First Read

Exchange CEO Series – World View: Nasdaq OMX’s Bob Greifeld looks at regulation, tech resiliency and partners
Nasdaq OMX, like every exchange, is trying to navigate the new regulatory landscape. But Bob Greifeld, CEO of Nasdaq OMX, said there are more opportunities to be had, beyond the new rules.

John Lothian News sat down at the 2014 FIA Boca Conference with six exchange CEOs to talk about their views on four main topics: competition, regulation, growth and technology. Here’s what Greifeld, CEO of Nasdaq OMX, had to say about each.

Greifeld, like other exchange CEOs, believes that regulation is the key driver of competition and change in the financial industry, globally today.

“If you think about the evolving nature of the markets, you have to start first and foremost with the regulation,” he told Jim Kharouf, editor-in-chief of John Lothian News. “We are a creature of the regulatory environment.”

Watch the video »


Bits & Pieces
By John J. Lothian
Fida Musleh/Azar, the manager of public relations and investor education department at the The Palestine Exchange and chairwoman of the Palestine Chapter for Middle East Investor Relations Society, is moving on after eight years. She will be joining the Arab Palestinian Investment Company “APIC,” a newly listed blue-chip on the PEX, as manager of investor relations and corporate communications.

Phillip Futures has a Trading Asia Newsletter. If you would like to sign up for it, go to

The CBOE is holding a panel discussion today to mark the 10 year anniversary of the launch of VIX Futures. The panel is comprised of Joanne Hill, Izzy Nelken, Gary Lahey, and Jon Najarian. At the time some experts had suggested that the potential for success was greater for variance futures than for VIX futures. (Lahey and Najarian were both featured in the CBOE40 video documentary by John Lothian Productions.)

I am back working on pages in MarketsWiki for former Presidents of the Chicago Board of Trade. There were some fascinating fellows who held the position. And there were some that I can’t find very much about. I am currently working on Nathaniel K. Fairbank, who was a soap industrialist and first commodore of the Lake Geneva Yacht Club. He was an incredibly active participant in the history of Chicago in his day.


Fines for traders reveal swaps tensions
Gregory Meyer –
As 20-page swap agreements unspooled from a fax machine, they fell straight into the oil trader’s rubbish bin. The documents were irrelevant as one agreement cancelled the next and all risk had already been transferred to the New York Mercantile Exchange clearing house, the trader recalls.

***** It is a FINE mess we have.


Bunched Orders Challenge SEFs
Markets Media
Bunched orders, which enable asset managers to perform post-trade allocations of swaps in a similar way to the futures and equities markets, help clients achieve best price, increase liquidity, reduce operational risk, and maximize ease of execution by allowing clients to trade in their top level account being cleared by their standby clearing firm.

***** Orders and bananas come in bunches.


JLN/MarketsWiki 2014 Annual Survey – Please Give us 30 Seconds of Your Time
John Lothian News
You still have time to fill out our quick demographic survey and get in the running for your choice of an iPad Mini or a pair of Bose Quiet Comfort Noise-Canceling Headphones. The cost is a mere 30 seconds of your time. Answers will be kept confidential.


World Federation Of Exchanges (WFE) Launches Sustainability Working Group – Global Stock Exchanges Commit Attention To Sustainability Among Stakeholders
The World Federation of Exchanges (WFE) has formed a new sustainability working group at its Working Committee meeting in Mumbai last week. The new Sustainability Working Group is comprised of representatives from a diverse array of global stock exchanges with a mandate to build consensus on the purpose, practicality, and materiality of Environmental, Social, and Governance (ESG) data.

***** Your acronym of the day is ESG. If you had ESP you would know this already.


High-Frequency Trading: An Important Conversation
Valerie Bogard – TabbFORUM
HFT. Perhaps no other letters inspire such a wide range of strong reactions from capital markets participants. About to add fuel to that fire is Michael Lewis’ newest book, ‘Flash Boys: A Wall Street Revolt.’ But HFT should be more than just a trigger for more regulation – it should be the first word of a much larger conversation.

***** HFT is not a word, it is an acronym. Therefore, it can’t be the first word of a much larger conversation.


Banks pay out $100bn in US fines
Richard McGregor and Aaron Stanley in Washington –
Wall Street banks and their foreign rivals have paid out $100bn in US legal settlements since the financial crisis, according to Financial Times research, with more than half of the penalties extracted in the past year.

