First Read

Summer Intern Education Series Update; Mayor Emanuel Joins Speaker List
By John J. Lothian

John Lothian News is pleased to report that Chicago Mayor Rahm Emanuel has agreed to speak at the August 7 session of the MarketsWiki Education World of Opportunity Summer Intern Education event to be held in offices of Trading Technologies

We are also pleased to announce we have added NYSE COO Stacey Cunningham to our list of speakers for the New York events on July 15 to be held at the NYSE on Wall Street. As we are now two weeks away from the New York event, it is crunch time for adding attendees. Please share this information and registration page with all interested parties.

We thank the CBOE for assistance in securing Mayor Emanuel’s participation in this third annual Summer Intern Education series in Chicago. There is limited seating at the August 7 event featuring the Mayor, so sign up your interns soon to secure a spot.

And, as always, we thank CME Group for acting as Global Premier sponsor of this year’s event series.

Tentatively, our speaker lineup for the Chicago series looks like this so far; on August 4 we will have Scott Gordon from RCG, John Fennell from OCC and Derek Sammann from CME Group. Two other speakers will also be added to August 4.

On August 5, we will have HC Technologies’s Joseph Niciforo, Barchart’s Mark Haraburda and Tradovate’s Rick Tomsic. Two other speakers will be scheduled as well.

And on August 7, we will have Mayor Emanuel, CME’s Phupinder Gill and CBOE’s Andy Lowenthal, as well as two other scheduled speakers.


Dear CFTC: Give Us 90 Days
By John Lothian, John Lothian News

Some representatives from the CME Group trading floor at the Chicago Board of Trade don’t believe they are being heard by exchange leaders or regulators. More importantly, they don’t believe the interests of their customers are being heard. To rectify that, they are asking the U.S. Commodity Futures Trading Commission to delay the closing of the pits and to conduct a 90-day public comment period for the rule change the CME Group seeks to allow closure of the futures trading pits.

The issue they are concerned about is something called “user-defined spreads.” There are customers across various trading pits and markets who have entered into trades via the open outcry trading pits that can’t be liquidated with the same level of risk in an electronic market as things stand today.

A ratio spread entered as an open outcry trade is not the same as a ratio spread that is exited as an electronic trade, where the functionality for the ratio is not part of the exchange matching engine, they claim.

The brokers who are complaining claim to be serving the interests of their clients, which is what brokers do. I know, I was one for a long time. The exchange has painted some of these individuals as serving only their own interests, which is not what brokers do.

But the hyperbole aside, if customers don’t have an equal risk process to exit trades they have entered, then their interests are not being protected adequately by the regulators. The regulators should take the time to listen to the customers – the end-user customers.

The CFTC should declare the 90-day comment period and let all voices be heard. I put my voice behind this idea.

For the rest of the commentary, click here


There Are Now More Stock Traders in China Than Communist Party Members
Stock investors of the world unite! For the first time in modern China, you outnumber the Communists.
“China added more than 7 million individual equity traders in June through the 26th, according to the Chinese clearinghouse, which started compiling the number of investors in May, replacing the original data set on stock accounts after regulators allowed investors to open multiple accounts. More than 40 million accounts were added in the 12 months through May.”

***** A statistic I had always heard was that there were 2 million securities trading accounts in China, which was supposed to show the incredible potential growth there considering the population is 1.35 billion. As seen above, in May China added more than 40 million equity traders, which explains the parabolic action of their markets. Look out, more to come.


“Cave quid optes: waterfalls and central counterparty capital”
by Robert Cox of the Chicago Fed in The Journal of Financial Market Infrastructures.

***** Bob Cox from the Chicago Fed had this paper published in The Journal of Financial Market Infrastructures, but it appears to be behind a paywall.


United Church of Christ Approves Divestment to Aid Palestinians
The United Church of Christ, one of the largest Protestant denominations in the United States, overwhelmingly approved a resolution Tuesday calling for divestment from companies that profit from Israel’s occupation or control of Palestinian territories, and a boycott of products from Israeli settlements.

***** When my church takes a stand, you know things are changing. They are a change agent.


New Energy: Nasdaq Prepping For Launch Of Nasdaq Futures

Nasdaq Futures was announced in March with a goal of shaking up the energy futures markets. Since then, Nasdaq’s team has been busy building infrastructure and signing up new members. The question is, will they challenge the likes of CME Group’s Nymex or the Intercontinental Exchange?

