First Read

Practice Does Not Always Make Perfect

John Lothian‘s shoulder surgery earlier this week marks the third time in three years that he has gone under the knife. After a double knee replacement in 2013 and back surgery in 2014, he viewed this one as relatively minor, calling it “virtually outpatient.” He had even planned to come downtown today.

Normally, when the media reports a person’s return home from the hospital, they add the phrase “…and resting comfortably.” We spoke with John this morning and it is safe to say he is neither resting nor comfortable. Though he is at home, the recovery is going to take a little longer than expected, and he will be out until after the Memorial Day holiday. As a reminder, we will not be publishing the John Lothian Newsletter on Monday, May 25, in honor of those who have died to keep us safe and free.

On another note, the ORC Chicago Event: Consolidation In Derivatives and Its Impact on Technology was a sellout last evening with 150 attendees signed up. Moderated by Jim Kharouf, the common threads from the panel were the need for standardization in technology, making technology more integrated across back-office departments, and finding more efficiencies with fintech. Interestingly, most panelists felt the FCM consolidation or evaporation is at or near the bottom, while the ISV space may still have room for M&As. The question now for FCMs and the drive for more standardization is: How do you differentiate yourself?


Trader transcripts: ‘If you ain’t cheating, you ain’t trying’
They were known as the “Cartel” or the “Mafia” among their peers. The unsubtle nicknames were given to a group of traders who at one time worked for five of the six banks that reached settlements on Wednesday with regulators over allegations they rigged the foreign exchange markets.

**JK – My high school gym teacher PJ Pfannerstill used to say that, but I doubt he meant Libor and FX markets.


Complex Financial Futures Expert Donald L. Horwitz Joins Oyster Consulting
Oyster Consulting announced today that Donald L. Horwitz, Esq. has rejoined the firm as Managing Director in their Chicago office. Most recently, Don served as General Counsel and Chief Regulatory Officer to Nadex and as General Counsel and Managing Director to IPXI Holdings, Inc. In addition to holding these leadership roles, Don created the world’s first financial exchange for licensing and trading intellectual property (patent) rights.

***DA: If you have a moment, have a look at Don’s MarketsWiki bio. Very few of us in the industry will have more than one degree of separation to him. What’s your Horwitz number?


Don’t Fear the Boring Stock Market
MoneyBeat – WSJ
A boring market is a terrible thing for a journalist. Much like the day traders and hot-stock boys, we thrive on the action. A market that’s moving, that’s flying around the screens, that demands attention. That’s our kind of market. Boring markets, however, are like kryptonite.

***DA: No such thing as a boring financial market. Only a boring financial journalist. And it takes one to know one.


ECB to Stop Giving Journalists Advance Copies of Speeches
MoneyBeat – WSJ
The European Central Bank will no longer release in advance the speeches of its executive board members to journalists under embargo, a bank spokesman said Wednesday. The decision, which has been under consideration for several months by the ECB’s communications department, is aimed at ensuring the widest possible access to ECB speeches, the spokesman said, adding that it was becoming increasingly difficult to determine which journalists should have access to embargoed comments. ECB speeches at times contain market relevant information.

***DA: An important step, considering how much valuable trading information comes from these speeches. No fair giving some a jump on interpreting the difference between a “measured pace” and a “deliberate pace.”


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Former U.S. CFTC chair criticizes Volcker call to merge agency with SEC
A former head of the Commodity Futures Trading Commission has questioned Paul Volcker’s call to merge U.S. regulatory agencies under the leadership of the Federal Reserve.
Brooksley Born was a staunch advocate of regulating derivatives when she headed the CFTC between 1996 and 1999. But she was sidelined by then Federal Reserve chairman Alan Greenspan and Treasury Secretary Lawrence Summers. She was later recognized as prescient when Lehman Brothers collapsed during the financial crisis.