***** We have another acronym. FOUS. Fines of Unusual Size. The trick is to get through the fire swap without getting burned by the FOUS.


Goldman Sachs Backs Up IEX Endorsement With Biggest Market Share
Sam Mamudi – Bloomberg
Goldman Sachs Group Inc. (GS) is the biggest broker on the upstart U.S. stock platform created by IEX Group Inc., according to a memo IEX sent some clients.

***** IEX, yet another new acronym. Does it ever STOP.


Panel to Mark the 10-Year Anniversary of VIX Futures Launch
Matt Moran – CBOE Options Hub
Ten years ago at CBOE, on March 25, 2004, on the eve of the launch of futures on the CBOE Volatility Index, presentations on Volatility and Enhanced Returns were delivered by a 4-person panel comprised of Joanne Hill, Izzy Nelken, Gary Lahey, and Jon Najarian. There was quite a bit of excitement in the room as the presentations were delivered, as in previous years investors had requested a tradable version of the well-known and powerful VIX Index, but there also was uncertainty as to how the new VIX futures might be priced and hedged. At the time some experts had suggested that the potential for success was greater for variance futures than for VIX futures.

***** See, I told you there was a panel today for the VIX, the acronym that puts a smile on Ed Tilly’s face everyday.


Exchange CEO Series – Asian Opportunity: CME Group’s Phupinder Gill says Asia is the place to be
Exchanges have never faced more challenges and opportunities than they do today.

John Lothian News sat down with six exchange CEOs at the 2014 FIA Boca Conference to talk about their views on four main topics: competition, regulation, growth and technology. Phupinder Gill, CEO of CME Group, said that regulation will continue to define the competition and industry framework for the foreseeable future and rising global demand for existing and new products, particularly from Asia will drive growth.

“The competitive landscape, as it stands now, is going to be largely dictated by where the regulatory landscape takes us,” Gill said. “As exchanges with a global footprint start to think about how the world might evolve, you have to take into account a few things – what the impact of Dodd-Frank is, the finalization of the SEF rules, how MIFID and EMIR work themselves out and implications for infrastructure providers such as ourselves. The trick for us is to make the experience for our client base as seamless as we possibly can.”

Watch the video »



MarketsWiki Page of the Day
Japan Exchange Group Inc.

MarketsWiki Recent Updates


Nathaniel K. Fairbank; David H. Lincoln; Karen Bertoli; John R. Bensley; George Amour; Charles E. Culver; Samuel H. McCrea

Companies, Organizations and Groups

Mt. Gox; TeraExchange; Osaka Exchange; ALTX Africa Group


TOPIX; TOPIX futures; CQG Trader; CQG Spreader; CQG Integrated Client


Bitcoin; CME Group Trading Challenge


47,855,411 pages viewed, 7,873 articles, 181,026 edits
MarketsWiki Statistics

Lead Stories

Exclusives: Market operators hinder CFTC as it seeks to monitor swaps – sources
Market operators’ failure to cooperate to provide the Commodity Futures Trading Commission with adequate data is preventing the regulator from effectively monitoring the global swaps market, according to sources familiar with the matter.

TMX to expand into trading of private market securities
TMX Group Ltd, the operator of the Toronto Stock Exchange and the TSX Venture Exchange, said on Tuesday it plans to launch a new business to allow capital raising and the trading of securities of privately owned entities.

SEC Set to Alter Stance on Money Funds
U.S. securities regulators, under pressure from the asset-management industry, are preparing to exempt a majority of money-market mutual funds from a central plank of rules intended to curb risks in the $2.6 trillion market, according to people familiar with the agency’s discussions.

CFTC and Treasury share swaps resources –
Philip Stafford – FT
The main US derivatives regulator is set to share resources with the US Treasury as it struggles to get a firmer oversight on the mushrooming volumes of swaps data, and spot market participants’ risk exposures in global derivatives markets.

Nasdaq OMX to decide on forex clearing by mid-2014
Tom Osborn –
Nordic CCP had hoped to be clearing NDFs by November 2013, but insists it has not abandoned the idea – it’s just a less pressing need with customers focusing on interest rate swap and credit default swap clearing

End-users believe Sefs will hurt swap market – Isda survey
Tom Osborn –
A new survey from Isda shows end-users are pessimistic about rules requiring the use of swap trading platforms, and also believe the lag between US and European implementation has split liquidity along geographic lines

Invisible men lined up as heirs at commodity traders
Abrupt leadership changes at commodity traders Trafigura and Gunvor over the past week have put a sharp light on an industry-wide challenge: shifting oversight from a legion of legendary, aging leaders to a new generation.