Hans-Ole Jochumsen said that Nasdaq Futures, or NFX, has the model to compete with established markets.
Watch the video »

Bill Templer’s 3 Peaks challenge in 24 hours
Eight of us are taking on the 3 Peaks challenge, to climb Ben Nevis, Scafell Pike and Mount Snowdon in 24 hours all to raise money for Futures For Kids. I know you all get asked to sponsor a load of events, but I am fat and old and I don’t like hills, so this is a real challenge. Anything will do but please give something. Thanks, Bill Templer

**JK – Mountains to climb for kids. Go Bill!


Lead Stories

World Bank warns China to reform ‘distorted’ financial system
Tom Mitchell in Beijing and Patrick McGee in Hong Kong, FT
China must take urgent steps to reform a “distorted” financial system in its transition to a more balanced economic model, the World Bank has warned in its latest review of the country’s economy.

Deutsche Börse in talks to buy Stoxx stake in $697m deal
Philip Stafford, FT
Stockbrokers working at the stock exchange in Frankfurt, Germany©EPA
Deutsche Börse has entered the race for prized data assets by looking to complete a SFr650m ($697m) deal that includes the 50 per cent it does not own in Stoxx, the index compiler.

The Bonds That Broke Puerto Rico
When Puerto Rico’s governor told lawmakers and citizens on Monday that the commonwealth could not pay its $72 billion in debt, many wondered how a small, seemingly low-key American island in the Caribbean could have amassed a debt big enough to crush it.

Banks Shrink Weapons Stockpiles; Big-bank holdings of derivatives have fallen sharply in the years since the financial crisis.
Big banks’ holdings of derivatives—dubbed weapons of mass destruction by some—have been a concern for investors and regulators since the financial crisis. On at least one measure, they should be a bit less worried these days.

Goldman settles SEC charges over 2013 trading incident
Goldman Sachs Group Inc (GS.N) will pay $7 million to resolve U.S. Securities and Exchange Commission charges stemming from a programming error that caused the stock options market to be flooded with erroneous orders, roiling traders and prices.

Nasdaq advocates for U.S. stock exchange pricing reform
Nasdaq OMX Group said on Tuesday that U.S. equities exchange rules should be changed so that the price of trading a stock is based on the how actively it trades, echoing a similar proposal by rival exchange operator BATS Global Markets.

On Wall Street, Cautious Optimism as Merger Deals Near Peak Level
By MICHAEL J. de la MERCED, NY Times
Shortly after the financial crisis, even merger bankers and lawyers — among the most optimistic lot on Wall Street — fretted that the good times might never come back.

Hedge Funds Keep Greek Exposure Low; Country’s risk said to be too complex to evaluate and hedge
By the time Greece decided over the weekend to keep its banks and stock market shut this week, few hedge funds had much direct exposure to the country.


It Just Got More Risky to Violate Swiss Bank Secrecy
ZURICH—The penalties for whistleblowers and others breaking Switzerland’s fabled bank secrecy laws just got more severe.

Canadian Securities Regulators propose using SEDAR for certain exempt market filings
The Canadian Securities Administrators (CSA), except Ontario and British Columbia, today published for comment proposed amendments to National Instrument 13-101 System for Electronic Document Analysis and Retrieval (SEDAR) and Multilateral Instrument 13-102 System Fees for SEDAR and NRD (the proposed amendments). The 60-day comment period ends on August 31, 2015.

Self-Regulatory Organization (SRO) Rulemaking and National Market System (NMS) Plans

    • BATS: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend Rule 11.9 of BATS Exchange, Inc., to Modify its Price Adjust Functionality (Release No. 34-75324; File No. SR-BATS-2015-47; June 29, 2015); see also Exhibit 5


    • BYX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Rule 11.9 of BATS Y-Exchange, Inc., to modify its Price Adjust Functionality (Release No. 34-75325; File No. SR-BYX-2015-29; June 29, 2015); see also Exhibit 5


    • CBOE: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend the Fees Schedule (Release No. 34-75321; File No. SR-CBOE-2015-059;
    • ICEEU: Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Delivery Procedures (Release No. 34-75329; File No. SR-ICEEU-2015-012; June 29, 2015)


    • NASDAQ OMX BX: Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Extension of the Exchanges Penny Pilot Program and Replacement of Penny Pilot Issues That Have Been Delisted (Release No. 34-75326; File No. SR-BX-2015-037; June 29, 2015)

ASIC releases hedge funds report
ASIC today provided a snapshot of the Australian hedge funds sector.
The 2014 hedge funds survey was representative of the state of the larger hedge funds, with the assets of the 27 surveyed qualifying funds representing approximately 44% of the assets held by single-manager funds in Australia.