**JK – Yes, its still a great idea to be the only major country to have separate regulators for different asset classes.


CME-LCH Basis Spread
Amir Khwaja, Clarus Financial Technology
Recently I noticed that the view statistics for my June 2014 blog on LCH-CME Switch Trades were running at 5 times their weekly average, which I thought was odd. Then on 15-May, I read the Risk article, Bank swap books suffer as CME-LCH basis explodes (subs required) and I understood why. So this is a good time to revisit this topic. First, for the time pressed folks, here is a concise summary:

***DA: This clearing battle has been brewing for a while, and it looks as though it will come to a head soon.


Lead Stories

Five global banks to pay $5.7 billion in fines over rate rigging
Five of the world’s largest banks, including JPMorgan Chase & Co and Citigroup Inc, were fined roughly $5.7 billion, and four of them pleaded guilty to U.S. criminal charges over manipulation of foreign exchange rates, authorities said on Wednesday. A fifth bank, UBS AG, will plead guilty to rigging benchmark interest rates, the U.S. Justice Department said.

CFTC takes aim at Isdafix manipulation with Barclays case
Michael Mackenzie and Joe Rennison in London and Philip Stafford in New York,
Barclays has become the first bank to be fined in the long-running investigation into alleged manipulation of US interest rate swap contracts, through a global derivatives benchmark known as Isdafix. On Wednesday, the US Commodity Futures Trading Commission fined Barclays $115m for attempting to manipulate the benchmark over a five-year period ending in 2012.

Prosecutors show they can hang felonies on banks. Now what?
Crain’s Chicago Business
Now that two of the biggest U.S. banks are convicted felons, the Justice Department appears to have proven the point it set out to make a year ago — that it could deliver the harshest penalty possible against financial institutions without inflicting fatal wounds. It may be a tough act to follow.

Guilty Pleas and Heavy Fines Seem to Be Cost of Business for Wall St.
Even as five big banks plead guilty to felonies and paying out billions of dollars, the question remains whether top executives will shrug off the penalties as just an average cost of doing business. The Justice Department hailed the guilty pleas by JPMorgan Chase, Citigroup, Barclays, UBS and the Royal Bank of Scotland to foreign exchange and Libor manipulation charges as a victory for discouraging corporate misconduct.

Benjamin Lawsky to Step Down as New York’s Top Financial Regulator
It has been a grim few years for the banks that Benjamin M. Lawsky regulates. He threatened to pull their licenses, fined them hundreds of millions of dollars and forced dozens of their employees to resign. Now, much to Wall Street’s delight, the New York State regulator will be leaving government to start his own legal and consulting firm.

Central Banks Make Waves on Liquidity Risk
For financial markets, deciphering the message from central banks is often a case of being able to separate the forest from the trees. One densely wooded and potentially thorny area centers on how much compensation investors should demand for risks related to liquidity.

Buy-Side Algo Trading Volume Downticks For First Time In Five Years As Commission Wallets Decline, Says TABB Research
Press Release
Buy-side firms are under a global microscope to ensure they act in the best interests of their clients, according to TABB Group in the first of a three-part 11th annual benchmark study series, “US Institutional Equity Trading 2015: A Vision Forward,” which covers buy-side firms’ top initiatives, execution channel allocation and commissions, including wallet, rates, CSAs, broker vote and unbundling.

Wall Street Doesn’t Want Senate’s ‘Rollbacks’ for Wall Street
Bloomberg Business
A U.S. Senate bill to ease rules for some banks has drawn fire as a giveaway to Wall Street, even on the presidential campaign trail. But to this giveaway, the biggest U.S. banks are saying, “No, thanks.” Last week, the Republican leader of the Senate Banking Committee pitched the most significant overhaul of the Dodd-Frank Act since the legislation’s 2010 enactment. Democrats responded by calling the proposal a “Wall Street deregulation package” that amounts to an industry wish list.

Shell joins BP in calls against excessive trading regulation
Royal Dutch Shell joined fellow oil company BP on Wednesday in calling on European regulators to refrain from imposing stricter capital requirements and greater disclosure measures on oil trading.


SEC Votes to Propose New Asset-Manager Reporting Rules
The Securities and Exchange Commission on Wednesday took the first in a series of steps aimed at giving regulators a better handle on risk in the $60 trillion asset-management industry.

EU to extend deadline on derivatives rules
Joe Rennison and Philip Stafford,
The European Commission is expected to extend a key deadline for harmonising its derivatives rules with US regulators, vital for ensuring European banks continue to access US markets.

