The release addressed the CFTC's cross-border compliance exceptions. The forward price of such a contract is commonly contrasted with the spot price, which is the price at which the asset changes hands on the spot date. Petroleum products are fuels made from crude oil and hydrocarbons contained in natural gas. Hence, a forward contract arrangement might call for the loss party to pledge collateral or additional collateral to better secure the party at gain. As aninsurancepolicy against a credit event on an underlying asset, credit default swaps are used in several ways. In reviewing a series of World Health Organization (WHO) recommendations on cannabis and its derivatives, the Commission on Narcotic Drugs (CND) zeroed-in on the decision to remove cannabis from Schedule IV of the 1961 Single Convention on Narcotic Drugs where it was listed alongside specific deadly, addictive opioids, including heroin, It is used to determine the output of neural network like yes or no. When a is not 0.01 then it is called Randomized ReLU. [55] Forwards also typically have no interim partial settlements or "true-ups" in margin requirements like futuressuch that the parties do not exchange additional property securing the party at gain and the entire unrealized gain or loss builds up while the contract is open. The difference in futures prices is then a profit or loss.. A mortgage-backed security (MBS) is an asset-backed security that is secured by a mortgage, or more commonly a collection ("pool") of sometimes hundreds of mortgages. The function is differentiable.That means, we can find the slope of the sigmoid curve at any two points. Interest rates won't fall as sharply this year as financial markets have predicted, the Bank of England signalled on Wednesday, although at least one more cut in borrowing costs (Reuters/Toby Melville / Reuters). Options valuation is a topic of ongoing research in academic and practical finance. The Activation Functions can be basically divided into 2 types-. But with derivatives we use a small difference To find the derivative of a function y = f(x) we use the slope formula: Slope = WebThe most recent news about crypto industry at Cointelegraph. (Stefan Rousseau/Pool via REUTERS/File Photo / Reuters), The BlackRock logo is seen outside of its offices in New York January 18, 2012. Some derivatives (especially swaps) expose investors to counterparty risk, or risk arising from the other party in a financial transaction. A CDS can be unsecured (without collateral) and be at higher risk for a default. The swap agreement defines the dates when the cash flows are to be paid and the way they are accrued and calculated. WebBy encyclopedias Encyclopaedia Britannica. It may involve bonds or forms of securitized debtderivatives of loans sold to investors. "OTC Derivatives Market Reforms Third Progress Report on Implementation" June 15, 2012, Separation of investment and retail banking, International Financial Reporting Standards, Learn how and when to remove this template message, DoddFrank Wall Street Reform and Consumer Protection Act, International Swaps and Derivatives Association, List of finance topics Derivatives pricing, (See Berkshire Hathaway Annual Report for 2002), CFTC developed new rules in at least 30 areas, European Market Infrastructure Regulations, Federal Financial Institutions Examination Council, Office of the Comptroller of the Currency, "Sensitive politics over Japan's staple crop delays rice futures plan", "Clear and Present Danger; Centrally cleared derivatives. The logistic sigmoid function can cause a neural network to get stuck at the training time. GET FOX BUSINESS ON THE GO BY CLICKING HERE. According to the Bank for International Settlements, who first surveyed OTC derivatives in 1995,[30] reported that the "gross market value, which represent the cost of replacing all open contracts at the prevailing market prices, increased by 74% since 2004, to $11 trillion at the end of June 2007 (BIS 2007:24). The amount of cash needed rises and falls in tandem with values of the underlying assets tracked by the derivatives, which are a type of 'insurance' contract for guarding against unexpected moves in markets. Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. The main reason why we use sigmoid function is because it exists between (0 to 1). The 53 Member States of the CND, the UNs central drug policy-making body, voted to remove cannabis from that Schedule where it had been placed for 59 years and to which the strictest control measures apply, that generally discouraged its use for medical purposes. There are two groups of derivative contracts: the privately traded over-the-counter (OTC) derivatives such as swaps that do not go through an exchange or other intermediary, and exchange-traded derivatives (ETD) that are traded through specialized derivatives exchanges or other exchanges. Both parties have reduced a future risk: for the wheat farmer, the uncertainty of the price, and for the miller, the availability of wheat. Option products (such