Exchanges & Trading Facilities

First RMB denominated ETF lists in Paris
Automated Trader
Euronext has welcomed Commerzbank CCBI RQFII Money Market UCITS ETF to its Paris market. This will be the first money market ETF denominated in RMB on its markets and underscores Euronext’s position as a key access point for Chinese investors.

SGX reports FY2015 results on 29 July 2015
Singapore Exchange (SGX) is reporting full-year results for Financial Year 2015 (FY2015) after the market closes on 29 July 2015

SIX Swiss Exchange welcomes Cassiopea
SIX News
With its initial public offering, Cassiopea SpA is already the third company to make its debut on the Swiss stock exchange this year.

ISE Implements Scila Surveillance And Expands Deutsche Börse Partnership
The ISE is enhancing the surveillance of trading on its markets through the implementation of Scila Surveillance from today. This proven technology has been implemented at major exchanges, trading firms and regulators across the globe. Scila Surveillance is provided by Scila, the leading independent Stockholm-based surveillance technology provider.

MGEX Sets Pair of Top 10 Daily Volume Records

MGEX Has 4th-Highest Volume Day of All-Time

The equity trading volume to the end of June was up 25%; In June the ETF trading volume was 89% higher than in the same month in 2014, at EUR1 billion;The trading volume in the Warrants and Certificates market to the end of June was up 51% year-on-year; The trading volume in the Derivatives market in June remained stable compared to last year; Corporate Debt issues admitted to trading in the first six months grew although trading was down 54.9% during the same period, at EUR329.7 billion
The equity trading volume on the Spanish Stock Exchange in the first six months of the year reached EUR521.6 billion, up 25% year on year. The trading volume in June came in at EUR88.1 billion, up 17% from the same period a year earlier.

CME raises initial margins for agricultural commodities

LME consults on new warehouse reforms
The London Metal Exchange (LME) is today launching a market-wide consultation on two new proposals regarding the final elements of the 12-item warehouse reforms programme initiated in November 2013.

Hedge Funds & Managed Futures

Hedge Funds Fight to Save Puerto Rico Investments
Hedge funds like Appaloosa Management, Paulson & Company and Blue Mountain Capital gathered in a conference room at the Barclays offices in Midtown Manhattan last September to talk about what was then the hottest trade: Puerto Rico.

Macau Gambling Revenue Falls for 13th Straight Month
Macau’s gambling revenue fell 36% from a year earlier to 17.36 billion patacas ($2.17 billion) in June as the world’s casino capital continued to wither under pressure from China’s crackdown on corruption.

Grain prices rise as tighter supply looms
Gregory Meyer in New York, FT
Corn and soyabean markets surged, capping a month of strong gains, after a pair of government reports suggested less ample supplies beckon.

Mid-Year Recap – Vol-selling Indexes Up; Big Jumps for VIX and VVIX on June 29
By Matt Moran, CBOE

Banks & Brokers

Deutsche rejects watchdog claim that Jain lobbied for traders’ EUR130m bonus
Caroline Binham and Martin Arnold in London, FT
Deutsche Bank’s outgoing co-head, Anshu Jain, was embroiled in a furious row on Tuesday with German financial regulators over a bonus worth millions of euros that was paid to a former star trader.

Why U.S. Banks Won’t Suffer Big Hits After Greek Default; U.S. lenders in recent years have reduced the amount of Greek debt they held on their books
The fact that Greece defaulted on a loan from the International Monetary Fund shouldn’t create significant direct losses for U.S. banks, but it could disrupt financial markets enough to weigh down future results, analysts said.