MF Global trustee may sue Corzine, others over collapse: judge
Jon Corzine, the former MF Global Holdings Ltd chief executive, and two former colleagues failed to win the dismissal of a lawsuit by a trustee seeking to hold them responsible for the futures brokerage’s rapid demise and bankruptcy.

Madoff trustee sees victims’ payout nearing $6 bln
Former customers of Bernard Madoff will have recouped nearly $6 billion of their money if a federal bankruptcy judge approves the latest payout request by the trustee liquidating the swindler’s firm.

Icelanders can now each claim $400 worth of Auroracoin, the country’s new digital currency
The Verge
At midnight this morning in Iceland, digital currency fell from the sky. The developer behind Auroracoin, a digital currency designed exclusively for Iceland, has made $125 million worth of coins redeemable by Iceland’s 330,000-or so citizens. That’s about 31.8 Auroracoins, or roughly $380 per person, according to the price established by markets for digital currencies before the free distribution (the value has since dropped).


FCA and PRA grapple with high staff turnover, says audit office
Nick Kostov – Financial News
Regulators’ failure to retain top staff may undermine industry confidence in the bodies and make them less effective, according to a report published today by the National Audit Office.

High Frequency Trading: A Regulators’ Burden
Becca Lipman – Wall Street & Technology
Over the last few weeks high frequency trading debate has hit the headlines with renewed force, inspiring hard-hitting comments from Attorney General Eric T. Schneiderman and Goldman’s Gary Cohen. Each party debating HFT’s benefit or lack thereof to the marketplace and questioning the need for tighter controls.

SEC Names Jeffrey Boujoukos as Associate Regional Director in Philadelphia Office
As the regional trial counsel since joining the SEC in 2009, Mr. Boujoukos has supervised the Philadelphia office’s trial unit. He has litigated matters involving insider trading, Ponzi schemes, investment adviser fraud, and other securities laws violations.

New ways for ASIC to catch crooks
The Australian
ASIC chief Greg Medcraft yesterday promised to step up his enforcement activities as part of an agenda that attempts to balance growth against stability and also continues the deregulation regime.

Keynote Address By CFTC Commissioner Scott D. O’Malia, The Future Of Financial Standards – SWIFT Institute, SWIFT’s Standards Forum, And The London School Of Economics And Political Science, London, England – Disruptive Data: Transforming Regulatory Oversight Through Technological Innovation

Making competition king – the rise of behavioural economics at the FCA
Speech by Martin Wheatley, Chief Executive, the FCA, at the Australian Securities and Investments Commission (ASIC)

Office Of The Comptroller Of The Currency Bulletin: Volcker Rule – Final Regulations

OCC Bulletin: Collateralized Debt Obligations Backed Primarily By Trust Preferred Securities: Interim Final Rule

Exchanges & Trading Facilities

NYSE Continues Hot Streak for Nabbing Tech IPOs
Chris Dieterich – MoneyBeat – WSJ
The Big Board continues to grab prized technology initial public offerings over its rival, the Nasdaq Stock Market. The New York Stock Exchange’s scored its latest tech-listings win on Monday with Box Inc., which unveiled its plans to raise up to $250 million in an IPO.

Six Group results show headway on international strategy
Tim Cave – Financial News
Six Group, the operator of Switzerland’s national stock exchange, reported a near 50% increase in profits last year as its internationalisation strategy began to bear fruit.

Nasdaq OMX Blazed Datacenter Hosting Trail 10 Years Ago
Greg MacSweeney – Wall Street & Technology
Ten years ago Nasdaq OMX moved its matching engines and corporate technology to a Verizon datacenter. The decision turned heads in the financial services world. Today, the practice of utilizing third-party datacenter services is becoming commonplace.

Interactive Brokers offers TOM access to its brokerage clients
Interactive Brokers will offer trading on TOM, a trading venue in The Netherlands, to its brokerage clients as of 24 March 2014. Clients will be able to trade directly on TOM in derivatives. With the connection of Interactive Brokers, more than 50 per cent of the Dutch retail flow is executed via TOM.

