| July 07, 2021 | "Irreverent, but never irrelevant" | | | | John Lothian
Publisher
John Lothian News | |
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$50,006/$300,000 (16.7%)
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Hits & Takes
John Lothian & JLN Staff
You can register for the the FIA Training course "Understanding & Avoiding Spoofing Behavior" with this LINK.
The latest in thought leadership from the NYSE is from Stefanos Bazinas, execution strategist at NYSE, with a piece titled "After-hours price discovery more robust as pandemic and retail participation provide boost." -- NYSE
You can register for the 2021 Wall Street Rides Far event to be held on October 2 with this LINK.
There were no new donations to the JLN MarketsWiki Education GoFundMe campaign yesterday.
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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Cboe Global Markets reported its June 2021 monthly trading volume statistics across global business lines late Tuesday and also provided guidance for revenues per contracts for second-quarter 2021. Among the month's volume highlights was a 12.8% gain for both total options volume and ADV compared with June 2020. Year-to-date total options volume was up compared with the same period a year ago, by 14%, but total futures volume and ADV traded on the exchange was down 0.9% from a year ago. In its guidance for second-quarter 2021, Cboe forecast RPC (revenue per contract) for total options in the period would be 3% to 4% lower than the projected average of 20 cents for the two months ended May 31, 2021. The exchange operator said a higher percentage of its options volume currently stems from multi-listed options, which have a lower RPC. More details are here. ~SC
Morningstar's research group recently published an analysis of inflation risks and how investors can offset them. "Stocks and bonds may fail to deliver real returns in an inflationary environment, but real assets and assets explicitly linked to inflation can mitigate this problem," they note. That diversification includes inflation-linked bonds and commodity-related and infrastructure stocks, they said. A link to the piece is here, ~SC
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Ex-JPMorgan Trader Wins U.K. Employment Fight Over Spoofing
Jonathan Browning - Bloomberg
Bradley Jones was unfairly dismissed and didn't spoof market; JPMorgan wanted to "appease its regulators," judge says
A fired JPMorgan Chase & Co. trader won his legal fight with the U.S. investment bank after a London court rejected claims he'd engaged in market spoofing and said the company had targeted the man to "appease its regulators." Bradley Jones, a former cash equities trader, was unfairly dismissed, Judge Stephen Knight said in a ruling published Wednesday. Jones had argued that he was only fired because the bank wanted to show it was taking a tougher line on a spoofing scandal that cost it close to $1 billion in penalties.
/jlne.ws/3hH7u8T
******Maybe if he had taken the FIA Training course on avoiding spoofing he would not have had this problem.~JJL
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Jump in coffee bean prices set to filter through to your morning brew; Drought in Brazil and issues at other major exporters has sent market prices soaring
Alex Hamer and Emiko Terazono - FT
A surge in green coffee prices may soon begin percolating into costs paid by consumers for their daily caffeine fix, in the latest sign of how hot commodity markets are affecting the broader global economy.
/jlne.ws/3dQFO0u
******Coffee prices go Venti!~JJL
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New York City Ticker-Tape Parade to Honor Covid-19 Workers; Sandra Lindsay, a Queens nurse who was one of the first in the U.S. to receive a Covid-19 vaccine, is the grand marshal
Katie Honan - WSJ
New York City on Wednesday will hold a ticker-tape parade to honor healthcare workers and other front-line heroes during the Covid-19 pandemic. "This is going to be a parade for everyday people, for working people who made a difference for this city," Mayor Bill de Blasio said at a press conference Tuesday.
/jlne.ws/3xqkCG2
******Where does one get ticker tape today?~JJL
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Tuesday's Top Three
Our most read story Tuesday was Bloomberg's The Next Big Divide in Finance Takes Shape in Your Office, in which big banks such as JPMorgan Chase and Goldman Sachs go back to strict return-to-office policies while others are more flexible. Second was the Wall Street Journal's Flaws Emerge in Justice Department Strategy for Prosecuting Wall Street, about the trial of Robert Bogucki, a senior executive at Barclays. Third was the MarketsWiki page for Steve Staszak, who gave $300 to move the JLN MarketsWiki Education GoFundMe campaign total over the $50,000 level.
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MarketsWiki Stats
26,447 pages; 234,204 edits
MarketsWiki Statistics
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| Lead Stories | Robinhood's Debut Is Clouded by SEC Scrutiny of Payment for Order Flow; The practice provided 81% of the online brokerage's first-quarter revenue
Alexander Osipovich - WSJ
Robinhood Markets Inc. is on a collision course with regulators over a controversial practice that generates most of its revenue, as the online brokerage gears up for a highly anticipated initial public offering. In its IPO filing, released Thursday, Robinhood disclosed that 81% of its first-quarter revenue came from sending its customers' stock, options and cryptocurrency orders to high-speed trading firms—a practice known as payment for order flow.
/jlne.ws/3qTWlWp
Investment Review Panel Gets Wider Role Under Biden in Rivalry With China; Cfius is being empowered to assess more foreign investment threats
Alex Leary and Katy Stech Ferek - WSJ
A low-profile government committee that reviews business deals for national security concerns is receiving expanded emphasis as part of the Biden administration's plan to compete with China.
/jlne.ws/3qPyasq
Bitcoin Fraud Concerns Draw Scrutiny From Regulators; SEC's Gary Gensler has told lawmakers that investor protection rules should apply to crypto exchanges
Dave Michaels and Andrew Ackerman - WSJ
Regulators are signaling they want more control over an expanded cryptocurrency universe that has pushed further into Wall Street activities without the investor and consumer protections that apply to traditional securities and financial services.
/jlne.ws/3whJej6
The Downtown Office District Was Vulnerable. Even Before Covid.
Emily Badger and Quoctrung Bui - NY Times
Downtown business district boundaries defined by CoStar. Discrepancies in individual building-level footprints may be a result of recent construction or demolition, or misalignment between satellite data and CoStar data. Source: CoStar The modern downtown business districts of many large American cities were created through subtraction: First residents left the center city, then the craftsmen and wholesalers, then the museums, theaters and smaller retailers, and — the final blow — the department stores. What remained at the heart of many cities in the 20th century were blocks and blocks of office buildings filled perhaps 10 hours a day, five days a week — a precarious urban monoculture. It was already susceptible to shocks and recessions before the pandemic. And now, with the future of office work deeply uncertain, this moment has sharpened debate about what downtown should be, if not the domain of staid office real estate above all.