Goldman Sachs to pay $7M fine for ‘human error’ with computer
By Kevin Dugan, NY Post
To err is human — and Goldman Sachs will get fined for it.
Lloyd Blankfein’s investment-banking giant agreed Tuesday to pay a $7 million regulatory fine to settle an accusation that “human error” at the firm caused a 2013 market-shaking incident where a Goldman computer system sent out wrong options prices to investors.

Clearing & Settlement

OCC cleared contracts down from 2014
Securities Lending Times
OCC’s cleared contract volume in May reached 308.6 million contracts, a 3 percent decrease from the May 2014 volume of 319.7 million contracts. The clearing organisation’s year-to-date average daily cleared contract volume is down 7 percent from 2014 with 16.1 million contracts in 2015.

Leverage ratio could deal fatal blow to client clearing
The Banker
Regulators have looked to central clearing as a solution for many ills in the derivatives market, but banks are now saying that they may be unable to offer a clearing house connection to clients because of costs imposed by another new regulatory measure: the leverage ratio.

ISDA In Review (Monthly Update)
ISDA in Review is a monthly compendium of links to new documents, research papers, press releases and comment letters from the Association. It is emailed at the close of each month to members, as a benefit of enrollment. If you have questions or comments on ISDA In Review, contact Lauren Dobbs,

MAS may require central clearing of OTC interest rate swaps, seeks feedback, Banking & Finance
The Business Times
Singapore may require over-the-counter (OTC) interest rate swaps to be centrally cleared, according to a public consultation by the Monetary Authority of Singapore (MAS). The proposal will affect only Singapore-dollar and US-dollar OTC contracts, which are the most widely traded interest rate derivatives in Singapore. And the requirement will initially apply only to banks that book more than S$20 billion of derivatives contracts on a gross notional outstanding basis.

DTCC Data Products service enhances data provisioning & DTCC data access
Automated Trader
The Depository Trust & Clearing Corporation has launched a new centralized data provisioning service, DTCC Data Products. This launch will include the expansion of DTCC’s Exchange Traded Funds and Corporate Actions ISO 20022 data product offerings.

Credit swaps reform focuses on roll dates
Joe Rennison in New York, FT
A tentative agreement on overhauling the workings of credit derivatives on specific companies beckons as the market fights to halt a dramatic decline in volumes since the financial crisis.

CME Group Clearing Notices
Cme Group
Performance Bond Requirements: Equity Index, FX, Interest Rates, and Refined Products Outrights; Agriculture Intra-Commodity Spread Charges; Refined Products Inter-Commodity Spread Credits; FX and Equity Volatility Scans and Refined (UPDATED) HOLIDAY SCHEDULE – July 3rd, 2015 Independence Day (Observed)

Indexes & Products

U.S. Equities Market Benchmark Celebrates Sixth Anniversary; JetBlue Airways, Ally Financial, Skechers U.S.A. Among the Companies Added to the Index
BATS Global Markets (BATS) today announced the results of the annual reconstitution of the BATS 1000® Index, a U.S. equities marketbenchmark, which will be effective prior to the market open tomorrow.

Highlights: 2015 Russell Indexes Reconstitution
Russell Indexes
The annual Russell Indexes Reconstitution took place after the market close on Friday, June 26, 2015. Reconstitution ensures that the global equity opportunity set is accurately represented across security weights, styles, market segments and country assignments.
This overview provides the new U.S. and Global market cap ranges and high level changes to the Russell Indexes.

Happy New Year’s Day Russell Indexes: FTSE Russell Completes Annual Russell Indexes Reconstitution
At the U.S. market’s close on Friday, June 26, FTSE Russell, a leading global index provider, completed its closely-watched annual Russell indexes reconstitution. And on Monday of this week, the newly rebalanced Russell indexes began a new year.

Should You Make Chemical Enhancements To Your Portfolio?
Indexology: S&P Dow Jones Indices
Most diversified index-based materials products have significant exposure to the chemicals industry, though the weightings can be different. For example, chemicals comprised approximately 70% of the S&P 500 Materials Index as of late June. Meanwhile, the S&P 500 Equal Weight Materials index had a 54% weighting in chemicals, with more exposure in containers & packaging companies. As such we think investors need to understand what drives the industry.


