John Lothian Newsletter: NSE, Japan's JPX plan Nifty futures for Osaka; ICE would weigh Euronext sale for right offer; Investors put $18bn into equity funds

Jan 11, 2013

The National Stock Exchange and Japan’s new Japan Exchange Group announce plans to create yen-denominated Nifty futures contracts. IntercontinentalExchange says that if the circumstances are right, they’d consider selling Euronext. Already this year, $18 billion dollars have flowed into US equity funds. In First Read today, along with the Bill Brodsky interview and one more shot at the Restoring Customer Confidence installment, take a look at this week’s New Kids on the Block interview with Phillip Futures.

First Read

Bill Brodsky

CBOE CEO Bill Brodsky talks about stepping down after 15 years
MarketsWiki.tv

Bill Brodsky, chairman and CEO of the CBOE, announced last month he was stepping down from his post in May 2013, and taking the role of executive chairman. He has held the top spot at the exchange since 1997 and was at the Chicago Mercantile Exchange for 15 years before taking over at the CBOE. Brodsky spoke with John Lothian about his decision, his successor Ed Tilly as well as the importance of separating the role of CEO and chairman in public companies. He also addressed some of the keys to the CBOE’s success over the past quarter century, the potential for growth in the industry and finally, the road ahead. He has been often rumored to be on the shortlist for the top regulator’s post at the SEC.

Watch the video »

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New Kids On The Block: Phillip Futures
Christine Nielsen – JLN

When Phillip Futures Inc. started accepting U.S. business from an office at the Chicago Board of Trade building in 2012, the company expanded its reach, which had already included Singapore, Malaysia, Hong Kong, Japan, Indonesia, Thailand, the United Kingdom, Australia, France and China.

“To be a global player, we needed to be in the U.S,” says Lynette May-Tjuen Lim, CEO of the U.S. office. “The U.S. was the missing piece for us.”

Phillip Futures is a subsidiary of privately owned PhillipCapital, which was established in 1975 in Singapore as a stockbroking firm. PhillipCapital has since diversified to offer a suite of financial services including brokering of futures, foreign exchange, equities, fixed income, bonds, unit trusts, real estate and insurance.

Thanks to building some business from the ground up and other business from acquisitions (the company bought MF Global India some years back) the company boasts shareholder equity greater than $1 billion, and global assets under custody greater than $18 billion. Further, the group has been profitable each year since its founding 37 years ago. Based on its existing portfolio with its Singapore business, the firm was ranked number 47 of the top 50 brokers by Futures Magazine in 2011. The firm ranked # 34 in 2012 Futures Magazine with growing business in both U.S. and Asia.

For the rest of the profile, visit the John Lothian Newsletter blog at
jlne.ws/UEDJTu

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Bats Blaming Market Rules as Calls of Overhaul Grow
Bloomberg
Bats Global Markets Inc., the stock exchange operator that acknowledged four years of trading errors, blamed the mistakes on regulations it says are too complex.
jlne.ws/UEDIPw

***** Can anyone explain how the equity markets work, completely, to me?

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In New Year, Errors Mount at High-Speed Exchanges
New York Times
The United States’ 13 public stock exchanges have been competing to offer the fastest and most sophisticated trading software, creating more opportunities for technology errors.
jlne.ws/UEDJTw

***** Yes, but the mistakes are done very fast.

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SEC effectiveness questioned after BATS error
Market Watch
Computer glitches that allowed trades executed at BATS Global Markets Inc. to violate rules are yet another example of technology problems damaging confidence and raising concerns about the effectiveness of U.S. market regulators, observers say.
jlne.ws/UEDJTz

***** You lost me at SEC effectiveness.

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New Restoring Customer Confidence Video
After a brief holiday hiatus, we present the fifth video in our Restoring Customer Confidence series. This video deals with customer protection funds. Each week we will post a new idea answering the question – how do you restore customer confidence and bring traders back?

Restoring Customer Confidence More ideas»
Protection Fund: Building a Better Piggy Bank - John Roe

Protection Fund: Building a Better Piggy Bank
MarketsWiki.tv

Is there any protection for my futures account? That is the key question for futures customers today and quite likely, the answer is “no” or “not much.” While dialog and debate ranges on the type of customer protection fund or insurance that might or might not work, John Roe, co-founder of the Commodity Customer Coalition and principal at BTR Trading, says it is essential to restore customer confidence.