/jlne.ws/3xpxU5F
Hedge funds rely on algos to trade majority of portfolios in market stress; Results from The TRADE's 2021 Algorithmic Trading Survey revealed that hedge funds are relying more on algorithms to trade the majority of their portfolios, with dark liquidity seeking strategies the most popular.
Editors - The Trade
The global equity market went on an unprecedentedly wild roller-coaster ride in 2020. After a dramatic sell-off in March of last year, markets quickly recovered and major indices continued reaching record highs. The volatile market conditions, high trading volume and drive for rapid digital transformation to cope with the remote working environment have all contributed to the uptick in algorithmic trading.
/jlne.ws/36fkWM6
China's crackdown on US listings threatens $2tn market; New IPO regime comes after Beijing targets Didi and could hit lucrative trade for Wall Street banks
Hudson Lockett and Tabby Kinder - FT
Beijing has sent shockwaves through global financial circles with plans to tighten restrictions on overseas listings of Chinese companies, in a development that could threaten more than $2tn worth of shares on Wall Street.
/jlne.ws/3jPfHuz
China's STAR Market Regains Some Sparkle With Syngenta IPO; Offering would be the largest in the Nasdaq-style board's roughly two-year history
Jing Yang - WSJ
A planned $10 billion listing by pesticide and seed giant Syngenta Group Co. will be a win for Shanghai's STAR Market, boosting its credentials as a home for inventive, internationally minded companies just as China gets tougher on overseas stock sales.
/jlne.ws/3wxbhvb
Hacking Wall Street; Could a cyberattack disrupt the financial system?
Kim Zetter - NY Times
At a Congressional hearing in May, the chief executives of Wall Street's six largest banks were asked to name the greatest threat to their companies and the wider financial system. They did not mention the global pandemic, climate change or factors that contributed to the 2008 financial crisis. The most popular answer instead was "cybersecurity."
/jlne.ws/3dLO2qq
Analysis: U.S. IPO market a danger zone for Chinese firms after Beijing crackdown
Scott Murdoch, Kane Wu, Echo Wang - Reuters
China's stepped-up scrutiny of overseas listings by its companies and a clampdown on ride-hailing giant Didi Global Inc (DIDI.N) soon after its debut in New York have darkened the outlook for listings in the United States, bankers and investors said.
/jlne.ws/3yq86GK
Financial regulators attempt to align rules on climate risks
Huw Jones - Reuters
Global regulators published a blueprint on Wednesday to give a "sense of direction" to proliferating initiatives for tackling climate-related financial risks before they fragment markets.
/jlne.ws/3yxnKjC
Revolt Against Bank Fees Mints a $3 Billion Fortune for Fintech Founders
Benjamin Stupples - Bloomberg
CEO and chairman started Wise in London about a decade ago; Digital-payments company went public via a direct listing
Loathing bank fees made Kristo Kaarmann and Taavet Hinrikus two of the richest people in finance. The pair are among the biggest winners from the direct listing of Wise Plc, the U.K. digital-payments provider they started after becoming fed up with banking costs for global money transfers. The company began trading at 800 pence in London on Wednesday, giving Chief Executive Officer Kaarmann and Executive Chairman Hinrikus stakes worth about $2 billion and $1 billion, respectively, based on data from Wise's prospectus.
/jlne.ws/3dOpmxK
Fintech Wise Rises in Direct Listing in Win for London Markets
Swetha Gopinath - Bloomberg
Wise valued at about $11 billion following share auction; Wise's deal is first U.K. direct listing by a tech firm
Fintech company Wise Plc rose as it began trading via a direct listing on the London Stock Exchange, in the largest such deal ever, bolstering Brexit Britain's capital market ambitions.
/jlne.ws/3dNxGxp
Covid-19 Pushed 22 Million Out of Job Market in Major Economies
Libby Cherry - Bloomberg
At least 22 million jobs have disappeared in developed nations; Crisis amplified trends including growing income inequality
Labor markets in developed nations have recovered only half of the loss of employment they suffered in the pandemic, with the young and low-skilled hurt most.
/jlne.ws/3hHEs9k
Central bankers see limited role for crypto in reserve operations; Officials expect at least one key central bank to launch its own coin in next 5 years, survey says
Eva Szalay - FT
Central bankers are sceptical that bitcoin and other cryptocurrencies will supplant gold as a safe store of value but are upbeat on the prospects for official digital tokens as authorities grapple with how to respond to the crypto boom.
/jlne.ws/3hjE4yG
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| Wellness Exchange | | An Exchange of Heath and Wellness Information | Conservatives are leaving America wide open to the Delta variant
Ryan Cooper - The Week
The United Kingdom is suffering another major coronavirus outbreak. Cases have increased by roughly 15-fold since May, and are still soaring upwards. This is despite the fact that the U.K. is one of the most-vaccinated countries in the world, with about 68 percent of the population having at least one dose and 50 percent with two.
/jlne.ws/3hL7NPZ
Sydney locked down for another week as Delta COVID-19 variant spreads
Renju Jose, Byron Kaye - Reuters
Delta is a "game-changer" - state premier;Sydney lockdown until July 16;Brace for more cases, officials warn Sydney residents; Vaccination drive has fallen well behind initial schedules
The leader of Australia's New South Wales (NSW) state on Wednesday ordered a week-long extension of Sydney's COVID-19 lockdown, warning new cases are bound to rise as the country's biggest city grapples with the highly infectious Delta variant.
/jlne.ws/3yBF2wh
Chinese city on Myanmar border hit by fourth COVID-19 wave
Reuters
Parts of a small city in southwest China that shares a border with Myanmar went into a full lockdown on Wednesday as local authorities wrestled with the city's fourth outbreak of the new coronavirus since the pandemic began.
/jlne.ws/3AEdsQw
Indonesia's Covid-19 Deaths Exceed 1,000 in Daily Record
Rieka Rahadiana and Arys Aditya - Bloomberg
Country reports 1,040 deaths and 34,379 new cases on Wednesday; Central Java hardest hit by fatalities, Jakarta leads in cases
Deaths due to Covid-19 in Indonesia exceeded 1,000 for the first time, intensifying the battle to contain a resurgence of infections that has overwhelmed its medical system. The nation reported 1,040 more deaths in the past 24 hours, double the number just a week ago, latest ministry data show. It registered 34,379 new cases as of Wednesday, also a daily record.
