| June 29, 2021 | "Irreverent, but never irrelevant" | | | | John Lothian
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Hits & Takes
JLN Staff
At exchanges of yesteryear there were members and exchange leaders with outsized personalities. There were also quieter professionals behind the scenes doing their jobs that impacted the success of the exchange in innumerable ways. The late Dea Hansen was one of the latter. She recently passed away after a long battle with Alzheimer's.
Dea Hansen was the manager of the visitor's gallery at the Chicago Board of Trade for many years, where she touched the lives of thousands of people who came to the exchange to see the people in brightly colored jackets jump and shout and make markets on the trading floor below. She loved the CBOT and the industry, Ray Carmichael told me. "Dea was perhaps one of the most gracious, loving, dedicated, stalwart people to work with. I count working with her as one the greatest blessings of my career and life, " said Carmichael, her former supervisor. "She helped celebrate the accomplishments and foundations of the industry with grace and class."
"She managed the CBOT visitors gallery like a museum docent. She was one of the finest managers I ever experienced as I watched her show kindness and high expectations to each person - always treating them as decent human beings (even the most difficult ones). I don't believe I ever heard a discouraging or disparaging word out of her mouth in the 10 years I worked with her even when she was managing receptions for hundreds of people," he added.
I am personally very appreciative of Ms. Hansen and her work. It was a sophomore year of high school visit to the CBOT and the old visitor's gallery over the 1929 trading floor that influenced me to come to work in the futures industry. Thank you Dea Hansen and may God bless you! Here is a link for her obituary.
The Futures For Kids golf day is back after the pandemic forced the cancellation of the annual event last year. The popular event will be held on Monday, September 6, at the Royal Blackheath Golf Club in London. This is your opportunity to win the prestigious Bob Ray Memorial Trophy, named after the late CBOT and CME Group executive. If you are interested in participating or just joining the gaggle of golfers for lunch, send an email to [email protected]
Bloomberg has an illustrated story titled "How Thieves Stole $40 Million of Copper by Spray-Painting Rocks In Turkey," by Andy Hoffman and Benedikt Kammel and illustrated by Dorothy Gambrell. If you are a fan of illustrated superhero books, you will like this.
-- Bloomberg
Are you a fintech innovator startup? The FIA is looking for you for their Innovators Pavilion at the Futures and Options Expo 2021, billed by the FIA as the "industry's largest and most comprehensive conference and trade show." The conference is November 2 to 4 at the Hilton Chicago. All selected fintech startups will participate in a pitch competition and one will be named the FIA Innovator of the Year. In addition, Expo attendees, including senior executives from exchanges, clearinghouses, banks, brokers and trading firms, will vote for the People's Choice Award winner. Apply HERE
There were no new donations to the JLN MarketsWiki Education GoFundMe campaign. Support our efforts to preserve industry history by giving to our GoFundMe campaign.
Yesterday I interviewed a 40-year member of the NYSE, Kenny Polcari, for the Open Outcry Traders HIstory Project. Polcari is my age and it was amazing to hear his career story spanning the same issues and obstacles I encountered. He gave a very animated interview, which if you know Polcari is an understatement.
Former NYMEX member and FOX News host Eric Bolling is set to host a new show on Newsmax, according to the New York Times. Bolling is a big fan of former President Donald Trump, who recently was an anchor at Sinclair Broadcasting Group. -- NY Times
Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL
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The U.K.'s financial markets regulator, the Financial Conduct Authority, stirred up the financial headline writers yesterday with a warning over the weekend about the local subsidiary of Binance, the largest cryptocurrency trading platform in the world. Per a Financial Times headline, "Financial watchdog bans crypto exchange Binance from UK." Bloomberg announced, "U.K. Bans Crypto Exchange Operator Binance," calling it "one of the most significant regulatory moves to date against a cryptocurrency exchange." Yet none of that seems quite accurate. The FCA's announcement states that the agency does not "regulate cryptoassets like Bitcoin or Ether," just derivatives trading and assets that are securities. Furthermore, as of June 28, the Binance.UK website was devoid of trading opportunities of any type, with a simple statement, "COMING SOON." Spot trading of bitcoin on Binance seems unaffected by the FCA's statement. It remains unclear what prompted the FCA's sudden announcement, which can be found here. ~Thom Thompson
Cedric Chanu, a former Deutsche Bank metals trader, was sentenced yesterday to 12 months and a day of incarceration for his part in spoofing CME Group's gold and silver markets. His associate at the bank, James Vorley, received the same sentence last week. Chanu's attorney drew the court's attention to the fact that the Department of Justice's deep pockets afforded the prosecution $1.6 million for outside experts to bolster its case against an impecunious defendant, whose defense Deutsche Bank was not subsidizing. Deutsche Bank earlier pleaded guilty to related charges. ~Thom Thompson
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Delta variant is forcing officials to rethink Covid-19 measures, even for the vaccinated
Madeline Holcombe - CNN
The more dangerous and more transmissible Delta variant has spread to nearly every state in the US, feeding health experts' concern over potential Covid-19 spikes in the fall. The variant was first identified in India and is now considered a variant of concern by the US Centers for Disease Control and Prevention, meaning scientists believe it can spread more easily or cause more severe disease.
/cnn.it/3A3aYLk
****** Be safe, keep your distance, wash your hands, wear a mask when indoors.~JJL
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Wall Street Bosses Wants Their Workers Back. That's Good For The King Of Falafel
David Gura - NPR
You may assume Wall Street boss James Gorman and falafel maker David Shadaha don't have much in common. But after months of remote work, they share a goal: to get bankers back into their New York buildings. With a few exceptions, major Wall Street banks are already moving to resume office work as long as workers are vaccinated. Gorman, Morgan Stanley's chairman and CEO, expects most of his staff to be back by Labor Day.
/n.pr/3hheol5
*****What is good for the King of Falafel is good for Wall Street!~JJL
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It's so hot in the Pacific Northwest that roads are buckling
Amy Graff - SFGATE
It's so hot in the Pacific Northwest that roads are buckling. Asphalt and concrete roadways are expanding and cracking and even Interstate 5 has been impacted amid a heat wave that has sent temperatures soaring to dangerous levels.