In this video, a simple animation and interview with Roe explain how protection for futures customers can be established with a small fund that ultimately will grow over time using a small trading fee. And, in the case of a default, it would replace customer funds before they were tied up in bankruptcy court.

Watch the video »

This video is sponsored by:
Traiana

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About the Restoring Customer Confidence video series
In the aftermath of the MF Global collapse, fraud at Peregrine Financial Group and high profile high-frequency trading shocks, John Lothian News asks – how do you restore customer confidence and bring traders back?

The Restoring Customer Confidence video series answers that question by exploring potential solutions using expert interviews and simple animations.

John Lothian News interviewed more than a dozen professionals in the industry to get their ideas and solutions. As these ideas become practice, or as new concepts are adopted by the industry, we will continue to add them to the site.

Visit the video series page on MarketsWiki.tv over the next several weeks for new ideas and solutions.

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DealBook: Returns at Hedge Funds Run by Women Beat the Industry, Report Says
New York Times
Hedge funds led by female managers produced a return of 8.95 percent through the third quarter of 2012, significantly outperforming the overall universe of hedge funds, a report shows.
jlne.ws/UEDJ5S

***** And left handed women run hedge funds returns were even better.

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It’s time to embrace a new mental map of central banks
Gillian Tett, Financial Times
Four years ago, Zoltan Pozsar helped change how policy makers visualise the financial world when he worked with colleagues at the New York Federal Reserve to create a gigantic wall map of shadow banking. Now Pozsar has left the NY Fed and teamed up with Paul McCulley, the former investment luminary of Pimco (and the man who coined that phrase “shadow banking”) to tackle another issue. But this time, it is not securitisation they want to “map” – but “helicopter money”, or quantitative easing.
jlne.ws/UEDK9U

***** Rule number 27, never argue with a guy named Zoltan.

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Defining the Curve: Fidessa US Sell-Side Newsletter
Welcome to the December edition of Fidessa’s US Sell-side Newsletter Defining the Curve. This fall has been a busy season, with uneasy market sentiment, the elections, continued low equity volumes and a hurricane in the Northeast – change has been the only constant. Resilience and fortitude are the themes that we see reoccurring.
jlne.ws/UEDJ5X

***** I like my toast selly-side up.

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Enhancing Opportunities with Eurex’s New Trading Architecture; January 22, 2013, Webinar
In conjunction with Eurex, Orc has organized a webinar to explore how business and trading opportunities are significantly enhanced within Eurex’s new trading architecture. Please join the discussion with Andreas Pee, the NTA project – market readiness leader at Eurex, Thomas Winter, senior project manager at Eurex and Lina Widmark, Product Manager at Orc, who aim to :
* Help traders and IT support plan for the simulation and migration process
* Introduce a new instrument concept including the definitions and drivers for the change
* Assist members in handling complex instruments
* Provide an overview of enhancements to Orc’s Eurex offering
jlne.ws/UEDK9X

***** See if your turbocharger works with the new architecture.

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Wealthy in poll want kids to make it on their own
Becky Yerak – chicagotribune.com
Get it yourself. That’s the message that an increasing number of wealthy individuals are giving to their offspring, according to a new survey.
jlne.ws/UEDKa2

***** New money is the hardest to make, but the sweetest.

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The power of a titter on Twitter
Rhymer Rigby – FT.com
Most corporate Twitter feeds are pretty staid affairs – yet another marketing channel in 140 characters. But not all.
jlne.ws/UEDM1A

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JLN Interest Rates

ECB President Mario Draghi Reveals That The Decision To Leave Interest Rates On Hold Was Unanimous
Business Insider
Today, the ECB voted to leave interest rates unchanged, with the benchmark refinancing rate on hold at 0.75 percent, as economists expected.
jlne.ws/XSsywG

Deutsche Bank made huge profit on Libor bet: WSJ
Marketwatch
Deutsche Bank AG made a profit of at least 500 million euros ($654 million) on trades in 2008 tied to the London interbank offered rate, or Libor, and other global benchmark rates, The Wall Street Journal reported late Wednesday, citing internal bank documents.
jlne.ws/VRncfP

ECB press conference: live blog [closed now…transcript]
Financial Times
jlne.ws/XSptwD

