Transaction Exposure – Local Collectors Post Mon, 27 Sep 2021 05:48:19 +0000 en-US hourly 1 Transaction Exposure – Local Collectors Post 32 32 Risk Management Consultant of the Year: Acies Mon, 27 Sep 2021 03:01:01 +0000

As demand for savings and annuity products increased dramatically amid falling interest rates during the pandemic, Acies, a company headquartered in India’s financial hub of Mumbai, acted quickly to help its insurance clients manage interest rate risk. It has achieved this through a wide range of strategies, processes and technologies.

Working with at least 15 of India’s largest insurers, the fledgling consultancy has demonstrated its risk management capabilities, not only as a trusted partner, but also as a standard-setter in the insurance industry. Created in 2017, Acies is present in India, Singapore, Malaysia, Mauritius and in the we.

Indian regulators have generally taken a cautious view of the country’s derivative markets, which has limited the availability of derivative products suitable for insurers to offload interest rate risk when entering into non-participating contracts. Acies has successfully bridged this gap by working with regulators and major international banks to design a specific term rate agreement product that offsets interest rate risks for insurers.

“We have worked with large banks with the intention of delivering an industry solution that would allow insurers to reduce the risk of the interest rate guarantee they offer to end users,” says Muzammil Patel, Managing Director of Acies.

The company has also engaged with banking and insurance regulators to address concerns, change product structures and enable standardized deployment across the industry to ensure responsible and sustainable growth of the forward rate agreement. (ENG) product. The work of Acies has also enabled transparency and standardization in ENG price and evaluation.

“Regulators want a very high degree of operational controls, automation and education provided to insurance companies because Indian insurers are not used to using derivatives. A big part of our job is to educate insurers and put in place all of the exposure quantification models and risk models while automating them, ”Patel explains.

“The work had a pretty big impact on the insurance industry and its ability to deliver more stable and specific rates to clients, dramatically changing the landscape of how unlisted business was. [previously] made in India, ”he adds.

Non-participating products with guaranteed returns have become more attractive in India, multiplying by 2.5 according to data from June 2020. Insurers can therefore continue to guarantee policyholders returns of between 4.5 and 5.0% per annum despite lower interest. rates. The Reserve Bank of India has left its benchmark interest rate at 4% since its last rate cut decision in May 2020.

Derivatives with a notional value of around $ 10 billion to $ 12 billion were underwritten using ENGs. That amount is expected to reach around $ 20 billion to $ 22 billion by the end of this year, according to Acies.

Acies works with participating banks to take out ENGs. “As the banks write this volume of derivatives, you will end up having capital implications. It is important that banks conduct a fully hedged transaction to avoid systemic risk, ”Patel said.

For insurance clients, Acies provides end-to-end advisory services, including the establishment of risk management and accounting frameworks, as well as a derivatives system. The derivatives system takes into account the transaction entries, the daily updates of the valuation at market price, the daily margins and, subsequently, the accounting entries to be transmitted to the accounting system. Finally, Acies’ solutions also make it possible to generate risk measures which must be submitted to regulators.

“We want to make sure that insurers are working on a fully covered basis; they will count [for] derivatives correctly and they can prove to regulators that they have the necessary offsets and risk capital, ”says Patel. “When that happens, it gives them more leeway to reduce risk across the spectrum. “

Customers value the in-depth knowledge built into Acies solutions. As a CFO of a large life insurance company in India put it: “Acies is a pure blend of technical expertise in derivatives, experience in reporting accounting results and creation of [that] in systems and controls. With these three characteristics, I was heavily dependent on Acies.

Acies’ fast service has also earned it a reputation: the implementation cycle for interest risk hedging solutions is approximately eight weeks with pre-built, plug and play features.

“Insurers don’t want to lose their competitive advantage, so our solutions need to be implemented very quickly. You must be able to convince and prove that your strategy, governance systems and technology are both flawless and [at] an industry standard, ”Patel explains.

Building on its success in India, the company is actively seeking to replicate its market solutions approach in Bangladesh, Indonesia, Malaysia and Sri Lanka, as well as some countries in East Africa, where rates of interest are reasonably high to use the ENG product.

IFRS 17 in sight

International Financial Reporting Standard (IFRS) 17, a new global accounting standard for insurance contracts, is expected to impact the areas of finance, actuarial science and systems development, in addition to product design and distribution, development revised incentives and broader remuneration policies, for example. It comes into force on January 1, 2023.

Acies seeks to become an essential partner for insurers in this space.

“We see IFRS 17 as a business play, where it will change the way products are designed and the way revenue is fundamentally recognized. We will seek to help companies manage their balance sheet and product structure rather than just in the areas of accounting and actuarial science, ”Patel said.

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New Twitter integration will push Bitcoin price above $ 300,000 Sun, 26 Sep 2021 01:00:00 +0000

By integrating direct bitcoin payments, Twitter is paving the way for a bitcoin price to exceed $ 300,000.