/bit.ly/3jmyQ6Q
*****There is a bubble over the Northwest that is a once-in-a-thousand-years occurrence.~JJL
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Murphy & McGonigle Announces Leadership Transition; Shareholder Elizabeth Lan Davis Elected to Succeed Co-Founder and Chairman James Murphy
Murphy & McGonigle
Financial services law firm Murphy & McGonigle today announced a leadership transition with the election of Elizabeth Lan Davis, 47, as Chair and President of the firm. Ms. Davis, whose three-year term begins Sept. 1, 2021, will succeed firm Co-Founder James Murphy, 57, who has served in those roles since the firm's inception in 2010. The selection of Ms. Davis as the firm's first woman of color to lead Murphy & McGonigle was conducted by a shareholder vote, which took place on June 25. Ms. Davis is based in the firm's Washington, DC office.
/bit.ly/35XsQcN
***** Congratulations to Murphy & McGonigle and Elizabeth Lan Davis on this historic move.~JJL
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Wall Street Rides FAR Names T. Rowe Price and NEO Exchange Executives to Board of Directors; Marc Wyatt and Jos Schmitt's appointments underscore Wall Street Rides FAR's continued growth, both globally and across the spectrum of market participants
Wall Street Rides FAR
Wall Street Rides FAR (For Autism Research), the annual charity cycling and walking event benefiting the Autism Science Foundation (ASF), today announced the appointments of Marc Wyatt, Head of Global Trading at T. Rowe Price, and Jos Schmitt, President & CEO of the NEO Exchange, a Tier 1 Canadian stock exchange, to its Board of Directors.
/bit.ly/3qIFAOd
***** Wall Street Rides FAR's reach is farther!~JJL
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Monday's Top Three
Monday's most-clicked story was from JLN, The Innovator's Dilemma Meets Fertik's Law, an opinion piece by John Lothian. The second most read was from the Wall Street Journal, Whistleblower Thought He Would Get a Big Payout. Instead He Got Nothing and Went Broke. And third was from Yahoo Finance, Prop Trader Hudson River Reaps $1 Billion in Frenzied Quarter, which highlighted one trading firm's abundant first quarter.
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MarketsWiki Stats
26,430 pages; 234,000 edits
MarketsWiki Statistics
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| Lead Stories | R.J. O'Brien Promotes Staniford to President; First to Hold Role since 2009
R.J. O'Brien & Associates
Chicago-based R.J. O'Brien & Associates (RJO), the oldest and largest independent futures brokerage and clearing firm in the United States, today announced that Daniel Staniford has been promoted to President, acting on behalf of RJO and all of its global affiliates and related entities, including JVMC Holdings Corp., its parent company. Staniford will also retain his role as RJO Chief Sales Officer, continuing to report to Gerald Corcoran, Chairman and CEO of RJO, acting on a group-wide basis. The promotion is effective immediately. The position of President has not existed at the company since 2009, and the firm's global presence now includes affiliates and offices in the UK, Dubai, France, China and Canada.
/prn.to/3dsXBdU
Deutsche Börse Moves Into Crypto Custody With $108.6M+ Buy of Crypto Finance AG Stake; The exchange said the deal extends its offering for digital assets by providing a direct entry point for investments, including custody.
Kevin Reynolds, Ian Allison - Coindesk
Deutsche Börse Group said it has agreed to buy a two-thirds stake in Crypto Finance AG for more than $108.6 million, moving the Germany-based exchange deeper into the cryptocurrency asset class by allowing it to now offer custody and other crypto-related services to institutional and professional clients.
/bit.ly/3xZMjFy
UBS Says Hybrid Work Is Here to Stay; Some other banks are pushing for employees to return to the office
Margot Patrick - WSJ
UBS Group AG UBS -0.83% will allow around two-thirds of its staff to mix working from home and the office as an employment perk after determining it won't hurt productivity. The Swiss bank, a big employer in several countries including the U.S., told staff on Monday about its commitment to flexible working. It marks a departure from other major banks, including Morgan Stanley, Bank of America Corp. and Goldman Sachs Group Inc., that are pressuring employees to return to the office as coronavirus lockdowns and safety measures ease.
/on.wsj.com/2UGalqQ
A Reckoning for Binance and Other 'Global' Exchanges; The biggest crypto exchanges have grown by working around national regulators. Regulators are starting to take notice.
David Z. Morris - Coindesk
This weekend saw a cluster of enforcement actions or related impacts against Binance, the world's largest cryptocurrency retail exchange. They may be a preview of bigger trouble for Binance and other exchanges that have spent years testing the boundaries of financial regulation worldwide. The first drumbeat came on Friday, when Japan's Financial Services Authority warned Binance it was providing financial services to Japanese citizens without proper registration. On Saturday, the U.K.'s Financial Conduct Authority issued a similar warning against Binance Markets Ltd., an entity through which Binance has tried to offer regulated U.K. services. Then on Sunday, Binance announced that it would stop offering services in Ontario after the Canadian province issued warnings or actions against the exchanges Bybit, KuCoin and Poloniex.
/bit.ly/2Tly4w6
Nasdaq and broker Marex team up to sell commodities data
Eric Onstad - Reuters
Data provider Quandl, owned by U.S. exchange operator Nasdaq Inc (NDAQ.O), has agreed a deal to distribute a wide range of commodities data compiled by broker Marex, including speculative positioning estimates.
/reut.rs/3h1xcWA
Dairy.com Acquires ever.ag, Uniting 30 Years of Expertise from Proven Agribusiness Innovators; Partnership Offers Dairy, Grains, and Livestock Sectors Unrivaled Portfolio of AgTech Software, Services, Risk Management Options, and Market Intelligence Resources
Dairy.com
In response to growing demand, competition, and complexity in the agribusiness industry, Dairy.com today announced that it has acquired ever.ag, a leading provider of crop insurance, commodity brokerage, technology, and other services for the dairy, grain and livestock sectors. The acquisition brings together proven innovators the agriculture industry has trusted for three decades. Their combined efforts will offer customers an unrivaled portfolio of AgTech software, risk management resources, services, and market intelligence offerings.
/bit.ly/3y6iCmk
EU watchdog takes deep dive into banks' use of tech
Huw Jones - Reuters
Banks' increasing dependence on 'RegTech' technology to automate fraud checks and send data to regulators may need common rules to encourage wider use, the European Union's banking watchdog said on Tuesday.
