ETF Providers Rush to Tap Into AI Investing Craze

Jun 5, 2023

First Read

Hits & Takes
John Lothian & JLN Staff

It is June and that means it is time for FIA’s IDX, the Kilt Challenge and the Gala Dinner in support of Futures For Kids. It is one of the highlights of the years I always enjoy, a trip to London to see my friends there, do some strategic interviews for JLN, have some fun and help raise some money for a good cause.

This year I am not coming over, but I am sending over a team to represent JLN. It is a new team, though one member has been to IDX five years ago, my son Robby. Veteran journalist Julie Ros will be representing JLN at the conference, conducting interviews and reconnecting with people from the industry. She will be supported by two Robby Lothians, my son Robby and the son of my third cousin, twice removed. This UK Robby Lothian is a 17-year-old Londoner who needs the work experience in video for school. The team will also be supported by Nichole Price, a JLN employee who is key to our daily newsletter operation.

Besides IDX, USA Robby Lothian and Nichole Price will be attending the Chicago Cubs and St. Louis Cardinals baseball game on the Saturday after the conference. I have applied to Major League Baseball for press credentials for them so they may take photos at the game that we might use as b-roll in the videos from the conference. Cboe Global Markets, which will be attending IDX, is a major sponsor of both John Lothian News and the Chicago Cubs. If you ever watch a Cubs game, you will often see the right field scoreboard with “Cboe” splashed across it. I have also bought them tickets, so they can get into the game one way or another. But I hope they can get the credentials and we can capture some images to use to show the international nature of derivatives and major league baseball today.

Today we have the full-length interview that Alex Teng conducted with Nasdaq’s Sean Feeney at the Options Industry Conference in Nashville. It is a great interview and they were having such a great time talking it bled into the time slot for the next interview. I had to ask SpiderRock’s Annabelle Baldwin to go tell Sean his time was up and to end the interview.

Brendan Bradley is not a man to let the grass grow under his feet. Besides taking on the chairmanship of Tokenovate, he is now a guest lecturer of fintech strategy for the MBA module at the University of East London.

Margaret Nelson has taken the role as chair of Foley’s securities enforcement & litigation practice group. Margaret is a member of my church, St. Peter’s United Church of Christ in Elmhurst, IL.

Pascal Brabant has joined Euroclear as head of strategic external communications. Pascal was formerly group head of digital communications and social media for Euronext.

CoinDesk is reporting that the New York Metropolitan Museum of Art has agreed to return $550K of donations from FTX that it received shortly before the troubled crypto exchange collapsed last November. This is called reversing effective altruism.

Decrypt is reporting that the crypto tracking firm Elliptic is now using AI to catch hackers. Crypto and AI is a marriage made in the quantum realm.

The Wall Street Journal has a very useful article titled “How to Tell if Your Passwords Were Hacked-And What to Do If They Were.” The subheading is “Discovering that even one password has been possibly stolen can be unsettling. But what’s the game plan if you’ve used that password on dozens of sites?”

Colin Lambert has a YouTube interview for the Full FX Unfiltered series with Baton Systems CEO Arjun Jayaram in which they talk about “how the FX settlement space is changing and why distributed ledger technology is playing a bigger and bigger role in the transformation.”

Have a great day and stay safe and treat people the same way you want to be treated: with respect, equality and justice.~JJL


The top three stories in JLN Options last Friday were: Cboe Is Now Listing Companies Alongside NYSE and Nasdaq and Options boom powers banks’ rates trading profits and Analyzing Expiry Date Options Trading.~JB

Learn about key developments at the IFRS Foundation, highlighting the work of the International Accounting Standards Board (IASB) and the International Sustainability Standards Board (ISSB) at the IFRS Foundation’s annual conference June 26-27, 2023. The event will be held at the Leonardo Royal Hotel London Tower Bridge, and is also available online. The key audience is accounting and reporting professionals, regulators, investors and other stakeholders.
You can learn more and register here.~SAED

June 5 is World Environment Day. Follow news and events on social media with the hashtag #BeatPlasticPollution. June 8 is World Oceans Day. Register to watch the Virtual Broadcast of the United Nations World Oceans Day (UN WOD) events on Thursday, June 8, 9am – 12:30pm CDT. Parties hosting related World Ocean Day events can register their activities on the UN website and access an online marketing kit. Learn more and register for the virtual event on eventbrite. ~ SAED


Short Dated Options at Nasdaq; Sean Feeney, Head of Us Options at Nasdaq, Discusses Shorted Dated Options and Time Value in This Options Discovery Full Interview

In this Options Discovery full interview, Alex Teng sits down with Sean Feeney, head of US options at Nasdaq, in the first ever in person interview in Options Discovery history. Alex and Sean discuss Sean’s career, short dated options, 0DTE options, Nasdaq’s history, and more.

Watch the video »


Paul Chow, Ex-CEO of HKEX Who Lured China Listings, Dies at 76
Jennifer Creery – Bloomberg
Paul Chow, former chief executive officer of Hong Kong Exchanges & Clearing Ltd. who brought mainland Chinese companies to list in the territory, has died. He was 76. He died at a Hong Kong hospital Thursday night, according to local media reports, which cited organ failure as the cause. Chow oversaw the first Chinese enterprise to list its H shares on the exchange – Tsingtao Brewery – in 1993.

****** It is only appropriate to toast the life of Mr. Chow with a Tsingtao beer. Condolences to his family and friends. ~JJL


Eggs Are Going on Sale Just Months After Prices Hit Records; Supply bounces back from avian influenza hardship
Jaewon Kang and Patrick Thomas – The Wall Street Journal
Get ready for the surprise supermarket deal of the summer: eggs. Retail egg prices are on track to return to historic averages in the coming months, supermarket executives said, after the deadliest avian influenza outbreak in U.S. history helped push prices above $4 a dozen in January. Now, egg supplies have bounced back, industry officials and farmers say, as the disease’s spread has slowed and flocks of laying hens have been rebuilt.

****** Now if we can only get the price of green eggs to come down.~JJL


As Germany’s Romance With Pork Fades, Sausages Get the Chop; Nation’s pork consumption per capita has plunged in past years; Pig farmers and meat processors are withdrawing amid hurdles
Carolynn Look – Bloomberg
For about two decades, a meat plant in the northwest German town of Vörden has helped produce a bear-shaped cold cut known as Bärchenwurst, beloved by children across the country. But rising production costs and waning demand for pork – even in a nation that once had some of the highest per capita consumption rates – forced the factory’s operator to declare a few weeks ago that it would shut down.

