Who We Are Ngt Life Cycle

Total Page：16

File Type：pdf, Size：1020Kb

NGT Next Generation Trading (NGT) is a multi-asset class trading platform for the securities finance marketplace. Accessed through NGT’s intuitive, Web-based user interface or via full automation using our proprietary messaging protocol, NGT offers access to global securities finance trading to firms of all sizes. With tens of thousands of trades conducted on the platform around the globe each day, NGT offers unparalleled liquidity in the securities finance market. NGT’s strategic features increase trade-level transparency, improve workflow automation and generate efficiencies market wide. STRATEGIC FEATURES: » Negotiation tools with real-time bid/offer workflow » Trading on screen or via automated messaging » Straight-through processing for trade decisions and bookings » Targeted Availability (TA): up-to-date, executable inventory » Indications of interest (IOI): market discovery tool » Borrower-to-lender and broker-to-broker trade flows » Flexible non-cash collateral communication » Streamlined static data setup and ongoing maintenance KEY STATS E... A HER ADE » 90 firms using NGT globally TR E ET DISCOVERY IAT RK (IOI IT MA ) each day IN » NGT users based in 30+ T locations around the globe B RA L D E O » Assets domiciled in 50+ R N H E E markets traded on NGT R G E . O . » $41bn notional on average T E A X I A E traded on NGT each day N C T O U I I O T T » $55bn notional: single-day A U N B C record traded on NGT on L E E X September 25, 2018 I N E / V E E C N T N O A T R Y P E ( T C NGT LIFE CYCLE A C ) A BEST SECURITIES FINANCE TRADING PLATFORM GLOBALLY L Global Investor/ISF Awards 2012, 2013, 2014, 2015, B 2016, 2017, 2018 BO RE RR E OW ID) R H REQUEST (FIRM B O WHO WE ARE EquiLend is a leading provider of trading, post-trade, market data and clearing services for the securities finance industry with offices in New York, Boston, Toronto, London, Dublin, Hong Kong and Tokyo. EquiLend is owned by Bank of America Merrill Lynch, BlackRock, Credit Suisse, Goldman Sachs, JP Morgan, Morgan Stanley, National Bank of Canada, Northern Trust, State Street and UBS. NEW YORK LONDON DUBLIN TORONTO HONG KONG +1 212 901 2200 +44 207 426 4426 +353 1961 9280 +1 416 865 3395 +852 3101 7070 © 2019 EquiLend Holdings LLC. Proprietary and confidential. For discussion purposes only. EQUILEND.COM.

Copy Link

Recommended publications

Blackrock International Limited Annual Best Execution Disclosure
BlackRock International Limited Annual Best Execution Disclosure 2019 June 2020 Contents Introduction Quantitative Analysis Top five entity reports for the transmission of orders Top five entity report for the execution of orders Securities Finance Transactions o Top five entity reports for the execution of orders Qualitative Analysis Equities Shares & Depository Receipts Equity derivatives: Futures & Options admitted to trading on a trading venue Interest rate derivatives: Futures & Options admitted to trading on a trading venue Currency derivatives: Futures & Options admitted to trading on a trading venue Commodities derivatives: Futures & Options admitted to trading on a trading venue Credit derivatives: Futures & Options admitted to trading on a trading venue Securitized derivatives: Warrants and certificate derivatives Equity derivatives: Swaps & other equity derivatives Contracts For Difference Debt instruments: Bonds Debt instruments: Money Market Instruments Interest rate derivatives: Swaps, forwards & other interest rates derivatives Credit derivatives: Other credit derivatives Currency derivatives: Swaps, forwards & other currency derivatives Commodities derivatives: Swaps and other commodities derivatives Structured Finance Instruments Exchange Traded Products Other Instruments Securities Finance Transactions BLACKROCK Annual Best Execution Disclosure 2019 | 2 Introduction The publication of this report is required under the Markets in Financial Instruments Directive 2014/65/EU (“MIFID II”) and it is designed to provide information on the top five execution venues* utilised by BlackRock to execute its clients’ orders, as well as the top five entities to which BlackRock transmitted its clients’ orders for execution. It also includes information on how BlackRock monitors the quality of its clients’ trades’ execution, on BlackRock’s conflicts of interest and other matters, as they relate to the execution by BlackRock of its clients’ trades.
