| April 05, 2022 | "Irreverent, but never irrelevant" | | |  | John Lothian
Publisher
John Lothian News | |
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Hits & Takes
John Lothian & JLN Staff
It took me all day to finish John's Take, which is titled "Four New Women CFTC Commissioners Was More Historic Than I Thought." I did a deep dive into the history of former CFTC commissioners and who served with whom and what gender they were. I also looked at other histories being made. I hope I have my statistics right. The most common breakdown for commissioners would be four men and one woman, which happened half the time in the CFTC's 48 years. Even though the CFTC did not have commissioners until 1974, I still started counting from 1974 when it was created.
I liberally used pictures of former commissioners from the CFTC's Flickr account. Thank you CFTC. That was very useful. I hope you enjoy my deep dive into CFTC commissioner history.
We often hear, "The dollar is not worth what it used to be." That is so true, especially in the case of an auction of a rare 1795 silver dollar. Barron's reports that the 1795 silver dollar is expected to fetch $1.25 million. Do you have any really old silver dollars lying around? I have some rare quarters my wife inherited from her late step-brother, but nothing earlier than the 1920s.
Thank you to Deborah Gallizo, who is the latest to give to the MarketsWiki Education GoFundMe campaign. Deborah appears to be a former CFTC staffer from online records. Thank you Deborah and all who have given and all who have yet to give. Support our efforts to preserve industry history and educate the next generation of industry professionals and market participants.
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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John's Take: Four New Women CFTC Commissioners Was More Historic Than I Thought
JohnLothianNews.com
When four women were confirmed by the U.S. Senate for the U.S. Commodity Futures Trading Commission and it was heralded as a historic event, I decided to look into the history of the commission and the number of women who have served and who they served with. At no time have four women ever served together as CFTC commissioners. For only three out of the 48 years of the CFTC's existence have there been as many as three women commissioners and for only another eight years were there two women commissioners.
Watch the video »
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Clear Up Yacht Ownership and Other Financial Secrets; Terror attacks led to modern anti-money laundering rules, Russia's war should create tougher standards too.
Paul J. Davies - Bloomberg
When I was trying to trace the spider's web of companies and people around Wirecard AG, both before and after the German payments firm collapsed in a multi-billion euro fraud in 2020, I spent many hours and plenty of money trawling the corporate registries of different countries. This left me more familiar than most with the varying standards on ownership records and other data in a host of countries. Singapore's register, for example, is extensive, but costly to use. India's is cheap and often very good. Those in Luxembourg and Germany are relatively thin but helpful up to a point. The U.K.'s is freely accessible and very useful, but also regularly missing required information.
/jlne.ws/3r2fzdK
***** Sam Bankman-Fried said he does not want a yacht. As George Amberson once said, "The only honorable thing for a man to be is a yachtsman." ~The Magnificent Ambersons. ~JJL
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UK unveils bid to become 'global hub' for crypto; Government measures to attract digital asset companies include stablecoin regulation and Royal Mint NFT
Siddharth Venkataramakrishnan, Joshua Oliver and Cristina Criddle - FT
The UK government has laid out plans to become a "global hub" for the crypto industry, proposing new regulations for stablecoins, a Royal Mint NFT and a suite of other measures to court digital asset companies. City minister John Glen said in a speech on Monday that the government was determined to show "the UK is open for business and open for crypto businesses".
/jlne.ws/3NOkvg6
***** How do you equate a history of royal debasement of the currency with wanting to be a global hub for "stablecoins?"
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The City's nickel crisis is an embarrassing failure; Regulators are set to review the London Metal Exchange's suspension of nickel trading but should also ask questions of themselves
Helen Thomas - FT
You may have thought that "light touch" regulation went out with the financial crisis. But no: it's been alive and well in the City of London all along. Monday's announcement from regulators of a review of the London Metal Exchange's suspension of the nickel market — and its cancellation of trades after a 250 per cent price spike — smacked very much of arriving late to a party that you were supposed to be organising.
/jlne.ws/3Jd1qAR
****** Maybe London should stabilize nickel first before anything else?~JJL
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CME Group to Launch Micro Copper Futures on May 2
CME Group
CME Group, the world's leading derivatives marketplace, today announced that it will expand its suite of micro metals products with the launch of Micro Copper on May 2, 2022, pending regulatory review. A micro-sized Copper contract will provide a variety of market participants - from institutions to sophisticated individual traders - with greater access to the transparency and liquidity of CME Group's Copper markets at a time of heighted economic uncertainty. Micro Copper futures will be one-tenth the size of a standard sized Copper futures contract and will be cash settled.
/jlne.ws/38vQstF
****** Forget nickel, copper is where it is at!~JJL
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Plus-Size Fitness Fans Call for More-Inclusive Sports Gear, Equipment; Finding activewear for cycling and other sports in bigger sizes remains a challenge; some companies see an opportunity
Katie Deighton - WSJ
Many apparel companies have started selling larger sizes in recent years, but some people who wear plus-size clothes say makers of technical athletic gear and apparel have failed to keep pace. While ordinary shorts and T-shirts above a U.S. size 16 are sold many places, specialized items are more elusive. Archers and fencers say sufficiently large chest guards are hard to find. Horseback and bike riders have to hunt for well-fitting breeches and padded pants. Skiers and snowboarders have trouble getting snow pants and boots, which have to fit around the calf.
/jlne.ws/3NPnyET
****** One-size does not fit all. When the SWAG at conferences starts to come in tall, then I will be impressed.~JJL
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Monday's Top Three
Our most-clicked story on Monday was Day drinking, 'Big Shot' and billions of dollars: How the nickel market imploded, from CNN Business. Second was IOSCO explains how Decentralised Finance is cloning Financial Markets, a press release from OICU-IOSCO. Third was Marex Opens Minneapolis Office, Further Enhances OTC Commodity Offering, from Marex via PR Newswire.