/jlne.ws/3AAXt5L
Delta variant drives Spain's Covid-19 rate to highest in mainland Europe; Infection rate almost tripled in past week, fuelled by sharp rise among under-30s
Daniel Dombey in Madrid, John Burn-Murdoch in London and Peter Wise - FT
The Delta variant of Covid-19 and a surge in infections among younger, unvaccinated people have catapulted Spain's coronavirus rate to the highest in mainland Europe, according to Financial Times research.
/jlne.ws/3AFuoqa
England's hasty lifting of coronavirus rules; Removing restrictions too quickly raises the danger they will have to be reimposed
The editorial board - FT
Britain's vaccines success has opened the way to shifting from state-led restrictions to personal responsibility in controlling coronavirus. The question — complicated by the explosion in the Delta variant — is when is the right moment. Boris Johnson's government could have maintained progress towards that goal without lifting almost all restrictions on July 19, as it now plans to do in England. Instead, it is raising the risk that infections will again spiral out of control, requiring safeguards to be reimposed. More haste in relaxing rules may mean less speed in finally ending the pandemic.
/jlne.ws/2VgwGM5
UK Covid cases may soar to 100,000 a day, Sajid Javid warns; Health secretary admits country will enter 'uncharted territory' after curbs are lifted
George Parker - FT
Health secretary Sajid Javid has warned that UK daily Covid-19 cases could rocket to a record 100,000 after restrictions are lifted, warning that the country is about to enter "uncharted territory". But Javid announced a shake-up of the self-isolation rules from August 16 in a bid to cut the major disruption that would be caused in workplaces and schools by a surge in cases.
/jlne.ws/2Vb2QbD
Covid-19 Vaccine-Related Blood Clots Linked to Amino Acids in New Study; Canadian researchers zero in on molecular details of antibody clusters following AstraZeneca shots
Jenny Strasburg - WSJ
Canadian researchers say they have pinpointed a handful of amino acids targeted by key antibodies in the blood of some people who received AstraZeneca PLC's AZN -1.46% Covid-19 vaccine, offering fresh clues to what causes rare blood clots associated with the shot.
/jlne.ws/3wlFrBh
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| Exchanges, OTC & Clearing | | Top news from exchanges, clearing, settlement and trade execution facilities | FTSE Russell launch suite of Paris - aligned climate benchmarks for global equity markets.
FTSE Russell
FTSE Russell launches the 'FTSE EU Climate Benchmarks Index Series' a comprehensive range of climate-themed equity indexes aligned to the Paris Agreement; FTSE Russell consulted Brunel Pension Partnership, a major asset owner with more than £35bn in assets under management, on the design of the FTSE Paris-aligned Benchmark range
FTSE Russell, the global index, data and analytics provider, has launched the FTSE EU Climate Benchmarks Index Series, a suite of climate-themed equity indexes that are aligned to the goals of the Paris Agreement to keep global warming below two degrees Celsius by 2050. The index series cover a broad range of developed and emerging equity markets including FTSE All-World, FTSE Developed, FTSE Emerging, Russell 1000, FTSE AllShare and FTSE Australia 200.
/jlne.ws/3wlDncy
Cboe Global Markets Reports June 2021 Trading Volume
Cboe Global Markets
Cboe Global Markets, Inc. (Cboe: CBOE), a leading provider of global market infrastructure and tradable products, today reported June monthly trading volume statistics across its global business lines, and provided guidance for selected revenue per contract/net revenue capture metrics for the second quarter of 2021. The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of certain June trading statistics and market share by business segment, volume in select index products, and RPC/net capture, which is reported on a one-month lag, across business lines.
/bit.ly/3qPTkGE
Refinitiv launches FX Matching in Indonesia; The Refinitiv Matching central limit order book is Indonesia's first interbank electronic marketplace for the trading of Rupiah.
Annabel Smith - The Trade
The London Stock Exchange Group's (LSEG) Refinitiv has expanded its electronic FX trading platform in Indonesia in a bid to accelerate the development of the emerging market.
/jlne.ws/36iKlo1
Spartoo lists on Euronext Growth Paris
Euronext
EUR27.3 million raised - market capitalisation of EUR118.7 million;112th listing on Euronext in 2021
Euronext today congratulates Spartoo, a leading online fashion retailer in Europe, on its listing on Euronext Growth Paris (ticker code: ALSPT).
/jlne.ws/3hoGpIW
Experiences shape the future - Equity Product Roadmap 2021; Part II - Q&A with Megan Morgan, Global Head of Equity and Index Sales at Eurex
Eurex
As the world transitions from the 'new normal' to something resembling the 'old normal,' we sat down with Megan Morgan, the Global Head of Equity and Index Sales at Eurex, to get her views on the derivatives landscape that lies ahead of us.
/jlne.ws/36kkPyU
Eurex Exchange Readiness Newsflash | T7 Release 10.0 - Preliminary Release Notes are now available
Eurex
On 6 July 2021, Eurex Exchange published the T7 Release 10.0 - Preliminary Release Notes:
Simulation start is planned for 13 September 2021
Cloud Simulation start is planned for 13 August 2021
Production launch is scheduled for 22 November 2021
/jlne.ws/36k0Z6I
June 2021 monthly figures at Eurex; - OTC clearing at Eurex continues to grow, with a mixed picture across other segments
Eurex
The OTC Clearing business at Eurex recorded a strong month in June, with total notional outstanding volumes growing 19 percent compared to the same month last year - up from 18.879 billion EUR to 22.485 billion EUR. Notional outstanding in Interest Rate Swaps grew 32 percent, to 10.062 billion EUR, crossing the 10 billion EUR threshold for the first time. While total average daily cleared volumes showed a modest drop across the same period - down 6 percent from 171 billion EUR to 161 billion EUR - average daily cleared volumes in Interest Rate Swaps grew by 60 percent, from 15 billion EUR to 24 billion EUR.
/jlne.ws/2SSJgQJ
TMX Group Consolidated Trading Statistics - June 2021
TMX
TMX Group Limited today announced June 2021 trading statistics for its marketplaces - Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange and Montréal Exchange.
