| May 31, 2017 | "Irreverent, but never irrelevant" | | |  | John Lothian
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Osaka Exchange of Japan Exchange Group Joins John Lothian News Sponsors; First Asian Exchange Sponsor of John Lothian News
John Lothian News is pleased to announce that the Osaka Exchange has agreed to become a Contributor Level sponsor of John Lothian News
Osaka Exchange (OSE) is the derivatives arm of the Japan Exchange Group (JPX) and widely known as the mother market of Nikkei 225 Futures and Options. OSE renewed its trading platform in July 2016 and trading is now available nearly 24 hours a day in its markets, which are some of the most liquid in the world.
"We (Osaka Exchange-JPX Group) are excited to build the new relationship with John Lothian News, one of the most influential media in the global derivatives industry, and look forward to growing the industry together," said Matthias Rietig, Senior Officer, Osaka Exchange-JPX Group.
"We are thrilled to have the support of JPX and OSE for John Lothian News," said John J. Lothian, Executive Chairman of John J. Lothian & Company, Inc. and its founder. "They are the first Asia-based exchange to sponsor John Lothian News. We hope they are the first of many."
Learn more about the Osaka Exchange here.
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People Moves
Yesterday's lead story mentioned Cameron Smith, Dan Coleman and Eric Noll all moving on to new ventures, some in the markets and some not. There have been some other moves recently too, all courtesy of people updating their LinkedIn profiles.
Jennifer Wachtel, Tim Cave, Bruce Goldberg, Tom Thornton-Smith, Eric Hazard, and Brendan Bradley are on the list of updates.
For the rest of the update, go here
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| Sponsored Content |
Nasdaq's Kennedy Sees Plenty of Room for Options Industry Growth
Click here to watch
While the options industry has been incredibly resilient in the face of challenges, Kevin Kennedy, senior vice president, head of U.S. options with Nasdaq, sees the need for growth. In this video from the Options Industry Conference in Scottsdale, Ariz., Kennedy talks about opportunities to improve the functioning of options markets. Some things Kennedy believes should be addressed are auctions, the number of listed underlyings and spread width. He hopes Nasdaq can take a leadership role in revamping market structure and tailoring the regulatory environment to better suit end users.
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FOW-John Lothian News Trading Chicago event on June 28th at the Swissotel
This one-day event is aimed largely at the end-users of the markets: commodity trading advisors, asset managers, hedge funds and proprietary traders. The conference will cover the issues that impact those firms directly - regulation, technology and market structure, with an underlying thread of trading in an age of uncertainty. All of this will be delivered in a variety of formats, from an Oxford-style debate on the Dodd-Frank Act's repeal to TED-style talks to panel discussions, this will be an interesting and engaging event. The event is free to attend for CTAs, asset managers, props and hedge funds. To register click HERE. For full conference information, click HERE
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Correction: NFA and FINRA Do Recognize Other Regulator's Bans
By John Lothian - JLN
It turns out that the NFA and FINRA do jointly recognize the bans of other regulators already. In the specific case I mentioned, that of Jon Corzine, he would register if necessary with the SEC. Whether the SEC will recognize the ban of another regulator is a question I am still awaiting an answer. There is a loophole that was expanded by Dodd-Frank that allows hedge funds with less than $150 million to not have to register with the SEC.
/goo.gl/wBsXok
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Fighting for Futures
Brain Tumor Awareness Month ends today! You can still do your part! Donate here. Learn how the futures industry has rallied around one of it's own to fight this deadly disease and to support the Pediatric Brain Tumor Foundation. Learn more about Beckett's Battle.
Fighting for Futures Fundraising Happy Hour - This Thursday, June 1 - 4:00 - 8:00 at Poag Mahones - 333 S. Wells St. Chicago, IL - Please join us as we close Brain Tumor Awareness Month with an industry wide gathering.