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| All MarketsWiki Sponsors» | | | | | | | John Lothian News (JLN) is the news division of John J. Lothian & Company, Inc. (JJLCO). The online media and financial services firm is staffed by derivatives industry, journalism and technology professionals. | | | | | | | John Lothian News Editorial Staff: | | | John Lothian
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| Lead Stories | Blockchain and financial markets: will computers push out brokers? Cryptocurrency exchange FTX wants US futures markets to use its technology, bringing 24/7 trading and automated risk management
Gary Silverman and Philip Stafford - FT
Sam Bankman-Fried cut an unlikely figure as he took the stage on the final morning of this year's big derivatives-industry conference in Boca Raton, Florida. Sporting a grey T-shirt, khaki shorts and sneakers, his mane of curly hair untamed, the 30-year-old chief executive of FTX looked more like a student who had just rolled out of bed to grab breakfast at his college cafeteria than the boss of an international cryptocurrency exchange valued at $32bn.
/jlne.ws/3NPfjbV
The $120 Billion Global Grain Trade Is Being Redrawn by Russia's War in Ukraine; Deliveries from Ukraine and Russia, which account for about a quarter of the world's grains trade, are becoming complicated, spurring food-security worries.
Megan Durisin, Pratik Parija, and Irina Anghel - Bloomberg
Across Ukraine's farm belt, silos are bursting with 15 million tons of corn from the autumn harvest, most of which should have been hitting world markets. The stockpiles — about half the corn Ukraine had been expected to export for the season — have become increasingly difficult to get to buyers, providing a glimpse into the turmoil Russia's war has wrought in the approximately $120 billion global grains trade. Already gummed up by supply-chain bottlenecks, skyrocketing freight rates and weather events, markets are bracing for more upheavals as deliveries from Ukraine and Russia — which together account for about a quarter of the world's grains trade — turn increasingly complicated and raise the specter of food shortages.
/jlne.ws/3Kcwli5
FTX US Invests in 'Flash Boys' Exchange in Crypto-Trading Push; Crypto exchange will own 'significant' stake in IEX Exchange; Deal comes as businesses collide in crypto, equities trading
Yueqi Yang and Katherine Doherty - Bloomberg
Crypto exchange FTX US agreed to take a stake in IEX Group Inc., owner of the stock exchange made famous by "Flash Boys," as they team up on technology and regulatory efforts to expand access to digital assets for retail and institutional investors. The companies plan to collaborate on building a market structure for trading crypto securities and work closely with regulators, according to a statement Tuesday. FTX US declined to disclose terms, saying it will be a "significant investor" in IEX. The deal is set to close next month, subject to regulatory approval and other conditions.
/jlne.ws/3Ke6u9w
Putin's War Has Started a Global Food Crisis
Sara Menker and Rajiv Shah - NY Times
The humanitarian disaster produced by Russia's needless invasion of Ukraine shocks the conscience: 10 million Ukrainians displaced and innumerable Ukrainians killed. But because Ukraine and Russia are both major food exporters, the human toll will grow much larger, far from Ukraine's borders. As Ukraine's farms have turned into battlefields, uncertainty around the country's agricultural exports, as well as Russia's, has created a global food emergency by driving up the prices of wheat, corn, soybeans, fertilizers and sunflower oil.
/jlne.ws/3LJH1Fm
LSEG to expand its global range of digital identity solutions through acquisition of Global Data Consortium Inc
London Stock Exchange Group
London Stock Exchange Group (LSEG) today announces it has agreed to acquire Global Data Consortium Inc (GDC), a global provider of high-quality identity verification data to support clients with Know Your Customer (KYC) requirements (the Transaction). Founded in 2012, GDC specialises in delivering high-speed electronic digital identity verification. GDC provides global name and address matching capabilities that enable them to accurately source and enhance data from over 300 data sources globally and to deliver high quality identity data in near real-time for over 70 countries.
/jlne.ws/3J4SkWM
Cryptoverse: NFT bubble gets that shrinking feeling
Elizabeth Howcroft - Reuters
The NFT bubble isn't popping, but it may have sprung a leak. A year on from when a single non-fungible token sold for $69.3 million in crypto at Christie's auction house, with the buyer paying to be recorded on blockchain as the owner of a digital file that anyone can see online for free, this weird and wild market is showing some signs of slowing down.
/jlne.ws/3DEkzup
EU to propose import ban on Russia coal, chemicals, wood -source
Francesco Guarascio - Reuters
The European Commission will propose on Tuesday to EU nations sweeping new sanctions against Russia, including banning imports of coal, wood, chemicals and other products worth about 9 billion euros ($9.86 billion) a year, an EU source told Reuters.
/jlne.ws/37ij88X
1MDB trial hinges on competing portrayals of ex-Goldman banker; Prosecution says Roger Ng driven by 'greed and glory' but defence claims he was a 'fall guy' for others' crimes
Stefania Palma - FT
The fate of a former Goldman Sachs banker embroiled in the multibillion-dollar 1Malaysia Development Berhad embezzlement scandal hangs in the balance as one of the most high-profile Wall Street criminal prosecutions to reach trial in recent years comes to a close.
/jlne.ws/3jdHlj7
UK government seeks first female chief executive for competition watchdog; CMA's top lawyer Sarah Cardell among leading contenders to take over helm when Andrea Coscelli steps down in July
Kate Beioley - FT
The government is looking to appoint the first female head of the UK competition regulator to replace Andrea Coscelli when he steps down in July. Sarah Cardell, the Competition and Markets Authority's most senior lawyer, is considered to be one of the leading contenders, according to several people with knowledge of the process.
/jlne.ws/3u9OhUT
Private-Equity Giants Back New Nonprofit Promoting Employee Ownership; Ownership Works, supported by more than 60 banks, pension funds and others, aims to create $20 billion in wealth for lower-level workers over next decade
Miriam Gottfried - WSJ
A group of large private-equity firms has agreed to get stock into the hands of more employees at companies they own in an effort to address income inequality. A coalition of more than 60 groups that also includes banks, pension funds and others has signed on to back a new nonprofit aimed at promoting broad-based stock ownership, officials told The Wall Street Journal. Ownership Works, as the new organization is known, will help companies roll out share-ownership programs for employees from top executives to lower-level workers. It launches Tuesday with a goal of creating at least $20 billion in wealth for low- and middle-income employees over the next decade.
/jlne.ws/37fInbO
EU to Propose Banning Russian Coal Imports After Atrocities; Sanctions package to include ban on most Russian trucks, ships; Bloc remains split over how to handle Russian oil, gas
Alberto Nardelli and Jorge Valero - Bloomberg
The European Union is planning to propose a mandatory phaseout on coal imports from Russia in a direct response to reports that Russian forces committed apparent war crimes in Ukraine, according to people familiar with the matter.