/reut.rs/3h17guk
Goldman, Blankfein, Cohn must face shareholder lawsuit over 1MDB scandal
Jonathan Stempel - Reuters
Goldman Sachs Group Inc (GS.N) and two former top executives were ordered by a U.S. judge on Monday to face a lawsuit accusing them of misleading shareholders about the bank's work for 1MDB, a Malaysian fund that became embroiled in a corruption scandal.
/reut.rs/35XdOnd
How Nasdaq's Adena Friedman Boosted the Stock 35% and Is Bringing More Integrity to Markets
Carleton English - Barron's
Nasdaq is charging ahead, after keeping its markets running smoothly last year with nearly all employees working remotely. The exchange operator's shares have soared 35% this year as the company continues to win new business. And that's coming off an impressive 2020, which saw net revenue surge 15%, leading to a 20% jump in net income. Shares currently trade at 25.5 times forward earnings.
/bit.ly/3A9qKnT
Archegos revealed flaws of markets that still need to be tackled; Systemic problems around the use of collateral in trading remain
Satyajit Das - FT
The teeth gnashing and hand wringing in the aftermath of the problems at Archegos misses a fundamental problem that is still to be addressed — misuse of collateral.
/on.ft.com/3wZFvI5
Online broker eToro predicts more crypto regulation ahead; CEO of fast-growing trading platform says rulemakers need to do more to understand digital coins
Madison Darbyshire and Joshua Franklin - FT
The chief executive of eToro, the fast-growing equity, derivatives and cryptocurrency trading platform, expects regulators to impose new rules to protect investors in bitcoin and other digital currencies, following actions such as the UK's clampdown on the crypto exchange Binance.
/on.ft.com/3h4cLIF
Singapore Grapples With Reopening Plans as Its Rivals Move On
Faris Mokhtar and Philip Heijmans - Bloomberg
Commitment to reopen lacks timeline, lags other finance hubs; Rival city Hong Kong to ease travel restrictions this week
Singapore, traditionally a global beacon of openness and connectedness, is grappling with how to chart a path through the lingering Covid-19 pandemic as officials worry that any significant relaxation will compromise their hard-won success against the virus.
/bloom.bg/3x490sp
Paris gets new JPMorgan trading hub in post-Brexit push
Reuters Staff
French President Emmanuel Macron inaugurated JPMorgan's new trading hub in Paris on Tuesday, as France pitches for more banking jobs and tries to lure finance workers looking to leave London after Brexit.
/reut.rs/3y78euS
A top Fed official says digital currency may be the money equivalent of parachute pants.
Jeanna Smialek - NY Times
Randal K. Quarles, the Federal Reserve's vice chair for supervision, suggested on Monday that the global rush to research and develop central bank digital currencies — often called C.B.D.C.s — reminds him of another four-letter abbreviation. Fear of missing out, or, as it is better known, FOMO.
/nyti.ms/2TiIv3x
Fed officials express skepticism about a U.S. central bank digital currency
Jonnelle Marte - Reuters
Two Federal Reserve officials on Monday expressed strong skepticism about the need for the central bank to issue a digital currency, saying that many dollar transactions are already virtual and some of the potential benefits of an official digital currency may be accomplished through other means.
/yhoo.it/3y6ohZA
Binance/FCA: watchdog's crypto trading ban lacks bite; Regulators are becoming increasingly rattled as cryptos edge towards the financial mainstream
LEX - FT
Print this page
Regulatory rulings are proving as cryptic as the electronic currencies they are struggling to police. Apparently hardline action from the UK's financial watchdog against Binance loses its bite on closer inspection. The intrinsic ambiguities of cryptos mean plenty more headaches lie ahead for officialdom. The Financial Conduct Authority (FCA) has declared that crypto platform Binance and its UK subsidiary cannot tout for business in the UK and must make it clear that business is unregulated. Critics say cryptos can be deployed for money laundering, a big focus for the FCA, among other illegal purposes.
/on.ft.com/3hhqYAP
Equity commissions in Europe surge 19% from 2019 on market volatility; Bloomberg Intelligence report that polled equity heads and senior traders suggests commissions in Europe will rise 8.8% this year following a period of decline.
Hayley McDowell - The Trade
The global pandemic and market volatility has caused a surge in European equity commissions following a several years of decline, according to a report from Bloomberg Intelligence. Bloomberg polled 87 European institutional equity heads and senior traders and found that a majority of 53% believe their commission payments will increase this year, while 65% expect their value traded in 2021 to also rise.
/bit.ly/3dsVGpI
TP ICAP to launch crypto trading platform with Fidelity and Flow Traders; Collaboration with Fidelity Digital Assets, Zodia Custody and Flow Traders will see a new wholesale electronic marketplace for spot crypto trading at TP ICAP.
Annabel Smith - The Trade
Interdealer broker TP ICAP has collaborated with Fidelity Digital Assets, Zodia Custody and market maker Flow Traders to develop and launch a cryptoasset trading platform.
/bit.ly/2TaW8SE
HKEX onboards banks to new Northbound Stock Connect settlement platform; HKEX Synapse, unveiled in November last year, will enable asset managers, custody and clearing banks to handle the growing volume of trades though Stock Connect into China.
Joe Parsons - The Trade
Hong Kong Exchanges and Clearing (HKEX) has onboarded a group of global custody and clearing banks which are among the first participants to join the pilot programme of Synapse, a new settlement platform on the Northbound Stock Connect programme.
/bit.ly/3dq6iWg
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| Wellness Exchange | | An Exchange of Heath and Wellness Information | Worried by the Delta variant, W.H.O. officials urged vaccinated people to keep wearing masks.
NY Times
World Health Organization officials, concerned about the easing of precautions meant to stop the spread of the coronavirus even as the most contagious variant to date has emerged, have urged even fully vaccinated people to continue wearing masks and to keep taking other measures to prevent infection.
/nyti.ms/3A7eO6i
Vaccinated people are dying from the Delta variant, but in small numbers and almost all are over 50, UK data shows
Marianne Guenot - Insider
Of those who were fully vaccinated who caught the Delta variant, 50 died, according to data from Public Health England published on Friday. The figure represents almost half of the total 117 deaths associated with the variant in the UK, where Delta now represents the overwhelming majority of cases.