****** As bad as things are in the pork business, they can only get wurst.~JJL


The world’s trading system needs to ditch its paper trail; Allowing trade to be digitalised will massively improve efficiency and offer economic gains
Chris Southworth – Financial Times
We think of the world today as a digital one. But right now the global trading system is suffocating under a mountain of billions of paper documents. It doesn’t need to be that way. A recent Trade Barometer survey by Santander UK found 35 per cent of UK companies trading internationally say bureaucracy is a barrier to their business overseas. At the same time, 65 per cent said they will remove paper as soon as laws enable them to do so.

****** One word: Tokenovate. Follow the example of ISDA and what Tokenovate is doing with the digitalization of ISDA documents and trade them on the Tokenovate system, which just made its first trade in carbon credits. ~JJL


Friday’s Top Three
Our top story Friday was Bloomberg’s Hedge Funds at War for Top Traders Dangle $120 Million Payouts. Second was The Wall Street Journal’s When Markets Melt Down, These Traders Cash In, about Mark Spitznagel and Nassim Nicholas Taleb. Third was a tie between the GoFundMe page for Jason Billups and the Financial Times’ Sam Bankman-Fried’s lawyers pin hopes on The Bahamas.


MarketsWiki Stats
27,344 pages; 245,088 edits
MarketsWiki Statistics


Lead Stories

ETF Providers Rush to Tap Into AI Investing Craze; New actively managed funds give investors broader exposure to artificial intelligence development
Jack Pitcher – The Wall Street Journal
Asset managers are rushing to help investors play the new hot corner of the stock market: artificial intelligence. Investors are piling into shares of graphics chip maker Nvidia, Microsoft, Google parent Alphabet and other stocks that they think stand to benefit from AI technology. That has set up a race among providers of exchange-traded funds to boost their existing offerings or launch new ones.

A Major Showdown Is Brewing Over What Counts as a Carbon Credit; The United Nations is in the process of defining global carbon markets for decades to come, and it could make or break the fledging carbon removal industry.
Michelle Ma – Bloomberg
A few sentences in a note from an obscure United Nations group has ignited a firestorm in the carbon removal world. At issue is a beguilingly simple question: What counts as a carbon offset? The document – a draft to define a new global carbon market, released last month – elevated nature-based solutions like planting trees while downplaying the role of carbon dioxide removal (CDR) using machines or other forms of technology.

Signs of de-dollarisation emerging, Wall Street giant JPMorgan says
Marc Jones – Reuters
Signs of de-dollarisation are unfolding in the global economy, strategists at the biggest U.S. bank JPMorgan said on Monday, although the currency should maintain its long-held dominance for the foreseeable future. The impact of steep U.S. interest rate rises and the use of sanctions that have frozen the likes of Russia out of the global banking system are driving the so-called BRICs nations – Brazil, Russia, India, China and South Africa – to challenge the dollar’s hegemony.

EV Makers Confront the ‘Nickel Pickle’; Large amounts of the mineral are needed for electric car batteries, but getting it out of the ground and refining it often requires clearing rainforests and generating large amounts of carbon
Jon Emont – The Wall Street Journal
In the electric-vehicle business, the quandary is known as the nickel pickle. To make batteries for EVs, companies need to mine and refine large amounts of nickel. The process of getting the mineral out of the ground and turning it into battery-ready substances, though, is particularly environmentally unfriendly. Reaching the nickel means cutting down swaths of rainforest. Refining it is a carbon-intensive process that involves extreme heat and high pressure, producing waste slurry that’s hard to dispose of.

Countdown to mega merger – how Credit Suisse wobbled and UBS rushed to rescue
UBS Group takeover of Credit Suisse, arranged by the Swiss authorities to stave off a broader banking crisis, is set to become official as early as June 12, the bank said on Monday. The closing of the tie-up marks the final chapter for the 167-year old institution after years of scandals and missteps eroded customer confidence and brought the lender to the brink of collapse.

UBS Could Complete Credit Suisse Takeover Next Week
Joe Wallace – The Wall Street Journal
The shotgun marriage of UBS and Credit Suisse could be consummated as early as next Monday, June 12. UBS agreed to take over its crosstown rival in March, when Swiss officials began to doubt that Credit Suisse could survive on its own. The acquirer said Monday that its takeover of Credit Suisse will be complete when the U.S. Securities and Exchange Commission declares a registration statement to be effective. The registration statement covers shares that will change hands in the deal.

Big Banks Could Face 20% Boost to Capital Requirements; Those relying on fees might need larger buffers to absorb losses under planned rules
Andrew Ackerman – The Wall Street Journal
U.S. regulators are preparing to force large banks to shore up their financial footing, moves they say will help boost the resilience of the system after a spate of midsize bank failures this year. The changes, which regulators are on track to propose as early as this month, could raise overall capital requirements by roughly 20% at larger banks on average, people familiar with the plans said. The precise amount will depend on a firm’s business activities, with the biggest increases expected to be reserved for U.S. megabanks with big trading businesses.

SEC dismisses 42 cases after admitting enforcement breach larger than reported
Thomas Barrabi – NY Post
The SEC announced Friday it had dismissed 42 pending enforcement cases after discovering enforcement staff had improper access to materials meant for commission officials ruling on those cases. The watchdog agency, currently helmed by Gary Gensler, initially acknowledged in April of last year that some employees in its enforcement division had improperly downloaded legal memos in 2017 related to two cases – each of which sought to challenge the legality of the in-house proceedings.

GFXC Publishes Proportionality Tool, Names New Chair
Colin Lambert – The FullFX
The Global Foreign Exchange Committee (GFXC) has launched a proportionality self-assessment tool on its website, aimed at building buy side engagement with the FX Global Code further. At its semi-annual meeting in Mexico City, GFXC chair Andréa Maechler also stepped down six months early from the role, following her appointment as deputy general manager of the Bank for International Settlements in March.

Jim Chanos, Bank of America, and others still aren’t jumping on the AI hype train
George Glover – Markets Insider
Artificial intelligence has emerged as one of the biggest drivers of stocks this year – with bullish investors fueling triple-digit gains for Nvidia, and other blue-chip tech companies also trading higher off the ChatGPT craze. But some top investors aren’t buying the hype. For every Bill Ackman or Stanley Druckenmiller – who piled into AI-related stocks in the first quarter – there’s a Jim Chanos, who’s shrugging off the surge with casual indifference.