/jlne.ws/3DK7eko
Treasury Stops Russia From Paying Debt Through U.S. Accounts; Measure intended to deplete Russia's financial resources; EU countries are also discussing option of further sanctions
Daniel Flatley and Giulia Morpurgo - Bloomberg
The U.S. Treasury halted dollar debt payments from Russian government accounts at U.S. banks, increasing pressure on Moscow to find alternative funding sources to pay bond investors and avoid a default. The decision adds another complication to Russia's attempts to keep meeting debt obligations amid the sanctions imposed after it invaded Ukraine. While the government is so far making payments, some have been delayed by banks doing lengthy checks that they aren't breaching any restrictions.
/jlne.ws/3LLbBOz
Britain sets out plan to exploit crypto potential
Huw Jones - Reuters
Britain set out a detailed plan on Monday to exploit the potential of cryptoassets and their underlying blockchain technology to help consumers make payments more efficiently. As part of creating a global cryptoasset hub, financial services minister John Glen said Britain will legislate to bring some stablecoins under the regulatory net such as complying with existing payment rules.
/jlne.ws/3DFBNYa
Wrong-Footed Day Traders Learn the Dangers of Fighting the Bank of Japan
Masaki Kondo and Ruth Carson - Bloomberg
Bond vigilantes bowed to the might of the Bank of Japan last week but its historic market intervention also sent another cohort scrambling to cut their losses -- retail traders with record bullish bets on the yen. Japan's individual investors cut aggregate net-long positions on their home currency by 56.1 billion yen ($457 million) from near a record high during four days of BOJ intervention last week, according to a Bloomberg analysis of Tokyo Financial Exchange Inc. data. The central bank sent the yen spiraling to a near seven-year low after announcing an unlimited bond-buying spree, reinforcing its policy divergence with other major central banks that are raising rates.
/jlne.ws/37cx1oZ
Some Chinese Companies Find Workaround to Avoid U.S. Delisting; Regulators in China are also working on a plan to comply with U.S. demands for full access to companies' audit working papers
Jing Yang - WSJ
Several Chinese companies that face the prospect of being booted off American stock exchanges have come up with a way to keep their U.S. listings, while Beijing seeks to resolve a long-running audit standoff with Washington. The China franchise of Canadian coffee chain Tim Hortons—which is preparing to go public via a merger with a U.S.-listed blank-check firm—and biotechnology company BeiGene Ltd. BGNE 9.61% are among those preparing to comply with a new law and give U.S. regulators access to their audit records. The companies are tapping U.S.-based accounting firms as their principal auditors, according to people familiar with the matter and public filings.
/jlne.ws/3uOsOju
Investment Firm Files Finra Arbitration Demand Against Morgan Stanley; Disruptive Technology Solutions accuses Morgan Stanley of front-running a block trade in Palantir stock the bank executed last year, according to filing
Corrie Driebusch - WSJ
An investor accused Morgan Stanley MS 0.33% of leaking information about a large sale of shares of Palantir Technologies Inc., saddling it with millions of dollars in losses. Morgan Stanley is at the center of a broad federal investigation into whether Wall Street banks told favored clients about pending sales, known as block trades, that they were hired to carry out quietly. The investor, Disruptive Technology Solutions LLC, and affiliated funds on Monday filed a demand for arbitration against the bank with the Financial Industry Regulatory Authority, a copy of which was viewed by The Wall Street Journal.
/jlne.ws/38hWi1t
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| Ukraine Invasion | | News about the invasion of Ukraine by Russia and its military, economic, political and humanitarian impact | Germany takes over Russia's Gazprom subsidiary after apparent attempt to transfer assets to a Moscow DJ
Peter Weber - The Week
Germany on Monday appointed a German trustee to oversee Gazprom Germania, the German subsidiary of Russian oil giant Gazprom, calling it a "transitory solution" to Gazprom's legally dubious attempt to dispose of its German shareholdings, Politico reports. The trusteeship will stay in place until Sept. 30, German Economy Minister Robert Habeck said.
/jlne.ws/38tWB9H
Exiled Russian oligarch says 'the next steps' of Putin's war may be invasion of the Baltic countries: 'He's at war with the United States and NATO'
Katherine Tangalakis-Lippert - Insider
The exiled Russian oligarch Mikhail Khodorkovsky said in an interview with CNN on Sunday that the next step in Russian President Vladimir Putin's war in Ukraine might be the invasion of the Baltic countries of Estonia, Latvia, and Lithuania. "We must understand that, in his head, Putin is at war not with Ukraine," Khodorkovsky said. "He's at war with the United States and NATO. He said this more than once."
/jlne.ws/3Khqmsf
Germany is under pressure to ban Russian natural gas, but Deutsche Bank's CEO says cutting supply would send the country into a 'virtually unavoidable' recession
Huileng Tan - Business Insider
Germany would face a "significant recession" if supplies of Russian natural gas and oil were cut off, said Deutsche Bank CEO Christian Sewing, per a Reuters report. Due to the war in Ukraine, German banks are expecting the country's GDP growth to slow to 2% in 2022 from 2.7% in 2021, Reuters reported, citing Sewing, who was speaking in his role as president of Germany's BDB bank lobby.
/jlne.ws/3KcrIod
Exiled oligarch who was once Russia's richest man said other oligarchs need to publicly declare Putin a 'war criminal' to not look like they are working for the Kremlin
Kelsey Vlamis - Business Insider
Mikhail Khodorkovsky, a self-exiled Russian oligarch, said other Russian billionaires and officials who have left the country should publicly condemn President Vladimir Putin or risk appearing like they're working for the Kremlin. "Public figures cannot leave quietly and then sit quietly. If you have left, then you should publicly dissociate yourself," Khodorkovsky said in an interview with The Washington Post, adding that if they don't people "should be forced to suspect that you are acting" on the Kremlin's behalf.
/jlne.ws/3LZJr2P
Kremlin warns West: rouble-for-gas scheme is the 'prototype'
Guy Faulconbridge - Reuters
President Vladimir Putin's rouble payment scheme for natural gas is the prototype that the world's largest country will extend to other major exports because the West has sealed the decline of the U.S. dollar by freezing Russian assets, the Kremlin said. Russia's economy is facing the gravest crisis since the 1991 collapse of the Soviet Union after the United States and its allies imposed crippling sanctions due to Putin's Feb. 24 invasion of Ukraine.