U.S. SEC proposes new data collection rules for funds, advisers
.S. securities regulators proposed new rules on Wednesday designed to beef up their visibility into mutual funds, exchange-traded funds and the activities of asset managers. The plan calls for mutual funds to file monthly reports with more details on their holdings, as well as their securities lending activities and repurchase agreements. It also calls for investment advisers to provide additional information to regulators, including data on separately managed accounts.

Banks to get SEC waivers following forex guilty pleas -sources
Citigroup Inc and JPMorgan Morgan Chase & Co are receiving regulatory waivers to allow them to continue to quickly issue new securities and continue doing business with mutual funds and exchange-traded funds, according to two people familiar with the matter.

SEC Proposes That Bond Funds Disclose Risk of Interest Rate Rise
Bloomberg Business
Bond funds would have to report how vulnerable their holdings are to interest-rate changes under a rule proposed Wednesday by the Securities and Exchange Commission. The five-member SEC unanimously voted to seek comment on the plan, which would require mutual funds to disclose more about their exposure to derivatives, repurchase agreements, and securities lending.

Exchanges & Trading Facilities

CBOE To Develop Hedge Fund Benchmarks With Eurekahedge – Indexes To Measure Performance Of Hedge Funds That Use Volatility-Based Investment Strategies
Press Release
Chicago Board Options Exchange (CBOE) today announced it has entered into an agreement with Eurekahedge, a hedge-fund research and data collection company, to collaborate on the development of a series of new benchmark indexes that will measure the performance of hedge funds that use volatility-based investment strategies.

Xetra/Börse Frankfurt: New PowerShares Equity Index ETF Launched On Xetra – First ETF For High Dividend, Low Volatility U.S. Companies
A new equity index fund from the ETF offering issued by PowerShares Global Funds has been tradable on Xetra since Thursday.

Xetra/Börse Frankfurt: Two WisdomTree Equity Index ETFs Launched On Xetra
Press Release
Two new exchange-listed index funds issued by WisdomTree have been tradable on Xetra since Thursday. WisdomTree is primarily a Smart Beta ETF provider, using fundamental data to weight companies in the reference index. The new WisdomTree ETFs weight the stock corporations contained in the reference index on the basis of the annual dividends they pay. Companies with higher dividend yields have a heavier weighting.

CME Group Inc. Announces Preliminary Results from its 2015 Annual Meeting of Shareholders
CME Group Inc. announced the preliminary shareholder voting results from its 2015 annual meeting.

Hedge Funds & Managed Futures

Why Liquidity-Starved Markets Fear the Worst
Talk to almost any banker, investor or hedge-fund manager today and one topic is likely to dominate the conversation. It isn’t Greece, or the U.S. economy, or China, let alone the U.K.’s referendum on European Union membership. It is the lack of liquidity in the markets and what this might mean for the world economy—and their businesses.

Calstrs, Calprs Go Their Separate Ways on Activists
MoneyBeat – WSJ
California’s two pension giants have taken very different stances on hedge-fund activism. The state’s teacher fund, known as Calstrs, has staked billions of dollars on activists like Nelson Peltz’s Trian Fund Management LP and Jeff Smith’s Starboard Value LP, and at times has joined them on public campaigns to shake up companies. The California Public Employees’ Retirement System, or Calprs, which was an early adopter of shareholder activism in the 1990s, has stepped back.

Investment banks’ commodity revenues slide 28%
Commodities revenues at the world’s 10 largest investment banks fell by 28 per cent in the first quarter, a report released today said. Revenue dropped to $1.6 billion in the first three months from a year earlier, reports Henry Sanderson, as last year’s results were boosted by power and gas trading due to a cold winter from the polar vortex, said a report released today by Coalition, a consultancy.

The CEO Who Stared Down Nelson Peltz
Bloomberg Business
After pulling off the rare defeat of an activist investor, DuPont Co. Chief Executive Officer Ellen Kullman has emerged as the new corporate champion of the value of long-term research over short-term profits. DuPont shareholders last week rejected Nelson Peltz’s bid to join the board with a view to splitting up the 212-year-old chemical maker and slashing costs. His loss was far from certain: Dissidents prevail in most U.S. proxy battles, and Peltz’s firm hadn’t failed since it was founded a decade ago.