Counterfeiting Scandals Keep Slamming the Commodities Market; Bags of stones have been substituted for nickel and painted rocks for copper.
Tracy Alloway and Joe Weisenthal – Bloomberg
Earlier this year, it emerged that the London Metals Exchange had been holding a bunch of bags filled with stones instead of the nickel needed to back trades for major commodities players, including Trafigura. Before that, commodities trader Mercuria was given painted rocks instead of the copper it was supposed to take delivery of.

Let’s worry about climate change, not the supposedly existential threat of AI; To stifle burgeoning technology at birth is to deny boundless opportunity for progress
Jeremy Warner – The Telegraph
From warnings of plague, Biblical floods, pestilence, fire and brimstone, human beings have always had a particular propensity for catastrophising, almost regardless of how material the supposed threat really is. End of days was a core belief for many of the millenarian cults that thrived in the Middle Ages – not without cause back then, as it happens.

London is heading for a Brexit showdown – financial reforms won’t stop it crashing out
Simon Foy – The Telegraph
The former boss of the London Stock Exchange (LSE) has warned that “sideshow” reforms aimed at boosting the market’s competitiveness will not save the Square Mile from perpetual decline. Xavier Rolet, who led the LSE between 2009 and 2017, said government and regulatory efforts to make London a more competitive financial centre were a “sideshow of a sideshow” and a “complete waste of time”.

Binance Hands Rising Star Teng Key Role to Replace CEO Zhao at Largest Crypto Exchange
Ian Allison – CoinDesk
The appointment of Richard Teng to oversee Binance’s regional markets outside the U.S. has positioned the one-time Abu Dhabi regulator as the most likely successor to Changpeng Zhao, who founded the world’s largest crypto exchange in 2017.

Richard Teng seen as potential successor to Binance’s Changpeng Zhao -reports
Richard Teng, Binance’s head of regional markets outside the United States, is seen as the most likely candidate to succeed the cryptocurrency firm’s chief executive officer, Changpeng “CZ” Zhao, according to media reports.

China Sets Out Proposals to Underpin Its Massive Renewables Push
Bloomberg News
China is setting out how it will prevent bottlenecks as it prepares for another record year of renewable power installations. In recent weeks, national and local governments have announced a slew of proposals to prevent blackouts, support energy storage, bolster grid operator finances and create more flexible pricing. The payoff could be a more efficient power system that can absorb a bigger share of clean energy, according to BOCI Research Ltd.

A $1.5 Trillion Backstop for Homebuyers Props Up Banks Instead; The Federal Home Loan Bank system provides billions to banks curtailing mortgage lending, and millions to its executives
Heather Perlberg, Ann Choi and Noah Buhayar – Bloomberg
The first sign of deep trouble in US banking this year came from a sunbaked office complex in a San Diego suburb. There, a small firm called Silvergate Capital Corp. assured investors it was weathering a run on deposits. Its lifeline: about $4.3 billion from a Federal Home Loan Bank. Heads turned across the financial industry.

U.S. banks may need to raise capital requirements by 20%: WSJ
Barbara Kollmeyer and Steve Gelsi – The Wall Street Journal
U.S. regulators are planning fresh rules that will force bigger banks to lift their capital requirements by an average of 20% to shore up the system after this year’s banking crisis, The Wall Street Journal reported on Monday, citing sources. Any bank that relies on income from fees may also be swept up – the first of what would be a series of tougher rules ahead for the industry.

Trillion-Dollar Treasury Vacuum Coming for Wall Street Rally; Post-deal supply surge will rumble through stocks to credit; Already-eroded liquidity set to shrink by $1 trillion: JPM
Denitsa Tsekova and Ksenia Galouchko – Bloomberg
With a debt ceiling deal freshly signed into law Saturday by President Joe Biden, the US Treasury is about to unleash a tsunami of new bonds to quickly refill its coffers. This will be yet another drain on dwindling liquidity as bank deposits are raided to pay for it – and Wall Street is warning that markets aren’t ready. The negative impact could easily dwarf the after-effects of previous standoffs over the debt limit.

A Wall Street trader made a $7.5 million windfall on a suspiciously-timed investment ahead of a surprise debt limit deal concession
Walt Hickey – Insider
As part of the debt ceiling deal, one surprise concession that made it into the bill was the approval of the Mountain Valley Pipeline, a 304-mile natural gas connection from northwest West Virginia to southern Virginia. A pet project of West Virginia Sen. Joe Manchin that had been mired in Congress, the law forces action on permits that should push the project forward. However, there was no public reason to believe that the pipeline was in the deal at all, which makes the actions of one mystery trader – who made a killing on its inclusion – somewhat suspicious, according to a Bloomberg analysis of trading data.

Ukraine Invasion

Feud Between Russian Warlords Exposes Cracks in Kremlin’s War Machine
Thomas Grove – The Wall Street Journal
A growing feud between two of Russia’s most powerful warlords has broken out into the open following the withdrawal of the paramilitary Wagner group from eastern Ukrainian flashpoint city Bakhmut, exposing the rifts in Russian President Vladimir Putin’s war machine ahead of an expected Ukrainian offensive.

Video shows barrage of artillery strikes in Russia
Russian President Vladimir Putin addressed his nation, saying the country must continue to prevent the destabilization of Russia after Ukraine-backed Russian soldiers claimed to have raided the country for a second time.

Ukraine shelling continues in Russia’s Belgorod as thousands relocated, governor says
Ukrainian forces continued to shell Russia’s border region of Belgorod overnight into Sunday after two people were killed the previous night and hundreds of children were evacuated away from the border, Governor Vyacheslav Gladkov said. “Overnight, it was quite restless,” Gladkov said on the Telegram channel, adding that the Shebekino and Volokonovsky districts had suffered “lots” of damage from the latest shelling.

Pro-Ukraine Russian partisans plan to give prisoners to Kyiv
A pro-Ukraine group of Russian partisans on Sunday said it had captured several soldiers during a cross-border raid into southern Russia and would hand them over to Ukrainian authorities. The Russian Volunteer Corps made the claim in a video statement released on Telegram in the wake of a raid into the Russian region of Belgorod.