/jlne.ws/3ucrKaa
Ukraine Quietly Receives Tanks From Czech Republic to Support War Effort; Move marks the first time a foreign country has provided tanks to Ukraine
Drew Hinshaw - WSJ
The Czech Republic has been sending old Soviet-era tanks into Ukraine, providing badly needed heavy weapons to outgunned Ukrainian troops that are battling a much better-equipped Russian invasion force.
/jlne.ws/35Kqb9W
Ukraine War Sanctions Hit Home for Everyday Russians; Russian consumers are skipping big-ticket purchases and planting vegetable gardens to prepare for a long stretch of economic pain
Yuliya Chernova, Evan Gershkovich, Caitlin Ostroff - WSJ
Before Russia invaded Ukraine, Mike Bazhenov was eyeing a new MacBook for work and an SUV for his nature photography trips near Lake Baikal. Instead, the 30-year-old software developer bought 10 pounds of rice and buckwheat after the computer became unavailable and the price of the car doubled. He is planning to help relatives plant potatoes this year on their farm, 500 miles from his Siberian hometown of Krasnoyarsk.
/jlne.ws/3u8Snwl
'Russia Is Half of Our Business.' Or It Was; European companies that relied on Russian customers are suffering collateral damage from the invasion of Ukraine and Western sanctions.
Liz Alderman - NY Times
The shoes, 600 pairs in all, lay untouched inside an Italian warehouse: magenta sandals, décolleté heels and gold ballerina flats, destined for Russian boutiques but stuck in a limbo of sanctions and economic upheaval from Russia's war in Ukraine. Sergio Amaranti, the Italian shoe company saddled with the mountain of unpaid merchandise, is among thousands of European businesses grappling with a widening blowback from the conflict.
/jlne.ws/3O090T8
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | LSE To Buy Identity Verification Data Provider Global Data Consortium
RTTNews.com RTTNews
(RTTNews) - London Stock Exchange Group Plc (LSEG) said on Tuesday that it has decided to acquire Global Data Consortium Inc (GDC), an electronic identity verification company for an undisclosed sum.
The stock exchange said the deal will particularly help it support clients with Know Your Customer (KYC) requirements.
/bit.ly/3j4GG3B
SIX Launches New Clearing Platform for the Nordic Markets
BME
Based on Nasdaq technology, SIX successfully launched its new clearing IT infrastructure for the Nordic markets on 28 March 2022.
/bit.ly/3uUGKIO
Ag Economy Barometer slides lower, producers concerned about war's impact on input prices
CME Group
The Purdue University/CME Group Ag Economy Barometer dipped to a reading of 113 in March, down 12 points from February and 36% lower than March 2021, marking the weakest farmer sentiment reading since May 2020, the early days of the pandemic. The decline was driven by producers' weaker perceptions of both current conditions in the agricultural economy and expectations for the future. The Index of Current Conditions declined 19 points to 113, down 44% from March 2021, and the Index of Future Expectations declined 9 points to 113, down 31% from the same time last year. The Ag Economy Barometer is calculated each month from 400 U.S. agricultural producers' responses to a telephone survey. This month's survey was conducted between March 14-18, 2022.
/bit.ly/3x0A6n0
Amended Basis Trade at Index Close ("BTIC") Commodity Code for the Micro Ether Futures Contract
CME Group
Effective Sunday, May 1, 2022, for trade date Monday, May 2, 2022 Chicago Mercantile Exchange Inc. ("CME" or "Exchange") will amend the Basis Trade at Index Close ("BTIC") commodity code for the Micro Ether Futures contract (the "Contract") to EMB.
/bit.ly/3KapUfp
Performance Bond Requirements: Interest Rate Margins - Effective April 05, 2022
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. The rates will be effective after the close of business on April 05, 2022.
/bit.ly/3LKEpqq
Enhancements to CME Clearing's OTC IRS Margin Model and Model Parameter Change - Effective April 11, 2022
CME Group
CME Clearing is making enhancements to its procedure for determining LIBOR fixings in its OTC IRS margin model and separately updating liquidity and concentration model parameters for certain instruments as highlighted below. The changes will take effect in Production on Monday, April 11, 2022. Testing is currently available in the New Release environment where changes were released as of Wednesday, March 16, 2022.
/bit.ly/3LEmMbW
Product Modification Summary for Clearing Firms, Bookkeeping Software Providers, ISVs
CME Group
Effective Sunday, May 1, 2022 for trade date Monday, May 2, 2022, and pending all relevant CFTC regulatory review periods, please be advised that the Chicago Mercantile Exchange, Inc. (CME or Exchange) will amend the Globex and ClearPort Codes for BTIC on Micro Ether Futures on CME Globex, and as available for submission for clearing on CME ClearPort. https://bit.ly/3ua8xpj
Intercontinental Exchange Reports March and First Quarter 2022 Statistics; First Quarter ADV up 9% y/y; OI up 5% y/y
ICE
Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today reported March 2022 trading volume and related revenue statistics, which can be viewed on the company's investor relations website at https://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet. "In the first quarter of 2022, the war in Ukraine brought both geopolitical risk and supply uncertainty across commodity markets as inflationary pressure underpinned activity in interest rate markets," said Ben Jackson, President of ICE. "Our benchmark futures contracts help to price commodities that millions of people rely on, providing our customers with the risk management tools they need in the midst of a crisis."
/jlne.ws/3u7Zbuo
Provision of API Distribution Service "J-Quants API" (Beta) for Retail Investors and Launch of Applications for Early Adopters
JPX
JPX Market Innovation & Research, Inc. (JPXI) provides an environment to promote trading utilizing IT and data analysis for individuals interested in data science via the "J-Quants" project.
/bit.ly/3j7jEsX
Launch of Third J-Quants Data Analysis Competition
JPX
JPX Market Innovation & Research, Inc. (JPXI) provides an environment to promote trading utilizing IT and data analysis for individuals interested in data science via "J-Quants", a Proof of Concept (PoC) project. Since the data analysis competitions held last year were well received, we will hold the third competition(*) on Kaggle, a world-famous data analysis competition platform.