/jlne.ws/3wi4jtP
TMX Group Limited announces release date for Q2 2021 financial results and analyst conference call
TMX
TMX Group Limited will announce its financial results for the second quarter ended June 30, 2021 in the evening of Wednesday, August 4, 2021. An analyst conference call to review the results will be held on Thursday, August 5, 2021 at 8:00 a.m. ET.
/jlne.ws/3wobAZ9
Position Limits, Accountability Levels and Large Trader Reporting Requirements in Connection with the Initial Listing of the Micro WTI Crude Oil Futures Contract
CME Group
In connection with the listing of New York Mercantile Exchange, Inc.'s ("NYMEX" or "Exchange") Micro WTI Crude Oil Futures Contract on trade date Monday, July 12, 2021 (see SER-8782R published June 9, 2021), please note below and in Exhibit B of NYMEX Submission No 21-154, the corresponding spot-month position limit (Rule 559), aggregation allocation (Rule 559.D.), single month and all month accountability levels (Rule 560) and reportable level (Rule 561) for the new contract. The new contract shall be financially settled.
/jlne.ws/2UnO3dn
Position Limit, Accountability Levels and Large Trader Reporting Requirements in Connection with the Initial Listing of the Low Sulphur Gasoil (10mt) Financial Futures Contract
CME Group
In connection with the listing of New York Mercantile Exchange, Inc.'s ("NYMEX" or "Exchange") Low Sulphur Gasoil (10mt) Financial Futures Contract on trade date Monday, July 12, 2021 (see SER-8790 published June 16, 2021), please note below and in Exhibit B of NYMEX Submission No 21-217, the corresponding spot-month position limit (Rule 559), aggregation allocation (Rule 559.D.), single month and all month accountability levels (Rule 560) and reportable level (Rule 561) for the new contract. The new, financially settled contract shall have a diminishing balance.
/jlne.ws/2UxQ8Dq
Position Limits, Accountability Levels and Large Trader Reporting Requirements in Connection with the Initial Listing of Four (4) Financially Settled Dutch TTF Natural Gas Futures and Option Contracts
CME Group
In connection with the listing of New York Mercantile Exchange, Inc.'s ("NYMEX" or "Exchange") Four (4) Financially Settled Dutch TTF Natural Gas Futures and Option Contracts on trade date Monday, July 12, 2021 (see SER-8786 published June 9, 2021), please note below and in Exhibit B of NYMEX Submission No 21-228, the corresponding spot-month position limits (Rule 559), aggregation allocations (Rule 559.D.), single month and all month accountability levels (Rule 560) and reportable levels (Rule 561) for the new contracts.
/jlne.ws/2STogtf
ICGN Virtual Forum: Global Governance Innovations
JPX
We are pleased to announce that International Corporate Governance Network (ICGN) will hold the "ICGN Virtual Forum: Global Governance Innovations - Overview of Changes to Japan's Corporate Governance Code and ICGN Global Principles" on Wednesday, July 14 from 4 pm - 6pm (Japan Standard Time). The conference will be co-hosted by JPX and TSE.
/jlne.ws/2UvZfos
Exec Director Markets Development & Clearing to leave NZX; Executive Director of Markets Development & Clearing to leave NZX
NZX
NZX today announced that Executive Director, Markets Development & Clearing, Benjamin Phillips, has resigned and will leave the company on 31 July 2021. NZX Chief Executive, Mark Peterson, paid tribute to the "significant contribution Mr Phillips has made over the last seven years since joining NZX in 2014 as head of its clearing house (NZCDC), and in leading the secondary markets (cash and derivatives) and energy businesses.
/jlne.ws/3wqIXdA
The Trading Volume On AIX For The First Half Of 2021 Was 4 Times Higher Than Last Year - Total Traded Value On AIX In June Was USD 21.93 Mln, KZT 9.36 Bln
Mondovisione
Astana International Exchange (AIX) presents its market operational update for June 2021. Total traded value for the period was USD 21,930,790.61 equivalent to KZT 9,363,258,521 [1].
/jlne.ws/3xntJaN
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| Fintech | | A roundup of today's market tech news and a look at tomorrow's disruptors | Wise direct listing values fintech firm at $11 billion
Abhinav Ramnarayan and Thyagaraju Adinarayan - Reuters
Wise shares opened at 800 pence on its stock market debut on Wednesday, giving the financial technology company a market capitalisation of 7.95 billion pounds ($11 billion), well above market expectations from earlier this year.
/jlne.ws/3yylJ74
European Tech's 'Eye-Watering' Valuations Raise Bubble Fear
Ivan Levingston and Adeola Eribake - Bloomberg
Continent's tech IPOs, deals on track to break records in 2021; Tech unicorns in Europe are worth $800 billion: GP Bullhound
European startups are raising more money than ever before, producing a class of tech companies with valuations comparable to peers in the U.S. and Asia. But after a record-breaking start to the year, even some of the industry's biggest cheerleaders are starting to worry that the momentum isn't sustainable.
/jlne.ws/3hH5ehV
BMO Harris turns to fintech to create a smarter HSA
Miriam Cross - American Banker
BMO Harris Bank saw demand growing for health savings accounts, but the Chicago bank worried its offerings were too plain for such a fast-evolving market.
The $159.2 billion-asset BMO's current HSAs resemble a standard checking account. They lack digital tools that analyze spending or record health care receipts and others that could help individuals maximize the advantages of HSAs, a type of savings account meant to cover deductibles, copayments and other health insurance expenses.
/jlne.ws/3xpyj8b
FinTech - Bank Model Partnerships
Nelson Mullins Riley & Scarborough LLP - JDSupra
The relationship between FinTechs and banks has significantly evolved in the past ten years, from a competitive stance to beneficial partnerships. We recently presented at the 2021 Tennessee Bankers Association Annual Meeting, discussing the rapid emergence of FinTechs and how banks are finding opportunities to collaborate with FinTechs and use new technologies to better serve their customers, improve their operations, and in some cases, add to their bottom lines.
/jlne.ws/3woZAGL
TORA adds buy-side bond execution data to OEMS with Glimpse Markets; Buy-side users will be able to view Glimpse's aggregated buy-side execution data on TORA's OEMS at the point of trade.
Annabel Smith - The Trade
Trading systems provider TORA has expanded its order and execution management system (OEMS) with buy-side bond trading data from data pooling network Glimpse Markets.
/jlne.ws/36h303J
ICAP sales trader joins Quantitative Brokers amid APAC expansion; Institutional sales trader at ICAP joins execution algo provider Quantitative Brokers as it continues with plans to expand in Asia Pacific.
