ahead. Guys are kind of down right now … but we’ll come back.”Kickoff for the next game, which will be televised on FOX, is set for 4 p.m.
New defensive coordinator Dave Aranda comes to Wisconsin after just one season at Utah State where the Aggies surrendered just 15.4 ppg.[/media-credit]During his 18 years as a football coach, first-year Wisconsin defensive coordinator Dave Aranda has been with several different schools and in a number of different systems, but one thing has remained constant: His players get to the ball.Aranda has been coaching football for nearly his entire adult life, starting his career in 1995, just a year after graduating from high school. He coached as a graduate assistant all through his college career at California Lutheran. Since then, Aranda has coached at eight different schools and has been a defensive coordinator for five years.Although coaching has now become a part of his life, Aranda didn’t always have his sights set on being a football coach, saying, “it just kind of happened.”Now, Aranda’s defenses are feared because of the pressure he puts on the offense with his intense blitzing packages. The California native credits his high-pressure defensive style to one of his mentors, Greg McMackin.“I was a [graduate assistant] for [McMackin] at Texas Tech and I coached for him at Hawaii. He was a blitz guy and he was a score-touchdowns-on-defense guy, he was a get takeaways type guy and get sacks,” Aranda said. “So those were the type of things that have been kind of imprinted early on. Those are things that we try to impress on people here.”Aranda took McMackin’s fast-paced style of defense and ran with it, becoming one of the most successful defensive coordinators in college football in recent years.In his first season as defensive coordinator at Hawaii in 2010, Aranda’s Warriors led the country with 38 takeaways. Aranda then caught the eye of head coach Gary Andersen at Utah State where he manned the Aggies’ defense in 2012 and turned out the eighth-best defense in the land, allowing just 15.4 points per game.Wisconsin safeties coach Bill Busch, who coached with Aranda under Andersen at Utah State, says it is Aranda’s attention to detail and love for the game that has made him so effective.“The thing that comes to mind first is his great attention to detail in every aspect of the defensive game,” Busch said. “Not just third down, not just first down, pass rush, everything.“He’s a full defensive coordinator. He knows every aspect of every position on the field better than anyone I’ve ever seen. Probably the next thing would be that he is an absolute football rat. Given the choice between a vacation in Belize or watching some NFL film, he’d be watching NFL film. That’s just how he operates and he’s just a great guy to work with.”Aranda now inherits a Wisconsin team that was ranked 17th in points allowed a season ago, giving up an average of 19.1 points per game.The defensive coordinator has already made an impression on his new team and players with his preparation and knowledge of the game.“He’s obviously a really intellectual guy,” fifth-year senior linebacker Tyler Dippel said. “He really knows how to break down an offensive scheme. He really knows how to attack protections and that’s something that you can see in just the past couple of weeks of spring ball.”And while Aranda isn’t the type of coach who will fire players up with his energy and enthusiasm, Busch says he connects with his players through his understanding of the game.“He’s so knowledgable about everything that is going on out there, so automatically the kids just gravitate to him because they all know, because we have such intelligent group of kids here from all positions, that he can make them better,” Busch said.As if the Wisconsin players and coaches didn’t already have enough to rave about when Aranda came to Madison with all of his recent defensive successes, now that they are actually getting to see and play in the new 3-4 defense Aranda has installed they couldn’t be happier.“You see guys coming free like they’ve never come free before,” Dippel said. “The thing about his defense is, I don’t want to say it’s not structured, but it’s not as structured as things we’ve used in the past. Guys have a lot more freedom to go make plays and to go out of their primary gap and go to their secondary gap and do things like that. So, that allows you to make a lot more plays and it’s actually a lot more fun for guys like that.”In just eight years, Aranda went from coaching high school football to coaching the defense of one of the premier programs in the Big Ten. And while the turnover-hungry defensive coordinator has accomplished so much in his career, he has spent too much time preparing himself and his team to look back and reminisce at what he has been able to do.“I guess [looking back at my success] would be something cool to do, but you’ve got to watch the film, you’ve got to get corrections, you’ve got to talk to this kid so he knows how important it is for him to do this or to be that,” Aranda said. “So, there’s always work to be had. It’s a full-time job but I love it. I wouldn’t do anything else.”