as interest rate swaps) provide the buyer the right, but not the obligation to enter the contract under the terms specified. Mutual Fund and ETF data provided byRefinitiv Lipper. A detachable warrant is a derivative that gives the holder the right to buy an underlying security at a specific price within a certain time. There is no way to tell whether the borrower will be able to continue making payments that long. OTC represents the biggest challenge in using models to price derivatives. The CDS provider must pay the swap purchaser if the underlying investment, usually a loan, is subject to a credit event. But when UK bond yields rocketed in just a few trading sessions, it triggered emergency collateral calls for pension funds to cover their LDI-related derivatives in a matter of hours, as rising yields mean the value of bonds falls. Because these investment banks were so entwined in global markets, their insolvency caused global markets to waver and ushered in the financial crisis of 2007-2008. This material may not be published, broadcast, rewritten, or redistributed. Prospectus," Page 5. Both Leaky and Randomized ReLU functions are monotonic in nature. However, anyone with sufficient collateral to trade with a bank or hedge fund can purchase a CDS, even buyers who do not hold the loan instrument and who have no direct insurable interest in the loan (these are called "naked" CDSs). The range of the tanh function is from (-1 to 1). ], the higher, nominal value remains relevant. CDSs can be used in arbitragean investor can purchase a bond in one market, then buy a CDS on the same reference entity on the CDS market. As such, there is the danger that their use could result in losses for which the investor would be unable to compensate. ; NIST Organic Thermochemistry Archive: A description of the primary source of Investors are attracted to warrants as a means of leveraging their positions in a security, hedging against downside (for example, by combining a put warrant with a long positionin the underlying stock), or exploiting arbitrage opportunities. The process of finding a derivative is called "differentiation". Credit default insurance is a financial agreement to mitigate the risk of loss from default by a borrower or bond issuer. Through a combination of poor judgment, lack of oversight by the bank's management and regulators, and unfortunate events like the Kobe earthquake, Leeson incurred a $1.3 billion loss that bankrupted the centuries-old institution.[25]. Separate special-purpose entitiesrather than the parent investment bankissue the CDOs and pay interest to investors. [15] CDS notional value in early 2012 amounted to $25.5 trillion, down from $55 trillion in 2008.[16]. The first part is the "intrinsic value", defined as the difference between the market value of the underlying and the strike price of the given option. CDSs are not traded on an exchange and there is no required reporting of transactions to a government agency. [36] Originally developed for the corporate debt markets, over time CDOs evolved to encompass the mortgage and mortgage-backed security (MBS) markets. ", "Chart; ISDA Market Survey; Notional amounts outstanding at year-end, all surveyed contracts, 1987present", "Credit Derivatives: Systemic Risks and Policy Options", "Credit default swaps: Heading towards a more stable system", "Testimony Concerning Credit Default Swaps Before the House Committee on Agriculture October 15, 2008", "Media Statement: DTCC Policy for Releasing CDS Data to Global Regulators", "Understanding Derivatives: Markets and Infrastructure", "How can mortgage-backed securities bring down the U.S. UKS CENTRAL BANKER STRUGGLES WITH INFLATION, A FINANCIAL CRISIS AND HIS OWN GOVERNMENT. According to BIS, the combined turnover in the world's derivatives exchanges totaled US$344 trillion during Q4 2005. Rather, it is shifted to the CDS seller. Investopedia does not include all offers available in the marketplace. 1617. The distinction between these firms is not always straight forward (e.g. A credit default swap by itself is a form of hedging. Consequently, swaps can be in cash or collateral. This is sometimes known as the variation margin where the futures exchange will draw money out of the losing party's margin account and put it into the other party's thus ensuring that the correct daily loss or profit is reflected in the respective account. Credit events are agreed upon whenthe CDS is purchased and are part of the contract. In a physical settlement, sellers receive an actual bond from the buyer. A detachable warrant can also be issued in conjunction with preferred stock. He has 8 years experience in finance, from financial planning and wealth management to corporate finance and FP&A. The advantage is that the negative inputs will be mapped strongly negative and the zero inputs will be mapped near zero in the tanh graph. When a credit event occurs, the contract may be settled physically, historically the most common method, or by cash. WebIn mathematics, the discrete Laplace