[Show full text]
The Impact of Portfolio Financing on Alpha Generation by H…
The Impact of Portfolio Financing on Alpha Generation by Hedge Funds An S3 Asset Management Commentary by Robert Sloan, Managing Partner and Krishna Prasad, Partner S3 Asset Management 590 Madison Avenue, 32nd Floor New York, NY 10022 Telephone: 212-759-5222 www.S3asset.com September 2004 Building a successful hedge fund requires more than just the traditional three Ps of Pedigree, Performance and Philosophy. As hedge funds’ popularity increases, it is increasingly clear that Process needs to be considered the 4th P in alpha generation. Clearly, balance sheet management, also known as securities or portfolio financing, is a key element of “process” as it adds to alpha (the hedge fund manager’s excess rate of return as compared to a benchmark). Typically, hedge funds surrender their balance sheet to their prime broker and do not fully understand the financing alpha that they often leave on the table. The prime brokerage business is an oligopoly and the top three providers virtually control the pricing of securities financing. Hedge funds and their investors therefore need to pay close heed to the value provided by their prime broker as it has a direct impact on alpha and the on-going health of a fund. Abstract As investors seek absolute returns, hedge funds have grown exponentially over the past decade. In the quest for better performance, substantial premium is being placed on alpha generation skills. Now, more than ever before, there is a great degree of interest in deconstructing and better understanding the drivers of hedge fund alpha. Investors and hedge fund managers have focused on the relevance of asset allocation, stock selection, portfolio construction and trading costs on alpha.
[Show full text]
Datalend Api
DATALEND API Business intelligence and data analytics tools are increasingly crucial for securities finance market participants. DataLend’s robust and award-winning securities finance market data allows firms to make the most informed trading decisions with its comprehensive, global data set and powerful analytical tools. The DataLend API offers direct access to DataLend’s database in a fast, flexible and developer-friendly solution ready to be tailored for a firm’s proprietary system. $19.6 trillion $2.5 trillion 49,000+ lendable on loan securities on loan * Data as of June 2018 THE DATALEND API ADVANTAGE » Instant access to the DataLend ecosystem » Simplified integration to your business intelligence tools » No expensive or time-consuming storage and ETL process to maintain » Amendments to data are automatically reflected » New data fields are easily implemented » Historical data NOTES FOR DEVELOPERS » Up-to-date RESTful API architecture implemented on scalable, cloud-based technologies » Built with HTTP Web standards for direct compatibility with open-source libraries in many software languages » Sub-second response times, ensuring a consistent and swift experience » Well-formed concrete nouns for the securities lending industry and standard HTTP verbs for the request » All queries are executed over HTTPS, ensuring secure BEST SECURITIES FINANCE communication MARKET DATA PROVIDER » Authentication and authorization based on latest OAuth GLOBALLY 2.0 standards Global Investor/ISF Awards 2013, 2014, 2015, 2016, 2017 WHO WE ARE EquiLend is a leading provider of trading, post-trade, market data and clearing services for the securities finance industry with offices in New York, London, Hong Kong and Toronto. EquiLend is owned by BlackRock, Credit Suisse, Goldman Sachs, JP Morgan, JP Morgan Chase, Bank of America Merrill Lynch, Morgan Stanley, Northern Trust, State Street and UBS.