Hayley McDowell - The Trade
An institutional sales trader at interdealer broker ICAP has joined Quantitative Brokers in a newly created sales position based in Sydney.
/jlne.ws/36ge8hj
China Renaissance Selects Broadridge to Expand Post-trade Processing via Stock Connect
Broadridge Financial Solutions, Inc.
To facilitate the clearing and settlement of both Shenzhen- and Shanghai-listed equities, China Renaissance has expanded its post-trade processing relationship with Broadridge Financial Solutions, Inc. (NYSE:BR), a global Fintech leader, via Stock Connect. The successful expansion announced today builds on the solutions China Renaissance have offered clients in equity trading via Stock Connect, with Broadridge's post-trade solution implemented in March 2020. This expansion is in addition to the Hong Kong-listed equities processing Broadridge successfully has provided to China Renaissance since 2016. As part of the growing relationship, both firms are jointly planning for upcoming market and regulatory changes, such as Hong Kong Exchange's (HKEX) Synapse program and FINI (Fast Interface for New Issuance) proposal, which aims to replace the existing "T+5" process with "T+1" for newly listed shares on HKEX.
/jlne.ws/2UnPEzT
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| Cybersecurity | | Top stories for cybersecurity | US Republican National Committee contractor hacked; Russian-backed group suspected of being behind breach, raising pressure on Biden administration
Hannah Murphy and James Politi - FT
The US Republican National Committee is co-operating with law enforcement officials after it emerged that one of its contractors had been hacked, but said that its own data had not been accessed.
/jlne.ws/2Vb2AcF
What are the most common cybersecurity challenges SMEs face today?
Help Net Security
The ENISA report provides advice for SMEs to successfully cope with cybersecurity challenges, particularly those resulting from the COVID-19 pandemic. With the current crisis, traditional businesses had to resort to technologies such as QR codes or contactless payments they had never used before. Although SMEs have turned to such new technologies to maintain their business, they often failed to increase their security in relation to these new systems. Research and real-life experience show that well prepared organizations deal with cyber incidents in a much more efficient way than those failing to plan or lacking the capabilities they need to address cyber threats correctly.
/bit.ly/3xjIN9c
Cyber Security Today, July 7, 2021 - More fall-out from the Kaseya ransomware attack, privacy worries over the Audacity audio editor and more bad Android apps.
Howard Solomon - IT World Canada
The success of a ransomware attack on the Kaseya VSA remote monitoring suite has a number of experts worried. For example, Richard Blech, founder of an encryption company called XSOC Corp., says this attack will only embolden other ransomware groups. The attack quickly spread ransomware to some 1,500 organizations around the world through about 60 of Kaseya's managed service provider customers. This is not merely another example of a third party or supply chain attack. The number of victim organizations caught in aftermath of a single attack is notable.
/bit.ly/2VhCghh
Didi caught as China and US battle over data
Hudson Lockett, Tabby Kinder, Sun Yu, Christian Shepherd, Yuan Yang, and Joshua Franklin - FT
Last Friday evening in Beijing, just before trading opened in New York, Didi Chuxing received an alarming call from China's main internet regulator. The Cyberspace Administration of China (CAC) warned the country's answer to ride-hailing app Uber that in one hour it would be publicly ordered to stop signing up new users, according to a person familiar with the matter.
/on.ft.com/3wo2sU4
Kaseya Ransomware Attack: What We Know as REvil Hackers Demand $70 Million; Hack is latest in string of high-profile incidents demanding payment to unlock computers
Meghan Bobrowsky - WSJ
A group of Russian hackers calling themselves REvil is demanding $70 million to unlock computers swept up in a widespread ransomware attack that started to unfold July 2. It is the latest of such high-profile incidents that the U.S. government has been trying to stamp out, along with other cybercrimes.
/jlne.ws/3xjMP1k
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| Cryptocurrencies | | Top stories for cryptocurrencies | Bitcoin Miner Profitability Could Double After Record Drop in Network Difficulty
Frances Yue - Coindesk
Active bitcoin miners may see their profitability double following the 28% downward difficulty adjustment in mining on July 3, according to several mining sites. The North American hash spread - an index invented by digital asset financial services platform BitOoda to measure the difference between bitcoin mining revenue per megawatt-hour and the cost of the needed power - has almost doubled to $449 from $225.
/jlne.ws/3wmWpPN
UK Bank Nationwide to Review Its Cryptocurrency Policies: Report
James Rubin - Coindesk
Nationwide Building Society is assessing its policies on cryptocurrency transactions, according to the U.K. business news publication Financial News The bank joins other U.K. financial institutions that have been reviewing their approach to the sector, including NatWest and Barclays.
/jlne.ws/2SSnxIP
Binance CEO Says Crypto Exchange Hasn't Got Everything Right
Joanna Ossinger - Bloomberg
The founder of Binance Holdings Ltd., a cryptocurrency exchange at the center of a global crackdown over regulatory breaches, says the firm's problems are partly a result of its rapid growth.
/jlne.ws/3dStblh
Ether Could Overtake Bitcoin as Store of Value, Goldman Sachs Says
Sebastian Sinclair - Coindesk
U.S. multinational investment bank Goldman Sachs thinks the native crypto of the Ethereum blockchain has what it takes to unseat bitcoin as the dominant store of value crypto.
/jlne.ws/3ACQklp
China's Crackdown Is Forcing Miners to Dump GPUs on Secondhand Market: Report
Jamie Crawley - Coindesk
The bitcoin mining crackdown in China is prompting miners to dump their graphic processing units (GPUs) on the secondhand market, according to The Block.
/jlne.ws/3ABI2ug
Bitcoin Miners Thwarted by Data Center Crunch Amid Profit Boom
Brandon Kochkodin - Bloomberg
Long-running fight for hosting space made worse by China ban; New facility construction hampered by supply-chain disruptions
Now's a great time to get into Bitcoin mining. That is, if you can find a place to plug in. A crackdown in China has taken out a vast number of machines in the global network used to perform the calculations that verify transactions and create new Bitcoins. Now profitability for miners has surged as the amount of energy needed to solve for a Bitcoin block plummets.