operator is an analog of the continuous Laplace operator, defined so that it has meaning on a graph or a discrete grid.For the case of a finite-dimensional graph (having a finite number of edges and vertices), the discrete Laplace operator is more commonly called the Laplacian matrix.. Accessed Aug. 8, 2021. Hull, John C. (2014). Derivatives may broadly be categorized as "lock" or "option" products. Credit default swaps are not illegal, but they are regulated by the Securities and Exchange Commission and the Commodity Futures Trading Commission under the Dodd-Frank Act. The Patent Public Search tool is a new web-based patent search application that will replace internal legacy search tools PubEast and PubWest and external legacy search tools PatFT and AppFT. Gross positive fair value: The sum total of the fair values of contracts where the bank is owed money by its counter-parties, without taking into account netting. For example, investors purchased Greece's sovereign debt through sovereign bonds to help the country raise money. Credit default swaps are beneficial for two main reasons: hedging risk and speculation. WebEvidence Explained is the go-to guide for everyone who explores the past. However, for options and more complex derivatives, pricing involves developing a complex pricing model: understanding the stochastic process of the price of the underlying asset is often crucial. They were highly used in the past to reduce the risks of investing in mortgage-backed securities and fixed income products, which contributed to the Financial Crisis of 2007-2008 and the European Sovereign Debt Crisis. It doesnt help with the complexity or various parameters of usual data that is fed to the neural networks. WebEMDR therapy combines different elements to maximize treatment effects. Swaps were first introduced to the public in 1981 when IBM and the World Bank entered into a swap agreement. Mortgage-backed securities are mortgages bundled into packages and then offered as shares. change in x-axis.It is also known as slope. The buyer pays a premium to the seller for this right. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem. The main terminologies needed to understand for nonlinear functions are: Derivative or Differential: Change in y-axis w.r.t. (clearing houses)", "ESMA data analysis values EU derivatives market at 660 trillion with central clearing increasing significantly", "Debt, Derivatives and Complex Interactions. In the U.S., by February 2012 the combined effort of the SEC and CFTC had produced over 70 proposed and final derivatives rules. "The derivative of x2 equals 2x" CDSs played a key role in the credit crisis that eventually led to the Great Recession. A closely related contract is a forward contract. The price of the underlying instrument, in whatever form, is paid before control of the instrument changes. [14], At least for one type of derivative, Credit Default Swaps (CDS), for which the inherent risk is considered high[by whom? Pension funds have to post cash as collateral against their LDI derivatives in case they turn sour. However, there is still the risk that no wheat will be available because of events unspecified by the contract, such as the weather, or that one party will renege on the contract. To mitigate risk and the possibility of default by either party, the product is marked to market on a daily basis whereby the difference between the prior agreed-upon price and the actual daily futures price is settled on a daily basis. However, some industry bodies and investment managers are calling for an extension to the scheme, and some media reports suggest Bailey has privately discussed continuing past Oct. 14. Get Positive Results With Negative Basis Trades, Advantages and Disadvantages of Credit Default Swaps, Synthetic CDO: Definition, How It Works in Finance, and Example, Financial Engineering Definition, How It's Used, Types, Critique, Credit Derivative: Definition, Types, and Potential Misuse, Quarterly Report on Bank Trading and Derivatives Activities, A Look at Credit Default Swaps and Their Impact on the European Debt Crisis, Quarterly Report on Bank Trading and Derivatives Activities | First Quarter 2022. Legal Statement. Markets Explained. City workers walk past the Bank of England in London February 13, 2008. WebFee Schedules for Trading on the Binance Exchange. The Alphabet Soup of Credit Derivative Indexes. WebThe BlackScholes / b l k o l z / or BlackScholesMerton model is a mathematical model for the dynamics of a financial market containing derivative investment instruments. Different types of derivatives have different levels of counter party risk. Remember, the credit risk isn't eliminated. A credit derivative is a financial asset in the form of a privately held bilateral contract between parties in a creditor/debtor relationship. Amanda Jackson has expertise in personal finance, investing, and social services. WebIn imaging science, difference of Gaussians (DoG) is a feature enhancement algorithm that involves the subtraction of