[Show full text]
QS-Holdco-Complaint.Pdf
Case 1:18-cv-00824-RJS Document 1 Filed 01/30/18 Page 1 of 104 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK QS HOLDCO INC., Plaintiff, Index No. -against- COMPLAINT BANK OF AMERICA CORPORATION; MERRILL LYNCH, PIERCE, FENNER & SMITH DEMAND FOR JURY TRIAL INCORPORATED; MERRILL LYNCH L.P. HOLDINGS, INC.; CREDIT SUISSE AG; CREDIT SUISSE GROUP AG; CREDIT SUISSE SECURITIES (USA) LLC; CREDIT SUISSE FIRST BOSTON NEXT FUND, INC.; THE GOLDMAN SACHS GROUP, INC.; GOLDMAN, SACHS & CO. LLC; GOLDMAN SACHS EXECUTION & CLEARING, L.P.; J.P. MORGAN CHASE & CO.; J.P. MORGAN SECURITIES LLC; J.P. MORGAN PRIME, INC.; J.P. MORGAN STRATEGIC SECURITIES LENDING CORP.; J.P. MORGAN CHASE BANK, N.A.; MORGAN STANLEY; MORGAN STANLEY CAPITAL MANAGEMENT, LLC; MORGAN STANLEY & CO. LLC; PRIME DEALER SERVICES CORP.; STRATEGIC INVESTMENTS I, INC.; UBS GROUP AG; UBS AG; UBS AMERICAS INC.; UBS SECURITIES LLC; UBS FINANCIAL SERVICES INC.; EQUILEND LLC; EQUILEND EUROPE LIMITED; and EQUILEND HOLDINGS LLC, Defendants. Case 1:18-cv-00824-RJS Document 1 Filed 01/30/18 Page 2 of 104 TABLE OF CONTENTS OVERVIEW OF THE ACTION .....................................................................................................1 JURISDICTION AND VENUE ....................................................................................................10 PARTIES .......................................................................................................................................12 A. Plaintiff ..................................................................................................................12
[Show full text]
Order and Opinion Re Defendants' Motion to Dismiss
USDC SDNY UNITED STATES DISTRICT COURT DOCUMENT SOUTHERN DISTRICT OF NEW YORK ELECTRONICALLY FILED DOC #: _________________ DATE FILED: September______________ 27, 2018 IOWA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM; LOS ANGELES COUNTY EMPLOYEES RETIREMENT ASSOCIATION; ORANGE COUNTY EMPLOYEES RETIREMENT SYSTEM; SONOMA COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION; and TORUS CAPITAL, LLC, on behalf of themselves and all others similarly situated, Plaintiffs, -v.- MERRILL LYNCH, PIERCE, FENNER & SMITH INC.; MERRILL LYNCH L.P. HOLDINGS, INC.; 17 Civ. 6221 (KPF) MERRILL LYNCH PROFESSIONAL CLEARING CORP.; CREDIT SUISSE AG; CREDIT SUISSE SECURITIES (USA) LLC; CREDIT SUISSE OPINION AND ORDER FIRST BOSTON NEXT FUND, INC.; CREDIT SUISSE PRIME SECURITIES SERVICES (USA) LLC; GOLDMAN SACHS & CO. LLC; GOLDMAN SACHS EXECUTION & CLEARING, L.P.; J.P. MORGAN SECURITIES LLC; J.P. MORGAN PRIME, INC.; J.P. MORGAN STRATEGIC SECURITIES LENDING CORP.; J.P. MORGAN CHASE BANK, N.A.; MORGAN STANLEY & CO. LLC; PRIME DEALER SERVICES CORP.; STRATEGIC INVESTMENTS I, INC.; UBS AG; UBS AMERICAS INC., UBS SECURITIES LLC; UBS FINANCIAL SERVICES INC.; EQUILEND LLC; EQUILEND EUROPE LIMITED; and EQUILEND HOLDINGS LLC, Defendants. KATHERINE POLK FAILLA, District Judge: In a 398-paragraph complaint, Plaintiffs detail a wide-ranging conspiracy to prevent the antiquated stock loan market from evolving into a transparent, direct, all-to-all electronic exchange. This market is critical to the short selling of stocks, a not-uncommon investment tool. The thrust of Plaintiffs’ allegations is that Defendants conspired to boycott new market entrants — specifically, AQS, SL-x, and Data Explorers — in order to maintain their monopoly grip as prime broker intermediaries, and, by extension, to charge excessive fees under the cover of price opacity.