CBOE Holdings Announces Date Of First-Quarter 2014 Earnings Release And Conference Call

NYSE Group Inc. Issues Short Interest Report

NYSE MKT Issues Short Interest Report

NYSE to Suspend Trading in Kid Brands, Inc. and Commence Delisting Proceedings

NASDAQ Announces Mid-Month Open Short Interest Positions In NASDAQ Stocks As Of Settlement Date March 14, 2014

Hedge Funds & Managed Futures

Exclusive: Carlyle seeking to buy a traditional asset manager
Carlyle Group LP is considering buying a traditional money manager to broaden its own investment platform, as the private equity firm tries to attract more retail investors and achieve the higher stock market valuation commanded by such managers, according to sources familiar with the situation.

For Carlyle, Recruiting an Outsider Is Not Unusual
Many financial firms, from Goldman Sachs to Bain Capital, like to groom their senior talent from within. But the Carlyle Group, a private equity giant based in Washington, has shown time and again that it is willing to look elsewhere for its leaders.

BlackRock’s Fink Sounds the Alert
In a shot across the bow of activist investors, BlackRock Inc. Chief Executive Laurence Fink has privately warned big companies that dividends and buybacks that activists favor may create quick returns at the expense of long-term investment.

Spanish fund of funds plans move into direct investments
Alec Macfarlane – Financial News
Altamar Private Equity is preparing to launch a new fund targeting distressed real estate assets in Spain, according to people familiar with the matter, marking the Madrid-based fund of funds manager’s first foray into direct investments.

Edmond de Rothschild hires Greg Clerkson from BlueCrest
Financial News
Edmond de Rothschild Asset Management has appointed a new head of global consultant relations from BlueCrest Capital Management.

Banks & Brokers

A ‘Whale’ of a Loss: J.P. Morgan’s Cavanagh Decamps for Carlyle
Paul Vigna – MoneyBeat – WSJ
The man who cleaned up the whale is clearing out. Michael Cavanagh, the co-chief executive of J.P. Morgan’s corporate and investment bank, is leaving the company for private-equity firm Carlyle GroupCG -1.01%, where he will be co-chief operating officer.

Heir Apparent Is Leaving JPMorgan Chase
The surprise departure of a top JPMorgan Chase executive for a giant private equity firm underscores how financial regulations are forcing a shift in the balance of power on Wall Street.

UBS’s Global Head of Cash Equities Leaves the Bank
Tim Cave – MoneyBeat – WSJ
The global head of cash equities at UBS has left after nearly two decades at the Swiss bank. The move is a blow to UBS, which has put the resurgent equities business in which he was one of the most senior members at the heart of its investment banking strategy.

Jefferies Hires UBS Banker for Global Equities Sales Role
Matt Turner and Gillian Tan – MoneyBeat – WSJ
UBS AG’s head of equity distribution in the Americas has left to take on a global sales role at Jefferies, the second senior departure from the Swiss bank’s equities business to come to light this week.

Foreign banks say new Fed rules could force them out of repo markets
Peter Madigan –
New US capital and liquidity rules for overseas banks could cripple repo and securities lending businesses, the industry claims. Some banks are already considering scaling back, but there are deeper concerns, too.

E*Trade pays CEO Idzik $13.5 mln in his maiden year at firm
E*Trade Financial Corp , the smallest of the publicly traded online discount brokers, gave its chief executive officer $13.5 million in compensation in his first year on the job, based on his performance “during an important transition period” and comparisons with pay for comparable industry executives.

UBS Banker Joseph Chee Returns To Work
Enda Curran –
A top IPO banker at UBS AG has been reinstated after being suspended amid an internal probe into the hiring of an employee linked to a Chinese company that awarded business to the Swiss bank, according to people familiar with the matter.

Fee pool shrinks for Europe’s banks
Nick Kostov – Financial News
A post-crisis high in Europe’s IPO markets will not be enough to prevent the region’s investment banking fee pool from shrinking in the first quarter – with global revenues on course to hit their lowest point since 2010.

JP Morgan’s Daniel Pinto takes sole charge of CIB
Vivek Ahuja – Financial News
Daniel Pinto, one of Financial News’ FN100 most influential people in the European financial markets, has taken sole charge of JP Morgan’s corporate and investment bank.