/bit.ly/3NOpfT7
Regulations for the markets of the Moscow Exchange April 5 - 8
MOEX
On April 5 - 8, 2022, trading on the markets of the Moscow Exchange, by decision of the Bank of Russia, will be carried out according to the rules established for April 4 . The list of available mutual funds will be determined by the decision of the Moscow Exchange.
/bit.ly/3LEptu4
List of Deliverable Canadian Government Bond Issues for the LGB, CGB, CGF and CGZ Futures Contracts
TMX
For your information, please find enclosed the list of deliverable Canadian Government Bond issues with respect to the LGB, CGB, CGF and CGZ futures contracts delivery months. This list is produced in accordance with the Rules of Bourse de Montréal Inc. and Canadian Derivatives Clearing Corporation (CDCC) relating to delivery standards. This list replaces the one that was distributed on February 24, 2022 (circular no. 024-22).
/bit.ly/3j9kRA6
NSE Indices launches 66 new Fixed Income Indices in line with SEBI's Potential Risk Class (PRC) Matrix for debt mutual funds
NSE
NSE's index services subsidiary, NSE Indices Limited today launched 66 new Fixed Income Indices as benchmarks for debt mutual funds aligned with SEBI's new Potential Risk Class (PRC) matrix for debt mutual funds.
/bit.ly/3pckN5S
SIX launches clearing platform targeting the Nordic markets; The new platform will provide benefits including continued enhancement of the IT infrastructure and reliability, and increased functionality and processing capabilities.
Wesley Bray - The Trade
SIX has launched a new clearing IT infrastructure for the Nordic markets, based on Nasdaq technology. The new platform has been integrated into the SIX Post Trade Architecture (PTA) and according to SIX, has been in stable operation since Monday last week. According to the exchange operator, 10 million trade legs per days will be able to be cleared thanks to the improved IT infrastructure, with SIX expecting an increase in the number of cleared trades in the future.
/jlne.ws/36PL58g
TMX Group Limited to announce Q1 2022 financial results on Monday, May 2, 2022
TMX Group2
Analyst conference call and virtual Annual and Special Meeting of Shareholders to be held Tuesday, May 3, 2022
TMX Group Limited will announce its financial results for the first quarter ended March 31, 2022 in the evening of Monday, May 2, 2022. An analyst conference call to review the results will be held at 8:00 a.m. EDT on Tuesday, May 3, 2022.
/bit.ly/3x64A6T
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Eventus appoints Nick Wallis as Managing Director, EMEA
Eventus
Wallis brings extensive markets, surveillance and sales experience to role, leading Eventus' growing sales team in the region
Eventus Systems, Inc., a leading global provider of multi-asset class trade surveillance and market risk solutions, today announced that Nick Wallis has just joined as Managing Director for the Europe, Middle East and Africa (EMEA) region - leading the fast-growing company's sales efforts in the region. Wallis has extensive experience in financial markets, energy derivatives and technology, including 12 years at Nasdaq, where he ran its surveillance sales and account management in EMEA.
/bit.ly/3JaOmvG
Amazon to Spend Billions on Space Launches as SpaceX Ramps Up Satellite-Internet Service; Project Kuiper, Amazon's planned broadband-satellite unit, has purchased up to 83 launches
Micah Maidenberg - WSJ
Amazon.com Inc. is stepping up plans for its proposed fleet of internet satellites that would compete with a service operated by Elon Musk's SpaceX, buying dozens of space launches from three rocket companies. Amazon's Project Kuiper said it secured up to 83 planned launches that would ferry satellites to orbit over a five-year stretch. The unit of the Seattle-based e-commerce giant hasn't sent up any satellites yet, though it has said it will have two prototypes launched this year.
/jlne.ws/3LEDecc
The Cardano Foundation Unites With The Blockchain Center of the University of Zurich, Furthering Cardano's Roots In Academic Research
Cardano Foundation
The three year collaboration centers around a shared ambition of furthering high level academic research of blockchain and distributed ledger technologies (DLT)
The Cardano Foundation, the non-profit organization and custodian of the Cardano blockchain, and the Blockchain Center of the University of Zurich (UZH BCC), one of the leading research universities in Europe, are joining forces for three years to explore the development of blockchain education and research initiatives.
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| Cybersecurity | | Top stories for cybersecurity | State Department Launches New Cybersecurity Bureau
Marguerite Reardon - CNet
The State Department on Monday launched a new cybersecurity bureau in an effort to make digital security a part of US foreign policy at a time when authoritarian regimes in Russia and China are increasingly trying to influence the internet.
/jlne.ws/36RQ4VY
German Police Shut Down $1.3 Billion Illegal Darknet Firm; Law enforcement seized server infrastructure and 543 Bitcoins; Hydra Market platform had about 17 million client accounts
Karin Matussek - Bloomberg
German law enforcement shut down what they say was the biggest illegal Darknet market place seizing 23 million euros ($25.2 million) worth of Bitcoin. The Russian-language Hydra Market platform was used for drug trafficking and money laundering and in 2020 alone had sales on 1.2 billion euros, the Frankfurt prosecutors' anti-cybercrime unit said Tuesday. Prosecutors said they seized 543 Bitcoin in total.
/jlne.ws/3DEKLoI
How cryptocurrency is opening the door for online dating scams
NBC Universal
With cryptocurrency skyrocketing in popularity, NBC's senior consumer investigative correspondent Vicky Nguyen warns about an uptick in online dating scams. She reports for TODAY on what you need to know to protect your money and your heart.
/jlne.ws/37nwMaU
Anonymous takes revenge on Putin's brutal Ukraine invasion by leaking personal data of 120,000 Russian soldiers
Carmela Chirinos - Fortune
Hacker collective Anonymous announced on Twitter that it successfully breached and leaked the personal data of 120,000 Russian soldiers. "All soldiers participating in the invasion of Ukraine should be subjected to a war crime tribunal," Anonymous said in the message. The leak included personal information like dates of birth, addresses, passport numbers, and unit affiliation.