MarketsWiki

MarketsWiki Page of the Day
Kenneth E. Bentsen, Jr.
jlne.ws/10iWAeB

MarketsWiki Recent Updates

People

Kenneth E. Bentsen, Jr.; Scott Cooley; Jack Lew; Robert Khuzami

Companies, Organizations and Groups

Phillip Futures Inc.; GlenStar Properties LLC; Optionshop; Securities Industry and Financial Markets Association; Association for Financial Markets in Europe

Miscellaneous

Trillion Dollar Coin; Government sponsored enterprise; Subprime crisis

Statistics

33,509,779 pages viewed, 7,322 articles, 152,056 edits
MarketsWiki Statistics

Lead Stories

NSE, Japan’s JPX plan Nifty futures for Osaka
Reuters via Yahoo! Finance
The National Stock Exchange and Japan Exchange Group will seek to launch yen-denominated futures based on the Nifty, the bourse operators said on Thursday. They plan to launch the new contracts on the Osaka Securities Exchange by next year.
jlne.ws/UEDM1C

ICE would weigh Euronext sale for right offer: sources
Reuters via Yahoo! News
LONDON/FRANKFURT – IntercontinentalExchange would consider selling Euronext as an alternative to floating it if bids for the European stock market emerge during ICE’s planned $8.2 billion takeover of NYSE Euronext, three sources close to the exchange said.
jlne.ws/UEDKaa

Investors put $18bn into equity funds
Mary Watkins in London – FT.com
US equity funds drew in $18.3bn in 2013’s first full week of trading, making it one of the busiest weeks on record as investors took advantage of the positive market conditions in the wake of a compromise deal on the US fiscal cliff.
jlne.ws/UEDM1I

BATS chief defends testing processes
Arash Massoudi in New York and Philip Stafford in London – FT.com
Joe Ratterman, the chief executive of BATS Global Markets, defended the exchange’s testing processes in the wake of its revelation that hundreds of thousands of transactions may have been executed in violation of US securities law.
jlne.ws/UEDM1L

U.S. urges greater diligence by banks on Iran sanctions
Reuters via Yahoo! News
WASHINGTON – The U.S. Treasury urged U.S. financial institutions on Thursday to exercise greater diligence in processing transactions for foreign exchange houses and trading firms that may seek to evade financial sanctions on Iran.
jlne.ws/UEDMi3

DealBook: British Panel Castigates Ex-UBS Officials at Hearing
New York Times
A parliamentary panel denounced the former UBS bankers for expressing ignorance of the Libor manipulation during the financial crisis.
jlne.ws/UEDKqx

Regulators Find Major Euribor Shortcomings
GEOFFREY T. SMITH – WSJ.com
European regulators said Friday their probe into governance of one of the continent’s most important benchmark interest rates found major shortcomings, and called for an overhaul of its organizing body within six months.
jlne.ws/UEDMi6

In Tighter Loan Rules, Wiggle Room for Banks
PETER EAVIS – NYTimes.com
Homeowners got their first big chance to judge the fledgling regulator charged with policing abusive lending after the introduction of a broad set of mortgage rules on Thursday.
jlne.ws/UEDMi8

Regulatory

FINRA Issues Voluntary Interim Form for Crowdfunding Portals
The Financial Industry Regulatory Authority (FINRA) today issued a voluntary Interim Form for Funding Portals designed for prospective crowdfunding portals under the JOBS Act. Those intending to become a funding portal may voluntarily submit information regarding their business on the interim form. The information received will help FINRA develop rules specific to crowdfunding portals.
jlne.ws/UEDMia

Why do we need two pension regulators?
Mark Cobley – Financial News
For anyone worried about the future of the savings industry in the UK, the 144 pages of new guidance published by the Pensions Regulator yesterday is a welcome sign standards will be driven up. The bad news is the proposed code of conduct will cover less than half of the people saving into new-style pension schemes.
jlne.ws/UEDKqD

ESMA Launches A Call For Candidates To Its Corporate Reporting Consultative Working Group
jlne.ws/UEDKqH

ASIC extends relief from regulation for all funded representative actions and funded proof of debt arrangements
jlne.ws/UEDKGZ

Canadian Securities Regulators adopt amendments to improve scholarship plan disclosure for investors [CSA]
jlne.ws/UEDMih