/yhoo.it/3yf17R9
Spain Takes U.K. Visitors Off List for Restriction Free Travel
Rodrigo Orihuela - Bloomberg
Travelers coming from the U.K. to Spain will have to either certify full vaccination or provide a negative test for Covid-19, according to an announcement published Tuesday by Spain's official gazette.
/bloom.bg/361FibE
Russia's Sputnik V vaccine less effective against Delta variant -TASS
Reuters
Russia's Sputnik V vaccine against COVID-19 has been shown to be less effective against the highly contagious Delta variant, TASS news agency reported on Tuesday, citing the vaccine's developers.
/reut.rs/3qzw2op
Mix-and-match approach boosts immune response of AstraZeneca shot, study finds
Alistair Smout - Reuters
A mixed schedule of vaccines where a shot of Pfizer's (PFE.N) COVID-19 vaccine is given four weeks after an AstraZeneca (AZN.L) shot will produce better immune responses than giving another dose of AstraZeneca, an Oxford study said on Monday.
/reut.rs/3h3foKX
Australia tightens lockdown amid Delta virus outbreak, vaccine chaos
Renju Jose - Reuters
Australia reported a slight rise in COVID-19 infections on Tuesday, while officials in several states tightened movement curbs and pushed for vaccinations to limit flare-ups of the highly infectious Delta variant.
/reut.rs/3qwjdvc
Covid-19 Contact Tracers Race Against Delta Variant in the U.S.; Overwhelmed at pandemic's peak, public-health investigators now aim to reach each new case; 'We want to contain it completely'
Betsy McKay - WSJ
Andrea Valencia worked the phone furiously day after long, dark day this past January, racing to reach people around Richmond, Va., who had tested positive for Covid-19. As many as 500 new cases were being reported daily in the area. She and colleagues at the local public-health department had only a few minutes to spend on each one—if they could reach the person at all. They didn't have time to help people to isolate or quarantine, or make sure that they did.
/on.wsj.com/3jqjNJu
Three Studies, One Result: Vaccines Point the Way Out of the Pandemic; New scientific research underscores the effectiveness of vaccines and their versatility in the fight against the coronavirus.
Apoorva Mandavilli, Carl Zimmer and Rebecca Robbins - NY Times
Three scientific studies released on Monday offered fresh evidence that widely used vaccines will continue to protect people against the coronavirus for long periods, possibly for years, and can be adapted to fortify the immune system still further if needed.
/nyti.ms/3hfMqGy
Hopes fade for US-UK travel corridor before end of summer; Officials play down chances of breakthrough on transatlantic restrictions before September
Kiran Stacey and Sebastian Payne - FT
Hopes are rapidly fading that the US and UK will agree to open an air corridor before the end of the summer, in the latest sign that a rise in coronavirus cases in Britain is hobbling millions of people's travel plans.
/on.ft.com/35Xsl2m
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Deutsche Börse acquires majority in Crypto Finance AG, thereby expanding its range of digital assets
Deutsche Börse AG
As an independent financial group under consolidated FINMA supervision, Crypto Finance AG offers institutional and professional customers trading, custody and investment in digital assets; The acquisition is an important step for Deutsche Börse in building a trustworthy and fully regulated digital asset ecosystem in Europe; Crypto Finance founder Jan Brzezek and the management team will continue to lead the company and hold significant shares
Deutsche Börse acquires a majority stake in Crypto Finance AG, which offers institutional and professional customers trading, custody and investment in digital assets. The financial group is under the consolidated supervision of the Swiss Financial Market Authority (FINMA). With the acquisition, Deutsche Börse creates a direct entry point for investments in digital assets, including post-trade services such as custody.
/bit.ly/3AkU1fI
Nasdaq's Quandl and Marex Announce Exclusive Data Partnerships - Release Daily Commodities Speculative Positioning; First product, Marex Daily Speculative Positioning, allows traders to track global commodities flow on daily basis
Nasdaq
Nasdaq's Quandl, a leading provider of alternative and core financial data, today announced an exclusive and innovative data partnership with UK commodities financial services company Marex. The first of several products the two organizations will be launching is a new dataset that tracks daily aggregate holdings across the global commodities market - Marex Daily Speculative Positioning (MDSP).
/bit.ly/3hb8hyM
Nasdaq Launches ESG Data Hub to Offer Investors Expert-led Sustainability Data; Equileap, Ecogain and Munich Re among partners providing data from launch
Nasdaq
Nasdaq (Nasdaq: NDAQ) today announced the launch of ESG Data Hub, the latest expansion of Nasdaq's growing suite of products aiming to support investors in their sustainable investment decisions. The new platform connects investors with expert-led ESG (Environmental, Social and Governance) data sets from leading providers across a wide spectrum of areas, including gender diversity, carbon emissions and climate risk, providing detailed and tangible intelligence on companies' ESG profiles.
/bit.ly/3jugiS7
Nasdaq Announces the Board of Directors of Its U.S. Exchanges
Nasdaq
Nasdaq, Inc. (Nasdaq: NDAQ) today announced the election of all nominated directors to the boards of the U.S. exchanges operated by the company, which include The Nasdaq Stock Market LLC, Nasdaq PHLX LLC, Nasdaq BX, Inc., Nasdaq ISE, LLC, Nasdaq MRX, LLC, and Nasdaq GEMX, LLC:
/bit.ly/3y51rlf
AFX now represents 40% of U.S. Minority Depository Institutions
AFX
The American Financial Exchange (AFX), an electronic exchange for direct lending and borrowing for American financial institutions, announced today it now represents 40% of U.S. Minority Depository Institutions (MDIs) by asset size.
/bit.ly/3w3CrcH
BrokerTec Recap - June 2021
CME Group
RV Curve quickly becoming key tool for risk events
Offering efficient ways to trade yield-based curve spreads on UST benchmarks, RV Curve has seen strong adoption since its March 2021 debut, quickly becoming a key tool for risk events.
/bit.ly/3y7Ulw6
NGX Rebrands Market Indices
Mondovisione
Nigerian Exchange Limited ("NGX" or "The Exchange") is pleased to announce the rebranding of all its existing indices by changing the prefix from NSE to NGX. The transition, which is effective Monday, 28 June 2021, leverages on the new brand identity of the Exchange.