/jlne.ws/3NM3uDt
Cybersecurity Mesh: IT's Answer to Cloud Security
John Donegan - DarkReading
The term "cybersecurity mesh" has been around for a couple of years now, but it's making the rounds again after Gartner declared it the second-highest strategic trend of 2022. To be fair, it is a good term, as it adequately expands upon the zero-trust paradigm. Given that zero trust has been around for nearly two decades, most are familiar with the zero-trust network (ZTN) model. It is the idea that all network access requests should be considered unreliable until proven otherwise.
/jlne.ws/38jd6oQ
Three Important Considerations When Evaluating A Cybersecurity Service Provider
Richard Dobrow - Forbes
Determining that you need a cybersecurity service provider is likely one of the most important technology-related decisions a C-suite can make in regard to the well-being and security posture of their organization. But once that basic decision has been made, the evaluation process needs to be thorough and provide an unmistakable picture of the services that are offered and how they will be delivered. After all, this third party will have their pulse on the lifeblood of your digital infrastructure and be counted upon when it matters the most—and during a time when that need is often anticipated the least.
/jlne.ws/3r3FnX5
Block Says Former Worker Accessed U.S. Customer Data Without Approval; Downloaded reports from payments company's Cash App included full names and brokerage-account numbers, an SEC filing shows
Patrick Chu - WSJ
Block Inc. said a former employee downloaded reports from the payments company's Cash App without Block's permission that contained information from some U.S. customers. Block, formerly called Square Inc., said the reports included full names and brokerage-account numbers used in its Cash App Investing offering. The information included brokerage portfolio value, holdings, and stock-trading activity. The reports were accessed on Dec. 10, according to a company filing with the Securities and Exchange Commission on Monday.
/jlne.ws/3j7zwM3
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| Cryptocurrencies | | Top stories for cryptocurrencies | Crypto billionaire Sam Bankman-Fried plans to give away 99% of his money as the FTX CEO embraces 'effective altruism' and shuns luxury
Phil Rosen - Business Insider
The billionaire founder of crypto exchange FTX, Sam Bankman-Fried, has plans to give away the vast majority of his wealth thanks to the philosophy of "effective altruism," which he learned in college. Despite running a multibillion-dollar global crypto exchange, the 30-year-old drives a Toyota Corolla, lives like a college student, and has a goal of making as much money as possible so that he will have more to give away, according to Bloomberg.
/jlne.ws/35FxjUS
Indonesia Will Tax Crypto Earnings, Purchases Starting in May
Grace Sihombing - Bloomberg
Indonesia will start taxing crypto transactions and assets next month. The finance ministry has set a 0.1% value-added tax on crypto asset purchases, while earnings and capital gains from such transactions will be subject to a 0.1% final income tax, according to a rule that will be effective on May 1.
/jlne.ws/3x69QYy
Singapore Passes Law to Tighten Rules for Crypto Providers
Faris Mokhtar - Bloomberg
Singapore has approved a law that will tighten rules for cryptocurrency providers in the latest sign of its tentative embrace of the industry. The new legislation will require virtual asset service providers in the city-state which only do business overseas to be licensed. Currently, such firms are not regulated for anti-money laundering and countering the financing of terrorism. The law was passed in parliament on Tuesday.
/jlne.ws/36PHI13
Rishi Sunak wants Britain to be a "global hub" for crypto. Sigh; Because being a global hub for other dodgy assets has worked out so well.
Jemima Kelly - FT
Oh, Rishi. What a pity! Where did those simpler times go, where you were content to just sit there looking all dishy in your hoodie, perfecting your P-Diddy-style celebrity autograph? Why must you insist on being so fishy? It feels like you are starting to take the Royal mickey!
/jlne.ws/3KhACAL
Britain's Royal Mint is creating an NFT, ready for launch this summer
Hamza Fareed Malik - Business Insider
Britain's Royal Mint will create a non-fungible token to be issued this summer, the Treasury department announced on Monday. Finance Minister Rishi Sunak asked the mint to start developing the token. "This decision shows the the forward-looking approach we are determined to take towards cryptoassets in the UK," HM Treasury tweeted.
/jlne.ws/3NQEsTy
Novel, Which Creates NFTs for Companies, Raises $6 Million; As the idea of Web3—a decentralized internet that uses blockchain technology—slowly takes shape, Novel hopes to generate NFTs for brands. The startup's seed funding values it at $21 million
Ann-Marie Alcántara - WSJ
Novel Commerce Inc., a company that helps retailers, brands and content creators mint and sell nonfungible tokens, said it has raised $6 million in a seed round that values the company at $21 million. The New York City-based startup, which goes by Novel, allows retailers to generate and sell the tokens, better known as NFTs, without having to do the coding themselves. Novel also plans to offer the companies it works with the ability to create content, merchandise and discounts for their online storefronts and for its NFTs.
/jlne.ws/3NQNZtO
Virtual worlds are still more Minecraft than metaverse; Big brands have arrived in Decentraland but it's not the slick immersive future envisioned by Mark Zuckerberg
Tim Bradshaw - FT
I am standing in a brand new city, vast and almost deserted. In one direction is a medieval castle. In the other, a pixelated pig looms several storeys high. As I run towards it, a giant statue of Bart Simpson materialises out of nowhere. Welcome to the metaverse, or at least one version of it. Decentraland is a two-year-old virtual world that uses blockchain technology to sell "land", upon which owners can build anything. The result is a city planner's worst nightmare, a mishmash of sci-fi structures and facsimiles of real buildings, including Selfridges' Birmingham department store.
/jlne.ws/3uau1Td
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| Politics | | An overview of politics as it relates to the financial markets | Biden targets crypto wealth for $11 billion in new tax revenue
Brady Dale - Axios
President Biden wants to go after crypto wealth as a way to help close the budget gap, figuring Uncle Sam could net $11 billion in new income through 2032 by modernizing accounting rules around the asset class, according to his budget proposal released March 28.
/jlne.ws/3J9Kmf5
Elon Musk's Twitter Investment Could Be Bad News for Free Speech; The Tesla founder's decision suggests that he wants to bring the social media platform to heel.
Timothy L. O'Brien - Bloomberg
Elon Musk just bought a $3 billion stake in Twitter Inc., because when you're the world's richest human you can toss billions around like poker chips. This may be just another piece of performance art from Musk, who has alternately endorsed and pooh-poohed Bitcoin to great effect. He's also taken to Twitter to hype altcoins such as Dogecoin and Shiba Inu, while simultaneously warning followers: "Don't bet the farm on crypto!"