[AMF France] Financial Regulation Newsletter No 9 – December 2012
jlne.ws/UEDMyx

Exchanges & Trading Facilities

BATS’ Latest Issue Bad for Electronic Trading
CNBC
Stock exchange BATS reported that they overcharged members $420,000 from 2008 to 2012 for certain orders. BATS allowed some short-sale trades that in some cases were not executed at the best available price, as required by securities laws. First, kudos to BATS for detecting the problem and promptly reporting it.
jlne.ws/UEDMyz

Warsaw Stock Exchange And Exchange Members Representatives Meet
Another meeting with representatives of the brokerage houses which are Exchange Members took place in the WSE head office on 10 January 2013. The participants discussed the status of the project of replacing the trading system on the WSE and the IT systems of the brokerage houses.
jlne.ws/UEDKH5

Pawel Graniewski, Exchange Supervisory Board Member, Performs Duties Of Warsaw Stock Exchange Management Board Member As Of Today
jlne.ws/UEDKH8

Successful 2012 For Tradegate Exchange – Leading Trading Venue For Private Investors – Tradegate Exchange Continues Its Growth Path
5.7 million transactions were executed on Tradegate Exchange in 2012 (2011: 5.6 million) and the total turnover in all securities rose by ten percent to approximately E36.0 billion (2011: E32.7 billion). The turnover in equities reached a new high of E33.5 billion in 2012 (2011: E30.1 billion.), turnover in funds and ETPs was E1.7 billion (2011: 2.1 billion). The strongest increase in 2012 was seen in bonds: turnover here hit E736 million, up 58 percent on the previous year (2011: E467 million).
jlne.ws/UEDMyF

Program Trading Averaged 28.7 Percent of NYSE Volume during Dec. 31-Jan. 4
jlne.ws/UEDKXs

NYSE Euronext is Oddo Midcap Forum partner
jlne.ws/UEDMyK

AIM Primary Order Allowed in Penny Increments
jlne.ws/UEDMyO

Restrictions on Transactions in Deer Consumer Products, Inc. (DEER)
jlne.ws/UEDKXC

NYSE Group Inc. Issues Short Interest Report
jlne.ws/UEDKXE

NYSE MKT Issues Short Interest Report
jlne.ws/UEDMPc

NASDAQ OMX December And 4Q12 Volumes And Revenue Capture
jlne.ws/UEDLdY

Athens Exchange Derivatives Market Monthly Statistical Bulletin December 2012
jlne.ws/UEDN5A

Hedge Funds & Managed Futures

Ex-Centaurus trader finds profitable swings in natgas
Reuters via Yahoo! News
NEW YORK – Prominent banks and hedge funds have fled the natural gas market due to the sharp decline in prices but Bill Perkins, a trader at the now-defunct commodity hedge fund Centaurus Energy, says there is still plenty of money to be made there.
jlne.ws/UEDN5C

Fulcrum Hedge Fund Loses Head Trader Horrocks After Four Years
Bloomberg
Fulcrum Asset Management LLP’s head trader, James Horrocks, has left the hedge fund after executing computer-driven strategies for the firm for four years.
jlne.ws/UEDLe7

Clive Hedge Fund Assets Said to Fall by 46% After Loss
Bloomberg
Clive Capital LLP’s assets plunged 46 percent in 2012 after the commodity hedge fund lost money for a second year running and investors withdrew their cash, said two people with knowledge of the matter.
jlne.ws/UEDN5H

Death Of The Hedge Fund Short Seller
Forbes
The increasingly higher cost of shorting stock has robbed hedge funds of a key tool. It may be part of the reason hedge funds have underperformed for so long.
jlne.ws/UEDN5J

SAC pulls plug on Chi. shop
New York Post
Hedge fund SAC Capital said yesterday it is closing down its Chicago office and laying off staff from the four portfolio teams that work there. The Stamford, Conn.-based firm has $14 billion in assets with offices worldwide, including in New York, Hong Kong, London and Boston.
jlne.ws/UEDLec

SAC Braces For Big Client Withdrawals: WSJ
MarketWatch
Hedge-fund group SAC Capital Advisors has warned employees and business partners that it is preparing for client withdrawals of at least $1 billion in 2013 amid intense regulatory scrutiny of alleged insider trading, The Wall Street Journal reported Friday, citing people briefed on the conversations.
jlne.ws/UEDN5M