/jlne.ws/2V7vWIW
Cryptocurrency Could Buy You a 101-Carat Diamond at Sotheby's
Thomas Shum - Bloomberg
Pear-shaped flawless gem could fetch $15 million at auction; Bitcoin, Ether will be accepted at Hong Kong sale on Friday
International auction house Sotheby's will accept payment in Bitcoin or Ether at the sale of a 101.38-carat diamond this Friday, marking another milestone in the adoption of cryptocurrencies.
/jlne.ws/3hFFra1
Crypto Exchange Binance.US Hires Ex-Regulator Alvarez
Sonali Basak and Katherine Chiglinsky - Bloomberg
Binance.US, the cryptocurrency exchange led by former bank regulator Brian Brooks, hired Manuel Alvarez as its chief administrative officer. Alvarez was previously the commissioner of the California Department of Financial Protection and Innovation, the company said Tuesday in a statement. He'll join on July 22 and report to Brooks, who is chief executive officer.
/jlne.ws/3dRsCZ5
Ark bitcoin ETF disclosure reveals planned fee of 0.95%; The Ark 21Shares Bitcoin ETF hold and track the performance of the cryptocurrency
Rheaa Rao - FT
Cathie Wood's Ark Invest has set the bar on bitcoin ETF fees, analysts say, after it became the first asset manager to reveal a fee for its proposed bitcoin ETF.
/jlne.ws/36iMd05
Robinhood Crypto Unit Expects $10 Million Fine in Cyber, Anti-Money Laundering Inquiry
David Uberti - WSJ
The cryptocurrency brokerage of Robinhood Markets Inc. expects to pay New York regulators a penalty of at least $10 million for allegedly violating state rules on cybersecurity and anti-money-laundering practices, the company said in filings last week. The unit, Robinhood Crypto LLC, has reached a settlement in principle over a New York State Department of Financial Services investigation, the mobile investing firm said in the filing.
/on.wsj.com/3yzJtr5
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| Politics | | An overview of politics as it relates to the financial markets | Trump Country Rejects Vaccines Despite Growing Delta Threat; President Biden missed a July 4 target for shots after politically conservative areas balked
Josh Wingrove - Bloomberg
Larry Krauck awoke in a strange hospital, the date written on a dry-erase board in his room: Dec. 12, 2020. That can't be right, he thought. He remembered being treated for Covid-19 at a different hospital in Springfield, Missouri, on Nov. 1. Could the last six weeks really be blank? He told a nurse her board was wrong. She slipped out of the room and returned with a summary of his procedures, scrawled on a sticky note, including thirty-three days on a blood oxygenation machine called an ECMO. One day, Krauck had flat-lined and was resuscitated.
/jlne.ws/3jVrl75
A third of White conservatives refuse to get vaccinated — a refusal shown in polling and the real world
Philip Bump - Washington Post
Two elected officials have weighed in over the past several days on the effort to vaccinate as many Americans as possible. The first was President Biden. During a July 4 speech at the White House, he again encouraged the country to be vaccinated against the coronavirus, referring to covid-19, the disease it causes.
/jlne.ws/3xrsas8
Pentagon Moves to Split Cloud Deal Between Microsoft, Amazon
Naomi Nix and Anthony Capaccio - Bloomberg
Other tech companies will be invited to compete, Pentagon said; Amazon said that interference from Trump cost it the JEDI bid
The Pentagon scrapped a $10 billion cloud-computing contract awarded in 2019 to Microsoft Corp. after several years of wrangling between the government and some of the biggest U.S. tech companies over the deal, indicating it plans to divide the work between Microsoft and rival Amazon.com Inc. instead.
/jlne.ws/2TMXN0J
Russia 'Cozy Bear' Breached GOP as Ransomware Attack Hit
William Turton and Jennifer Jacobs - Bloomberg
Hackers part of 'Cozy Bear,' people familiar with matter say; RNC official says 'no indication' computer systems hacked
Russian government hackers breached the computer systems of the Republican National Committee last week, around the time a Russia-linked criminal group unleashed a massive ransomware attack, according to two people familiar with the matter.
/jlne.ws/3jSNUcC
Republican senator Marco Rubio lambasts 'reckless and irresponsible' Didi listing; Hawkish senator's intervention could point to renewed efforts to turn screws on Chinese IPOs in US
James Politi - FT
A leading China hawk in the US Congress has lashed out at Chinese listings in the US in the wake of the botched initial public offering of ride-hailing app Didi Chuxing, as the debacle attracted scrutiny in Washington.
/jlne.ws/3ADOTU7
America's economic boom and civic bust; The story is not that a rich country is so politically broken but that a politically broken country is so rich
Janan Ganesh - FT
Here follow pairs of facts about the contemporary US. The economy added 850,000 jobs in one month; a third of voters believe the last presidential election was stolen. A lockdown with no peacetime precedent cost just 3.5 per cent of national output; states as large as Georgia are curbing the independence of election officials. At 7 per cent, anticipated economic growth this year is that of mid-2000s China; a twice-impeached president is near-favourite to clinch the next Republican nomination.
/jlne.ws/3jNcuM1
Didi listing provides a cautionary tale; Removal of ride-hailing company from app stores shows risks for investors and businesses alike
The editorial board - FT
Just four days after ride-hailing app Didi Chuxing listed its shares for sale in New York, it was removed from China's app stores as the cyber security regulator flagged risks to control of public data. Shares in Didi, the largest Chinese initial public offering in the US since ecommerce group Alibaba in 2014, plunged in response. Western investors have, once again, found themselves caught in the midst of a battle between Chinese businesses and the state.
/jlne.ws/3AB4CmC
Boris Johnson's Brexit win was a Pyrrhic victory; The realities of relative power mean the UK and EU are — and will remain — far from equals
Martin Wolf - FT
To the victor, the spoils. Boris Johnson won the referendum on UK membership of the EU just over five years ago, went on to win the leadership of the Conservative party in July 2019, reached a deal with the EU in October and won a decisive victory under the UK's first-past-the post system in the general election of December. He has re-made his country. But has he remade it for the better or for the worse? Has he increased opportunities for British people, or diminished them? Has he made the UK more influential and prosperous, or less so? My answer to all these questions is: "the latter". But I admit it is still early days in this story.