‘Shale-ionaires’ Suffering from Wave of Bankrupt Oil Drillers
Bloomberg Business
At the height of the U.S. energy boom, Texas landowner John Baen received about $100,000 a month in royalty payments from companies producing oil and natural gas on his property. Now the checks are much smaller, and when he opens his mailbox each day, he’s afraid he’ll find yet another bankruptcy notice.

Banks & Brokers

Deutsche Bank shifts power to co-CEO Jain in board reshuffle
Deutsche Bank reshuffled its management board late on Wednesday, consolidating restructuring authority under co-Chief Executive Anshu Jain while bidding farewell to its retail banking head Rainer Neske.

Credit Agricole stops financing coal mining
French bank Credit Agricole said on Wednesday it would no longer finance coal mining or miners as lenders grow increasingly uneasy about funding coal due to environmental concerns.

California Drops HSBC From Deposit Program
MoneyBeat – WSJ
California’s Treasurer has banned HSBC Holdings PLC’s U.S. bank from a state program because of the allegations of misconduct the London-based bank has faced in recent years.

Tullett Prebon Information Named Best Data Provider For Fifth Consecutive Year At Inside Market Data Awards
Tullett Prebon Information (TPI), a leading global provider of financial market data, has won Best Data Provider (Broker) at the Inside Market Data awards for the fifth year in a row. The Inside Market Data awards recognise excellence within the market data industry. The winners, voted for by data consumers within the global banking and financial services sectors, were announced at a ceremony held in New York on Wednesday, 20 May.

Fubon Securities gets approval to acquire stake in China firm
The China Post
Fubon Securities, the securities unit of Taiwan-based Fubon Financial Holding Co. (???), has secured approval from the Financial Supervisory Commission to buy a stake in China’s Huishang Futures. The FSC, Taiwan’s top financial regulator, gave Fubon Securities the green light on Tuesday, making it the first Taiwanese securities firm to secure approval from the FSC to acquire a stake in a Chinese futures firm.

Clearing & Settlement

Do CCPs Need More Skin in the Game?
Traders Magazine
Man up and open your wallet was the advice that buy- and sell-side gave to derivatives clearing organization (DCO) operators when the Commodity Futures Trading Commission (CFTC) held an industry discussion on a catastrophic failure of a clearinghouse.

Corporate use of derivatives up 50% post crisis
Commodities Now
While Dodd-Frank exempted corporate “end users” from its trading and clearing mandates, dealers executing bilateral trades with these clients are subject to much higher capital costs than those imposed on cleared trades for other clients. “Banks will be, and in some cases already are, passing these new costs down to the client,” says Kevin McPartland, Head of Market Structure and Technology Research at Greenwich Associates.

MGEX Adds Wells Fargo Securities, LLC As A New Clearing Member
Press Release
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), and Wells Fargo & Company are pleased to announce that Wells Fargo Securities, LLC has joined as MGEX’s newest clearing member.

DTCC automates internal account transfers for alternative investments
With DTCC’s Alternative Investment Products (AIP) service, market participants can now fully automate account transfers for non-traded real estate investment trusts (REITs) and business development corporations (BDCs). This allows broker/dealers to systematically manage the complex activities required to re-register accounts and internally transfer investors’ shares between closing and opening accounts, as needed.

Nasdaq Goes Digital With Bitcoin’s Ledger
Taking a leap into the digital age, the Nasdaq stock exchange has announced plans to use the publicly available real-time ledger of all Bitcoin transactions with its private markets platform. The ledger, known as “blockchain,” enables speedier, cheaper and more auditable transactions. Nasdaq’s pre-IPO trading arm will write a copy of its trades into the blockchain, using Bitcoin tokens called “colored coins,” to represent ownership of equity shares and other assets.

Indexes & Products

LSEG: Asset Owner Adoption Of Smart Beta Growing And Broadening According To New FTSE Russell Global Survey
Press Release
FTSE Russell today confirmed that smart beta index adoption among institutional investors is growing and becoming more broad-based, according to its new global institutional market survey. The FTSE Russell Smart Beta: 2015 Global Survey Findings from Asset Owners survey confirms a significantly increased interest in, and adoption of, multiple smart beta indexes among institutional asset owners around the world. The results highlight the importance of ongoing education and information surrounding the myriad of smart beta index methodologies available in the market today and how these approaches can work in combination.