/jlne.ws/3jaordb
France Opens Ukraine War Crimes Case on Possible French Victims
Gaspard Sebag - Bloomberg
French prosecutors opened three probes on Tuesday into possible war crimes committed against the country's nationals in Ukraine in recent weeks. The Parquet National Antiterroriste said that the cases will focus on incidents that took place in Mariupol, Gostomel and Chernihiv.
/jlne.ws/3x1i4B3
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| Regulation & Enforcement | | Stories about regulation and the law. | Statement on Jury's Verdict in Trial of Henry Sargent
SEC
Today, after a nine-day trial, a jury serving in the United States District Court for the District of Massachusetts ruled in favor of the SEC against Connecticut attorney Henry Sargent. The jury found that Sargent committed securities fraud in connection with a scheme to disguise stock sales by corporate affiliates. The SEC charged that Sargent reaped approximately $900,000 in proceeds from his scheme.
/jlne.ws/38nosYV
Prepared Remarks Before the 2022 41st Annual Small Business Forum
Gary Gensler - SEC
Thank you, Martha, for that kind introduction. I want to say how grateful I am for your leadership, particularly as you prepare for your next chapter in professional life.
As is customary, I would like to note that my views are my own, and I'm not speaking on behalf of the Commission or SEC staff.
Martha, in the closing days of 2018, you stepped up to the plate to build and lead the SEC's Office of the Advocate for Small Business Capital Formation.
/jlne.ws/3uUnx9Z
Rethinking Capital Raising Policy: Opening Remarks at the SEC's Small Business Forum
Martha Miller - SEC
Good afternoon, and welcome to the SEC's 41st annual Small Business Forum. This is one of my favorite events of the year, and not just because it brings together hundreds of people who are passionate about capital raising, all of our Commissioners, as well as other government leaders. This annual event signals that no matter the good work we have done, we will always need advocates pushing us to rethink and retool our policies in response to a constantly changing environment.
/jlne.ws/3r3Ghmr
Prepared Remarks of Gary Gensler On Crypto Markets Penn Law Capital Markets Association Annual Conference
Gary Gensler - SEC
Thank you. It's great to be with you all at this event, particularly as the University of Pennsylvania is my alma mater. I was over at Wharton, and what I knew of the law school is that the library stacks were a great place to study. It was so quiet there, though I don't know if that's still the case.
As is customary, I'd like to note that my views are my own, and I'm not speaking on behalf of the Commission or SEC staff.
Today, you've invited me to talk about the roughly $2 trillion crypto markets.
/jlne.ws/3NSWZ1Q
FCA makes three senior hires
FCA
Laura Dawes will take up 1 of 2 new Director of Authorisations roles. Laura is currently interim Director of Strategy, Policy, International and Intelligence in the FCA's Enforcement and Market Oversight Division.
Working alongside Laura as fellow Director of Authorisations will be Dominic Cashman. Dominic joins the regulator from TP ICAP, an interdealer broker, where he was most recently Head of Integration and Transformation and, previously, Interim Group Head of Operations. Laura and Dominic will start their new roles in late April and early May.
/jlne.ws/3LLiAqL
International Forum of Independent Audit Regulators published the Report on 2021 Survey of Inspection Findings
FSA (Japan)
The International Forum of Independent Audit Regulators (IFIAR) released "Survey of Inspection Findings 2021", a report on the results of its tenth annual survey of audit inspection findings identified by IFIAR member audit oversight bodies.
The Certified Public Accountants and Auditing Oversight Board has participated in the task force to prepare the report, and will continue to contribute to the project.
/jlne.ws/3x5XPSL
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | The Bond Routs That Still Cast a Shadow on Wall Street; Traders can't be pleased Fed Chair Jerome Powell held up 1994's rate increases as a model.
Marc Rubinstein - Bloomberg
Almost 30 years on, the great bond massacre of 1994 still looms over Wall Street. So when Federal Reserve Chair Jerome Powell pitches 1994 as the model of what he's trying to achieve in this interest-rate cycle, it's enough to cause shivers on trading floors. "In three episodes," he observed in a recent speech, "in 1965, 1984, and 1994 - the Fed raised the federal funds rate significantly in response to perceived overheating without precipitating a recession."
/jlne.ws/3J4tdn2
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| Wellness Exchange | | An Exchange of Health and Wellness Information | UK defends scrapping free Covid tests as list of symptoms expands; Downing Street said cost was 'unsustainable' despite case rates reaching record high
Laura Hughes and Oliver Barnes - FT
The UK government has defended its decision to end free mass Covid-19 testing in England this month as it significantly expanded the official list of coronavirus symptoms.
/jlne.ws/3NIA7C1
List of Official Covid Symptoms Expanded to Include Sore Throat and Fatigue
Ella Pickover - The Press Association via Bloomberg
The official list of Covid-19 symptoms has been expanded to include nine new signs of illness. The extension of the symptoms list to include ailments such as sore throat, fatigue and headache could help to reduce infections, one expert said.
/jlne.ws/3j5gtll
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | Money Pouring Into Fossil Fuels Risks Climate Disaster, UN Report Warns; As the world fails to meet targets to curb climate change, over half of the 150 biggest financial institutions have no restrictions on financing oil and gas
Natasha White and Eric Roston - Bloomberg
The world's leading climate finance experts and economists warned that too much money continues to pour into fossil fuels and too little is channeled to clean energy, putting the planet on track to blow past its limit to avoid catastrophic global warming.
/jlne.ws/3uaWk3M
A Paris Agreement Architect Is Now Terrified by Lack of Climate Action; "I'm lacking words for this. It's beyond immoral. It's suicidal," climate diplomat Christiana Figueres says of the new IPCC report
Natasha White and Eric Roston - Bloomberg
The Paris Agreement in 2015 established a 1.5° Celsius goal as a rallying point for every nation in the world, and the Costa Rican diplomat Christiana Figueres was one of its chief architects. With the release of Monday's latest report from the Intergovernmental Panel on Climate Change, she's faced with the increasingly probable outcome that the temperature threshold she helped establish as former executive secretary of the UN Framework Convention on Climate Change will be passed in the years ahead.
