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Nasdaq Urges Central Clearing of Treasury Trading; LME hopes gold futures contract will be blueprint for reform; What Milton Friedman Got Right, and Wrong, 50 Years Ago

First Read

Hits & Takes
By John J. Lothian

It is a busy week for education in the Chicago financial markets, from WOO to TT300 to NIBA.

Today we open session number one of the Chicago edition of MarketsWiki Education World of Opportunity at the Stuart School of Business at Illinois Tech. We have a great lineup of speakers and a good showing of industry interns and newer employees signed up. We still have room for more, so there is a chance to still sign up yet today.

The session will lead off with Stuart School professor Rick Cooper, because he is our host and has a plane to catch. Tom Sexton, the new CEO of the NFA, will follow Cooper. The one of a kind Tom Sosnoff will be the next Tom to speak, followed by longtime introducing Broker Paul Georgy. The last two speakers are industry educator Dan Gramza and RCG executive Rich Mackey

On Saturday, WGN TV hosted a Trading Tech 300 merit badge clinic at its studios in Chicago and we had 19 Boy Scouts, including my son Robby, work on the Weather merit badge. WGN TV weatherman DeMetrius Ivory, an Eagle Scout, taught the class and I was the merit badge counselor for it.

Four Star Wealth Management is teaching the American Business and Entrepreneurship merit badges today and tomorrow Advantage Futures teaches the Chess and Public Speaking merit badges.

In August, Nuveeen will offer the Citizenship in the Nation merit badge and Enova Technologies is offering digital technology. The Trading Tech 300 program continues to grow and the response from the scouts, parents and scout professionals is terrific.

One Scoutmaster of two scouts who earned the RSM Harlan Ten Pas Award, for earning five merit badges as part of Trading Tech 300, said recently at their Eagle court of Honor that without programs like Trading Tech 300 the boys would not have been able to make it to Eagle. They live in the Pullman neighborhood and there are just not enough merit badge counselors close.

On Thursday, I will be giving the keynote address at the NIBA & DePaul Joint Symposium. The title of my speech is “Brexit and other Extraordinary Popular Delusions.”

There is a lot going on in Chicago this week in education – something for everyone.


Setting the Stage for Regulatory Divergence

At Trading Chicago presented by FOW and John Lothian News, Gary DeWaal, special counsel with Katten Muchin Rosenman, spoke to JLN about how the United States is beginning to diverge from the rest of the world on financial regulatory matters.

Watch the video »


The Social Good of Market Utilities; DTCC: From Where We Stand
From Where We Stand, market utilities provide a social good that can help restore and maintain trust and confidence in the financial system among the investing public. Learn more about our perspective and how DTCC is helping to make markets safer and more efficient.

****** Clearinghouses are my new heroes.


America’s Lust for Bacon Is Pushing Pork Belly Prices to Records; Prices for part of hog used to make bacon hit record highs, as pig farmers struggle to keep up with demand
Benjamin Parkin – Bloomberg
A national craving for bacon is pushing U.S. pork-belly prices to record highs.

***** What is a substitute for bacon when prices are too high? Bacon.


Winnie the Pooh blacklisted by China’s online censors; Social media ban for fictional bear follows comparisons with Xi Jinping
Yuan Yang in Shanghai – FT
Winnie the Pooh has become too politically sensitive to be mentioned on Chinese social media.

***** This is more depressing than Eeyore.


Bridging the Week by Gary DeWaal: July 10 to 14 and July 17, 2017 (Regulators Kumbaya; Reviewing Swap Data Reporting; Recordkeeping; Insider Trading)
Bridging the Week
In an inaugural-type speech last week, Jay Clayton, newly appointed Chairman of the Securities and Exchange Commission, advocated for kumbaya with other regulators, particularly with the Commodity Futures Trading Commission. Mr. Clayton singled out working with the CFTC in order to achieve greater harmonization of rules required under Dodd-Frank, as well as to reduce unwarranted complexity and costs to both market participants and the two agencies. Separately, the Financial Industry Regulatory Authority settled more disciplinary actions for the alleged failure of broker-dealers to fully comply with the SEC’s current recordkeeping requirements related to electronic brokerage records. The requirements are the same obligations that the CFTC is eliminating effective August 28 for being antiquated and not accommodating new technologies.