Clearing & Settlement

trueEX Processes Over $100bn of Bunched Order Allocations
trueEX LLC today announced it has successfully processed over $100bn in bunched order allocations, enabling the buy-side community to overcome a significant hurdle in complying with the regulatory trading mandate for swaps. trueEX’s innovative Post-Trade Services (PTS) platform is execution venue and clearing house-agnostic and enables Futures Commission Merchants (FCMs) and clients to allocate these orders post-trade.

Isda AGM supplement: Challenges for end-users
Duncan Wood –
A survey of end-users by Isda reveals many are sceptical about the value of swaps market reforms. These could be teething problems, but some say they are already looking for other ways to manage their risks

EEX: First Trade In Spanish Power Futures Registered For Clearing
Yesterday, the first trading transaction in Spanish Power Futures was registered on the European Energy Exchange (EEX) for clearing via European Commodity Clearing (ECC).

Indexes & Products

NASDAQ Global Index Family Now Available Through RIMES Benchmark Data Service
The NASDAQ OMX Group, Inc., a market leading provider of innovative, transparent indexes, announced that the NASDAQ Global Index Family, comprised of nearly 9,000 global securities with a combined $41.8 trillion float-adjusted market capitalization, is now available on the award-winning RIMES Benchmark Data Service

SEC mistaken to assume ETNs are retail products, say critics
Yakob Peterseil –
The SEC’s Office of Capital Markets Trends finally made good on its promise to write to banks over concerns about exchange-traded notes in February, but some say asking them to tailor disclosure to retail investors shows a fundamental misunderstanding of this $22 billion market.

Green indexes: a sustainable future?
Vita Millers –
Solactive’s Green Bond Index raises the possibility of structured products offering ‘green capital guarantees’. But how convincing are the credentials of the benchmarks tracking the green and clean energy sectors?

EDHEC-Risk’s Annual European ETF Survey Highlights ETF Investors’ Positive Outlook
EDHEC-Risk Institute has announced the results of the EDHEC European ETF Survey 2013, a comprehensive survey of 207 European ETF investors. The survey was conducted as part of the Amundi ETF & Indexing research chair at EDHEC-Risk Institute on “Core-Satellite and ETF Investment.”

S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices – A Deletion And Replacement In The S&P/TSX 60 Index


Order Passing in the Kingdom of Trading
Trade Talk – Trading Technologies
While passing an order to another user or execution desk does involve the concepts of ownership and control, for complete accuracy I have to admit (with tongue in cheek) that order passing is just slightly different from the succession process in a monarchy.

ISITC Honors Shay for Standards Work
Michael Shashoua – Waters Technology
Jamie Shay, a former head of standards at Swift, and 40-year veteran of the industry, received the organization’s Standard of Excellence Award

Swann Glides into Xtrakter Data Role
Giulia Lasagni – WatersTechnology
European fixed-income trade matching and regulatory reporting service provider Xtrakter has appointed Kevin Swann as head of data, responsible for the development and commercial direction of the company’s data products.

New Thomson Reuters Integration Solution for Use With SAP ERP Set To Transform The Indirect Tax Determination And Compliance Process


Santander UK fined GBP12.4m for widespread investment advice failings Santander UK Plc has been fined GBP12,377,800 by the Financial Conduct Authority (FCA) after the regulator uncovered serious failings in the way it offered financial advice from its bank.

Ex-Goldman director Gupta’s insider trading conviction upheld
A federal appeals court upheld the conviction of former Goldman Sachs Group Inc director Rajat Gupta, one of the biggest successes in federal prosecutors’ long-running probe to stop insider trading on Wall Street.

Environmental & Energy

Approval of Natural-Gas Export Project Gets Mixed Reaction From Lawmakers
Amy Harder – The Wall Street Journal
The Obama administration’s approval of a seventh application to export natural gas drew cautious praise from a number of U.S. lawmakers who have been putting pressure on President Barack Obama to allow more gas exports as a way to weaken Russia’s power over Ukraine.

Christie Greenhouse Changes Violate N.J. Law, Court Says
David Voreacos and Justin Doom – Bloomberg
New Jersey Governor Chris Christie’s administration violated state law in the way it withdrew from a regional program to reduce greenhouse-gas emissions, a state appellate court ruled.