Russia says it thwarted major Ukrainian offensive, Kyiv says Moscow spreads lies
Guy Faulconbridge – Reuters
Russia said on Monday its forces had thwarted a major Ukrainian offensive at five points along the front in the Ukrainian region of Donetsk and killed hundreds of troops while Ukraine accused Moscow of spreading lies. It was not immediately clear whether or not the attack represented the start of a Ukrainian counteroffensive which Kyiv has been promising for months to drive out Russian forces after the invasion of February 2022.

Here’s How We Can End the War in Ukraine
David French – The New York Times

Exchanges, OTC and Clearing

Intercontinental Exchange Reports May 2023 Statistics
Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology and market infrastructure, today reported May 2023 trading volume and related revenue statistics, which can be viewed on the company’s investor relations website at in the Monthly Statistics Tracking spreadsheet. May highlights include: Total average daily volume (ADV) up 3% y/y Energy ADV up 13% y/y; open interest (OI) up 9% y/y, including record OI of 50.3M lots on May 24 Total Oil ADV up 17% y/y; OI up 11% y/y Brent ADV up 18% y/y; OI up 16% y/y Gasoil ADV up 14% y/y; OI up 28% y/y Other crude and refined products ADV up 29% y/y; OI up 8% y/y

May 2023 figures at Eurex
Repo volumes doubled to nearly EUR 400 billion; Strongest growth in daily GC Pooling with volumes rising 142 percent in May y-o-y; Notional outstanding in OTC Clearing up 27 percent. Eurex, Europe’s leading derivatives exchange, reports a 9 percent decrease in total trading volume to 142.5 million contracts in May from 156.5 million contracts in the same month last year. Interest rate derivatives decreased by 8 percent year-on-year in May from 60.1 million to 55.5 million traded contracts. Index derivatives decreased by 13 percent, from 71.7 million to 62.2 million contracts traded. Equity derivatives trading remained unchanged compared to May 2022 with 24.6 million contracts.

Tradeweb Reports May 2023 Total Trading Volume of $29.4 Trillion and Average Daily Volume of $1.35 Trillion; May 2023 ADV up 14.1% YoY
Tradeweb Markets Inc.
Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported total trading volume for May 2023 of $29.4 trillion (tn). Average daily volume (ADV) for the month was $1.35tn, an increase of 14.1 percent (%) year-over-year (YoY).

ASX confirms program of work to maintain CHESS as progress continues on the replacement solution
ASX today released a special report relating to CHESS, the clearing and settlement system for Australia’s securities market. The report, which was prepared for the Australian Securities and Investments Commission (ASIC), provides a detailed view of ASX’s arrangements for the support and maintenance of CHESS to ensure it remains operationally reliable until a replacement solution is implemented. It was also provided to the Reserve Bank of Australia (RBA) in the context of the RBA’s letter of expectations dated 15 December 2022.

Further Information About The Launch Of The HKD-RMB Dual Counter Model Eligible For Market Making In Hong Kong Securities Market
Reference is made to the HKSCC circular (Ref: CD/OES/CCASS/022/2023) dated 19 May 2023 and the circular of The Stock Exchange of Hong Kong Limited (“Exchange”) of today regarding the launch of the HKD-RMB Dual Counter Model (“Dual Counter Model”) on 19 June 2023 (Monday). Clearing Participants (“CPs”) are requested to note below:

JSE Lists Two New ETFs With Focus On ESG and Property Assets
Johannesburg Stock Exchange
Two new property Exchange Traded Funds (ETFs) by Reitway Global have listed on the Johannesburg Stock Exchange (JSE) via Prescient Management Company’s (Prescient) newly approved co-named ETF platform. These two new funds are the Reitway Global Property ESG Prescient ETF, which tracks the Reitway Global Property ESG Index, and the Reitway Global Property Diversified Prescient ETF, which will track the Reitway Global Property Diversified Index.

The number of private clients on the Moscow Exchange increased by half a million in May
The number of individuals with brokerage accounts on the Moscow Exchange ( MOEX ) in May 2023 amounted to 25.56 million (+496.3 thousand people in May 2023); they opened 43.34 million accounts (+955 thousand accounts in May).


LedgerEdge grows European workforce in lead up to new MTF launch; Incoming hires have previously served at Flextrade, MarketAxess, SFI Markets and ATC Financial Solutions; join the company as it attempts to establish an EU MTF in the Netherlands.
Wesley Bray – The Trade
LedgerEdge has appointed Stefano Dallavalle is its new product director and Diederik Can Suchtelen as head of its Amsterdam office and EU sales, effectively immediately, The TRADE can reveal.

An Industry Insider on the Growing Importance of Compliance in Bank-FinTech Relationships
Nearly all banks view FinTech partnerships as important, but the partnership dynamics will be put to the test as new open banking regulations go into effect in 2024. PYMNTS examines what will be required as banks and FinTechs will rely on each other for data sharing and compliance.


Gmail feature is being hacked by scammers, New Hampshire cybersecurity expert says; NH cybersecurity expert: Gmail feature is being hacked by scammers
Grace Finerman – ABC
A cybersecurity expert from Manchester said one of Gmail’s security features is being used by hackers to scam users. Cybersecurity expert Chris Plummer said he got an email that looked like it was from UPS but thought something wasn’t quite right. “So many junk and spam, fishing emails get caught in folders and you never see them,” Plummer said.

How to Tell if Your Passwords Were Hacked-And What to Do If They Were; Discovering that even one password has been possibly stolen can be unsettling. But what’s the game plan if you’ve used that password on dozens of sites?
Dalvin Brown – The Wall Street Journal
In the past, we all had favorite passwords we’d use for all kinds of websites and apps, a set of easy-to-remember phrases, because who can keep track of so many? The bad news is, those passwords have all probably leaked in data breaches. And if hackers have the password for one site, they can try it on others to see if you reused it. So how do you know when your passwords have been breached, and what do you do about it?

Cryptocurrencies joins ranks of licensed payment institutions in Singapore
Amaka Nwaokocha – CoinTelegraph
The Singapore-based cryptocurrency exchange,, announced on June 1 that it had been granted a major payment institution (MPI) license for digital payment token (DPT) services by the Monetary Authority of Singapore (MAS). The announcement comes after received its in-principle approval from MAS in June 2022. With the MPI license, is now authorized to offer its DPT services to customers in Singapore.