Game of Thrones: Libertarian Edition; Give me liberty or give me dragons.
Austin Bragg, Andrew Heaton & Meredith Bragg
As HBO’s blockbuster series Game of Thrones returns for its seventh season, Reason offers its own freedom-filled parody. A libertarian paradise north of the wall? What’s happened to Westeros’ social security trust fund? Should it take low-income Dothraki four years to get a hair-braiding license? Watch!

***** Game of Thrones is back on HBO and this libertarian parody is just too funny.


Friday’s Top Three
Friday’s top read stories were led far-and-away by Bloomberg’s piece on the challenges for high speed traders today, in They’re The World’s Fastest Traders. Why Aren’t They Thriving?. Second and third were all about Goldman. Bloomberg’s piece on the CEO’s vision took second in New Lloyd Blankfein, Same Goldman Sachs. Third went to Reuters, in Goldman Sachs relaxes dress code for techs in fight for talent


MarketsWiki Stats
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MarketsWiki Statistics


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Lead Stories

Nasdaq Urges Central Clearing of Treasury Trading; Exchange operator tells lawmakers that the move would reduce risk in the $13.9 trillion U.S. Treasury market
Dave Michaels – WSJ
Exchange operator Nasdaq Inc. NDAQ -0.67% told lawmakers Friday that systemic risk in the $13.9 trillion U.S. Treasury market would be reduced by requiring trades be guaranteed by clearinghouses.

LME hopes gold futures contract will be blueprint for reform; Strong first week of trading proves a source of optimism for struggling exchange
Henry Sanderson – FT
The London Metal Exchange is looking to its first gold futures contract in 30 years as a blueprint for an overhaul of the 140-year-old exchange, which has been struggling in the face of fierce competition and tough market conditions.

What Milton Friedman Got Right, and Wrong, 50 Years Ago; His “natural unemployment” theory doesn’t quite explain today’s circumstances.
Ferdinando Giugliano – Bloomberg
Paradigm shifts do not come often in economics. From Adam Smith to John Maynard Keynes, there is only a handful of scholars who can claim to have radically changed the way we think about how markets should work and what governments can do to improve their functioning.

Who Gets Hit Next in China’s Financial Crackdown?
Anjani Trivedi – WSJ
Beijing is contending with a web of financial risks. Markets are jittery about which part of the system regulators will go after.

China stocks plunge on ‘Black Monday’, with nearly 500 stocks falling by daily limit of 10 percent
Laura He, Zhang Shidong – South China Morning Post
More than 2,800 stocks fell across Chinese markets on “Black Monday”, with nearly 500 dropping by their daily limit of 10 per cent, as a financial work conference of the Chinese top leadership sparked fears that the financial sector will face a prolonged period of increased scrutiny.

Odd Lots: Why The Most Exciting Market In The World Right Now Is In Wheat; The grains market is where the volatility’s at.
Joe Weisenthal and Tracy Alloway – Bloomberg
Every week, hosts Joe Weisenthal and Tracy Alloway take you on a not-so-random walk through hot topics in markets, finance and economics.

ICE to Supervise LBMA Silver-Price Benchmark; Intercontinental Exchange Inc. and London Bullion Market Association say exchange will run the daily electronic silver auctions
Alexander Osipovich – WSJ
ICE will take over supervision of a key measure of silver prices, adding a new prize to the family of benchmarks run by the New York-based exchange operator.

Brexit Puts Financial-Trade Tax on Ice as Banks Start Moving
Alexander Weber and Mark Deen – Bloomberg
A six-year push to impose a tax on financial transactions in Europe may have run its course, with Germany and France dragging their feet as they prepare for Brexit and a redrawing of the financial map that has already begun.

How can we stop algorithms telling lies?
Cathy O’Neil – The Guardian
Lots of algorithms go bad unintentionally. Some of them, however, are made to be criminal. Algorithms are formal rules, usually written in computer code, that make predictions on future events based on historical patterns. To train an algorithm you need to provide historical data as well as a definition of success.

From $2 Billion to Zero: A Private-Equity Fund Goes Bust in the Oil Patch; The more than $1 billion of debt an EnerVest fund took on during oil’s price surge now threatens its viability
Ryan Dezember – WSJ
A $2 billion private-equity fund that borrowed heavily to buy oil and gas wells before energy prices plunged is now worth essentially nothing, an unusual debacle that is wiping out investments by major pensions, endowments and charitable foundations.

