{"id":22892,"date":"2013-08-27T20:24:03","date_gmt":"2013-08-28T00:24:03","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=22892"},"modified":"2013-08-27T20:24:03","modified_gmt":"2013-08-28T00:24:03","slug":"august-27-2013","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=22892","title":{"rendered":"August 27, 2013"},"content":{"rendered":"

Is there high-closing in the FX market<\/a>?<\/p>\n

In the space of 20 minutes on the last Friday in June, the value of the U.S. dollar jumped 0.57 percent against its Canadian counterpart, the biggest move in a month. Within an hour, two-thirds of that gain had melted away.<\/p>\n

The same pattern — a sudden surge minutes before 4 p.m. in London on the last trading day of the month, followed by a quick reversal — occurred 31 percent of the time across 14 currency pairs over two years, according to data compiled by Bloomberg. For the most frequently traded pairs, such as euro-dollar, it happened about half the time, the data show.<\/p>\n

The recurring spikes take place at the same time financial benchmarks known as the WM\/Reuters (TRI) rates are set based on those trades. Now fund managers and scholars say the patterns look like an attempt by currency dealers to manipulate the rates, distorting the value of trillions of dollars of investments in funds that track global indexes.
…<\/b>
Because they receive clients\u2019 orders in advance of the close, and some traders discuss orders with counterparts at other firms, banks have an insight into the future direction of rates, five dealers interviewed in June said. That allows them to maximize profits on their clients\u2019 orders and sometimes make their own additional bets, according to the dealers, who asked not to be identified because the practice is controversial.
…<\/b>
A large proportion of trading at that time is generated by index funds, which buy and sell stocks or bonds to match an underlying basket of securities, the traders said.<\/p>\n

Banks that have agreed to make transactions for funds at the 4 p.m. WM\/Reuters close need to push through the bulk of their trades during the window where possible to minimize losses from market movements, the traders said. That leads to a surge in trading volume, which can intensify any moves.
…<\/b>
Fund managers rarely complain about getting a bad deal because they\u2019re assessed on their ability to track an index rather than minimize trading costs, according to consultants hired by companies and investors to help execute trades efficiently.<\/p>\n

\u201cWhere possible, I would always advise clients not to trade at the fix — but minimizing tracking error is so important to them,\u201d said Russell\u2019s [head of foreign exchange Michael] DuCharme. \u201cThat doesn\u2019t seem to be the right attitude to take when you have a fiduciary duty to seek the best execution for pension holders.\u201d<\/p><\/blockquote>\n

Hurrah for Mr. Ducharme who, unlike most market participants, appears to have retained the brains he was born with. It seems to me that there’s an opening for a market player to run a trade matching service on a subscription basis … orders are put in by subscribers throughout the day, all net imbalances are disclosed (to subscribers only!), all matching orders are filled at the benchmark rate based on time-stamp, all non-matching orders are cancelled. There would have to be a few rules to enforce all this, but it could work…<\/p>\n

The portfolio managers have my sympathies – investing or generating significant amounts of cash to meet client orders can have a huge effect, given that indices are calculated at the close. Perhaps what’s needed is indices and portfolio valuations based on VWAP rather than closes … but that’s only going to work in very liquid markets.<\/p>\n