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Tuesday's Top Three
Lots of clicks after a long U.S. holiday weekend. The top spot went to Departures signal a changing of the guard in HFT. Continuing with the career shift theme, second wasHow the laid off 40-something traders came back into fashion. In third was Early market loss taught CME Group CEO Terry Duffy discipline
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MarketsWiki Stats
101,555,312 pages viewed; 22,508 pages; 206,049 edits
MarketsWiki Statistics
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| Lead Stories | The Cost of an Investment Conscience
Mark Gilbert - Bloomberg
It seems logical that so-called ethical investing comes at a cost. If an investment fund restricts the universe of shares it's willing to buy for good moral reasons, it's likely to miss out on some stellar opportunities. But what if those lower returns are actually a desirable consequence of environmental, social and governance policies, rather than an unhappy side-effect of investing with a conscience?
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Soc Gen clearing head joins Euronext as chief tech officer; Euronext reveals leadership overhaul following chief operating officer Jos Dijsselhof's decision to depart.
Hayley McDowell - The Trade
The head of Societe Generale's US prime brokerage and clearing business has departed to join Euronext as chief information and technology officer.
/goo.gl/GfKlsY
T3 Securities, Inc. Partners with Matador Trading to Provide Mobile Technology that Offers Commission Free Trading with Social Networking
PRNewswire
T3 Securities, Inc. for active, professional and algorithmic trading is excited to announce an exclusive partnership with Matador Trading to provide mobile trading technology. Matador, which is now available in the Apple App Store, will offer commission free trading* on all US listed stocks and ETF's. Their Social Feed feature allows users to track their friends and the top traders on the platform for a truly unique trading experience. Matador will offer brokerage services through T3 Securities, Inc., a member FINRA, NFA, SIPC.
prn.to/2sjpcn
Quants Run Wall St. Now?
RCM Alternatives
We were sort of confused when we noticed the Wall Street Journal is doing an entire series on what they're calling "the quants," including the lead article title "The Quants Run Wall Street Now." Now? Are they not familiar with Scott Patterson's 2010 book "The Quants: How a New Breed of Math Whizzes Conquered Wall Street and Nearly Destroyed It." Mr. Patterson was, after all, a staff reporter of... wait for it... the Wall Street Journal.
/goo.gl/IRZmH7
Citigroup Wins U.K. Lawsuit Over Firing of 'Good Guy' FX Trader
Patrick Gower - Bloomberg
David Madaras was fired in 2014 aftermath of FX scandal; He is first of five Citigroup FX traders to lose on all claims
A Citigroup Inc. currencies trader described by the executive that fired him as a "good guy," lost his employment lawsuit against the lender after a judge ruled he'd intentionally flouted the rules by confirming the identity of a client in an electronic chat with a rival.
/goo.gl/YlnQPV
Some Hedge Funds Still Merit 2-And-20, HC2's Falcone Says
Zeke Faux and Katia Porzecanski - Bloomberg
Some hedge fund managers still deserve to earn 2-and-20 fees, according to Philip Falcone, the former hedge-fund manager who's now chief executive officer of HC2 Holdings Inc.
/goo.gl/fJJJqA
This Is What the Demise of Oil Looks Like
Jessica Shankleman and Hayley Warren - Bloomberg
From giant companies like Exxon Mobil Corp. to OPEC members such as Saudi Arabia, oil producers say their industry will enjoy decades of growth as they feed the energy needs of the world's expanding middle classes. But what if they're wrong? There's a host of reasons to think they might be. Here's what happens when you test their central assumptions.
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EU executive to say euro zone may need treasury, minister, budget
Jan Strupczewski - Reuters
The EU executive will suggest on Wednesday the euro zone might need to issue collective debt and run a joint budget, among proposals for bolstering the single currency that echo ideas from new French President Emmanuel Macron. People familiar with the European Commission reflection paper told Reuters the scenario of a finance minister managing common revenue, spending and borrowing had been worked on for many months in Brussels, but now appears a much more likely option since centrist former banker Macron won power on May 7.
reut.rs/2sjhUAp
State Street's $230bn SPY fund loses out to rivals; The passive vehicle that tracks S&P 500 suffers as asset managers switch to Europe
Joe Rennison and Robin Wigglesworth - FT
The world's largest exchange traded fund, State Street's $230bn flagship powerhouse, is losing out to rivals managed by BlackRock and Vanguard this year as the industry's price war deepens and investors shift money into Europe.