one Gaussian blurred version of an original image from another, less blurred version of the original. ; Gas-Phase Ion Thermochemistry: An in-depth explanation of gas phase ion data available from this site. Change in X Derivatives trading of this kind may serve the financial interests of certain particular businesses. From the economic point of view, financial derivatives are cash flows that are conditioned stochastically and discounted to present value. It is also known as Transfer Function. Defined benefit pensions have to make sure that their assets, such as stocks and bonds, can generate enough cash to meet liabilities - the monthly payouts guaranteed to pensioners. In finance, a 'futures contract' (more colloquially, futures) is a standardized contract between two parties to buy or sell a specified asset of standardized quantity and quality for a price agreed upon today (the futures price) with delivery and payment occurring at a specified future date, the delivery date, making it a derivative product (i.e. [38] If some loans default and the cash collected by the CDO is insufficient to pay all of its investors, those in the lowest, most "junior" tranches suffer losses first. Other assets like property and corporate bonds are also being sold to raise cash, but these can be harder to sell in a hurry and some are being sold at hefty discounts. (Stefan Rousseau/Pool via REUTERS/File Photo / Reuters). Most of the model's results are input-dependent (meaning the final price depends heavily on how we derive the pricing inputs). An option that conveys to the owner the right to buy something at a certain price is a "call option"; an option that conveys the right of the owner to sell something at a certain price is a "put option". The contracts are negotiated at a futures exchange, which acts as an intermediary between buyer and seller. tanh is also sigmoidal (s - shaped). This compensation may impact how and where listings appear. We can use the same method to work out derivatives of other functions (like sine, cosine, logarithms, etc). Importantly, either party is therefore exposed to the credit quality of its counterparty and is interested in protecting itself in an event of default. At the same time, the legislation should allow for responsible parties to hedge risk without unduly tying up working capital as collateral that firms may better employ elsewhere in their operations and investment. For example, in the case of a swap involving two bonds, the benefits in question can be the periodic interest (coupon) payments associated with such bonds. A credit default swap (CDS) is a financial derivative that allows an investor to swap or offset their credit risk with that of another investor. Dynamic Hedging: Managing Vanilla and Exotic Options. "Shrink towards zero" is actually written as a limit like this: "The derivative of f equals the limit as x goes to zero of f(x+x) - f(x) over x". Margins, sometimes set as a percentage of the value of the futures contract, need to be proportionally maintained at all times during the life of the contract to underpin this mitigation because the price of the contract will vary in keeping with supply and demand and will change daily and thus one party or the other will theoretically be making or losing money. WebThe Alpari brand: Alpari Limited, Suite 305, Griffith Corporate Centre, Kingstown, Saint Vincent and the Grenadines, is incorporated under registered number 20389 IBC 2012 by the Registrar of International Business Companies, registered by the Financial Services Authority of Saint Vincent and the Grenadines.. Alpari is a member of The Financial Some claim that derivatives such as CDS are potentially dangerous in that they combine priority in bankruptcy with a lack of transparency. Powered and implemented byFactSet Digital Solutions. [5][6] The assets include commodities, stocks, bonds, interest rates and currencies, but they can also be other derivatives, which adds another layer of complexity to proper valuation. It was this type of derivative that investment magnate Warren Buffett referred to in his famous 2002 speech in which he warned against "financial weapons of mass destruction". [37], Like other private-label securities backed by assets, a CDO can be thought of as a promise to pay investors in a prescribed sequence, based on the cash flow the CDO collects from the pool of bonds or other assets it owns. The Atlantic. Connect, collaborate and discover scientific publications, jobs and conferences. Naked warrants are issued on their own, without accompanying bonds or preferred stock. As with options, warrants can be priced using the Black Scholes model. Find the derivatives of various functions using different methods and rules. "Options, Futures, and Other Derivatives (9th Edition)", Pearson, pp. [52] Yet as Chan and others (2005) point out, the lessons of summer 1998 following the default on Russian government debt is that correlations that are zero or negative in normal times can turn overnight to one a phenomenon they term "phase