Brazil’s Vinci Partners Selects Eze Software Group’s OMS and EMS
In partnership with Eze Software, Vinci Partners will build electronic connections to third-party execution providers (brokers) locally and globally and to their internal back-office system. The firm will leverage the OMS and EMS for portfolio analytics; modeling and pre-trade allocation; pre-, intra- and post-trade compliance; and multi-asset class trading, among other capabilities. Eze Software expects to bring Vinci Partners live on the OMS and EMS later this year.

Object Trading to Provide Global Trading Infrastructure for TradingScreen Clients
Object Trading
Trading and investment technology integrated with global market infrastructure and access to 60+ liquidity sources enables customer focus on trading innovation
Object Trading, the provider of a global, multi-asset trading infrastructure today announced that TradingScreen, the provider of liquidity, trading and investment technology via SaaS, has integrated with Object Trading’s global DMA service platform. The combination of two independent suppliers of award-winning trading solutions presents end clients with new opportunities for growth.

Fintech In the Room With Banks, Literally, and Smelling Blood
Innovation is coming to banking, whether bankers want it or not. Bloomberg News
If the world’s bankers aren’t careful, they may find themselves in the same position as the tellers who used to staff their branches.

Bond traders face pitfalls of technology
Joe Rennison in New York, FT
As anyone with a laptop, mobile phone or even battery-powered torch understands, technology can go wrong. And it is no different for the plethora of electronic trading venues that have sprung up trying to bolster the market for buying and selling of corporate bonds.

Banks and exchanges turn to blockchain
Philip Stafford, FT
The blockchain — the technology that underpins bitcoin — has been called “the future for financial services infrastructure”. Now banks, clearing houses and exchanges are becoming increasingly excited at the prospect of blockchain fundamentally transforming their business models.

Thomson Reuters Unveils Open-Source Data API ‘Family’
The suite of four APIs will provide easier and faster access to data from the vendor and third parties. Thomson Reuters has released a suite of open-source APIs that will enable clients to consume the vendor’s data alongside data from other providers using the same transport and messaging formats, and allow developers to utilize the vendor’s data in new applications more quickly with fewer resources.


SEC Charges Goldman Sachs With Violating Market Access Rule
An SEC investigation found that Goldman Sachs did not have adequate safeguards to prevent the firm from erroneously sending approximately 16,000 mispriced options orders to various options exchanges in less than an hour on Aug. 20, 2013, after the firm implemented new electronic trading functionality designed to match internal options orders with client orders. A software configuration error inadvertently converted the firm’s “contingent orders” for various options series into live orders and assigned them all a price of $1. These orders were then sent to the options exchanges during pre-market trading, and approximately 1.5 million options contracts were executed within minutes after the opening of regular market trading. Many of the executed trades were later canceled or received price adjustments pursuant to the options exchanges’ rules on clearly erroneous trades.

BNP Paribas must pay investors $16.6 mln in arbitration -panel
By Suzanne Barlyn, Reuters
A BNP Paribas SA unit must pay $16.6 million to a London-based couple in a dispute stemming from an investment product that is typically sold to hedge funds and institutional clients, a securities arbitration panel has ruled.

SEC Charges Goldman Sachs With Violating Market Access Rule
The Securities and Exchange Commission today charged Goldman, Sachs & Co. with violating the market access rule in connection with a trading incident that resulted in erroneous executions of options contracts.

IT’S OFFICIAL: Lynn Tilton isn’t going to get the day in court she wants
By Jonathan Marino, Business Insider
Lynn Tilton wanted to keep the Securities and Exchange Commission from hearing her case. But a US district judge isn’t hearing any of that.

Money3 provides over $100,000 in refunds to consumers as ASIC’s payday lending crackdown continues
Australia’s second-largest listed payday lender, Money3, has stopped offering its two payments ‘fixed fee’ loan arrangement and agreed to refund more than $100,000 to consumers following concerns raised by ASIC that it breached consumer credit laws and engaged in misleading conduct.

Environmental & Energy

A College in Maine That Tackles Climate Change, One Class at a Time
Like many residents of this picturesque island town on the edge of Acadia National Park, Zach Soares had trouble keeping his house warm, going through five cords of wood in the winter. So he jumped at an offer last year for free energy improvements through a class project at the College of the Atlantic, where he works.