A Fanatic is One Who Can’t Change his Mind and Won’t Change the Subject
In his latest whitepaper, Rob Arnott is still repeating things like this: “We point out that some of these factors owe much (or all) of their past efficacy to rising relative valuations.” It’s not a minor assertion but one of his central themes. It was the main topic of the first major paper in his recent wave of “most of the factors are overpriced, data mined, and doomed, save only for the value factor which I still occasionally rename and claim as my own” series, and he returns to it here.

Revealed: City of London accuses France of plot to ‘wreck Britain’ – even if it gains nothing itself; A leaked memo says French bankers are plotting to ‘actively disrupt’ the City; The London financial centre is worth £66 billion a year to the Treasury
Simon Walters Political Editor For The Mail
France has boasted to City of London chiefs that it will use Brexit to sabotage the British economy, according to a bombshell leaked memo.

Interdealer broker BGC targets swaps compression services; Offsetting derivatives trades helps lenders reduce running costs
Philip Stafford – FT
BGC Partners, the US interdealer broker, is stepping up its fight to grab market share from rivals TP ICAP and Nex Group in the battle to help global lenders cut billions of dollars of costs from running their swaps portfolios.

Exchanges, OTC and Clearing

LMEprecious contracts see volumes surge in first week of trading
The London Metal Exchange (LME) gold and silver contracts saw volumes surge in their first week of trading. LME Gold traded a total of 25,590 lots (2.6 million ozt / 79.6 tonnes) while 2,556 lots (12.8 million ozt / 397.5 tonnes) of LME Silver were transacted. LME Gold and Silver open interest also reached 9,380 lots and 2,253 lots respectively.

The Nigerian Stock Exchange Goes Live with Nasdaq SMARTS Market Surveillance Technology
Nasdaq (Nasdaq:NDAQ) and The Nigerian Stock Exchange (NSE) have officially announced that NSE, the stock exchange of the largest economy in Africa, has launched a new market surveillance platform powered by SMARTS, Nasdaq’s flagship surveillance solution.

IIROC Extends Contract with Nasdaq SMARTS, Bolsters Surveillance Technology
The Investment Industry Regulatory Organization of Canada (IIROC) and Nasdaq, Inc. (Nasdaq:NDAQ) have signed an agreement which extends the surveillance technology relationship between IIROC and Nasdaq’s SMARTS. In this new phase, IIROC will increase its capabilities in advancing its cross-market, multi-asset surveillance across five stock exchanges and eight Equity Alternative Trading Systems.

Nigerian exchange launches Nasdaq-powered market surveillance; Technology will help African exchange to curb market abuse during growth phase.
John Bakie – The Trade
Nasdaq’s market surveillance technology has been rolled out on the Nigerian Stock Exchange (NSE).

Monthly report: Clearstream readies for CSD-regulation; CSDR to further harmonise European settlement sector and strengthen asset safety / CSD applications due end September 2017 / Asset safety a key concern for Clearstream
Deutsche Börse
In autumn, another milestone will be met: Deutsche Börse subsidiary Clearstream will apply for new licenses to operate under the Central Securities Depositories Regulation (CSDR). CSDR obligations require Europe’s CSDs to submit their application files to local regulators by 30 September 2017. Authorisations are expected to be granted from mid-May 2018 onwards.

HKEX Announces Securities for Second Phase of its Closing Auction
Hong Kong Exchanges and Clearing Limited (HKEX) has announced the list of securities for Phase 2 of the Closing Auction Session (CAS) it will roll out in its securities market on Monday, 24 July 2017.

Change of Designated Securities for Short Selling
The Stock Exchange of Hong Kong Limited, a wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited, announces that with effect from 18 July 2017 (Tuesday), China Power New Energy Development Company Limited (735) will be removed from the list of designated securities eligible for short selling.

India’s largest stock exchange must clean up its act before it’s too late
Nupur Anand – Quartz
At India’s largest bourse, crises are becoming par for course.
On Monday (July 10), the National Stock Exchange (NSE) was tripped by a technical snag in the early hours of trade. The three-hour glitch left the traders fuming. Only after three failed attempts was the NSE able to remove the glitch, but the reasons for the software meltdown remains unknown. The finance ministry has now sought a report on the matter.