/bit.ly/3y1ctIf
BME: IGBM Index New Composition For The Second Half Of 2021
Mondovisione
The index will comprise 120 stocks, following the inclusion of Grupo Ecoener, Línea Directa Aseguradora and Libertas 7, and the exclusions of Bankia and Quabit Inmobiliaria
/bit.ly/3drQvGp
EEX And Pexapark Announce Cooperation For Risk Management Solutions In Renewables Sector
EEX
The European Energy Exchange (EEX) has entered into a cooperation with Pexapark, a leading specialist for renewable energy sales and risk management. Both companies aim to unite their unique capabilities to enhance pricing visibility and market-based risk management solutions for renewable energy projects in Europe. This collaboration will expand trading solutions for hedging renewable energy, ultimately increasing sustainability and growth in the power markets.
/bit.ly/3jq9AfS
SPAN2 Margin Framework Now Live for Testing in CME CORE User Interface and API
CME Group
In conjunction with CME's roll-out of the SPAN 2 framework for energy markets, the CME CORE user interface and API are now live to test SPAN 2 functionality. Initial testing of the SPAN 2 framework is based on a single point in time: June 4, 2021. As CME gets closer to going live with SPAN 2, risk data will be refreshed more frequently and a subsequent advisory will notify users once risk parameters are refreshed daily. CME CORE is the primary application for all business users and risk managers to analyze SPAN 2 margin requirements.
/bit.ly/3A8rLgb
Delisting of Four (4) Coal Futures and Options Contracts
CME Group
Earlier today, Monday, June 28, 2021, New York Mercantile Exchange, Inc. ("NYMEX" or "Exchange") delisted four (4) coal futures and options contracts (the "Contracts") as set forth in the table below. There is no open interest in the Contracts.
/bit.ly/3y9z59B
Daily and Final Settlement of the Dutch TTF Natural Gas Calendar Month Futures Contract
CME Group
Effective today, Monday, June 28, 2021, New York Mercantile Exchange, Inc. ("NYMEX" or "Exchange") will display the daily and final settlement of the Dutch TTF Natural Gas Calendar Month Futures contract (NYMEX Rulebook Chapter 1159, Commodity Code TTF) (the "Contract") to EUR0.001 per MWh (from EUR0.005 per MWh) which is particularly relevant for margining and physical delivery purposes of the Contract.
/bit.ly/3A5Hgpf
New Product Summary: Initial Listing of the Physically-Delivered CBL Nature-Based Global Emissions Offset Futures Contract - August 02, 2021
CME Group
Initial Listing of the Physically-Delivered CBL Nature-Based Global Emissions Offset Futures Contract.
/bit.ly/3jrFoB8
Product Modification Summary: Expansion of Basis Trade at Cash Open ("TACO") Eligibility for the E-mini Nasdaq-100 Futures and E-mini Russell 2000 Futures Contracts - Effective July 19, 2021
CME Group
Expansion of Basis Trade at Cash Open ("TACO") Eligibility for the E-mini Nasdaq-100 Futures and E-mini Russell 2000 Futures Contracts.
/bit.ly/3jqCvRg
Further Extension of Temporary Measure to Allow for Electronic Dissemination of Rights Issue and Take-over Documents
SGX
Monetary Authority of Singapore (MAS), the Securities Industry Council (SIC) and the Singapore Exchange Regulation (SGX RegCo) wish to announce that listed issuers and parties involved in rights issues and take-over or merger transactions will continue to have the option to electronically disseminate Offer Documents through publication on SGXNET and their corporate websites, beyond 30 June 2021. The temporary measure will be in place until revoked or amended by MAS, SIC and SGX RegCo. To provide certainty to listed issuers and relevant parties, at least six months' advance notice will be given before the temporary measure ceases to be available.
/bit.ly/3jqfa1O
Eurex introduces futures on ESG Fixed Income Indexes in cooperation with Bloomberg; Futures to be launched on both the Euro Corporate SRI Index and the Global Green Bond Index; New futures offer a range of possible use cases including liquidity and cash management, portfolio overlay strategies and hedging
Eurex
Eurex has announced that on 27 September it will launch futures on the Bloomberg Barclays MSCI Euro Green Bond SRI and Euro Corporate SRI indexes. This launch further underlines Eurex's position as the global venue for EUR fixed income derivatives and its pioneering stance in the growing ESG segment.
/bit.ly/3hjozFM
ICAP to Launch Crypto Trading Platform with Fidelity, StanChart
Marion Dakers - Bloomberg
TP ICAP Group Plc is launching a cryptocurrency venue for institutions, expanding its footprint in the volatile market. The London-based broker, which has offered Bitcoin futures since 2019, said it's working with Fidelity Digital Assets and Zodia Custody, a unit of Standard Chartered Plc, to provide execution and settlement of crypto trades.
/bloom.bg/3waH3xS
Intraday market data added to analytics platform at Deutsche Börse; New functionality will allow market participants to react faster to market developments and to optimise their trading strategies.
Wesley Bray - The Trade
European exchange group Deutsche Börse has expanded its online analytics platform A7 to include market data on an intraday basis. Launched in July last year, A7 is the group's cloud-based platform which offers access to granular order-by-order market data from Eurex and Xetra.
/bit.ly/3dpCBoq
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Beeks wins MEMX contract following competitive review; MEMX selected Beeks as their new partner for latency monitoring of their new exchange.
Beeks Group
Beeks Group are pleased to announce they have been selected for latency monitoring of the new Members Exchange (MEMX), the fastest growing U.S. equities exchange, following their review of packet capture, latency and analytics solutions for Capital Markets.
/bit.ly/35Y2bwv
Philippines' Voyager Raises $167 Million From KKR, PLDT, Tencent To Expand Fintech Operations
Jonathan Burgos - Forbes
Voyager Innovations said it has raised $167 million to accelerate the expansion of fintech unit PayMaya Philippines, as the company seeks a digital banking license from the country's central bank.
The fintech company said existing shareholders, including U.S. private equity firm KKR, Chinese tech giant Tencent and the Philippines' largest telco PLDT, invested in the latest funding round. A fund managed by the World Bank's International Finance Corporation had also participated.
/bit.ly/3dnyskQ
JPMorgan is buying an ESG investing platform in bank's third fintech acquisition of the past year
Hugh Son - CNBC
JPMorgan Chase wants to take the sustainable-investing trend to the next level.