Vanguard launches HK’s first S&P 500 ETF
Vanguard will today launch Kong Kong’s first S&P 500 exchange traded fund. A lack of liquidity for non-China ETFs in the city could be addressed via future access to StockConnect.

Right Now You Can Buy the Whole U.S. Stock Market and Zero Out the Fee
Bloomberg Business
Every ETF has room for improvement. Except, perhaps, for one. It’s the Vanguard Total Stock Market exchanged-traded fund (VTI). While it has always provided dirt-cheap access to the full breadth and depth of the U.S. stock market, it is now returning the exact same amount as the stock index it’s based on.


High-tech firms anticipate growing exports – survey
Nearly three quarters of high-tech executives polled in a new survey released on Wednesday expect their exports to grow over the next two years and many are eyeing expansion into Brazil, Russia and India over the next year.

Goldman Sachs asks shareholders to ‘like’ tech push in San Francisco
In Goldman Sachs Group Inc’s latest move to bolster its street cred as a cool, tech-savvy bank, it is holding its annual shareholder meeting in San Francisco on Thursday. Goldman has been one of the top investment banks handling mergers and IPOs for the tech sector since the dot-com boom of the 1990s. But more recently, the bank has been trying to mold itself into a tech firm of sorts, too.

These 2 simple slides show just how hot FinTech is right now
Business Insider
Financial technology — or FinTech — is booming, with money flooding into the sector on both sides of the Atlantic. In the UK, London’s TransferWise was valued at $1 billion (£637 million) earlier this year in a $58 million funding round led by Andreessen Horowitz. Peer-to-peer lender Funding Circle also recently raised $150 million, reportedly at a similar valuation.

Managing Talent Costs with Talent Analytics Technology
Deloitte Risk & Compliance – WSJ
The finance function could be missing an opportunity to use talent analytics technology to gain a stronger understanding of talent costs and needs, which is critical to planning and forecasting, according to findings from Deloitte’s third annual Global Human Capital Trends 2015: Leading in the New World of Work report.


SEC Charges Brokerage Firm Co-Owners With Defrauding Investors
The Securities and Exchange Commission today announced fraud charges against the co-owners of a Manhattan-based brokerage firm. The SEC alleges that as Arjent LLC and its UK-based affiliate Arjent Limited were approaching insolvency, chairman and CEO Robert P. DePalo attempted to keep the firms afloat and maintain his extravagant lifestyle by selling shares in a holding company called Pangaea Trading Partners.

Barclays to Pay $400 Million Penalty to Settle CFTC Charges of Attempted Manipulation and False Reporting of Foreign Exchange Benchmark Rates
This Order requires Barclays to pay a civil monetary penalty of $400 million, cease and desist from further violations, and take specified steps to implement and strengthen its internal controls and procedures, including the supervision of its FX traders, to ensure the integrity of its participation in the fixing of foreign exchange benchmark rates and internal and external communications by traders. The Order notes that the $400 million civil monetary penalty reflects in part that Barclays did not settle at an earlier stage of the investigation.

CFTC Orders Barclays to Pay $115 Million Penalty for Attempted Manipulation of and False Reporting of U.S. Dollar ISDAFIX Benchmark Swap Rates
The CFTC Order requires Barclays to pay a $115 million civil monetary penalty, cease and desist from further violations as charged, and take specified remedial steps, including measures to detect and deter trading intended to manipulate swap rates such as USD ISDAFIX, to ensure the integrity and reliability of the Bank’s benchmark submissions, and to improve related internal controls.

FCA fines Barclays £284,432,000 for forex failings
Financial Conduct Authority
The Financial Conduct Authority (FCA) has imposed a financial penalty of £284,432,000 on Barclays Bank Plc (Barclays) for failing to control business practices in its foreign exchange (FX) business in London. This is the largest financial penalty ever imposed by the FCA, or its predecessor the Financial Services Authority (FSA).

The Financial Conduct Authority warns clients of three debt management firms to review their debts
Financial Conduct Authority
The Financial Conduct Authority (FCA) is warning customers of three debt management firms to check their debt situation with their creditors and find out exactly what they owe. The debt management firms are Sterling Financial Security Limited (Sterling), Haydon Associates Debt Management Consultants Limited (Haydon) and Clear View Finance Limited (Clear View). All three firms are based in Lichfield.