Report: At Least $35 Million Worth of Crypto Stolen from Atomic Wallet Users
Kyle Torpey – CoinMarketCap
A major security breach has affected Atomic Wallet, a decentralized wallet with over 5 million users worldwide. According to an on-chain analysis by ZachXBT, a pseudonymous Twitter user who tracks crypto thefts and helps hacked projects, more than $35 million worth of crypto assets have been stolen from Atomic Wallet users since June 2. The largest single loss was $7.95 million in Tether (USDT).

CoinMarketCapU.S. House Republicans Propose New Crypto Asset Rules
Kyle Torpey – CoinMarketCap
Draft legislation proposed by Republican chairs of key committees in the U.S. House of Representatives seeks to establish oversight for the digital assets sector and provide a path for cryptocurrency exchanges to register with the U.S. Securities and Exchange Commission (SEC). The proposed bill aims to address the industry’s demands by allowing regulated crypto firms to trade digital securities, commodities, and stablecoins in a single platform. While the draft bill has not garnered Democratic support yet, it acknowledges the SEC’s continued authority to determine which assets fall under its jurisdiction. The legislation also suggests that existing crypto assets would be exempt from enforcement actions while regulators work on establishing new rules and regulations.

Coinbase Says AI Represents ‘Important Opportunity’ for Crypto; Crypto can help AI with sourcing diverse, verified data; Market cap of crypto projects directly involved in AI is low
David Pan – Bloomberg
The largest US digital asset exchange Coinbase Global Inc. said the intersection of artificial intelligence and crypto represents an important opportunity for entrepreneurs, including helping to prevent some of the excesses cited by critics of the technology. “As applications within AI and blockchain mature, the disruptions these technologies represent may lead to areas of collaboration and the emergence of new use cases for crypto to help address specific societal challenges posed by AI,” David Duong, head of research at Coinbase, said in a June 1 research report.

Crypto insurer Evertas authorized to offer largest single crypto insurance policy
Gertrude Chavez-Dreyfuss – Reuters
London-based Arch Insurance International has authorized cryptocurrency insurer Evertas to increase the coverage limit for a single policy to $420 million for custodians or exchanges in what the U.S firm said is the highest in the industry. The move is a big boost for a crypto sector tainted by the collapse of major market players such as FTX and should help ease concerns on hacks and thefts that have plagued the industry.

What Happened To FTX? The Crypto Exchange Fund’s Collapse Explained.
Darreonna Davis – Forbes

Hong Kong’s crypto rules help it fit in more than stand out, but experts say that’s good
Matt Haldane – South China Morning Post

Bitcoin Coders Feud Over Whether to Crush $1 Billion Frenzy for Memecoins; Explosion of meme tokens choked the Bitcoin blockchain in May; Network developers debate whether to reject such transactions
Sidhartha Shukla – Bloomberg

Return of the NFTs?
Yehudah Petscher – Forkast


Treasury Cash Pile Slumped to Match 2015 Low During Debt-Cap Saga; US has used up more than 90% of authorized special measures;Congress has passed ceiling legislation for Biden to sign
Alex Harris – Bloomberg
The amount of money the US government had to pay its bills plunged to the lowest level in more than seven years, just as Congress passed legislation that suspends the statutory borrowing limit until 2025. The Treasury’s cash balance fell to just $22.892 billion on Thursday, according to data published Friday. That put the Treasury coffers on a par with a level last reached in October 2015. It was around $25.62 billion below the half-decade low it was at a day earlier.

Taxing Wealthy Dynasties Seen Backfiring in States Like New York; Billionaires are more motivated to move out of places with estate taxes as they get older, a new study finds.
Ben Steverman – Bloomberg
Taxing the dynastic wealth of billionaire families can sometimes backfire, particularly in states like New York that already have high income-tax rates. Estate taxes prompt many super-rich residents to move to states without the levies, especially as they get older, according to a new study from economists Enrico Moretti and Daniel Wilson.

Tory peer Tyrie pushes for reform of UK financial regulator; Move reignites debate over independence of Financial Conduct Authority’s decision making body
Laura Noonan and Jim Pickard – Financial Times
Conservative peer Andrew Tyrie has called on the government to revamp decision-making and enforcement processes at the Financial Conduct Authority, to dampen concerns that the UK watchdog has excessive power as judge and executioner. Lord Tyrie, who chaired the parliamentary commission on banking standards after the financial crisis of 2008, will this week table an amendment to the financial services and markets bill calling for the “statutory independence” of the Regulatory Decisions Committee – a body that separates the FCA’s investigative and decision-making powers for contested cases.

Rishi Sunak Is Making All the Wrong Friends; International elites may love the UK prime minister, but even he must know that all politics, when it comes down to it, is local.
Martin Ivens – Bloomberg
Rishi Sunak is winning lots of friends in all the wrong places. The international elite may have embraced the UK’s prime minister as one of their own but voters’ don’t share their enthusiasm. His Conservative party is polling at 25%, just as it was in early January. At the White House next week, President Joe Biden will give Sunak the warm welcome that befits a serious player who helps rally the West behind Ukraine

Adani and Total bet on India’s LNG recovery; Country’s imports are picking up after years of stagnation due to the pandemic and war in Ukraine
Benjamin Parkin and Shotaro Tani – Financial Times
India’s liquefied natural gas imports are picking up after years of weak demand, as companies such as Total and Adani bet heavily on a turnround in a market that has so far defied lofty expectations. India has set ambitious targets to become one of the world’s biggest LNG importers by more than doubling the share of gas in its energy mix to 15 per cent by 2030, helping attract a wave of infrastructure investment.

Australia prepares for biggest arms shake-up since Second World War
Nicola Smith – The Telegraph


Christian financial advisor Dave Ramsey sued for $150 million over timeshare-exit company endorsement
Evan Mealins – USA Today
After 40 years running their family-owned pharmacy in Washington, Douglas and Roseanne Morrill made plans to travel the world. They bought points from a timeshare company to do so, which they later realized was a mistake. Roseanne Morrill, a frequent listener of Christian financial advisor Dave Ramsey’s radio show, later heard him talk about how timeshares were a rip-off.