***JB: Christie is not having a good month.

Punishing Putin Fuels Energy-Export Drive in Congress
Jim Snyder and Brian Wingfield – Bloomberg
In the decades after the Arab oil embargo, the U.S. restricted energy exports to promote self sufficiency as a matter of national security.


Central bank steps in to calm China bank run
Simon Rabinovitch in Shanghai –
Hundreds of depositors have raced to pull their cash from a small rural bank in eastern China, forcing local officials to take emergency measures to calm the panic after the bank run began to spread.

China’s struggle for a new economy
Martin Wolf –
What are the prospects for the Chinese economy? Few, if any, economic questions can be more important. I have just attended this year’s China Development Forum in Beijing, which brings western business leaders and scholars together with senior Chinese policy makers and academics, with this question very much in my mind.

New China Stimulus Might Not Help, Economist Says
Fiona Law – MoneyBeat – WSJ
A billion-dollar question: Is China on course to roll out more stimulus measures? It’s only a matter of time, analysts say.

Spooked by defaults, China banks begin retreat from risk
Some of China’s struggling firms are finally getting the reception that regulators have been hoping for — a cold shoulder from banks in the form of smaller and costlier loans.

JCCH SPAN Parameter update effective April 1

HKEx: Presentation by HKEx Chief Executive Charles Li and Chief Financial Officer Paul Kennedy at the Credit Suisse Asian Investment Conference 2014

HKFE Announces Margin Rates for Adjusted New World Development Futures Contracts

HKEx: Arrangements for Adjustment of Tencent Options

HKFE Announces Revised Margins for Futures Contracts

HKEx: Arrangements for Adjustment of Sun Hung Kai Properties Futures and Options

SGX welcomes Haitong International to securities and derivatives markets as Trading Member

Thai Bourse Joins RobecoSAM To Prepare Thai Firms For DJSI

Monetary Authority Of Singapore Continues Its Support For A Term Professorship In Economics And Finance At National University Of Singapore
The Extension Of The Term Professorship Will Further Strengthen The Research Culture In Singapore And Enhance Research Capabilities In Finance And Economics Relevant For Industry, Policy And Academia

Shenzhen Stock Exchange Market Bulletin 24 March, 2014 – Issue 10

Frontier Markets

Turkey still a solid investment-grade sovereign
Sid Verma – Euromoney magazine
Turkey deserves an investment-grade status, according to data from Euromoney Country Risk, despite political risks, the impact of Fed tapering, Standard & Poor’s low rating and Moody’s downgrade threats.

Latin America FX: a tale of two currencies
Simon Watkins – Euromoney magazine
Latin American commodity-linked exchange rates are increasingly driven by individual domestic macro issues, especially inflation/deflation, than external factors, say analysts.

Venezuela forex changes help but may not cure economy
Investors see Venezuela’s new free-floating foreign exchange system as an important step toward improving the country’s stretched finances, but economists question whether it can provide enough dollars to kick-start the economy.

Euronext Paris and the Algiers Stock Exchange sign memorandum of understanding
Euronext Paris and Société de la Gestion de la Bourse des Valeurs (SGBV) are pleased to announce the signature of a Memorandum of Understanding (MOU) with a view to enhancing cooperation between their markets.

Pimco sees Brazil valuations ‘attractive’ in fixed income
Fixed-income instruments in Brazil are trading currently at attractive prices for investors with a long-term focus, a senior fund manager at Pacific Investment Management Co said on Tuesday, a fact validated by a spike in investment inflows for the asset class so far this year.

Volatility suppression eases fears of emerging markets contagion
Richard Jory –
The suppression of emerging markets volatility has almost completely removed lingering fears of contagion. But when central banks ease quantitative easing measures and the instant mean reversion of the Vix stops, will the effect of EM volatility on the broader markets be any different than before?

Bank of Cyprus kicks off review of restructuring plans
Bailed-out Bank of Cyprus is reviewing its restructuring plans in a move that could result in billions of euros of its troubled assets being put into a “bad bank”, chief executive John Hourican said.


Cargill: Bridging the digital divide in Ghana’s cocoa growing communities
In the rural and fairly isolated cocoa growing communities of Ghana, electricity is limited and the cost of internet access highly inflated compared to incomes. This digital divide limits the opportunities for rural communities to acquire crucial information and communications technology (ICT) skills and access the host of information available in the digital world.

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