ASIC Permanently Bans Australian Mastermind Of UK Fraud
Press Release
ASIC has permanently banned Australian Jeffrey Revell-Reade from providing financial services in Australia following his conviction over a £70 million fraud in Great Britain. Mr Revell-Reade is currently serving a jail sentence of nine and a half years in the UK after being convicted in June 2014. Mr Revell-Reade was identified as the mastermind of the boiler room fraud scheme which snared more than 1000 investors.

Environmental & Energy

Low carbon price shows market does not believe in ETS reform-RWE’s Terium
By Geert de Clercq – Reuters
The low price of carbon is an indication that the market does not believe European Union politicians will take the necessary measures to fix the carbon market, the chief executive of German utility RWE said on Wednesday.

Oil Giants Band Together to Add Their Voice to Climate Debate
By Tara Patel and Stefan Nicola – Bloomberg News
Europe’s largest oil companies are banding together to forge a joint strategy on climate change policy, alarmed they’ll be ignored as the world works toward a historic deal limiting greenhouse gases.

Coal and gas power dying out in Europe, says energy chief
By Michael Stothard and Pilita Clark – Financial Times
Gérard Mestrallet, chief executive of Engie, one of the world’s biggest power companies, says fossil fuel electricity generation is on the way out in Europe.


CalPERS Announces $1 Billion Asia-Pacific Infrastructure Partnership With QIC – Australian Fund Manager Will Lead Multi-Sector Infrastructure Portfolio
The California Public Employees’ Retirement System (CalPERS) today announced a $1 billion Asia-Pacific infrastructure partnership with Australia-based QIC, a global diversified alternatives investment firm and one of Australia’s largest institutional investment managers.

China’s IPO market undaunted by ghosts of dotcom boom and bust
hina’s investors are fuelling their own version of a dotcom bubble going by the meteoric rise in the shares of a newly-listed Internet video company. The 42-fold jump in the shares of Beijing Baofeng Technology since the company went public in March puts it well ahead of gains chalked up by rival stock listings, but it’s no outlier on the Shenzhen stock exchange’s start-up board ChiNext.

China’s bull sharemarket just the start
Sydney Morning Herald
Foreigners have missed the recent doubling of the Shanghai stockmarket, but investors can still take part in what is likely to be the trade of the decade, says GaveKal’s Louis-Vincent Gave.

Japan unveils $110 bln plan to fund Asia infrastructure, eye on AIIB
The Edge Markets
Japan unveiled a plan on Thursday to provide $110 billion in aid for Asian infrastructure projects, as China prepares to launch a new institutional lender that is seen as encroaching on the regional financial clout of Tokyo and its ally Washington.

Frontier Markets

Fintech opportunities opening up for African startups
Disrupt Africa
Fintech globally is increasingly big business globally. Investment in the sector spiked last year, growing 201 per cent from 2013 to reach more than US$12 billion across 730 deals, according to research by Accenture.

Japan unveils $110 bln plan to fund Asia infrastructure, eye on AIIB
The Edge Markets
Japan unveiled a plan on Thursday to provide $110 billion in aid for Asian infrastructure projects, as China prepares to launch a new institutional lender that is seen as encroaching on the regional financial clout of Tokyo and its ally Washington.

The fight over how to power the developing world
In war-torn South Sudan, where 50 percent of the population lives in poverty and the average life expectancy is 55 years, reliable power has largely fallen by the wayside. When the World Bank last tallied the numbers in 2010, a paltry 1.5 percent of the country’s then-population of around 10 million people had access to electricity.

How finance flows to Africa
Brookings Institution
As they prepare for the fast-approaching Third International Conference on Financing for Development in Addis Ababa (July 13-16, 2015), policymakers, private sector actors, and other global leaders should examine the types of external financial flows (defined as the sum of gross private capital flows, official development assistance (ODA), and remittances) that different groupings of countries receive in order to best support the implementation of the post-2015 development agenda. Understanding how different sources of development finance flow to different parts of Africa can help identify priority areas of intervention.

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