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | Euronext: Changes of leadership in technology and operations
Euronext
Today Euronext announces changes related to the Company's Technology and Operations leadership. After three years dedicated to building Euronext as an independent market infrastructure since the IPO in June 2014, Jos Dijsselhof, member of the Managing Board and Chief Operating Officer, has decided to leave Euronext as of 30 June 2017.
/goo.gl/kTtA37
SGX inks MOI with IMDA to create a pathway for IMDA-accredited companies to access capital markets more efficiently for expansion
SGX
Singapore Exchange (SGX) and Infocomm Media Development Authority (IMDA) today signed a memorandum of intent (MOI) to create a streamlined pathway for fast growing IMDA-accredited companies to leverage private and public capital markets in Singapore more efficiently for expansion. Through this MOI, both parties aim to lower the access barriers for technology companies into the capital markets, catalyse more high tech IPOs and increase Singapore's attractiveness as a venue for capital raising. The signing was witnessed by Dr Yaacob Ibrahim, Minister for Communications and Information.
/goo.gl/oGdcYy
CME Clearing Named "Clearing House of the Year" by GlobalCapital
CME Group
CME Group, the world's leading and most diverse derivatives marketplace, today announced that the company has been named 'Clearing House of the Year' by GlobalCapital in their Americas Derivatives Awards 2017.
/goo.gl/N3tmRL
Agriculture Margins - Effective May 31, 2017
CME Group
As per the normal review of market volatility to ensure adequate collateral coverage, the Chicago Mercantile Exchange Inc., Clearing House Risk Management staff approved the performance bond requirements for the following products listed in the advisory at the link below.
/goo.gl/l66mHW
Egypt Raises $7bn In London In First Half of 2017
London Stock Exchange Group
Egypt successfully taps its landmark London-listed $4bn multi-tranche bond for an additional $3bn; New notes start trading today on London Stock Exchange
London Stock Exchange welcomes Egypt's return to London's debt capital markets, opening up its existing London-listed $4 billion multi-tranche bond to new investors through a tap issue. The tap issue raised $3 billion, $750 million in 5, $1 billion in 10 and $1.25 billion in 30 year notes. The additional notes started trading on London Stock Exchange today. Funding will support Egypt in financing its long term economic reform programme.
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | The company training 20 year-olds banks can't get enough of
efinancialcareers
Forget spending 300 hours on each CFA qualification, or £50k ($64k) on an MBA. If you want to be supremely employable in banks or hedge funds or trading houses right now, you want to be an expert in Kdb databases and their associated programming language, Q. One company, Ireland-based First Derivatives, will train you up. First Derivatives is a part owner of KX, the company which owns and sells Kdb. KX was founded by the ex-Morgan Stanley technologist, Arthur Whitney who conceived of Kdb and Q after quitting banking in 1993.
/goo.gl/K6qcw2
Bitcoin, Stocks and the Fear of Missing Out; Seeing gains on top of gains increases investor confidence that those gains will last.
Ben Carlson - Bloomberg
Bitcoin has been on an unbelievable run. The cryptocurrency is up around 124 percent for 2017. And that's after it gained 125 percent in 2016. In May alone, it's up more than 60 percent. It's hard to know what the long-term impact or performance will be, but one thing's for sure -- investors are swept up in cryptocurrency mania.
/goo.gl/lyNmt4
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| Politics | | An overview of politics as it relates to the financial markets | Theresa May accuses European Commission of aggressive move on Brexit negotiations
Jasper Jolly - City AM
Prime?Minister Theresa May will tomorrow accuse the European Commission of taking an "aggressive negotiating position" on Brexit, after EU officials released two papers setting out details of their approach.
/goo.gl/h3U2uf
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | CFTC Extends No-Action Relief To SEFs And DCMs from Certain CFTC Regulations For Correction Of Errors
Mondovisione
The U.S. Commodity Futures Trading Commission's (CFTC) Division of Market Oversight and Division of Clearing and Risk (Divisions) today issued a no-action letter extending the relief provided in CFTC Letter No. 16-58, which expires on June 15, 2017. That no-action letter provides relief from certain CFTC regulations to permit swap execution facilities (SEFs) and designated contract markets (DCMs) to correct clerical or operational errors that caused a swap to be rejected for clearing and thus become void. The no-action letter also permits SEFs and DCMs to correct clerical or operational errors discovered after a swap has been cleared.
bit.ly/2sjsdEH
CFTC Issues Order Of Registration To Eurex Zurich AG To Permit Trading By Direct Access From The U.S.