Wealth Advisers Set Up Shop With a Shared Back Office
Landon Thomas Jr. – NY Times
When it comes to traditional financial advisers, Josh Brown of Ritholtz Wealth Management does not quite play to type.

Calypso and LIST partner to fully automate the end-to-end trading process English
PR Newswire
Calypso Technology Inc., a leading provider of capital markets and investment management software, and LIST, an innovative software vendor of technology for electronic trading, today announced their partnership to deliver execution and compliance solutions fully integrated with Calypso’s front to back platform.

GreenKey & Red Box Partner to Launch Integrated Trading Solution; Partners launch integrated trading voice collaboration and compliance recording solution
Ian Taylor Ian Taylor –
GreenKey Red BoxGreenKey Technologies, an AI-driven voice collaboration platform for the financial markets, announced today a global partnership with Red Box Recorders, a market leading expert in voice recording technology and services, to create an integrated solution for embedded compliance recording within GreenKey’s software-based trader collaboration offering.

Bitcoin Takes Weekend Slide; Digital currency drops below $2,000 and farther from June high
Paul Vigna – WSJ
The price of the digital currency bitcoin fell over the weekend, dropping below $2,000 and farther away from its June highs, part of a broad selloff in dozens of cryptocurrencies, including ether.


Trump’s approval rating falls to 36% six months into presidency; US leadership in the world, healthcare and Russia scandal hurt president’s popularity
Demetri Sevastopulo in Washington – FT
Donald Trump’s approval rating has fallen in recent months over concerns about US leadership in the world, the way his party is handling healthcare reform, and the Russia scandal that continues to dog his White House tenure.

Americans Feel Good About the Economy, Not So Good About Trump
John McCormick – Bloomberg
Just 40 percent approve of president’s performance in office; Narrow majority expect stock market to be higher by year’s end
Almost six months into Donald Trump’s presidency, Americans are feeling fairly optimistic about their jobs, the strength of the U.S. economy, and their own fortunes. That should be welcome news for the president, except for one thing: The public’s confidence largely appears to be in spite of Trump, not because of him.

JP Morgan chief blasts US dysfunction: ‘It’s almost an embarrassment being American’
Dominic Rushe in New York – The Guardian
JP Morgan just had the most profitable 12 months ever for a US bank – but it wasn’t enough for Jamie Dimon, the bank’s boss.

How Obama’s Failure To Prosecute Wall Street Set The Stage For Trump’s Win; A “chickensh*t club” of prosecutors who only pursue easy targets managed to change history, a veteran Wall Street reporter argues in a new book.
Alexander C. Kaufman – Huffington Post
In his eight years as president, Barack Obama oversaw a civil rights renaissance, laid the groundwork for combating climate change, and shepherded the nation through its worst financial crisis since the Great Depression.


Edward Jones fined $750,000 over account aggregation violations
The Financial Industry Regulatory Authority Inc. has fined Edward Jones $750,000 for lacking an adequate supervisory system for use of account aggregation software.

Hedge Funds See MiFID Win in EU Warning to Trading Platforms
Silla Brush – Bloomberg
High-speed traders praise ESMA guidance on access policies; Traders said rules should lead to greater access to venues
Hedge funds and high-speed traders have been fighting for years to level the playing field with banks on derivatives trading. They just won a round in Europe.

FCA sets out scope of Investment Platforms Market Study
The Financial Conduct Authority (FCA) has today published the Terms of Reference for the Investment Platforms Market Study, which sets out the scope and topics that will be covered.

S.E.C. Upholds Dismissal of Wells Fargo Insider Trading Case
By REUTERS via NY Times
The Securities and Exchange Commission has upheld the dismissal of an administrative case against a former Wells Fargo trader after two commissioners split on whether the evidence proved he had engaged in insider trading.

Investing and Trading

Bitcoin Is on Track for Its Biggest Weekly Decline Since March
Lily Katz – Bloomberg
Bitcoin has declined about 13 percent this week, the biggest five-day slide since March, as rival enthusiasts of the digital currency consider adopting two competing software updates at the end of July.