It was a modestly good day for the Canadian preferred share market, with PerpetualDiscounts winning 13bp, FixedResets gaining 7bp and DeemedRetractibles up 10bp. There’s a surprisingly lengthy Performance Highlights table, totally disproportionate to the market move. Volume was very high.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0098 %<\/td>\n2,614.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.25 %<\/td>\n3.55 %<\/td>\n36,368<\/td>\n18.22<\/td>\n1<\/td>\n1.3158 %<\/td>\n3,903.1<\/td>\n<\/tr>\n
Floater<\/td>\n2.57 %<\/td>\n2.91 %<\/td>\n68,011<\/td>\n19.91<\/td>\n5<\/td>\n-0.0098 %<\/td>\n2,822.7<\/td>\n<\/tr>\n
OpRet<\/td>\n4.66 %<\/td>\n3.71 %<\/td>\n71,284<\/td>\n0.80<\/td>\n3<\/td>\n0.2463 %<\/td>\n2,610.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.73 %<\/td>\n4.42 %<\/td>\n55,184<\/td>\n3.86<\/td>\n6<\/td>\n-0.1202 %<\/td>\n2,953.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2463 %<\/td>\n2,387.0<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.80 %<\/td>\n5.92 %<\/td>\n115,810<\/td>\n13.98<\/td>\n12<\/td>\n0.1947 %<\/td>\n2,235.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.65 %<\/td>\n5.77 %<\/td>\n152,994<\/td>\n14.19<\/td>\n25<\/td>\n0.1332 %<\/td>\n2,283.9<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.96 %<\/td>\n3.88 %<\/td>\n246,036<\/td>\n3.88<\/td>\n85<\/td>\n0.0722 %<\/td>\n2,442.3<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.23 %<\/td>\n5.23 %<\/td>\n202,029<\/td>\n6.95<\/td>\n43<\/td>\n0.0963 %<\/td>\n2,318.6<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
BNS.PR.Y<\/td>\nFixedReset<\/td>\n-2.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.92
\nBid-YTW : 4.36 %<\/td>\n<\/tr>\n
HSB.PR.D<\/td>\nDeemed-Retractible<\/td>\n-2.00 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.56
\nBid-YTW : 5.41 %<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-27
\nMaturity Price : 21.14
\nEvaluated at bid price : 21.14
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.55 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-27
\nMaturity Price : 21.25
\nEvaluated at bid price : 21.53
\nBid-YTW : 5.53 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n-1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.05
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.21
\nBid-YTW : 4.16 %<\/td>\n<\/tr>\n
VNR.PR.A<\/td>\nFixedReset<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-10-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.21
\nBid-YTW : 4.29 %<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-27
\nMaturity Price : 21.75
\nEvaluated at bid price : 21.75
\nBid-YTW : 5.67 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n-1.09 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.49
\nBid-YTW : 4.20 %<\/td>\n<\/tr>\n
PWF.PR.O<\/td>\nPerpetual-Premium<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-27
\nMaturity Price : 24.13
\nEvaluated at bid price : 24.60
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n
GWO.PR.H<\/td>\nDeemed-Retractible<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.11
\nBid-YTW : 6.43 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-27
\nMaturity Price : 20.23
\nEvaluated at bid price : 20.23
\nBid-YTW : 5.98 %<\/td>\n<\/tr>\n
ENB.PR.P<\/td>\nFixedReset<\/td>\n1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-27
\nMaturity Price : 22.76
\nEvaluated at bid price : 24.02
\nBid-YTW : 4.40 %<\/td>\n<\/tr>\n
BAM.PF.A<\/td>\nFixedReset<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-27
\nMaturity Price : 23.12
\nEvaluated at bid price : 24.90
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n
ENB.PR.Y<\/td>\nFixedReset<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-27
\nMaturity Price : 22.57
\nEvaluated at bid price : 23.65
\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nDeemed-Retractible<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.45
\nBid-YTW : 6.39 %<\/td>\n<\/tr>\n
IAG.PR.F<\/td>\nDeemed-Retractible<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2019-03-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.31
\nBid-YTW : 5.88 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-27
\nMaturity Price : 22.49
\nEvaluated at bid price : 23.39
\nBid-YTW : 4.25 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset<\/td>\n1.27 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-27
\nMaturity Price : 22.81
\nEvaluated at bid price : 24.00
\nBid-YTW : 4.33 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-27
\nMaturity Price : 21.36
\nEvaluated at bid price : 21.36
\nBid-YTW : 4.04 %<\/td>\n<\/tr>\n
PWF.PR.S<\/td>\nPerpetual-Discount<\/td>\n1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-27
\nMaturity Price : 22.35
\nEvaluated at bid price : 22.65
\nBid-YTW : 5.34 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n1.32 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-27
\nMaturity Price : 22.67
\nEvaluated at bid price : 22.33
\nBid-YTW : 3.55 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.15
\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetual-Discount<\/td>\n1.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-27
\nMaturity Price : 23.69
\nEvaluated at bid price : 24.00
\nBid-YTW : 5.91 %<\/td>\n<\/tr>\n
CU.PR.E<\/td>\nPerpetual-Discount<\/td>\n1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-27
\nMaturity Price : 22.08
\nEvaluated at bid price : 22.37
\nBid-YTW : 5.49 %<\/td>\n<\/tr>\n
ENB.PR.T<\/td>\nFixedReset<\/td>\n1.56 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-27
\nMaturity Price : 22.77
\nEvaluated at bid price : 24.07
\nBid-YTW : 4.39 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n1.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.02
\nBid-YTW : 4.45 %<\/td>\n<\/tr>\n
ENB.PR.N<\/td>\nFixedReset<\/td>\n1.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.55
\nBid-YTW : 4.40 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
BMO.PR.L<\/td>\nDeemed-Retractible<\/td>\n81,370<\/td>\nRBC crossed blocks of 25,000 and 21,000 at 25.70.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-05-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.73
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n
BAM.PF.D<\/td>\nPerpetual-Discount<\/td>\n80,300<\/td>\nRBC bought three blocks from Scotia, of 31,4000 shares, 11,100 and 15,600, all at 21.00.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-27
\nMaturity Price : 21.10
\nEvaluated at bid price : 21.10
\nBid-YTW : 5.93 %<\/td>\n<\/tr>\n
BMO.PR.R<\/td>\nFixedReset<\/td>\n60,525<\/td>\nRecently exchanged issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-08-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.96
\nBid-YTW : 2.60 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n55,707<\/td>\nScotia crossed 10,600 at 21.05. RBC crossed blocks of 14,000 and 10,000, both at 21.00.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.95
\nBid-YTW : 6.54 %<\/td>\n<\/tr>\n
TD.PR.R<\/td>\nDeemed-Retractible<\/td>\n54,241<\/td>\nRBC crossed 11,600 at 25.60.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-04-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.60
\nBid-YTW : 5.03 %<\/td>\n<\/tr>\n
FTS.PR.E<\/td>\nOpRet<\/td>\n50,750<\/td>\nTD crossed blocks of 40,000 and 10,000, both at 25.60.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-06-01
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.70
\nBid-YTW : 3.71 %<\/td>\n<\/tr>\n
There were 60 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
ELF.PR.H<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.63 – 24.80
\nSpot Rate : 1.1700
\nAverage : 0.7411<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-27
\nMaturity Price : 23.30
\nEvaluated at bid price : 23.63
\nBid-YTW : 5.89 %<\/td>\n<\/tr>\n