Greenhouse gas pledges bolster hopes for global deal
FT reporters, FT
The US and three big emerging market countries have bolstered hopes for a global deal to combat climate change this year by unveiling plans to curb greenhouse gas emissions.

Mick Davis is ready to make a contrarian bet on thermal coal
James Wilson and Neil Hume, FT
Mick Davis, former chief executive of Xstrata, knows coal.
By the time Xstrata was sold to Glencore in 2013, Mr Davis had turned the miner into the world’s largest exporter of thermal coal, the type used in power stations. Coal lay behind Xstrata’s decade-long record as a corporate success story, riding the commodities boom.


There Are Now More Stock Traders in China Than Communist Party Members
Bloomberg Business
Stock investors of the world unite! For the first time in modern China, you outnumber the Communists. The nation’s $8.1 trillion equity market now has more than 90 million individual investors, according to China Securities Depository and Clearing Co. That compares with 87.8 million Communist Party members at the end of last year, the state-run Xinhua News Agency reported June 29, two days before the 94th anniversary of the party’s founding.

China is trying to “open up” its stock markets and control them at the same time
The Chinese government has a long history of keeping stock markets temporarily aloft with a combination of willpower, propaganda, and tweaking monetary policy, only to suffer the inevitable crash, as the Wall Street Journal’s Andrew Browne details in a June 30 column. But this policy is now on a collision course with Xi Jinping’s goal of opening up China’s markets to the rest of the world.

Singapore firm patents Optimal Risk Sizing, a game-changing pre-trade portfolio optimising tool for Fund Managers; announces key appointments to boost Asia presence
Sherpa Funds Technology (SFT), a Singapore based company that provides Asia-based fund managers with advanced mathematics and analytics, announced on 1 July 2015 that it has been granted the global patent for Optimal Risk Sizing (ORS), a game-changing technology which aligns Investors’ and Managers’ interests and eliminates inconsistent trading behaviour by applying process-engineering thinking to portfolio management.

Bookmakers accused of glamorising betting to draw young punters
Malcolm Moore, FT
Bookmakers have glamorised gambling and targeted young people with their advertising, the Chartered Institute for Securities and Investment said on Wednesday.

Closer Look: Is Hong Kong Becoming Marginalized?
Caixin Online
Internet users have been taunting and voicing pessimistic views of Hong Kong’s economy. This mostly comes from mainlanders declaring that the city’s economy is doddering and unprogressive, and that from both an entrepreneurial and infrastructure point of view, it is lagging behind the world and the mainland.

Frontier Markets

In the ‘Best Hidden’ Frontier Market, a Boom Signals a Pakistan Revival
Bloomberg Business
The Sufi shrine that dates to the 8th century in Karachi’s posh Clifton neighborhood has served as the area’s defining landmark for decades. Not anymore.

The Future for Emerging Markets by Laura Tyson
Project Syndicate
Over the past year, the global economic environment changed markedly and in unexpected ways. Energy and commodity prices plunged. Growth in China (which accounts for about 40% of global growth) fell to its lowest rate since 1996, even as its stock market soared to unsustainable heights. The United States and the European Union ratcheted up economic sanctions on Russia in response to its military excursions in Ukraine, highlighting the geopolitical risks associated with cross-border investments. And there have been large swings in exchange rates, fueled by actual or, in the case of the Federal Reserve, anticipated changes in monetary policy.

Saudi Stock Exchange (Tadawul): Announcement Of The Board Of Directors And Senior Executives Trading Restriction Period
The Capital Market Authority announces the Board of Directors and Senior Executives Trading Restriction Periods according to Article (50) of the Listing Rules as the following:

Indonesia bans foreign currencies in domestic transactions
Australians holidaying in Indonesia could find themselves short of money from today after the country’s central bank pushed through new legislation prohibiting foreign currencies from being used in domestic transactions.


Slut-shaming Wall Street CEO is a ‘psychopath’: intern
By Josh SaulJune, NY Post
The day after a Wall Street intern scored an $18 million court award against her amorous ex-boss, she had only one word for him — “psychopath.” Pretty brunette Hanna Bouveng, 25, told The Post Tuesday that married financier Benjamin Wey “used psychological abuse” to “control and isolate” her.

More haste, Less speed
Futures & Options World – Let’s Talk Derivatives

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