Second Commission Statement Relating to Certain Administrative Adjudications
On April 5, 2022, the Commission issued a Statement Relating to Certain Administrative Adjudications (the “April 5 Statement”) describing a control deficiency related to the separation of enforcement and adjudicatory functions within the agency’s system for administrative adjudication. As the April 5 Statement explained, for a period of time, certain databases maintained by our Office of the Secretary (“OS”) were not configured to restrict access by staff from our Division of Enforcement (“Enforcement”) to memoranda drafted by staff from the Adjudication Group (“Adjudication”) in our Office of the General Counsel (“OGC”). As a result, in a number of adjudicatory matters, administrative support staff from Enforcement responsible for maintaining Enforcement’s case files accessed Adjudication memoranda via OS’s databases. In many instances, those administrative staff also emailed Adjudication memoranda to other administrative staff for potential upload to Enforcement databases; once uploaded, the memoranda became accessible more broadly to Enforcement staff.

Small Business Advisory Committee June Meeting to Focus on Capital Raising and Reducing Funding Gaps for Underrepresented Founders
The Securities and Exchange Commission’s Small Business Capital Formation Advisory Committee today released the agenda for its meeting on Wednesday, June 14. The Committee will start the morning session by hearing from its members about marketplace trends in small business capital raising. In the afternoon session, the Committee will discuss ways to remedy the funding gaps for underrepresented founders and startups. Drawing from their breadth of experiences and views, Committee members will also consider potential areas of focus for future Committee meetings.

ESAs put forward common understanding of greenwashing and warn on risks
Press release – ESA

Investing and Trading

Mystery Trader’s Debt-Ceiling Windfall Sparks Insider Concerns; Bullish options bet on Equitrans came days before debt deal; Firm involved in building a pipeline that was included in deal
Austin Weinstein and Geoffrey Morgan – Bloomberg
The US government’s move to greenlight a 300-mile natural gas pipeline as part of legislation to stave off a Treasury default shocked just about everyone, except for a mystery trader who somehow appears to have seen it coming. On Wall Street, analysts had mostly expected vague promises on energy permits to be included in a bill to raise the US debt ceiling. Yet, options trading suggests something bigger may have been in the offing.

US banks prepare for losses in rush for commercial property exit; Lenders prepare to offload debt at a discount even when borrowers are up to date on payments
Stephen Gandel, Joshua Chaffin and Eric Platt and Joshua Oliver – Financial Times.
Some US banks are preparing to sell off property loans at a discount even when borrowers are up to date on repayments, a sign of their determination to reduce exposure to the teetering commercial real estate market. The willingness of some lenders to take losses on so-called performing real estate loans follows multiple warnings that the asset class is the “next shoe to drop” after the recent turmoil in the US regional banking industry.

UK Widens Lead as Europe’s Top Draw for Financial Investors; Britain drew quarter of Europe’s finance FDI projects in 2022; France was second most popular followed by Germany and Spain
Aisha S Gani – Bloomberg
For all the gloom around the impact of Brexit on the City of London, the latest survey of Europe’s top destinations for foreign direct investment in financial services is a reminder of the UK’s continuing heft in the sector. Britain landed 76 financial service projects in 2022, up 17% from the previous year despite the economic downturn and political instability in Westminster, according to an EY analysis. It means the UK secured 26% of all European financial services FDI projects.

Investors brace for new law on sovereign debt workouts; Critics warn it will raise financing costs for developing countries on international markets
Jonathan Wheatley – Financial Times
A law close to approval in the state of New York would force commercial creditors including bondholders to give the same relief as lender governments when developing countries restructure sovereign debts.

Buffett-inspired ETP puts innovation in the hot seat; Analysts warn that some of its components look risky and say it has little in common with the famed investor
Emma Boyde – Financial Times
The pace of innovation in the exchange traded fund industry shows no sign of slowing with one of the latest inventions aimed squarely at admirers of famed investor Warren Buffett.

Bond traders increasingly managing execution rather than partaking; A panel hosted by Overbond highlights the inevitability of automation in the bond market and the need to adapt existing workflows.
Claudia Preece – The Trade

Environmental, Social and Corporate Governance

The Upper Atmosphere Is Cooling, Prompting New Climate Concerns
Fred Pearce – Wired
There is a paradox at the heart of our changing climate. While the blanket of air close to the Earth’s surface is warming, most of the atmosphere above is becoming dramatically colder. The same gases that are warming the bottom few miles of air are cooling the much greater expanses above that stretch to the edge of space.

This Texas Community Has Waited Decades for Running Water. Could Hydro-Panels Help?
Thousands of low-income, Latino residents in Texas still do not have safe drinking water. In one El Paso colonia, residents see the benefits of solar distillation.
Martha Pskowski – Inside Climate News
Olga Thomas has a story about every plant in her garden. The creosote that her mother would brew into a medicinal tea. The ocotillo planted from seed that now towers over her. The prickly pear cactus that blooms yellow each spring. Thomas, 72, began her garden in the late 1990s when she moved to a “colonia” 30 miles from downtown El Paso called Hueco Tanks. She raised her five children on this patch of land in the Chihuahuan Desert, transforming the rugged two-acre plot into a home.

British Museum ends BP sponsorship deal after 27 years; Campaigners hail split as a ‘massive victory’ , which marks a retreat of the fossil fuel giant from the British arts world
Esther Addley – The Guardian
BP’s sponsorship of the British Museum has ended after 27 years, new disclosures make clear, bringing to a close one of the highest-profile and most controversial of such deals in recent years, and marking the almost complete retreat of the fossil fuel giant from the British arts world.

China’s Green Revolution Is Quietly Succeeding; Beijing is within striking distance of its wind and solar power targets, but the boom is a mixed blessing for investors
Jacky Wong – The Wall Street Journal
The sun is shining down out of a blustery sky on China’s renewable energy ambitions. But investors in the country’s green power stocks are bracing for more difficult weather. China added 62 gigawatts of solar and wind power capacity in the first four months of this year. In comparison, the country added only around 26 gigawatts during the same period in 2022.

Hong Kong takes new step to promote ESG agenda to reluctant and wary small business owners
Zhao Ziwen – South China Morning Post
Hong Kong’s trade promotion agency is stepping up efforts to support the city’s business owners, helping enhance their environment, social and governance (ESG) credentials and raise their competitive edge in the global market. The Trade Development Council will add ESG consultations into its Transformation Sandbox programme for small and medium-sized enterprises (SMEs), which also offers branding and digitalisation advisory services.