/jlne.ws/3AElybS
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| Regulation & Enforcement | | For more regulatory, visit MarketsReformWiki, our website focused on current market reform efforts. | Effective date for technical amendments regarding electronic service of process
NFA
Given technology advances and the efficiencies gained by utilizing electronic submission and e-mail, NFA amended several rules to require that notices be electronically filed with NFA. These amendments also removed references to hand-delivery, facsimile and telecopier. Specifically, NFA amended: Financial Requirements Sections 5, 6, 9, and 11 to require electronic notices and remove references to hand-delivery and facsimile; Bylaw 507 to eliminate the telecopier reference; and Part 3 of NFA's Compliance Rules to permit service of process by e-mail, subject to certain conditions.
/jlne.ws/2TIETbs
Havens in Demand as Deutsche Bank Sees Balance of Risks Shifting
Eric Lam - Bloomberg
Once-bullish global risk sentiment is starting to cede ground to pockets of angst. Surging commodity prices and rising inflation expectations have given way to rallies in havens from Treasuries to the Japanese yen this week, while pockets of the tech world are in crisis. Investors are once again questioning the strength of the global recovery and mulling the threat of new Covid-19 variants and prospective central bank tightening -- in particular by the Federal Reserve.
/jlne.ws/2VbF6nP
FCA warns buy-side about poor fund value assessments; A review of assessment of value reports flagged failures in meeting standards the FCA expects after a major market study in 2017 led to more stringent disclosures for funds.
Hayley McDowell - The Trade
Fund managers in the UK have been called out by the Financial Conduct Authority (FCA) on sweeping failures related to fund value assessments.
/jlne.ws/2UsDoyf
What is "greenwashing" and what are its potential threats?
Commissioner Cathie Armour - ASIC
An ASIC review addressing the threat of "greenwashing" aims to improve governance and accountability in the market, writes Commissioner Cathie Armour GAICD. There is increasing demand for environmentally friendly, sustainable or ethical investment options from investors in Australia, particularly those belonging to a younger demographic.
/jlne.ws/2Uud3zE
FINRA Announces Updates to the Interpretations of FINRA's Margin Rule Regarding Minimum Equity
FINRA
This Notice announces, effective immediately, clarifications of interpretations of the FINRA margin rule regarding minimum equity requirements in FINRA Rule 4210(b).
/jlne.ws/36gxAu3
Proposed Rule Change to Make Technical and Other Non-Substantive Changes within FINRA Rules
FINRA
Financial Industry Regulatory Authority, Inc. ("FINRA") is filing with the Securities and Exchange Commission ("SEC" or "Commission") a proposed rule change to make technical and other non-substantive changes within FINRA rules.
/jlne.ws/3wxe73j
Scammers target over £2 million in pension pots in the last five months
UK FCA
We are urging anyone saving for their retirement to 'flip the context' and protect their savings.
/jlne.ws/3qPTDBi
FCA, PRA and Bank of England set out plan to improve diversity and inclusion in regulated firms
UK FCA
The FCA, Prudential Regulation Authority (PRA) and Bank of England (the regulators) are seeking views on regulatory plans to improve diversity and inclusion in financial services.
/jlne.ws/3wtLYKs
Commission puts forward new strategy to make the EU's financial system more sustainable and proposes new European Green Bond Standard
European Commission
The European Commission has today adopted a number of measures to increase its level of ambition on sustainable finance. First, the new Sustainable Finance Strategy sets out several initiatives to tackle climate change, and other environmental challenges, while increasing investment - and the inclusiveness of small and medium-sized enterprises (SMEs) - in the EU's transition towards a sustainable economy. The European Green Bond Standard proposal, also adopted today, will create a high-quality voluntary standard for bonds financing sustainable investment. Finally, the Commission adopted today a Delegated Act on the information to be disclosed by financial and non-financial companies about how sustainable their activities are, based on Article 8 of the EU Taxonomy.
/jlne.ws/3wixmgB
Canadian securities regulators release interim progress report on the CSA 2019-2022 Business Plan
CSA
The Canadian Securities Administrators (CSA) today released its second interim report summarizing progress on initiatives published in its CSA 2019-2022 Business Plan, highlighting notable accomplishments outside of the current Business Plan, and outlining upcoming priority policy work for the next year.
/jlne.ws/2UsFU7F
ISDA Recommends Aligning Clearing and Trading Obligations
ISDA
On July 6, ISDA published a briefing paper outlining its support for alignment of the clearing obligation under the European Market Infrastructure Regulation and the derivatives trading obligation under the Markets in Financial Instruments Regulation. ISDA recommends that alignment be based on transaction and counterparty terms, with a view to enhancing legal certainty for market participants.
/jlne.ws/3xqKhyt
Financial markets regulator cancels Fund Managers Otago's licence
Rob Stock - Stuff
Seven months after being removed as manager of its three investment schemes, a South Island fund manager has been stripped of its licence to operate.
/jlne.ws/3xn2Kfi
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| Investing & Trading | | Today's top stories from equities, indices and FICC (fixed income, currencies and commodities) | U.S. shale firms hesitate to pump - or hedge - more, despite oil high prices
Devika Krishna Kumar - Reuters
Shale firms that actively hedged sit out oil price gains;Still higher oil prices could hurt firms that hedge
Lack of OPEC+ deal on curbs fails to stir shale
OPEC's sudden disarray would seem to be an opportunity for U.S. shale producers to lock in profits, with oil prices near multi-year-highs, but sources at those companies say they are not taking chances with the market's volatility.
/jlne.ws/2TMUvum
Millennials' Real Estate FOMO Goes Haywire; Survivalism, stimulus and the search for space make it easy to ignore warning signs.
Lionel Laurent - Bloomberg
Here's a word to add to your investing vocabulary: Dungers. The term for dilapidated, crumbling houses comes from New Zealand, which is in the grip of a striking property boom. The country topped Bloomberg Economics' risk radar in June for being the most unaffordable housing market in the world. Judging by the dunger that sold for NZ$1.8 million ($1.3 million) in January, quality is no obstacle — and neither is price.
/jlne.ws/3jQUa4L
Pricey Lumber Is Making It Harder to Build Low-Income Homes; Affordable housing builders are being forced to scale back projects amid escalating construction costs.
Marcy Nicholson and Sarah Holder - Bloomberg
A quadrupling of lumber costs in the past year is not only sidelining many first-time homebuyers in the U.S. — it's also shutting out those most in need of affordable housing.