Jack Dorsey’s Social Media Platform Twitter officially enabled third-party Bitcoin failover services for iOS users, giving them the ability to seamlessly pay each other around the world, almost instantly.

As demonstrated by the Lightning Network Strike platform in a recent video, Twitter is today one of the most effective platforms in the world for transmitting value.

“Starting today, Twitter will allow all iOS users around the world to send advice through the Lightning Network,” Strike CEO Jack Mallers wrote in a statement. blog post. “Twitter’s integration with the Strike API makes Twitter one of the best money transfer experiences in the world, one of the largest global creator markets in the world, one of the best global payment experiences in the world. world, one of the best global micropayment marketplaces in the world, and allows an internet communication company to interact with the world’s monetary standard, enabling global payments for their users.

During a press call, Twitter also announced that the feature would be available to Android users soon.

As Mallers noted, it’s hard to overstate the potential of integrating Lightning Network with a popular internet communication tool. As evidenced by the ongoing Bitcoin supplanting of Western Union and Moneygram in El Salvador – which has already seen the unauthorized monetary network curtail the income streams of these third parties by about $ 400 million per year – the appetite for more efficient global digital payment systems is huge.

As users begin to trade value for minimal fees, almost instantly, across borders, uncensored through the Lightning Network on Twitter, how long will it take before more people realize that Is Bitcoin the Best Money Network for the Internet? How long will it take before other digital platforms embed this money directly into their tools, like Twitter has started to do? How long will it be before Bitcoin replaces the outdated systems that currently dominate remittances, influencer marketing, and possibly digital payments as a whole?

From a certain point of view, everything seems inevitable.

If Bitcoin’s market capitalization consisted only of the Global $ 700 billion remittance industry, the $ 13.8 billion influencer marketing industry and the $ 5.44 trillion global digital payments market (a combined estimated value of $ 6.1538 billion) via apps like Twitter’s tip service, every bitcoin in existence (18,824,860 at the time of this writing) would be worth approximately $ 326,897.

As Twitter users are now finding out, Bitcoin is a better tool than the dollar for all of these industries and more. It’s hard to say exactly what the price of bitcoin will be as its technology consumes virtually every form of value transaction that we know of today, but the number is sure to increase.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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8 other things your digital wallet can do for you Sat, 25 Sep 2021 12:01:39 +0000

Digital wallets, also known as mobile wallets, have grown in popularity over the years. But the freedom to leave all of your cards at home isn’t the only benefit that users will enjoy. A digital wallet has many benefits apart from condensing physical cards and providing a seamless and secure payment option.

The top three digital wallets are Apple Pay, Google Pay, and Samsung Pay. Venmo and PayPal can also function as digital wallets, both in-store and online. A major digital wallet is usually already downloaded to your mobile device or can be downloaded for free from the App Store.

Once set up, a digital wallet could offer bonus rewards, reduced exposure to germs at checkout, and help you split payments with friends, among other options. Discover all the potential functions of your digital wallet.

1. Declutter your wallet

In addition to organizing your credit cards, a digital wallet can store other items that take up space in your physical wallet.

Condense your debit and credit cards

Debit and credit cards can all be added to a digital wallet and converted to virtual cards when you enter card information on the app. Depending on the digital wallet, you will also be able to add cards to make purchases from a computer or smartwatch. It’s important to keep a physical fallback payment option or two in case a merchant doesn’t accept digital wallet payments.

Organize cards, coupons, tickets and more

Apple Wallet stores boarding passes, gift cards, coupons, tickets to concerts and sporting events, membership cards such as student cards, transit cards, and other documents . Samsung Pay and Google Pay also store your COVID-19 vaccination record. What you can store varies for each major digital wallet.

2. Access certain credit cards instantly after approval

When you apply for a new credit card, some credit cards no longer requires you to wait for it to arrive in the mail. American Express, for example, offers an instant card number upon approval, which can be added to Apple Pay, Samsung Pay, or Google Pay. You can use the digital wallet to start using your card online or anywhere it is accepted as a payment method.

Some cards may not even end up in your physical wallet. Deserve to First digital card, for example, currently only offers a digital card that can be used immediately in Apple Pay upon approval. The Apple Card can also be used instantly after approval in Apple Pay. It offers a physical card option, but you have to request it.

3. Earn bonus rewards

With a digital wallet, you may be able to accumulate the rewards obtained through credit cards, promotions, or the platform itself.

From your credit card issuer

Some credit cards offer special incentives when you upload them to a digital wallet. Take the US Bank Altitude ™ Reserve Visa Infinite® card, for example, which earns 3 points per dollar on purchases made with a mobile wallet and rewards in other categories as well. Apple Card earns 2% cash back on purchases made with Apple Pay in addition to rewards in other categories.