MFC.PR.F<\/td>\nFixedReset<\/td>\nQuote: 23.02 – 23.59
\nSpot Rate : 0.5700
\nAverage : 0.4063<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.02
\nBid-YTW : 4.45 %<\/td>\n<\/tr>\n

PWF.PR.O<\/td>\nPerpetual-Premium<\/td>\nQuote: 24.60 – 24.98
\nSpot Rate : 0.3800
\nAverage : 0.2190<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-27
\nMaturity Price : 24.13
\nEvaluated at bid price : 24.60
\nBid-YTW : 5.94 %<\/td>\n<\/tr>\n

BNA.PR.C<\/td>\nSplitShare<\/td>\nQuote: 23.91 – 24.38
\nSpot Rate : 0.4700
\nAverage : 0.3230<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2019-01-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.91
\nBid-YTW : 5.30 %<\/td>\n<\/tr>\n

ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\nQuote: 20.60 – 21.15
\nSpot Rate : 0.5500
\nAverage : 0.4153<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-27
\nMaturity Price : 20.60
\nEvaluated at bid price : 20.60
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n

TCA.PR.X<\/td>\nPerpetual-Discount<\/td>\nQuote: 48.40 – 48.90
\nSpot Rate : 0.5000
\nAverage : 0.3890<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2043-08-27
\nMaturity Price : 47.85
\nEvaluated at bid price : 48.40
\nBid-YTW : 5.84 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Is there high-closing in the FX market? In the space of 20 minutes on the last Friday in June, the value of the U.S. dollar jumped 0.57 percent against its Canadian counterpart, the biggest move …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-22892","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/22892","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22892"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/22892\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}