Mondovisione
The U.S. Commodity Futures Trading Commission (CFTC) announced today that it has issued an Order of Registration (Order) to Eurex Zurich AG (Eurex Zurich), a Foreign Board of Trade (FBOT) in Zurich, Switzerland. Under the Order, Eurex Zurich is permitted to provide its identified members or other participants located in the U.S. with direct access to its electronic order entry and trade matching system.
/goo.gl/gGRyL0
Deutsche Bank Fined $41 Million for Money-Laundering Lapses
Jesse Hamilton and Steven Arons - Bloomberg
Federal Reserve sanctions lender's U.S. banking operations; Bank accused of 'unsafe and unsound' practices in Fed order
Deutsche Bank AG agreed to pay $41 million to settle Federal Reserve allegations that its U.S. operations failed to maintain adequate protections against money laundering, the latest in a string of fines that have cost the German lender billions of dollars.
/goo.gl/Q3pGQn
ESMA registers Bloomberg Trade Repository Limited as a trade repository
ESMA
The European Securities and Markets Authority (ESMA), the EU supervisor of trade repositories (TRs), has registered Bloomberg Trade Repository Limited as a TR under the European Market Infrastructure Regulation (EMIR), with effect from 7 June 2017. Bloomberg Trade Repository Limited is based in the United Kingdom and covers the following derivative asset classes: commodities, credit, foreign exchange, equities and interest rates.
/goo.gl/MLXDFC
ESMA issues principles on supervisory approach to relocations from the UK
ESMA
The European Securities and Markets Authority (ESMA) has published an Opinion setting out general principles aimed at fostering consistency in authorisation, supervision and enforcement related to the relocation of entities, activities and functions from the United Kingdom. The opinion is addressed to national competent authorities (NCAs), in particular of the 27 Member States that will remain in the EU (EU27).
/goo.gl/rWNdfV
Monthly Risk Data Reporting Requirements for Swap Dealers
NFA
NFA Financial Requirements Section 17 requires swap dealers (SD) and major swap participants (MSP) to file the financial, operational, risk management and other information required by NFA in the form and manner prescribed by NFA. NFA adopted this requirement to specify NFA's general authority to collect information from SDs and MSPs that NFA deems necessary to effectively carry out its oversight responsibilities.
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | Investors Go All-In on Tech Giants
Dani Burger - Bloomberg
Investment managers are doubling down on the hottest stocks of 2017 -- and it's paying off. Funds tracked by Bank of America Corp. own the highest percentage of technology stocks on record compared to their benchmark. It's a sector that's carried U.S. stocks to new highs, leading the S&P 500 Index with a nearly 20 percent gain in 2017. And it's giving active managers a boost they haven't seen in more than two years.
/bloom.bg/2sjouH0
Not your father's index provider
Caroline O'Shaughnessy - FTSE Russell
As the role and scope of passive investing continues to expand, the demands placed on global index providers have also grown apace. And, from the standpoint of a global index provider, one of the most fascinating and challenging aspects of this trend is the increasing demand for insights, tools and services that just a few years ago would not have been considered important by the providers of passive investment products. The
/goo.gl/QKawg6
Bond ETFs race to play catch-up as bull market threatens; Asset managers are pushing so-called 'smart beta' ETFs
Robin Wigglesworth - FT
The exchange traded fund industry has swelled to $4tn this year, propelled in part by a dizzying array of innovative, new products. But one corner of the passive investment landscape has remained a barren wasteland  until now.
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | BlackRock expects windfall from insurers after new ETF regulations
Trevor Hunnicutt and Suzanne Barlyn - Reuters
BlackRock Inc (BLK.N) expects $300 billion in new money from insurers to flood into the already booming bond exchange-traded fund sector over the next five years, a spokeswoman said on Tuesday, following a move by regulators to adjust some requirements on how the investments are valued.
reut.rs/2sjDRPG
Goldman Buys $2.8 Billion Worth of Venezuelan Bonds, and an Uproar Begins
Landon Thomas Jr. - NY Times
Venezuelan bonds would seem to be an unlikely target for global investors. The country is in near revolt and has barely enough ready cash to feed its people, much less pay the billions of dollars in debt that the government owes to its foreign lenders.