/jlne.ws/3KeEmCX
The ESG zeitgeist; And more on SEC's carbon disclosure rule
Robert Armstrong and Ethan Wu - FT
Two replies to ESG replies
I get a lot of emails about my criticisms of the ESG-industrial complex. This is satisfying: my image of myself is an old man on a dilapidated porch, shouting at the local kids to keep off of his damn lawn. That the kids would take any notice is a nice surprise.
/jlne.ws/3J8Ugxt
U.S. Wants More Oil From Canada but Not a New Pipeline to Bring It; White House still opposes Keystone, but other options could include shipping more oil by rail or expanding pipeline capacity along existing routes
Timothy Puko in Washington and Vipal Monga - FT
Biden administration officials are seeking ways to boost oil imports from Canada, people familiar with the situation say, but with one big caveat—they don't want to resurrect the Keystone XL pipeline that President Biden effectively killed on his first day in office.
/jlne.ws/3x46ftI
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | Prosecutor urges ex-Goldman banker's conviction over 1MDB, defense blasts witness
Luc Cohen - Reuters
A U.S. prosecutor on Monday urged jurors to convict a former senior Goldman Sachs banker for helping loot billions of dollars from Malaysia's 1MDB sovereign wealth fund, while the defense accused the government's star witness of lying.
/jlne.ws/3j35CIS
Closing arguments to begin in ex-Goldman banker's 1MDB corruption trial
Luc Cohen - Reuters
Closing arguments are set to begin on Monday in the U.S. trial of a former Goldman Sachs banker accused of helping loot hundreds of millions of dollars from Malaysia's 1MDB development fund. Prosecutors say Roger Ng, Goldman's former top investment banker for Malaysia, helped his then-boss Tim Leissner embezzle money from the fund, launder the proceeds and bribe officials to win business for Goldman.
/jlne.ws/3LGUPjJ
Evergrande agrees to pay advisory fees to international bondholders; Deal comes after group warned of potential legal action against Chinese developer
Thomas Hale and Tabby Kinder - FT
Evergrande has agreed to pay the advisory fees of a group of international bondholders in the heavily indebted company after they warned of potential legal action against the Chinese developer.
/jlne.ws/3DORU5R
Tradeweb Reports Record Trading Volume of $28.2 Trillion In March With 14.0% YOY Increase In Average Daily Volume
Tradeweb
Average daily volume (ADV) for the month was $1.23tn, an increase of 14.0 percent (%) year-over-year (YoY). For the first quarter of 2022, total trading volume was a record $73.1tn and ADV was a record $1.17tn, an increase of 10.9% YoY. Average daily trades for the month totaled 101,454.
/bit.ly/3ucvQiA
BMO hires new director of research for the US; The incoming hire was formerly with Goldman Sachs and several FinTech firms before joining BMO.
Laurie McAughtry - The Trade
The former co-head of Americas equity research for Goldman Sachs, Penn Egbert, has joined Bank of Montreal (BMO) as managing director, US director of research, based in New York. According to his LinkedIn profile, Egbert started his new role in March 2022, joining from his former position as senior advisor with financial services SaaS startup GlobalSource Direct, where he spent two years.
/jlne.ws/3KggtLA
BNP Paribas expands broker-to-custody offering into Europe amid equities trading push; French bank rolls out solution which has been successful in the US and APAC as it aggressively targets European equities expansion.
Jonathan Watkins - The Trade
BNP Paribas has made its broker-to-custody solution available across Europe following its continuing expansion in equities flow trading in the region. A series of moves including the addition Deutsche Bank's prime services division, the acquisition of the remaining 50% of Exane and personnel additions have highlighted the French's banks intentions in the equities execution space in Europe.
/jlne.ws/3LJIRGg
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | While some crypto players based in Singapore decry the city-state's tightening of regulations, others welcome the scrutiny as a way to weed out bad actors.
Dylan Loh - Nikkei
SINGAPORE -- Singapore on Tuesday passed a law that extends its cryptocurrency regulations to companies with a local presence that provide digital token services outside the city-state, as authorities further tighten rules around the emerging industry.
/s.nikkei.com/3vfHTLl
Zimbabwe Eyes Switch to Cannabis as Tobacco Demand Seen Waning; Tobacco growers to earn 25% of revenue from cannabis by 2025; Switzerland seen as gateway for producers into Europe
Ray Ndlovu - Bloomberg
Zimbabwe's tobacco industry is looking to cannabis as a major revenue source with anti-tobacco sentiment expected to dampen demand for one of the countries biggest exports. Anticipated demand for cannabis is projected to continue to grow while tobacco output globally may decline 15% by 2030, according to Meanwell Gudu, the chief executive officer of Zimbabwe's Tobacco Industry and Marketing Board.
/jlne.ws/3uahxuP
Sugar maker Tereos appoints Ludwig de Mot as new CEO
Reuters
Tereos said on Tuesday it had appointed Ludwig de Mot as its new chief executive, succeeding Philippe de Raynal who left the French sugar and ethanol maker in February after just a year at the helm of the group. Tereos, the world's second-largest sugar producer in volume with large operations in Brazil, has been reshuffling its top management and reviewing its strategy since 2020 when a long-running internal feud led to the ousting of its chairman and CEO.
/jlne.ws/3u8LRFV
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| Miscellaneous | | Stories that don't quite fit under the other sections | Where have all the workers gone?
David Kelly - Chief Global Strategist at J.P. Morgan Asset Management
Last Thursday, as I headed home from a conference, the car I'd booked to take me to the airport didn't show up. Luckily there was a taxi nearby so I hopped in and discovered that, in addition to a comfortable ride to my destination, the fare entitled me to a free lecture on the state of the labor market. "The reason your car didn't show up", opined the retired police sergeant at the wheel, "is you can't find drivers anymore. It's the millennials - they just don't want to work".
/jlne.ws/35DXPhB
'Great Resignation' Not That Great After All, Fed Study Says
Alister Bull - Bloomberg
High levels of workers quitting their jobs -- dubbed the "Great Resignation" -- may not be that rare after all, according to the latest Economic Letter from the Federal Reserve Bank of San Francisco. "Evidence from both recent worker surveys and historical data on quits shows that the 'Great Resignation' is not as unusual as one might think," wrote Bart Hobijn, a visiting fellow with the regional Fed's research department and a professor of economics at Arizona State University.
/jlne.ws/3JbUCUf
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