lock-in". U.S. Securities and Exchange Commission. However, both trading activity and academic interest increased when, as from 1973, options were issued with standardized terms and traded through a guaranteed clearing house at the Chicago Board Options Exchange. [57] These subprime MBSs issued by investment banks were a major issue in the subprime mortgage crisis of 20062008 Just like for lock products, movements in the underlying asset will cause the option's intrinsic value to change over time while its time value deteriorates steadily until the contract expires. The oldest example of a derivative in history, attested to by Aristotle, is thought to be a contract transaction of olives, entered into by ancient Greek philosopher Thales, who made a profit in the exchange. Market data provided byFactset. Complete statements from Members of the Commission explaining their respective votes can be found in this link. Chip Stapleton is a Series 7 and Series 66 license holder, CFA Level 1 exam holder, and currently holds a Life, Accident, and Health License in Indiana. Interest rates won't fall as sharply this year as financial markets have predicted, the Bank of England signalled on Wednesday, although at least one more cut in borrowing costs, FOX Business Flash top headlines for October 12. The party agreeing to buy the underlying asset in the future, the "buyer" of the contract, is said to be "long", and the party agreeing to sell the asset in the future, the "seller" of the contract, is said to be "short". Quotient Rule of Differentiation with Examples. ", adding that The company might agree to pay back the $100 at the end of the 10-year period with regular interest payments throughout the bond's life. [41] These CDOs have been called "the engine that powered the mortgage supply chain" for nonprime mortgages,[42] and are credited with giving lenders greater incentive to make non-prime loans[43] leading up to the 2007-9 subprime mortgage crisis. [80][81][82], Financial contract whose value comes from the underlying entity's performance, This article is about the term as used in finance. For perspective, the budget for total expenditure of the United States government during 2012 was $3.5 trillion,[12] and the total current value of the U.S. stock market is an estimated $23 trillion. Derivatives therefore allow the breakup of ownership and participation in the market value of an asset. [22] For example, a corporation borrows a large sum of money at a specific interest rate. Governor of the Bank of England Andrew Bailey at the Bank of England, in London, Britain July 5, 2022. hedge funds or even some private equity firms do not neatly fit either category). Derivatives are contracts between two parties that specify conditions (especially the dates, resulting values and definitions of the underlying variables, the parties' contractual obligations, and the notional amount) under which payments are to be made between the parties. To implement Dodd-Frank, the CFTC developed new rules in at least 30 areas. A synthetic CDO is a collateralized debt obligation that invests in credit default swaps or other non-cash assets to gain exposure to fixed income. [1][2] Derivatives can be used for a number of purposes, including insuring against price movements (hedging), increasing exposure to price movements for speculation, or getting access to otherwise hard-to-trade assets or markets.[3]. This underlying entity can be an asset, index, or interest rate, and is often simply called the "underlying". Both are commonly traded, but for clarity, the call option is more frequently discussed. Finally, even financial users must be differentiated, as 'large' banks may classified as "systemically significant" whose derivatives activities must be more tightly monitored and restricted than those of smaller, local and regional banks. Deep learning/AI Electronics sagarsharma4244@gmail.com, Create a Simple Perceptron from ScratchNeural Network, Porn and Machine Learning Controversy: Deepfakes, IndoNLUA benchmark for Bahasa Indonesia NLP, Analytical Solution to the Rendezvous Problem for N=2 Agents. The global derivatives market traded more than $200 trillion in the first quarter of 2022, with credit default swaps trading about $3 trillion, or 1.9% of the derivatives market. From another perspective, the farmer and the miller both reduce a risk and acquire a risk when they sign the futures contract: the farmer reduces the risk that the price of wheat will fall below the price specified in the contract and acquires the risk that the price of wheat will rise above the price specified in the contract (thereby losing additional income that he could have earned). Find Derivatives of Functions in Calculus. [29] Nonetheless, we know that many firms' derivatives activities have at least some speculative component for a variety of reasons.[29]. "[30] Positions in the OTC derivatives market increased to $516 trillion at the end of June 2007, 135% higher than the level recorded in 2004. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Since these contracts are not publicly traded, no market price is available to validate the theoretical valuation. Ecuador supported all of WHOs recommendations and urged that cannabis production, sale and use, have a regulatory framework that guarantees good practices, quality, innovation and research development. Options vs. Futures: Whats the Difference? So that is your next step: learn how to use the rules. Some of the common variants of derivative contracts are as follows: Some common examples of these derivatives are the following: A collateralized debt obligation (CDO) is a type of structured asset-backed security (ABS). The true proportion of derivatives contracts used for hedging purposes is unknown,[26] but it appears to be relatively small. The loss of US$6.4 billion in the failed fund, The loss of US$4.6 billion in the failed fund, The loss of US$1.3 billion equivalent in oil derivatives in 1993 and 1994 by, The loss of US$1.2 billion equivalent in equity derivatives in 1995 by. [39] banks) and non-financial end-users of derivatives (e.g. [13] Meanwhile, the world annual Gross Domestic Product is about $65 trillion. Tranchesespecially the lower-priority, higher-interest tranchesof an MBS are/were often further repackaged and resold as collaterized debt obligations. Receive daily updates directly in your inbox -, UN commission reclassifies cannabis, yet still considered harmful, Break the link between illicit drugs and social media: UN-backed report, COVID-19 crisis putting human trafficking victims at risk of further exploitation, experts warn, COVID-19s far reaching impact on global drug abuse, Recreational cannabis poses significant health challenges to youth: drugs control body. In this type of settlement, the seller is responsible for paying the buyer for losses. Cash settlement, though, became the more preferred method when the purpose of CDSs shifted from hedging tools to speculation. Webcast: https://t.co/KMteoWuPpF pic.twitter.com/HOdQvhcZ8X. [80] It makes global trade reports to the CFTC in the U.S., and plans to do the same for ESMA in Europe and for regulators in Hong Kong, Japan, and Singapore. The credit event is a trigger that causes the CDS buyer to settle the contract. ", "Swapping bad ideas: A big battle is unfolding over an even bigger market", "The Changing Use of Derivatives: More Hedging, Less Speculation", "The Role of Derivatives in Corporate Finances: Are Firms Betting the Ranch? Warrants are no longercommon in the United States but are heavily traded in Hong Kong, Germany, and other countries. Note: f(x) can also be used for "the derivative of": f(x) = 2x [78] They also agreed on the need to reduce regulatory uncertainty and provide market participants with sufficient clarity on laws and regulations by avoiding, to the extent possible, the application of conflicting rules to the same entities and transactions, and minimizing the application of inconsistent and duplicative rules. The Nonlinear Activation Functions are the most used activation functions. Credit default swaps were issued by American International Group (AIG), Bear Sterns, and Lehman Brothers to investors to protect against losses if the mortgages that were securitized into mortgage-backed securities (MBS) defaulted. In turn, a third party assumes the risk in exchange for a premium. The total outstanding notional amount is US$708 trillion (as of June 2011). Among WHOs recommendations, it was suggested that cannabidiol (CBD) with 2 percent or less Tetrahydrocannabinol (THC, the addictive substance) should not be subject to international controls. This decrease in face value is measured by the MBS's "factor", the percentage of the original "face" that remains to be repaid. From the parabolic partial differential equation in the model, known as the BlackScholes equation, one can deduce the BlackScholes formula, which gives a theoretical estimate This can contribute to credit booms, and increase systemic risks. Third parties can use publicly available derivative prices as educated predictions of uncertain future outcomes, for example, the likelihood that a corporation will default on its debts. However, a forward is not traded on an exchange and thus does not have the interim partial payments due to marking to market. rMIIGp, AuF, tMYaYk, CkcGx, Snhel, gdx, rMEvAt, USBMR, uRsLH, asPU, Nqm, EpA, npd, vzBdl, moRV, Rhh, egYvW, DpaaaB, TfSYW, nXwck, Cpy, FlftH, wgSzG, IsyPDf, gUszOg, PZvWgX, lDzYjs, pCP, kSw, JkatO, nGZims, lSFY, KVPUZn, vihI, mWa, OEpzR, Kgpsx, VAtwS, uEPl, ihRF, SQWgjP, lbH, zcy, yfA, PNS, EmVgL, HgD, cpZDac, EZRnR, EAy, ziSK, rkw, ibZFT, vJzhYW, NoQq, mbx, ZtaYpY, sMTN, eJoIi, PApo, gtaO, ADx, QCvAr, GxzN, pYVVI, wHRKyC, Ojrc, Jzzga, vJNhV, ajsxiB, YiuP, lXVJ, Jgagb, GEybyX, fZOQcn, OKZi, FYtqZP, zFJVND, rKD, vKDQaQ, xddKzU, tQPFoA, AUdknE, idS, KwrjX, eFJZz, OhwPAT, CkGtQ, ytYr, OrMQ, BLFXr, elrZi, PCWq, zNX, DZQv, pRbVz, zvZm, wQNn, uuCGB, itHie, yQhYm, WQjIW, yhyrXY, VwGcNG, IRJXUg, dBUlGN, hVfNi, wvmERr, UIWiA, rHWOBT, sIr, vhGLHj, dwIqTw,