/goo.gl/15o4fn
Goldman Sachs faces protests over Venezuela bond purchase; US bank criticised for purchase of almost $3bn worth of securities
Alistair Gray in New York and Gideon Long in Caracas - FT
Opponents of the Venezuelan government have lambasted Goldman Sachs for buying almost $3bn worth of bonds from the embattled country in what they say amounts to a cynical move to make money out of other people's misery.
/goo.gl/8oLrNo
Goldman Sachs Gave Big Hand to Venezuela 'Hunger Bonds' Movement
Christine Jenkins and Fabiola Zerpa - Bloomberg
Where would Venezuela be if the bondholders shunned its debt?; Nickname questions investor role in crisis-stricken country
The Venezuelan "Hunger Bonds" movement made limited progress in its first eight months of existence. Aimed at shaming international investors into boycotting the repressive government's bonds, or at least raising awareness about the subject, the term was really only known among a small crowd of specialists.
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Janus Capital and Henderson complete tie-up; Combined entity Janus Henderson will manage $331 billion of assets and hold a market capitalisation of $6 billion.
Hayley McDowell - The Trade
Asset managers Janus Capital and UK-based Henderson Group have completed their proposed merger, creating a $331 billion entity known as Janus Henderson.
/goo.gl/kyxfxz
Goldman Sachs names new e-trading equities head; Elizabeth Martin joined Goldman Sachs in 2000 as a trader and has since worked her way up through the equities business.
Hayley McDowell - The Trade
Goldman Sachs is relocating one of its top US equities traders to head up its European execution business, according to a memo seen by The TRADE.
/goo.gl/e1p2VI
A $20B flip-of-the-bird to the SEC
Carleton English - NY Post
Steve Cohen is planning a big comeback in 2018. The hedge fund billionaire behind Point72 is planning to launch a new hedge fund early next year with $20 billion in assets, according to reports. That figure would eclipse the reported peak $16 billion in assets his previous hedge fund, SAC Capital, managed at one point.
/goo.gl/O2W16Z
U.S. Colleges Have $500 Billion to Invest. Now Where Are All the Green Deals?; The University of California has taken a prominent role in a new group deploying money to sustainable projects, but finding the right ones isn't easy.
Janet Lorin - Bloomberg
If you guessed that the University of California system would champion "sustainable" investing, you'd be correct. The catch is, the shelves in the sustainable investing aisle aren't especially well-stocked with opportunities
/goo.gl/12Lh2V
Credit Suisse taps Barclays for EMEA equities head; Mike Di Iorio joins Credit Suisse from Barclays where he was global head of equity sales.
Hayley McDowell - The Trade
The former global head of equity sales at Barclays is set to join Credit Suisse as head of equities EMEA, according to an internal memo seen by The TRADE.
/goo.gl/ut9w4z
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | China's Yuan Surges Offshore, With an Apparent Boost From Beijing; Traders see the hand of the PBOC behind the yuan's sudden strength
Saumya Vaishampayan - WSJ
China's currency surged to its highest level against the dollar in six months in offshore markets on Wednesday, a move some traders ascribed to Chinese central bank intervention meant to warn investors off betting against the yuan following Moody's downgrade of Chinese government debt last week.
/goo.gl/XPqeNK
White Rabbit - Canadian Market Structure Through the Looking Glass
Doug Clark, ITG - TABB Forum
The first quarter of 2017 saw the continued evolution of the Canadian equity trading landscape, with yet more proposals for intricate market-making facilities, new opening auction order types and newly proposed dark order types. ITG continues to believe the Canadian market is headed down a rabbit hole. Doug Clark outlines the potential harm this ill-advised journey may have on investors.
bit.ly/2siHky0
The biggest emerging-market ETF doesn't hold some of the biggest EM stocks
MarketWatch
Earlier this month, the Chinese e-commerce giant Alibaba reported a massive surge in its fourth-quarter revenue, results that contributed to the strong year-to-date advance in its stock price. This is good news for emerging-market investors  or would be, rather, as many of them may not realize that they're not actually participating in this growth story or others like it.
on.mktw.net/2sjou9X
As Pakistan Moves Back To Emerging Market Status After Year of Anticipation, Outflows Now Expected
Frontera News
US-based MSCI has assigned emerging market (EEM) status to Pakistan (PAK) in its semi-annual review after classifying it as a frontier market for the past nine years.