To do that, the biggest U.S. bank by assets has agreed to buy OpenInvest, a San Francisco-based start-up backed by Andreessen Horowitz and founded by former Bridgewater Associates employees, CNBC has learned exclusively.
/cnb.cx/3A3jH02
How Western Union is fighting back against fintech startups
Mary Ann Azevedo - TechCrunch
The saying goes that, "You can't teach an old dog new tricks." That may or may not be true, but at least one "old dog" is working hard to disprove that saying.
Western Union has been operating in the cross-border payments space for nearly 150 years (yes, you read that right — 150 years) and today, globally, it serves almost 150 million customers — representing senders and receivers.
/tcrn.ch/2UQm4TZ
State challenges to fintech charters a losing battle so far
Steven Harras - Roll Call
State regulators have hit a major obstacle in their yearslong fight against federal regulators seeking to grant national bank licenses to financial technology firms, according to legal experts tracking the effort to launch a new era in banking.
The U.S. Court of Appeals for the 2nd Circuit on June 3 tossed out a New York state financial regulator's lawsuit challenging a decision by the federal Office of the Comptroller of the Currency to grant special types of national bank charters to limited-purpose fintech firms.
/bit.ly/3h3nMK6
Deutsche Boerse to buy Swiss fintech Crypto Finance
Tom Sims - Reuters
German stock exchange operator Deutsche Boerse (DB1Gn.DE) said on Tuesday that it was buying a two-thirds stake in Swiss fintech Crypto Finance to expand its offering for digital assets.
/reut.rs/35XpGph
JPMorgan Agrees to Purchase Values-Investing Fintech OpenInvest
Steve Dickson - Bloomberg
JPMorgan Chase & Co. agreed to buy OpenInvest, a financial-technology firm that offers services for values-based investing.
/bloom.bg/3qApplR
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| Cybersecurity | | Top stories for cybersecurity | GAO Finds Room for Improvement on Cybersecurity Collaboration at HHS
Ricardo Vazquez Garcia - Homeland Security Today
Health care organizations' IT systems are critical to the nation's wellbeing. Cyberattacks on them could, for example, put patient privacy at risk or disrupt essential telehealth services. The Government Accountability Office (GAO) has reviewed the Department of Health and Human Services' (HHS) efforts to address cybersecurity and found positives as well as a need for improved collaboration.
/bit.ly/35Yz7oq
Lawmakers introduce American Cybersecurity Literacy Act
Security Magazine
Bipartisan House lawmakers introduced legislation to increase cybersecurity literacy and security awareness among the American public amid a spike in cybersecurity threats against critical infrastructure. Specifically, the legislation would require the National Telecommunications and Information Administration (NTIA) to establish a cybersecurity literacy campaign to increase knowledge and awareness of cybersecurity risks among the American public, including best practices for preventing cyberattacks.
/bit.ly/3dq0Xyc
Cyber insurance isn't helping with cybersecurity, and it might be making the ransomware crisis worse, say researchers
Danny Palmer - ZD Net
Cyber insurance is designed to protect organisations against the fallout of cyberattacks, including covering the financial costs of dealing with incidents. However, some critics argue that insurance encourages ransomware victims to simply pay the ransom demand that will then be covered by the insurers, rather than have adequate security to deter hackers in the first place. Insurers argue that it's the customer that makes any decision to pay the ransom, not the insurer.
/zd.net/3qGx9ms
Denmark's central bank exposed in SolarWinds hack, media report says
Stine Jacobsen and Mark Potter - Reuters
Denmark's central bank was compromised in last year's global SolarWinds hacking operation, leaving a "backdoor" to its network open for seven months, IT media Version2 reported on Tuesday, citing documents related to the case.
/reut.rs/3A9CfM5
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| Cryptocurrencies | | Top stories for cryptocurrencies | Regulators begin to grapple with DeFi; Blockchain projects that aim to cut out the middleman are growing so fast that regulators risk being overwhelmed
Miles Kruppa and Gary Silverman - FT
On private video calls last week, some of the world's fastest-growing cryptocurrency start-ups educated global financial regulators on a corner of the market that has largely evaded oversight: the booming world of decentralised finance.
/on.ft.com/3hbQ8kt
As regulatory scrutiny intensifies, crypto exchange Binance jumps on the NFT bandwagon
Christiaan Hetzner - Fortune
Under increasing fire from regulators, cryptocurrency exchange Binance hopes to broaden its revenue base by launching a new marketplace to trade digital music, art and collectibles. On Saturday, the company's reputation suffered a blow after the UK financial market regulator banned its local entity, Binance Markets, on concerns the crypt marketplace wasn't doing enough oversight to prevent money laundering and other financial crimes on its platform.
/yhoo.it/364KY4l
'The audience for DeFi is millions or even billions of people,' Says Aave's Marc Zeller
Leila Stein - Be[in]Crypto
BeinCrypto spoke to Marc Zeller, Integrations Lead at Aave, about where the protocol is headed and how DeFi will change the future financial landscape. While they've been around for a while, the Aave protocol most know launched in 2020. The peer-to-peer lending platform rebranded from its original ETHLend and picked up the liquidity mining pool model before becoming one of the most celebrated DeFi protocols out there.
/yhoo.it/3y0sFcz
EXCLUSIVE TP ICAP to launch crypto trading platform with Fidelity, Standard Chartered
Saikat Chatterjee, Tom Wilson - Reuters
TP ICAP (TCAPI.L), the world's biggest interdealer broker, is launching a cryptocurrency trading platform with Fidelity Investments and Standard Chartered's digital assets custody unit, the consortium said on Tuesday.
/reut.rs/3x49TkJ
Morgan Stanley Buys Over 28,000 Shares of Grayscale Bitcoin Trust; The banking giant has been increasingly active in the cryptocurrency space to meet increased demand from its clients.
James Rubin - Coindesk
Megabank Morgan Stanley has purchased 28,289 shares of Grayscale Bitcoin Trust through its Europe Opportunity Fund, according to an SEC filing. Grayscale is owned by CoinDesk parent company Digital Currency Group.
/bit.ly/2UQBZ4E
Mexico's Finance Minister Confirms Cryptos Are Banned From Financial System; The statement comes after Mexican billionaire Ricardo Salinas Pliego said his bank would accept bitcoin.