[Show full text]
Case 1:17-Cv-06221-KPF Document 73 Filed 11/17/17 Page 1 of 144
Case 1:17-cv-06221-KPF Document 73 Filed 11/17/17 Page 1 of 144 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK IOWA PUBLIC EMPLOYEES’ RETIREMENT No. 17 Civ. 6221 (KPF) SYSTEM; LOS ANGELES COUNTY EMPLOYEES RETIREMENT ASSOCIATION; ORANGE AMENDED CLASS ACTION COUNTY EMPLOYEES RETIREMENT SYSTEM; COMPLAINT SONOMA COUNTY EMPLOYEES’ RETIREMENT ASSOCIATION; and TORUS CAPITAL, LLC, on JURY TRIAL DEMANDED behalf of themselves and all others similarly situated, Plaintiffs, - against - BANK OF AMERICA CORPORATION; MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED; MERRILL LYNCH L.P. HOLDINGS, INC.; MERRILL LYNCH PROFESSIONAL CLEARING CORP.; CREDIT SUISSE AG; CREDIT SUISSE GROUP AG; CREDIT SUISSE SECURITIES (USA) LLC; CREDIT SUISSE FIRST BOSTON NEXT FUND, INC.; CREDIT SUISSE PRIME SECURITIES SERVICES (USA) LLC; THE GOLDMAN SACHS GROUP, INC.; GOLDMAN, SACHS & CO. LLC; GOLDMAN SACHS EXECUTION & CLEARING, L.P.; J.P. MORGAN CHASE & CO.; J.P. MORGAN SECURITIES LLC; J.P. MORGAN PRIME, INC.; J.P. MORGAN STRATEGIC SECURITIES LENDING CORP.; J.P. MORGAN CHASE BANK, N.A.; J.P. MORGAN INSTITUTIONAL INVESTMENTS INC.; MORGAN STANLEY; MORGAN STANLEY CAPITAL MANAGEMENT, LLC; MORGAN STANLEY & CO. LLC; MORGAN STANLEY DISTRIBUTION, INC.; PRIME DEALER SERVICES CORP.; STRATEGIC INVESTMENTS I, INC.; UBS GROUP AG; UBS AG; UBS AMERICAS INC.; UBS SECURITIES LLC; UBS FINANCIAL SERVICES INC.; UBS INVESTMENT BANK; UBS ASSET MANAGEMENT (US) INC.; UBS FUND SERVICES (USA) LLC; EQUILEND LLC; EQUILEND EUROPE LIMITED; and EQUILEND HOLDINGS LLC, Defendants. Case 1:17-cv-06221-KPF Document 73 Filed 11/17/17 Page 2 of 144 TABLE OF CONTENTS OVERVIEW OF THE ACTION .....................................................................................................1 JURISDICTION AND VENUE ....................................................................................................12 PARTIES .......................................................................................................................................14 A.
[Show full text]
Name Badges Are Required for Admittance Into All Conference
PASLA RMA Conference Attendee List as of 25 February 2014 First Name Middle Name Last Name Company Country Valerie Rossi ABN AMRO NV Hong Kong Takeshi Shinoda Aristagora Advisors Co., Ltd Japan Blair Harrison ASX Australia Jayne Clifton-Forbes AXA Investment Managers United Kingdom Christophe Roupie AXA Investment Managers France Eric Champion Bank of America Merrill Lynch Hong Kong Manish Ghia Bank of America Merrill Lynch Hong Kong Rajeev Patel Bank of America Merrill Lynch United Kingdom Itaru Fukuda Bank of Japan Japan Nobukazu Ono Bank of Japan Japan Hiromi Yamaoka Bank of Japan Japan Kirtes Bharti Bank of Nova Scotia Asia Ltd Singapore Anthony Chiu Barclays Hong Kong Renaud Isman Barclays Singapore Saurabh Seth Barclays United Kingdom Prem Vadiveloo Barclays Singapore Sam Kim BlackRock Hong Kong Kunio Kojima Blackrock Japan Yoshihiko Aoyama BlackRock Hong Kong Matthew Boyd BlackRock United Kingdom Stefan Kaiser BlackRock United Kingdom Nicolas Roc BlackRock Hong Kong Jason P. Strofs BlackRock USA Michale Weaver BlackRock USA Jason C. Yanagihara BlackRock Hong Kong Jonathan Dunn BMO Capital Markets United Kingdom Carolyn Mitchem BMO Capital Markets Australia Vincent Andraud BNP Paribas United Kingdom Francois Artigala BNP Paribas France Benjamin Dufour BNP Paribas Hong Kong David W. Egliskis BNP Paribas Hong Kong Jon Isherwood BNP Paribas Hong Kong Hamid Latreche BNP Paribas Singapore Munetaka Nagoya BNP Paribas Japan Christian Oger BNP Paribas France Matthew John Pinnock BNP Paribas United Kingdom Yannick Bierre BNP Paribas France
[Show full text]
Who We Are Ngt Life Cycle