The money behind the coming wave of climate litigation; Those affected by environmental disasters are turning to the courts for redress, stoking debate about who should pay to bring the cases
Camilla Hodgson – Financial Times

Renewable Energy Avoids Nightmare Scenario in Texas
Phred Dvorak and Jennifer Hiller – The Wall Street Journal

For stakeholders to put faith in ESG metrics, the ESG ‘information ecosystem’ needs To Evolve
Eamon Barrett – Fortune

Biodiversity on the Rise Amid ESG Policy Developments
Tom Abrams – TabbForum

ESG Standards’ Good, Bad and Ugly

3M Is in at Least $10 Billion Forever-Chemicals Pollution Settlement; Tentative pact with water providers would avoid imminent trial; Tainted-water settlement part of $143 billion potential hit
Jef Feeley – Bloomberg


Crypto insurer Evertas authorized to offer largest single crypto insurance policy
Gertrude Chavez-Dreyfuss – Reuters
London-based Arch Insurance International has authorized cryptocurrency insurer Evertas to increase the coverage limit for a single policy to $420 million for custodians or exchanges in what the U.S firm said is the highest in the industry. The move is a big boost for a crypto sector tainted by the collapse of major market players such as FTX and should help ease concerns on hacks and thefts that have plagued the industry.

Apple and Goldman Sachs Don’t Trust Their New Banking Customers
David Z. Morris – CoinDesk
Users of Apple’s new Apple Savings service, launched in April in partnership with Goldman Sachs, are reporting severe delays in withdrawing or moving their deposits. Customers have struggled for weeks to retrieve amounts as high as $100,000 stranded in Apple Savings accounts, according to the Wall Street Journal. The explanation for the delays is reasonable – at least, by the bizarre standards of the traditional finance system.

Online Banks Are Winning the Deposit War; Deposits rose quarter over quarter at Ally, Goldman Sachs’s Marcus and Capital One
Gina Heeb – The Wall Street Journal
Online banks have managed to pull off what has become a tall order in 2023: They brought in more deposits than they lost. Deposits in the first quarter fell from December at regional-bank powerhouses such as U.S. Bank, Truist Financial and Citizens Financial. They were down more sharply at the smaller regional banks that have been under investor scrutiny, like Western Alliance and PacWest.

U.S. and China Trade Barbs as Warships Have Close Encounter in Taiwan Strait; Chinese defense minister casts the U.S. as a hegemonic power in a speech at a Singapore security conference
Chun Han Wong and Keith Zhai – The Wall Street Journal
China’s defense minister rebuked Washington for actions he said were disturbing peace in the Asia-Pacific region, while the U.S. military said a Chinese destroyer had “executed maneuvers in an unsafe manner” near an American warship transiting the Taiwan Strait, highlighting the tensions between the two powers.

Why didn’t my bank spot six £25k scam payments?
Jill Insley – The Times
In 2020 I was the victim of an authorised push-payment scam. I sent two payments of £25,000 to a fraudster impersonating the Bank of Ireland. My bank, which was Clydesdale, now Virgin Money, declined any responsibility. In the event, about £10,000 was recovered from the fraudster’s receiving bank and Clydesdale refused to reinstate any more of the stolen funds and said that I was wholly responsible for sending money to the fraudsters.

Why didn’t my bank spot six £25k scam payments?
Jill Insley – The Times

UBS to Retain More Than 100 Credit Suisse Asia Dealmakers; UBS proposed compensation targets to dozens senior bankers; UBS in talks with Credit Suisse’s China CEO Janice Hu: people
Cathy Chan – Bloomberg

UBS expects to seal Credit Suisse takeover as early as June 12
John Revill – Reuters

Frank Founder Charlie Javice Says JPMorgan Documents Will Exonerate Her; She’s asking court to grant her access to the bank’s records; Javice is accused of defrauding JPMorgan in $175 million deal
Bob Van Voris – Bloomberg

Hedge Funds Cash In on Covid-Era Tax Credit With IRS Backlog; IRS hit with deluge of requests for employee-retention credit; Firms cash in by advancing refunds to cash-strapped companies
Miles Weiss – Bloomberg

Goldman Banker Who Had David Solomon Wear Lululemon to Win IPO Retires; Kathy Elsesser was key force in now-famous Lululemon IPO pitch; Three-decade veteran was chair of consumer retail, health-care
Sridhar Natarajan – Bloomberg

A Brazilian Billionaire Amps Up His Hedge Fund Bet; O3 Capital hires Priscila Araujo to run equity-focused fund; Firm is also planning to recruit an economist for expansion
Vinicius Andrade and Cristiane Lucchesi – Bloomberg

A Veteran Hedge Fund Manager Warns on ‘Insane’ Startup Costs; New funds face high expenses as they compete for top talent; Upstart funds are also confronting tougher fundraising market
Sonali Basak – Bloomberg

Every big business needs its own Chief Political Officer; Rolling crises have ensured that government relations is no longer a backwater department
Camilla Cavendish – Financial Times

CORRECTION: Changes in composition of the STOXX Europe 600 Index
Press Releases – Qontigo

Work & Management

We need to keep CEOs away from AI regulation; Policymakers must not let complexity stop them from doing their job
Marietje Schaake – Financial Times
Tech companies recognise that the race for AI dominance is decided not only in the marketplace but also in Washington and Brussels. Rules governing the development and integration of their AI products will have an existential impact on them, but currently remain up in the air. So executives are trying to get ahead and set the tone, by arguing that they are best placed to regulate the very technologies they produce.

The dismal truth about email; Office life will always be grinding if we do not stop the torrent of communications
Pilita Clark – Financial Times
When it comes to office tedium, I had thought there was little left to say about the draining, unkillable cockroach of the internet that is work email. I discovered last week there was, when a friend at work told me how thrilled her 10-year-old was to have his first email account. “He gets unbelievably excited whenever a new mail lands in his inbox,” she said.

Who Is Liable for A.I. Creations?; Tools like ChatGPT could open a new line of questions around tech products and harmful content.
Ephrat Livni, Sarah Kessler and Ravi Mattu – The New York Times
A string of challenges to Section 230 – the law that shields online platforms from liability for user-generated content – have failed over the last several weeks. Most recently, the Supreme Court declined on Tuesday to review a suit about exploitative content on Reddit. But the debate over what responsibility tech companies have for harmful content is far from settled – and generative artificial intelligence tools like the ChatGPT chatbot could open a new line of questions.