Andrés Engler - Coindesk
A top Mexican official reiterated on Monday a ban on the use of cryptocurrencies in the country's financial system. Arturo Herrera, Mexico's finance minister, said cryptocurrencies aren't legal tender assets and aren't treated as currencies within the country's current regulatory framework.
/bit.ly/3A97fMq
UK Court Orders Bitcoin.org to Remove White Paper Following Craig Wright Lawsuit; The judge had no option but to rule a default judgment because Cobra chose not to make an appearance, according to Wright's representation.
Sebastian Sinclair - Coindesk
Cobra, the pseudonymous creator of the Bitcoin.org website, has been ordered by London's High Court to discontinue hosting its copy of the Bitcoin white paper.
/bit.ly/3dnYRyK
Tom Brady and Gisele Bündchen Take Equity Stake in Crypto Firm FTX
Vildana Hajric - Bloomberg
'They were both really into it,' says FTX's Sam Bankman-Fried; Tampa quarterback tweets Monday that 'laser eyes didn't work'
Celebrity couple Tom Brady and Gisele Bündchen have taken an equity stake in crypto firm FTX as part of a long-term partnership, marking the duo's newest foray into the world of digital assets.
/bloom.bg/3qAKw7n
Binance customers locked out of sterling withdrawals and deposits; Move comes shortly after Britain's financial watchdog cracked down on crypto exchange
Adam Samson - FT
Binance customers have now lost both of the channels they use to withdraw sterling from the system, marking a significant outage for the crypto exchange that uses London as one of its main links to the region's traditional financial network.
/on.ft.com/3dqUpzo
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| Politics | | An overview of politics as it relates to the financial markets | Japan minister says necessary to 'wake up' to protect Taiwan
David Brunnstrom - Reuters
Japan's deputy defense minister on Monday warned of a growing threat posed by Chinese and Russian collaboration and said it was necessary to "wake up" to Beijing's pressure on Taiwan and protect the island "as a democratic country."
/reut.rs/3y68vOo
The GOP Should Love the SALT Deduction; Repealing the SALT cap would direct money away from Washington and toward states and localities.
John Tamny - WSJ
Will President Biden seek to repeal the $10,000 cap on federal deductions for state and local taxes, known as SALT? Many conservatives say the SALT cap, part of the Tax Cuts and Jobs Act of 2017, should remain in place because repeal would primarily aid high-income households in Democratic states. Open and shut case for Republicans, right? Not so fast.
/on.wsj.com/3A9sQnL
Eric Bolling, a Trump ally, is set to host a new cable show on Newsmax.
Michael M. Grynbaum - NY Times
Eric Bolling, a pro-Trump pundit and former Fox News host, is set to return to live television next month on Newsmax, the right wing-leaning channel owned by Christopher Ruddy, a friend of former President Donald J. Trump.
/nyti.ms/3xWogYi
House Passes Bills to Bolster Scientific Research, Breaking With Senate; The legislation would invest in traditional research and development, clashing with a broad Senate measure that focuses on cutting-edge technology to compete with China.
Catie Edmondson - NY Times
The House on Monday passed two bipartisan bills aimed at bolstering research and development programs in the United States, setting up a battle with the Senate over how best to invest in scientific innovation to strengthen American competitiveness.
/nyti.ms/3AcYXD0
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Accounting Regulator Had Climate of Fear and Distrust, Report Says; Unpublished report says William Duhnke didn't politicize Public Company Accounting Oversight Board
Jean Eaglesham and Dave Michaels - WSJ
A botched overhaul at the government's auditing regulator heightened an "environment of fear and distrust" among the staff that led to whistleblower allegations and the ouster of the board's chairman, according to an official report that the Securities and Exchange Commission commissioned but then kept secret.
/on.wsj.com/3xYUEtc
ASIC disqualifies SMSF auditor for breaching independence and auditing standards
ASIC
ASIC has disqualified the self-managed superannuation fund (SMSF) auditor registration of Gordon Victor Shrubsole, of Miranda, New South Wales, for breaching independence and auditing standards.
/bit.ly/3hkEunc
Full Federal Court upholds first ASIC product intervention order
ASIC
The Full Federal Court today dismissed an application by Cigno Pty Ltd (Cigno) which sought to quash ASIC's first product intervention order in relation to short term credit. ASIC made the industry wide order, ASIC Corporations (Product Intervention Order - Short Term Credit) Instrument 2019/917, on 12 September 2019 to address what it considered to be significant detriment in the short term credit market, as set out in ASIC's public notice (19-250MR).
/bit.ly/2URkTDJ
ASIC and APRA release notes on inaugural Superannuation CEO Roundtable
ASIC
The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have released the public notes on the inaugural Superannuation CEO Roundtable held on Friday 30 April 2021.
/bit.ly/3hnD3Vo
ESMA announces the appointment of James von Moltke as Chairman of the Euro Risk-Free Rates Working Group
ESMA
The European Securities and Markets Authority (ESMA), in its capacity as Secretariat of the Working Group on Euro Risk-Free Rates (EUR RFR WG), today announced the appointment of James von Moltke, Chief Financial Officer and Management Board Member of Deutsche Bank AG, to Chair EUR RFR WG.
/bit.ly/3dq0kok
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Commodity Traders Harvest Billions While Prices Rise for Everyone Else
Javier Blas - Bloomberg
Doug King set up his hedge fund in the early days of the commodity super-cycle in 2004. It was perfectly timed: voracious Chinese demand lifted the price of everything from oil to copper to record highs. Investors flooded the commodities sector. At the peak, King's Merchant Commodity Fund was managing about $2 billion.
/yhoo.it/3x4kUCh
Billionaire Richard Branson Is Hit With the Meme-Stock Crowd; Don't be surprised if Richard Branson's space-tourism venture takes advantage of its meme-stock status to raise capital.
Chris Bryant - Bloomberg
The rules of finance have been turned on their head in the meme-stock era. Now when a company's prospects deteriorate and short sellers bet a stock will fall further, retail investors often ignore the financial fundamentals and pile in anyway. Even modestly encouraging news can then suffice to squeeze hedge funds out of their bearish wagers and for the shares to power even higher.
/bloom.bg/3x8vV5U
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Britain publishes CO2 permit free allocation list for aviation
Reuters
Britain has published a list of the number of free UK carbon permits each aircraft operator will receive from 2021-2025 under the country's domestic emissions trading system (ETS), the government said.