NGT Next Generation Trading (NGT) is a multi-asset class trading platform for the securities finance marketplace. Accessed through NGT’s intuitive, Web-based user interface or via full automation using our proprietary messaging protocol, NGT offers access to global securities finance trading to firms of all sizes. With tens of thousands of trades conducted on the platform around the globe each day, NGT offers unparalleled liquidity in the securities finance market. NGT’s strategic features increase trade-level transparency, improve workflow automation and generate efficiencies market wide. STRATEGIC FEATURES: » Negotiation tools with real-time bid/offer workflow » Trading on screen or via automated messaging » Straight-through processing for trade decisions and bookings » Targeted Availability (TA): up-to-date, executable inventory » Indications of interest (IOI): market discovery tool » Borrower-to-lender and broker-to-broker trade flows » Flexible non-cash collateral communication » Streamlined static data setup and ongoing maintenance KEY STATS E... A HER ADE » 90 firms using NGT globally TR E ET DISCOVERY IAT RK (IOI IT MA ) each day IN » NGT users based in 30+ T locations around the globe B RA L D E O » Assets domiciled in 50+ R N H E E markets traded on NGT R G E . O . E A » $39bn notional on average T X I A E traded on NGT each day N C T O U I I O T T » A $46bn notional: record single- U N B C day trade count on NGT on L E E X June 26, 2018 I N E / V E E C N T N O A T R Y P E ( T C NGT LIFE CYCLE A C ) A BEST SECURITIES FINANCE TRADING PLATFORM GLOBALLY L Global Investor/ISF Awards 2012, 2013, 2014, 2015, 2016, B 2017 BO RE RR E OW ID) R H REQUEST (FIRM B O WHO WE ARE EquiLend is a leading provider of trading, post-trade, market data and clearing services for the securities finance industry with offices in New York, London, Hong Kong and Toronto.
[Show full text]
The Front-To-Back Sftr Solution
THE FRONT-TO-BACK SFTR SOLUTION & 1 THE COLLABORATION EquiLend and TRAX, the post-trade As leading providers of trading, confirmation services engine of MarketAxess, are and reporting solutions, EquiLend and TRAX are ideally placed to offer solutions collaborating on a full front-to-back around Unique Transaction Identifier (UTI) Securities Financing Transactions generation, timestamps and lifecycle events Regulation (SFTR) solution to to help firms meet their reporting obligation. support the industry in meeting their The EquiLend and TRAX SFTR Solution reporting obligations. allows firms subject to SFTR to obtain a pre-repository match to help ensure EquiLend’s expertise in the securities accurate reporting and efficient exception finance industry combined with management processing. TRAX’s regulatory reporting and repo The fully interoperable solution enables trade confirmation heritage result in the onward routing of trades to the Insight a comprehensive service covering all engine, which (i) enriches the reports SFTR eligible asset classes. submitted by a client with reference data and (ii) sends the enriched transaction reports to certain trade repositories. The engine captures and centralises reporting flows, enabling firms to manage exceptions through a single interface and to rely on TRAX’s rules engine to filter and enrich trades. Clients will also be able to benefit from delegated reporting. 2 WHAT DOES SFTR ENTAIL? The European Commission adopted the RTS and ITS on December 13, 2018. The report details a total of 155 reportable
[Show full text]
Ecs Loan Market
ECS LOAN MARKET The EquiLend Clearing Services (ECS) Loan Market currently offers the only CCP-based securities lending market for U.S. equities, ETFs and ADRs. The ECS Loan Market provides activity to OCC’s centrally cleared Market Loan Program for securities lending clearance and settlement services. Integrating trade execution, clearance and settlement through the full trade lifecycle, the ECS Loan Market enables U.S. broker-dealers to benefit from the centrally cleared model for their securities lending business. How It Works Benefits • Access all market services via an API connection or • Covers all OCC-eligible securities, including over our Web-based application 6,000 underlying equities, ETFs and ADRs • Identify market liquidity including the depth of the • Offers access to wide marketplace of U.S. broker- market, last traded rate and floating rate versus OBFR dealer counterparties active in securities lending overnight published rates • Facilitates CCP legal and credit intermediation • Upload a spreadsheet with borrow needs or loan between lenders and borrowers, reduces balance supply sheet risk profile and improves overall capital footprint • Execute trades on our proprietary trading screens, • Delivers fully automated, real-time, straight-through custom built for securities lending market participants settlement processing once trade is matched and with near-time settlement status updates • Lender supply and borrower demand are automatically matched and immediately sent to OCC • Enables flexible connectivity solutions, including