Schwab Is Back With First ETF Since 2013
Rachel Evans – Bloomberg
It’s been a long time coming, but Charles Schwab Corp. is shaking up the exchange-traded fund industry once again with plans for its first new offering in four years.

Green not the only colour for ethical bond investors; Growing popularity of social debt issuance prompts flurry of standard-setting moves
Kate Allen – FT
Ethical investors have begun to discover that green is not the only colour when it comes to buying bonds.

The $4.4 Trillion Man: Can Vanguard’s New Boss Keep Raking in Cash?
Charles Stein – Bloomberg
Buckley named president, next CEO as competition heats up; BlackRock and Schwab are among rivals targeting index leader
Tim Buckley has just been handed the keys to the house that Bogle built. But Buckley, Vanguard Group’s new president, confronts something that founder Jack Bogle never did back in his prime: a world in which cheap market-tracking index funds are everywhere.

BlackRock assets under management climbs to $5.68 trillion
Miles Johnson – FT
BlackRock, the world’s largest investment manager, managed to attract $104bn of inflows into its funds in the second quarter, taking its total assets under management to a $5.68 trillion.

A Possible Alternative to Stocks and Bonds: Commodities?
Making a case that the stock market isn’t expensive these days often means dragging Tina into the conversation. Tina is short for “There is no alternative.” It is a claim that after a decade of loose monetary policy and low interest rates, bonds, the traditional alternative to stocks, are no better a bargain than high-flying stocks.


Wells Fargo Broker Defections Pick Up Since Cross-Sales Scandal; Bank attributes multi-quarter decline partly to retirements
Michael Wursthorn – WSJ
Wells Fargo & Co. has lost more than 500 brokers since it agreed to a multimillion-dollar settlement last year to settle its cross-selling scandal, a level of attrition that outstrips the pace at the other three big brokerages.

Citigroup’s Bankers, Bond Traders Are Narrowing Gap on JPMorgan
Dakin Campbell – Bloomberg
Fixed-income revenue at Citigroup now just shy of top firm’s; Investment banking results are strongest in years amid hires
Citigroup Inc.’s bond traders and investment bankers are closing in on their rivals at JPMorgan Chase & Co.

Results for Big Banks Show a Reliance on Washington
A bumper set of second-quarter earnings on Friday from Citigroup, JPMorgan Chase and Wells Fargo reveals their reliance on Washington.

Barclays-Qatar Trial Scheduled for January 2019 by London Judge
Suzi Ring – Bloomberg
Varley, Jenkins, Kalaris and Boath appear at court hearing; Charges related to Barclays’ 12 billion-pound fundraising
Four former Barclays Plc executives will stand trial in January 2019 on allegations they conspired to commit fraud over the bank’s 2008 fundraising with Qatar, a London judge said.

Low volatility blamed for poor investment bank results; Both Citi and JP Morgan cite low volatility as cause of falling markets revenue.
John Bakie – The Trade
JP Morgan has seen revenues in its markets and investor services business fall by over 11% in Q2 compared with Q1 2017.

HSBC Bans Traders From Buying Stocks, Bonds on Their Personal Accounts
Tom Beardsworth , Donal Griffin , and Stephen Morris – Bloomberg
Employees allowed to maintain existing holdings, people say; Sales must be pre-approved by compliance personnel, people say
HSBC Holdings Plc has instructed about 6,000 employees of its global markets division to cease buying single-name securities on their personal accounts, according to people with knowledge of the matter.

Wells Fargo Lost ‘Tens of Millions’ in Muni and State Deals After Scandal
Laura J Keller – Bloomberg
Illinois, New York City among clients that halted dealings; CEO Shrewsberry says bank wants to ‘win their business back’
Wells Fargo & Co. has lost “tens of millions of dollars” in revenue from municipal and state clients since a sales scandal in its consumer bank erupted 10 months ago, Chief Financial Officer John Shrewsberry said.

BNY Mellon names ex-head of Visa as CEO
Bank of New York Mellon Corp (BK.N) named Visa Inc’s (V.N) former chief executive Charles Scharf as its CEO, effective immediately.


One of worst droughts in decades devastates South Europe crops
Isla Binnie and Paul Day – Reuters
Italian durum wheat and dairy farmer Attilio Tocchi saw warning signs during the winter of the dramatic drought to come at his holding a mile away from the Tuscan coast.