Cost cuts set in at Henderson
Sarah Krouse – Financial News
Three European fund managers have left Henderson Global Investors as the firm begins to implement cost-cutting measures first reported in December by Financial News.
jlne.ws/UEDLut

BlackRock Buys Riskier Developers as Yields Slump: China Credit
Bloomberg
BlackRock Inc. , the world’s largest asset manager, is buying more debt from lower-rated Chinese property developers as a pick-up in the economy cuts junk-bond yields to the lowest in almost eight years.
jlne.ws/UEDLuv

Invesco Ltd. Announces December 31, 2012 Assets Under Management
Invesco Ltd. today reported preliminary month-end assets under management of $687.7 billion, an increase of 0.6% month over month. The increase was due to favorable market returns and positive foreign exchange.
jlne.ws/UEDLuw

Argentina Just Might Get Its Act Together
Forbes
A reversal of rogue behavior on the legal front would free access to capital and help Argentina lower borrowing costs.
jlne.ws/UEDLux

Banks & Brokers

Ex UBS boss blames “mercenaries” for Libor debacle
Reuters via Yahoo! News
LONDON/ZURICH – The former chief executive of UBS blamed “mercenaries” for its role in the global interest-rate rigging scandal that has further undermined the Swiss bank’s once venerable reputation.
jlne.ws/UEDNm4

Citigroup rolling out electronic bond trading platform
Dow Jones Newswires
Citigroup is rolling out a new electronic trading system for corporate bonds, as it becomes the latest in a string of firms to respond to customers’ growing desire to trade directly with one another.
jlne.ws/UEDLuE

UBS Co-Head of European ECM Darrell Uden Said to Depart
Bloomberg
Darrell Uden, a managing director and co-head of equity capital markets for UBS AG in Europe, is leaving the firm , said two people with knowledge of the matter.
jlne.ws/UEDLuI

Former UBS Investment Bank Head Says He Was Negligent on Libor
Bloomberg
Jerker Johansson, a former head of UBS AG ’s investment bank, said his unawareness of rigging of global interest rates at the biggest Swiss bank was a failure and negligent.
jlne.ws/UEDLuL

Buffett Says Banks Free of Excess Pose No U.S. Threat
Noah Buhayar, Hugh Son & Betty Liu – Bloomberg
Warren Buffett, the billionaire investor who oversees stakes in some of the largest U.S. banks, said the nation’s lenders have rebuilt capital to the point where they no longer pose a threat to the economy.
jlne.ws/UEDLKY

HSBC says Ping An sale going ahead
CNN Money
HSBC said its sale of a 15.6% stake in Chinese insurer Ping An to a Thai buyer was proceeding as planned, after media reports suggested the deal was running into trouble
jlne.ws/UEDNmf

Citigroup’s Forese, Medina-Mora Receive $1.2 Million From Funds
Bloomberg
Citigroup Inc. ’s new co-presidents, Jamie Forese and Manuel Medina-Mora, received a combined $1.2 million last year from their holdings in internal private-equity investment funds.
jlne.ws/UEDLL0

optionMONSTER Unveils Advanced Education Services
Business Wire via Yahoo! Finance
Led by Jon Najarian, Pete Najarian and Ron Ianieri, the program combines the discipline of professional traders with fundamental learning and one-on-one mentoring.
jlne.ws/UEDLL7

Goldman Sachs Tells Jury Dragon Rushed Toward Doomed Deal
Bloomberg
Goldman Sachs Group Inc. portrayed speech recognition pioneer Dragon Systems Inc. as rushing to close a $580 million deal without sufficiently vetting its buyer in a doomed union that triggered a negligence suit and landed the bank in Boston federal court.
jlne.ws/UEDLLb

Morgan Stanley M&A banker Popper to join Temasek – sources
Reuters via Yahoo! Finance
Morgan Stanley’s top mergers and acquisitions banker in Southeast Asia Jonathan Popper will join Singapore state investor Temasek Holdings to lead its M&A team, two sources with knowledge of the matter said on Friday.
jlne.ws/UEDLLf

Clearing & Settlement

Citi Named OTC Client Clearing Service of the Year by Risk Magazine
Business Wire via Yahoo! Finance
Citi has won the “OTC Client Clearing Service of the Year” award in Risk magazine’s annual rankings.
jlne.ws/UEDNmn