[Show full text]
Rma Securities Finance & Collateral Management Conference
JOIN. ENGAGE. LEAD. RMA SECURITIES FINANCE & COLLATERAL MANAGEMENT CONFERENCE THE LONG & SHORT OF IT: FUTURE PERSPECTIVES OF THE INDUSTRY A DECADE AFTER THE FINANCIAL CRISIS. THE BOCA RATON RESORT & CLUB BOCA RATON, FL The ORIGINAL industry wide conference sponsored and developed by securities lending and borrowing professionals for securities lending and borrowing professionals. October 14–17, 2019 Enterprise Risk • Credit Risk • Market Risk • Operational Risk • Regulatory Affairs • Securities Lending DEAR COLLEAGUES We are honored to invite you to RMA’s 36th Annual Securities Finance and CONFERENCE PLANNING Collateral Management Conference. We are eager to present the expanded scope COMMITTEE of the conference program; encompassing the scope of the securities finance and collateral management businesses. We believe this expanded view of the Fran Garritt, RMA conference better reflects the discussions taking place as the industry continues to evolve. This year’s conference takes place October 14–17, 2019 at the Boca Glenn Horner, State Street Raton Resort & Club in Boca Raton, Florida. Join industry leaders such as agent Christopher Kunkle, BMO Global Asset lenders, borrowers, beneficial owners, and hedge funds to engage in forward- Management looking discussions on regulatory and market influences affecting our business. Additionally, the conference gives you an unmatched opportunity to meet and Michael McAuley, BNY Mellon network with your significant counterparties. Thomas Poppey, Brown Brothers Harriman Jason Strofs, BlackRock The conference steering committee has developed an extensive business program providing practical solutions—designed to be immediately put into action—to Anthony Toscano, Deutsche Bank industry challenges you currently face. The steering committee, as well as the moderators and panelists, are industry experts representing a wide range of experience.
[Show full text]
CASLA 2014 Registered Attendee Lists May 8
4th Annual CASLA Conference on Securities Lending Generated Friday, May 8, 2014 First Name Last Name Organization Peter Abric Wells Fargo Securities , LLC John Addis Bank of America of Merrill Lynch Michael Airey Broadridge Michael Alchus JP Morgan Tatiana Aleshina National Bank of Canada Jeffrey Alexander CIBC Mellon Global Securities Services Reya Ali-Dabydeen Ernst & Young LLP Giles Anderson Broadridge Financial Solutions Inc. Zach Antonucci Deutsche Bank Vic Arora Scotiabank Carl Attie National Bank of Canada Matthew Baldassano Jefferies LLC. Neal Barbiero Millennium Partners George Barkas Canadian Pension Plan Investment Board David Barker RBC Capital Markets Anthony Barros E*Trade Financial Corporation Michael Baudo ING Financial Markets Todd Bazarnik Nomura Securities International Sandra Belic Fidelity Prime Services Chris Benedict DataLend Jeff Benner Northern Trust Linda Benzi E*Trade Daryl Blattberg Bank of America Merrill Lynch Nathalie Bockler Societe Generale, Corporate & Invesment Bank Joe Brambil JP Morgan Patrick Brett Goldman Sachs James Bryce National Bank of Canada Marc Buchanan 4Sight Financial Software Matthew Buechele UBS Brian Cahalan BNP Paribas Prime Brokerage Inc Jeff Campbell Maple Securities Canada Limited Maureen Campbell SunGard Peter Caruso ITG Inc Tom Cavanagh Desjardins Securities Nick Chan BMO Capital Markets Lesley Charkow RBC Investor Services Trust Robert Chiuch BNY Mellon Arianne Collette Morgan Stanley Nick Conroy Bank of Nova Scotia Suzanne Conway TD Securities Ed Corral Morgan Stanley Andrew Dac
[Show full text]