/reut.rs/3h1wSHm
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Commerzbank CEO Plans to Cut Jobs in Communications Unit by Half
Steven Arons - Bloomberg
Knof aiming to trim staff to below 100 from about 200 now; CEO wants to make deeper cuts in units not linked to revenue
Commerzbank AG Chief Executive Officer Manfred Knof is planning to eliminate half the jobs in the German bank's communications unit as he forges ahead with an ambitious cost-cutting plan. Headcount in the unit, which is run by Sven Korndoerffer and handles internal and external communications, could fall to below 100 from about 200 now, according to people familiar with the matter.
/bloom.bg/3w3PQRW
Nomura Loses 20 Investment Bankers in Asia After Bonus Payouts
John Cheng, Cathy Chan, and Julia Fioretti - Bloomberg
Departures of mostly junior bankers came after bonus payouts; Global banks struggle to retain young bankers during pandemic
Nomura Holdings Inc. lost about 20 mostly junior investment bankers in Asia after bonus payouts in May, adding to a stream of departures from Japan's biggest brokerage as financial firms vie for talent in the fast-expanding region.
/bloom.bg/3h1w9pC
Goldman Sachs Statement on Stress Capital Buffer
Goldman Sachs
On Thursday, June 24, the Federal Reserve notified the firm of the Stress Capital Buffer ("SCB") for The Goldman Sachs Group, Inc. (NYSE: GS) of 6.4%, resulting in a Standardized Common Equity Tier 1 ("CET1") ratio requirement of 13.4%, which will become effective on October 1, 2021.
/bit.ly/3dlhoMf
Banks will boost payouts to shareholders after the Fed's all-clear.
Lananh Nguyen - NY Times
The country's biggest banks are ready to put more money in their shareholders' pockets. Several Wall Street banks announced plans on Monday to increase dividends and buy back their stock as the economy rebounds from the coronavirus pandemic.
/nyti.ms/3jpwrYV
AACB signs long-term contract for Nuvo Prime platform; ABN AMRO Clearing goes into production with Nuvo Prime's Next Generation Prime Finance Platform for Swaps Trading.
ABN AMRO
The Prime Finance platform of London-based Nuvo Prime Ltd is now in production for ABN AMRO Clearing Bank and its clients. ABN AMRO Clearing signed a long-term software-as-a-service (SaaS) contract with Nuvo Prime, a cloud-based software development and consultancy FinTech. Working closely with the Prime team at ABN AMRO Clearing, Nuvo Prime successfully integrated and delivered the class-leading trading and management platform. Over the term of the contract, Nuvo Prime will provide ABN AMRO Clearing with full support from its operations in London and Singapore.
/abn.com/3y4AgXD
BlackRock to switch $21bn in iShares ETFs to FTSE Russell indices; The 10 funds will cease tracking Dow Jones benchmarks in September
Rheaa Rao - FT
BlackRock plans to change the benchmarks of 10 iShares ETFs that together have about $20.7bn in assets under management, the manager has announced.
/on.ft.com/3y2iBjq
Credit Agricole automates ETF trading for wealth management business with Bloomberg; The global wealth management division of Credit Agricole is the first customer to use the rule builder tool at Bloomberg for ETFs.
Annabel Smith - The Trade
Credit Agricole's Indosuez Wealth Management division has become the first institution to implement Bloomberg's Rule Builder to automate its ETF trading operations.
/bit.ly/3Ak4ubl
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Japan policy veteran Kanda to be appointed as FX tsar -sources
Takaya Yamaguchi - Reuters
Japan is likely to appoint international policy veteran Masato Kanda as its top currency official representing the country at Group of Seven (G7) and broader G20 meetings, four government sources with knowledge of the matter told Reuters.
/reut.rs/3w3kKdj
Egypt expected to launch IPO programme in September -regulator
Reuters Staff
The head of Egypt's Financial Regulation Authority (FRA) said on Tuesday he expected the government to start its programme of initial public offerings in September, and that two or three companies should be listed by the end of the year.
/reut.rs/3x5pHUg
Progressive concentration - The Singapore e-FX growth story continues; The Singapore dollar has been one of the fastest growing emerging market currencies of the last 20 years. When the Bank for International Settlements first started tracking foreign exchange flows in 1989, the currency only traded roughly $2 billion in average daily volume.
E-Forex
Fast forward to the latest triennial survey published in 2019, and that figure now stands at $119 billion - above other emerging market currencies such as the Russian rouble, the Indian rupee and the Mexican peso.
/bit.ly/3AkZhzY
Eye-Popping Returns Lure Hedge Funds to Japanese Startups
Bei Hu - Bloomberg
Hedge funds and asset managers are increasingly turning to Japanese startups, attracted by some eye-popping past returns in the long-overlooked sector.
/yhoo.it/2TfXJq0
Mexico's Drought Is So Severe It Helped Banxico Turn Hawkish
Maya Averbuch and Nacha Cattan - Bloomberg
Climate may have contributed to interest rate hike: Esquivel; Bank added drought to inflation risks after surprise rate hike
Mexico's central bank raised an unusual red flag when it upended markets with a surprise interest rate hike last week: drought may pressure farm prices, it warned.
/bloom.bg/3AcwZaP
Brazil's plan to thwart 'cattle laundering'; Digital platform aims to clean up beef trade by reporting animals reared on farms linked to illegal deforestation
Sam Cowie - FT
Rogue ranchers in the Brazilian Amazon often shuttle cows between farms to conceal the fact they have been reared on illegally cleared land — a practice known as "cattle laundering". But in the vast Amazonian state of Pará, where there is routinely more deforestation than anywhere else in Brazil, the state government is fighting back.
/on.ft.com/3y3AluL
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| Miscellaneous | | Stories that don't quite fit under the other sections | High Court Rejects State's Challenge to Work-From-Home Taxes
Greg Stohr - Bloomberg
The U.S. Supreme Court rejected a New Hampshire challenge to Massachusetts' practice of taxing people who once worked in that state but started telecommuting from elsewhere during the pandemic.
Turning away a case that could have put billions of dollars at stake, the justices, without explanation, denied New Hampshire permission to sue Massachusetts directly at the high court.
/bloom.bg/2SyQBEW
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