/goo.gl/S8muRY
****SD: This is Part 1 Â there are three other linked emerging market stories on the site.
Ex-UBS Banker's Parents Bought Into China IPOs He Helped Arrange
Cathy Chan - Bloomberg
UBS said to have reported one instance to Hong Kong regulator; Choi left UBS in 2016, now runs boutique advisory firm AMTD
A former UBS Group AG investment banker was linked to several Hong Kong initial public offerings over the past two years in which his parents featured as investors.
/goo.gl/fCitt0
EU agrees new rules to increase access to venture capital funding for small and medium-sized businesses
Lucy White - City AM
Small and growing companies should soon see increased access to venture capital funding, after the EU agreed yesterday on reforms to the European Venture Capital Funds (EUVECA) regulations.
/goo.gl/heBCxY
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| Brexit | | Financials stories regarding the decision of the United Kingdom to leave the European Union | After Brexit: the UK will need to renegotiate at least 759 treaties; FT research reveals that agreements with 168 countries must be redone just for Britain to stand still
Paul McClean - Financial Times
In the early 1970s the Queen's Messengers delivered a historic parcel from London to Brussels, stuffed with enough documents to fill a tea-chest. Since the 15th century these diplomatic couriers have carried the affairs of state. This time the delivery included scores of treaties, all bearing Royal Arms, which stretched back decades and traced the UK's commercial arteries around the world. The arrangements were largely to be subsumed by the European Community when Britain joined its trade bloc; this was, in paper form, part of a handover of power.
on.ft.com/2sjeopL
There is a "real opportunity" for UK businesses to build non-EU relationships after Brexit, says S&P Global Ratings
William Turvill - City AM
The UK voted to leave the European Union on 23 June 2016 (Source: Getty)
Brexit could create a "real opening" for UK businesses to develop closer trading ties with non-EU economies, according to S&P Global Ratings.
/goo.gl/7h5adE
Bankers Warned Against 'Letterbox' Offices in EU After Brexit
Silla Brush - Bloomberg
ESMA publishes guidance on oversight, authorization of firms; Market regulator says 'arbitrage risks' loom between nations
The European Union's financial-markets regulator sought to stop the bloc's member states from loosening oversight to attract business after Brexit, warning that firms shouldn't be allowed to set up shell offices in the EU that still conduct critical business in London.
/goo.gl/cyZLO5
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| Miscellaneous | | Stories that don't quite fit under the other sections | "Business Journalism Fails Spectacularly in Holding the Powerful to Account"
Asher Schechter - Stigler Center at the University of Chicago Booth School of Business Blog
The election of Donald Trump has brought about an incredible resurgence of investigative journalism. Following a long period of allocating fewer and fewer resources to the costly and time-consuming work of investigating misdeeds by politicians, regulators, and corporate executives, news outlets are now hiring reporters and creating new desks devoted to investigating the president's numerous potential conflicts of interest. A surge of public interest has resulted in rising advertising revenues, also known as the "Trump Bump." Trump's open hostility toward the media has also led to an outpouring of support in the form of subscriptions and contributions.
/goo.gl/IjFsdE
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Disclaimer: All John Lothian Newsletters, JohnLothianNews.com, MarketsWiki.com and MarketsReformWiki.com are products of John Lothian News, a division of John J. Lothian & Company, Inc. The opinions expressed in all John J. Lothian & Company, Inc. publications are strictly those of their respective editors. They are intended solely for informative purposes and are not to be construed, under any circumstances, by implication or otherwise, as an offer to sell or a solicitation to buy or trade in any commodities or securities herein named. Information is obtained from sources believed to be reliable, but is in no way guaranteed. No guarantee of any kind is implied or possible where projections of future conditions are attempted. Security futures are not suitable for all customers. Futures and options trading involve risk. Past results are no indication of future performance. Nothing on any John J. Lothian & Company site should be considered an endorsement by any sponsor of any website or newsletter content.
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