Every big business needs its own Chief Political Officer; Rolling crises have ensured that government relations is no longer a backwater department
Camilla Cavendish – Financial Times
Once upon a time the world was flat, as Thomas Friedman put it, and CEOs didn’t need to check their phones at dinner. Now, it’s one crisis rolling in after another: all bets are off when it comes to supply chains and trade routes, auditors plead “material uncertainty” over accounts, and boards note the dates of elections in wealthy countries. “Government relations” is no longer a corporate backwater.

Generative AI’s ‘productivity revolution’ will take time to pay off; Pandemic has failed to alter long-running trend of stagnant real growth across advanced economies
Delphine Strauss – Financial Times
A boom in generative artificial intelligence and pandemic-induced workplace shifts will unleash a new era of faster productivity growth across the rich world, economists say, though it could take a decade or more for advanced economies to reap the full benefits. After surging during the initial stages of the pandemic, The Conference Board, a global business research organisation, said this month that it expected productivity to barely grow this year across mature economies. The board believes this weakness is set to continue over the next decade, citing the rising cost of capital and ongoing economic and geopolitical uncertainty.

‘Everyone has the right to completely log off’: what bosses think about the right to disconnect; The FT has spoken to managers about their own work practices and their views on legislation to protect workers’ time
Emma Jacobs in London and Jude Webber in Dublin – The Financial Times
Employees could ignore emails and messages from their bosses at night and on the weekend under a policy proposed by Angela Rayner, deputy leader of the UK’s opposition Labour party. Unlike France, Spain and Ireland, where there are formal limits to electronic contact out of hours, there is no right to switch off in the UK. Instead, protection for workers comes through “limits to working time, entitlement to regular breaks, the right to respect for private and family life and an employer’s duty of care to look after workers’ health and safety”, says Kloe Halls, an associate at law firm Linklaters’ employment practice.

Wellness Exchange

US life expectancy problem is ‘bigger than we ever thought,’ report finds
Adrianna Rodriguez – USA Today
The country’s life expectancy problem gained renewed attention in recent years during the COVID-19 pandemic after seeing the largest drop since World War II. As U.S. life expectancy continues to plummet, a new report found the country has been at a life expectancy disadvantage since the 1950s, and it has only gotten worse since then.

A Reagan official went rogue on AIDS by teaching Americans the truth
Alexandra M. Lord – The Washington Post
Thirty-five years ago, Americans opened their mailboxes during the HIV-AIDS epidemic to discover a sealed package from the U.S. government. The mass mailing came whether they wanted it or not, and it came with a warning: “some of the issues involved in this brochure may not be things you are used to discussing openly.”


China’s Missile Threat Drives New U.S. Approach in Asia
Alastair Gale – The Wall Street Journal
At this tiny commercial airport near the northern tip of the Philippines, tents for U.S. military equipment and troops dotted the tarmac alongside U.S. Army helicopters during recent training exercises. It is one of a growing number of outposts for American forces in the Asia-Pacific region designed to meet the rising military challenge from China.

Chinese warship passed in ‘unsafe manner’ near destroyer in Taiwan Strait, US says
A Chinese warship came within 150 yards (137 meters) of a U.S. destroyer in the Taiwan Strait in “an unsafe manner,” U.S. military officials said, as China blamed the United States for “deliberately provoking risk” in the region. U.S. and Canadian navies on Saturday were conducting a joint exercise in the strait, which separates the island of Taiwan and China, when the Chinese ship cut in front of the U.S. guided-missile destroyer Chung-Hoon forcing it to slow down to avoid a collision, the U.S. Indo-Pacific Command said in a statement.

Saudi Arabia Says It Will Cut Production to Stem a Slide in Oil Prices
Stanley Reed – The New York Times
The group of major oil-producing countries known as OPEC Plus agreed on Sunday to embark on a complex effort to adjust production as it aimed to halt the recent slide in oil prices, including an additional cut in output of one million barrels a day by Saudi Arabia. The Saudi cut would be for one month beginning in July, but could be extended.

Oil Rises After Saudis Pledge Million-Barrel Cut at OPEC+ Meet; Kingdom goes it alone in gathering with production curbs; WTI jumps almost 5% in early trade before paring gains
Yongchang Chin – Bloomberg
Oil advanced at the week’s open after Saudi Arabia said it will make an extra 1 million barrel-a-day supply cut in July, taking its production to the lowest level for several years following a slide in prices. West Texas Intermediate jumped almost 5% early in the session before paring gains to trade below $73 a barrel, while global benchmark Brent changed hands at about $77.

London Taxi Bookings Spell Bad News for the City; The CEO of private hire company Addison Lee tells In the City that he’s operating at 70% of pre-Covid levels.
Sommer Saadi – Bloomberg
London’s economy is in trouble. Just ask a taxi driver-or their boss. Liam Griffin is chief executive of Addison Lee, a London-based private hire cab and courier company. On this episode of In the City, he explains how his company’s performance is a reflection of the City’s economic health. Courier services are a great measure of how businesses are doing, Griffin says, and they’ve dropped as much as 20% this year.

A Viterra-Bunge Deal to Rescue Argentine Soy Giant Is Now at Risk; Vicentin fears collapse as it awaits ruling on bankruptcy; Plan led by Viterra, Bunge also at risk, according to director
Jonathan Gilbert – Bloomberg
A deal to rescue one of the biggest suppliers of soybean meal fed to livestock herds around the world is at risk of falling apart because of court delays and Argentina’s worst drought in living memory. The bankruptcy of Vicentin SAIC more than three years ago upended oilseed trading in Argentina, the top exporting nation of meal and of soy oil used in food and biofuels.

Mexican mining industry under threat from sweeping new regulations; One exploration group abandons country because of ‘political instability’ as warnings rise of legal challenges
Adam Williams and Harry Dempsey and Michael Stott – Financial Times
Mining companies are rethinking investments in Mexico, the world’s biggest silver producer, after the government pushed through sweeping regulatory changes just over a month ago.

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The Spread

Traders Betting on China Easing Boost Bearish Options on Banks

Observations & Insight Miami International Holdings, Inc. (MIH) announced that the SEC has approved MIAX Sapphire LLC's application to become a national securities exchange. MIAX Sapphire, MIH's fourth national securities exchange for U.S. multi-listed options,...

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