/jlne.ws/2V7hlxa
Shell Makes Amends With Investors by Promising Higher Returns
Laura Hurst - Bloomberg
Energy giant will distribute 20-30% of operational cash flow; The move follows a historic dividend cut during 2020 oil slump
Royal Dutch Shell Plc promised to make further amends with investors for last year's historic dividend cut by boosting returns. The pledge, which comes as the company will also keep paying down debt, shows how the oil and gas industry is getting stronger thanks to a recovery in energy demand and rising prices.
/jlne.ws/3hIk4Vt
A $140bn asset sale: the investors cashing in on Big Oil's push to net zero; The pressure on listed oil majors could have unintended consequences if production passes to private or state-owned companies
Anjli Raval - FT
One company's transition away from fossil fuels is another's opportunity to double down. Under intense pressure from investors and activists to take more action on climate change, some of the world's biggest oil and gas companies are putting billions of dollars' worth of assets up for sale.
/jlne.ws/3hZ7Xnl
Ag Economy Barometer falls for second month; rising input costs causing concern for farmers
CME Group
The Purdue University/CME Group Ag Economy Barometer marks a second month of sharp declines, down 21 points to a reading of 137 in June. Producers were less optimistic about both current conditions on their farming operations as well as their expectations for the future. The Index of Current Conditions dropped 29 points to a reading of 149 and the Index of Future Expectations fell 17 points to a reading of 132. 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 from June 21-25, 2021.
/jlne.ws/3wn2ITm
America's Stocks Have Lost Their Exceptionalism (Except Big Tech); The nation's banks and industrial equities now move more closely with foreign share prices than with U.S. growth stocks
James Mackintosh - WSJ
American companies have a lot in common. They tend to have lots of exposure to the U.S. economy, have similar demand for their shares through buying and selling of broad indexes of the U.S. market and, of course, are subject to the same regulations, laws and governance
/jlne.ws/2UxRVIE
Barchart Increases U.S. Crop Production Forecast and Releases Initial Canadian Outlook; U.S. Corn Production - Forecast at 14.6B bu with a yield of 176.5 bu/ac. This compares to the USDA's 15.0B bu of production and 179.5 bu/ac yield.
Barchart
Barchart, a leading provider of data services, software and technology to global commodity buyers, agriculture, and the food supply chain, raised their July 2021 Yield and Production forecasts for U.S. corn and soybeans, and released their initial Yield and Production forecasts for Canadian spring wheat and soybeans.
/jlne.ws/36fp8LQ
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| Environmental, Social and Corporate Governance | | Stories about environmental, social and governance investing | British Bankers Could Have Bonuses Linked to Diversity Goals
Aoife Kearins - Bloomberg
Bonuses for senior British financiers could be tied to diversity goals and boards could face extra membership targets under proposals from regulators Wednesday. Senior staff could also become directly responsible for inclusion at their companies, according to a report from the Financial Conduct Authority and the Prudential Regulation Authority.
/jlne.ws/3jSIEFU
Innovations Speed Race to Put More Wind Turbines on Sea Floor
Heesu Lee - Bloomberg
South Korea cuts time and cost for installing wind towers; Process can help spur global expansion of offshore wind power
It's getting faster and cheaper to embed a wind tower the size of the Washington Monument into the sea floor.
/jlne.ws/2TATw0B
EU carbon border tax will raise nearly EUR10bn annually; Revenue raised by the green policy will be used to help repay EUR750bn in pandemic recovery debt
Mehreen Khan - FT
Brussels expects to raise nearly EUR10bn a year from a carbon tax on imports as part of its effort to tackle global warming and will use the money to repay hundreds of billions in EU joint recovery debt.
/jlne.ws/3yyujCO
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| Banks, Brokers & Managed Funds | | The latest from banks, brokers, hedge funds and managed futures | JPMorgan Chase buying spree set to be Jamie Dimon's biggest in years; Bank has made almost as many acquisitions this year as in the whole of 2020
Joshua Franklin and Michael Mackenzie - FT
JPMorgan Chase has made more than 30 acquisitions in 2021, putting America's biggest bank by assets on track for its largest buying spree in years. The acquisitions and investments in other companies, mostly of smaller groups ranging from an online money manager in Britain to a Brazilian digital bank, are a sign of how JPMorgan chief Jamie Dimon is turning to deals to expand the banking giant.
/jlne.ws/3yKh6XF
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| Regions | | Stories of local interest from the Americas, EMEA and Asia-Pacific regions | Analysis: China's farmers dump other crops for corn on bumper profit pull
Hallie Gu, Gavin Maguire - Reuters
Nationwide corn output may jump over 6% this season - JCI;Corn area in top grain hub could jump 27% - Huatai Futures;Soybeans, sorghum, small grains lose area to corn; China corn imports seen dropping on more local supplies
Chinese farmers have sharply increased corn planting this year to cash in on demand-fuelled record prices, a trend that is likely to cool the country's recent rampant appetite for imports heading into 2022.
/jlne.ws/3hIfGFZ
Europe's Elon Musk Drives a Bugatti Now; A stock market listing could be just the springboard Croatian inventor Mate Rimac needs to join the really big leagues.
Chris Bryant - Bloomberg
Europe has been branded "The land that ambition forgot," a continent that struggles to build world-beating tech companies due to what's considered an "entrepreneurial deficiency." Tell that to 33-year-old Croatian inventor Mate Rimac, who's about to become the co-owner and boss of one of the world's most storied car marques, Bugatti Automobiles. Such are his engineering talents that Volkswagen AG this week handed him the reins at the maker of luxury ultra-high performance sportscars.
/jlne.ws/2V5q9Uf
South Korean regulators crack down on IPOs as fears of bubble rise; Tencent-backed Krafton scales back bumper listing on concerns over rich valuations
Song Jung-a - FT
South Korean regulators are stepping up scrutiny of big initial public offerings as rich valuations prompt concerns over bubbles in the Asian market.
/jlne.ws/2TAiZXX
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| Miscellaneous | | Stories that don't quite fit under the other sections | Big Ideas Are Alive and Well in U.S. Politics
Jonathan Bernstein - Bloomberg
The New York Times is running a series of opinion articles based on the premise that the U.S. has become unambitious, boring, static, non-dynamic, and, well, did I mention boring? Big ideas are, we're to believe, no longer even considered, let alone enacted. As the historian Daniel Immerwahr puts it, in politics "going big might seem unthinkable." We're asked, "How did politics become so sclerotic?"
Balderdash.
/jlne.ws/3jQxukY
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