Indexes & Products

Tokyo Stock Exchange ETF/ETN Monthly Report For December 2012 – Trading Value In The ETF/ETN Market Rose With Stock Price Gains
jlne.ws/UEDNCL

Japan Exchange Group Added To FTSE Mondo Visione Exchanges Index
jlne.ws/UEDNCM

Fonterra Shareholders’ Fund To Be Added To NZX 50 index
jlne.ws/UEDOGI

Agreement On Launch Of S&P CNX Nifty Futures In Japan
jlne.ws/UEDNCO

S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices – Termination Of Calculation Of Two S&P/TSX Indices
jlne.ws/UEDOGR

Technology

ISDA Receives Back-Office Technology Product Of The Year From Risk Awards 2013
jlne.ws/UEDOXd

Enforcement

Hedge-Fund Manager Hochfeld Pleads Guilty to Fraud Charges
Bloomberg
Berton Hochfeld, the former manager of Hochfeld Capital Management, pleaded guilty to securities fraud and wire fraud charges related to an investment scheme, U.S. prosecutors said.
jlne.ws/UEDNT8

SEC Enforcement Staff Opens Inquiry Into Herbalife
Dow Jones Business News
The Securities and Exchange Commission has opened an inquiry into Herbalife Ltd. amid an intensifying public battle between the seller of nutritional supplements and a hedge fund that argues it is a pyramid scheme, a person close to the probe said Wednesday.
jlne.ws/UEDNTb

Environmental & Energy

Shale-Gas Boom Can Complement Renewables to Cut Coal, IRENA Says
Bloomberg
A boom in shale-gas extraction, the technique that made the U.S. the top producer of the fuel, would complement growth in renewables because both curb use of dirtier commodities, the International Renewable Energy Agency said.
jlne.ws/11kV6jr

Opinion: Shale will change the US, not the climate
Financial Times
If you believe the hype, shale gas will solve many of America’s problems, from high petrol prices to wars in the Middle East. There is no doubt that it will bring huge benefits to the US. However, its role in climate change is misunderstood – and must be dealt with urgently.
jlne.ws/XUjS9b

Global emissions market as likely as a fairy godmother
MEP Letter to the FT
Sir, In your editorial “Worsening weather” (January 4), you say that “the best solution [to climate issues] remains a global emissions market”. This is about as practical as suggesting that the best solution might be a fairy godmother.
jlne.ws/VWF1JX

**RKB — Editorial he’s referencing: http://jlne.ws/11lvvXp

Asia-Pacific

JPMorgan’s China Venture Names Ren Jin Chief Executive Officer
Bloomberg
Bei will remain with the firm, called JPMorgan First Capital Securities Co., as vice chairman and focus on client relationships, the memo showed. Lisa Liang, a Beijing-based spokeswoman for JPMorgan, confirmed the memo’s contents.
jlne.ws/UEDNTd

Japan Approves Stimulus
TAKASHI MOCHIZUKI And ALEXANDER MARTIN – WSJ.com
Japan’s new government approved a Y10.3 trillion ($115.7 billion) economic stimulus package Friday and vowed to beef up ties with the Bank of Japan in the latest efforts to defeat long-running deflation and prop up the weakening economy.
jlne.ws/UEDNTe

Japan Exchange Group & Borsa Istanbul Sign A Memorandum Of Understanding (MoU)
jlne.ws/UEDNTi

Frontier Markets

The Egyptian Exchange (EGX) Monthly Statistical Report December 2012
Total number of listed companies on the main market amounted to 213 at the end of December 2012. Meanwhile, the number of listed companies on Nilex reached 22 at the end of December 2012.
jlne.ws/UEDNTj

Tom Keene Talks to Morgan Stanley’s Ruchir Sharma
BusinessWeek
Morgan Stanley’s head of emerging-market equities talks about the new stars of developing economies
jlne.ws/UEDNTl

MCX Weekly Market Report January 04, 2013 – January 10, 2013
jlne.ws/UEDPdJ

Miscellaneous

Wall Street cuts climb pay ladder
The Wall Street Journal
High-earning Wall Street veterans are increasingly vulnerable as financial firms take their belt-tightening a notch further.
jlne.ws/UEDO9D

John Lothian Newsletter

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