LSE Growth Commission: invest more in people, not only buildings and machines
London School of Economics Blog
The LSE Growth Commission sets out a new blueprint for inclusive and sustainable growth that deals with the challenges facing the UK, old and new.
Based on the latest research, analysis and evidence from leading practitioners and scholars, the Commission – drawn from leading business, policy-making and academic figures – outlines the top priorities in four key areas.

Xi Jinping’s Comments Spook Chinese Stock Markets; China’s benchmark Shanghai Composite Index posts biggest daily decline in seven months
Shen Hong – WSJ
China’s top officials signaled over the weekend that the country’s campaign against runaway debt and speculation remains a priority—spooking domestic equity markets on Monday and prompting a massive injection of liquidity by the central bank.

China Blocks Big Banks From Lending to Dalian Wanda; Banks unable to loan company money for several deals, as China tightens control on foreign investment
Lingling Wei and Wayne Ma – WSJ
Chinese regulators have ordered the nation’s big banks to put the brakes on loans to Dalian Wanda Group, the giant property and entertainment company owned by billionaire Wang Jianlin.

U.K.’s Davis Resumes Brexit Talks as Cabinet Splits Turn Ugly
Ian Wishart and Tim Ross – Bloomberg
Brexit secretary meets EU’s Barnier and says progress is vital; Talks on bill, citizens’ rights to last all week in Brussels
U.K. Brexit Secretary David Davis returned to Brussels Monday to resume Brexit talks with the European Union, as infighting among ministers in London over the future of Prime Minister Theresa May gathered pace.

The Hottest Commodity in China May Start to Cool Before Long
Bloomberg News
While steel rebar has surged, the gains are seen as vulnerable; ‘When prices fall, they can fall very quickly,’ Huatai warns
These are great times for China’s gargantuan steel industry as product prices soar to multi-year highs, mills’ profits swell and speculators stake out record positions in futures markets in the country that makes half of global supply. They could be over soon.

One of worst droughts in decades devastates South Europe crops
Isla Binnie and Paul Day – Reuters
Italian durum wheat and dairy farmer Attilio Tocchi saw warning signs during the winter of the dramatic drought to come at his holding a mile away from the Tuscan coast.


Frankfurt Is the Big Winner in Battle for Brexit Bankers
Gavin Finch, Hayley Warren and Tim Coulter – Bloomberg
Frankfurt has emerged as the biggest winner in the fight for thousands of London-based jobs that will have to be relocated to new hubs inside the European Union after Brexit.

Here’s Where London Bankers Are Moving After Brexit
Gavin Finch, Hayley Warren and Tim Coulter – Bloomberg
Frankfurt has emerged as the biggest winner in the fight for thousands of London-based jobs that will have to be relocated to new hubs inside the European Union after Brexit.

France wants hardest Brexit, says City envoy to EU; Adversarial posture made plain in talks at French central bank, Treasury and MPs told
Emma Dunkley – FT
France favours the “hardest Brexit” and is “seemingly happy” for an outcome detrimental to London, according to a leaked memo written by the City’s envoy to the EU.

Business ‘confused and dismayed’ at government over Brexit; Warming relations reveal gaps in planning and confusion over myriad working groups
Sarah Gordon – FT
An attempt to woo British business leaders by the government has left them confused over who to speak to and dismayed at the lack of preparation as Brexit negotiations restart on Monday.

Britain’s Brexit Chaos Leaves EU Friends and Foes Bemused
Robert Hutton – Bloomberg
Ministers openly disagree about negotiating goals and tactics; Elementary blunders undermine reputation for efficiency
Theresa May’s goal at this point in the Brexit negotiations was to be a strong British prime minister exploiting divisions between European Union leaders. It hasn’t quite worked out that way.


Dow Jones Inadvertently Exposed Some Customers’ Information; Error left information about subscribers vulnerable to possible unauthorized access
An error by Dow Jones left information about subscribers to some of its products,
Robert McMillan – WSJ
An error by Dow Jones & Co. in configuring a cloud-computing service left addresses and other information about subscribers to some of its products, including The Wall Street Journal, exposed to possible unauthorized access.

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Graduate of University of Minnesota School of Journalism and Mass Communication