Through the digital wallet

Samsung Pay and Google Pay provide the option to earn additional rewards when you purchase from certain merchants through their app. Depending on the option, you may need to activate the rewards and follow the instructions to earn them. Conditions may also apply. This is a chance to stack the rewards earned from both a credit card issuer and your digital wallet for even more value.

4. Send and receive money

Whether you’re picking up the check or refunding a friend, Apple Pay, Google Pay, and Samsung Pay make it easy to send and receive money with a bank account, debit card, or the app’s account balance. Apple Pay, for example, lets you add Money apple by loading money into the app from a debit card or other source to send money.

5. Divide the bill easily

When sharing an expense as a group, you can foot the bill, amass a stack of credit card rewards, and ask your friends to pay you back. Some digital wallets like Venmo and Google Pay offer a way to easily split the bill.

With Venmo, you can request payment from one or more contacts in the app. You can also change the requested amount for each user. Google Pay allows users to track the status of payments made by contacts in the app. Use these options with caution because if you are not reimbursed, the bill is your responsibility.

6. Expense tracking

Some digital wallets, like Google Pay, make it easier to manage your finances. The app offers information on spending habits, access to a total balance on all linked accounts and a view of the available balance. Google Photos can also be linked to search transactions.

7. Get better protection against fraud

Digital wallets may require identity verification with a PIN, pattern, fingerprint, or other option before you can make a payment. It is an additional layer of security that is not present on a physical wallet. If someone were to take your debit or credit cards, they could potentially use the information on them for shopping.

A digital wallet offers better protection against fraudulent purchases. Digital wallets use a unique number and transaction code for purchases. When you pay at a store, the card number is not shared with the merchant. Through a process called tokenization, the digital wallet requests a token to represent the card and the result is an associated unique identification number which is used to make the payment.

8. Keep other people’s germs at bay

With a digital wallet, you don’t need to hand over a card to different merchants who have handled cash and cards prior to the transaction. It is not necessary to touch the payment terminal, unless you need to enter a PIN code for a debit card. Simply open the digital wallet, select a card, and hold the back of the phone near the payment reader to pay.

About the Author: Melissa Lambarena is Credit Cards Writer at NerdWallet. His work has been featured by The Associated Press, The New York Times, The Washington Post, and USA Today.

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Direxion announces forward and reverse splits of four ETFs Fri, 24 Sep 2021 20:45:00 +0000

NEW YORK, September 24, 2021 / PRNewswire / – Direxion has announced that it will conduct forward stock splits for two of its exchange traded funds (“ETFs”), as well as reverse stock splits for two other ETFs. The total market value of the outstanding shares will not be affected by these splits, except with respect to the repurchase of fractional shares, as indicated below.

Front divisions

Direxion will forward the issued and outstanding shares of the Direxion Daily Retail Bull 3X shares and the Direxion Daily Regional Banks Bull 3X shares (each, a “Fund” and collectively, the “Funds”).

After the markets close on 22 October 2021 (the “Payment Date”) funds affecting forward splits of their issued and outstanding shares as follows:

Fund name


Front sharing ratio

Approximate increase in the total number of shares outstanding

Direxion Daily Retail Bull 3X Actions


5 for 1


Direxion Daily Regional banks Shares Bull 3X


5 for 1


As a result of such stock splits, shareholders of each Fund will receive five shares for each share held of the relevant Fund, as shown in the table above. Accordingly, the number of issued and outstanding shares of each Fund will increase by the approximate percentage indicated above.

All stock splits will apply to shareholders of record at the close of NYSE Arca, Inc. (the “NYSE Arca”) on 21 October 2021 (the “Record Date”), payable after the close of NYSE Arca on the Payment Date. Shares of the Funds will begin to trade on NYSE Arca on a split-adjusted basis on 25 October 2021 (the “Secondment Date”). On the ex-date, the opening market value of the issued and outstanding shares of each Fund, and therefore the investment value of a shareholder, will not be affected by the split of the shares. However, the net asset value per share (“NAV”) and the opening market price on the Ex-date will be approximately one-fifth for the Sub-Funds. The table below illustrates the effect of a hypothetical five-to-one split on a shareholder’s investment.

Front split 5 for 1


Number of shares held

Hypothetical NAV

Total market value



$ 50

$ 500



$ 10

$ 500

Forward stock splits will not result in a taxable transaction for holders of shares of the Funds. No transaction commission will be charged to shareholders in connection with the stock split.

Inverted splits

Direxion will consolidate the issued and outstanding shares of Direxion Daily MSCI Real Estate Bear 3X shares and Direxion Daily Technology Bear 3X shares (each, a “Fund” and collectively, the “Funds”).

After the markets close on 22 October 2021, each Fund will affect the reverse splits of its issued and outstanding shares as follows:

Fund name

Inverse distribution ratio

Approximate decrease in the total number of shares outstanding

Direxion Daily MSCI Real Estate Bear 3X Actions

1 in 10


Direxion Daily Technology Bear 3X Actions

1 in 10


Please note the CUSIP changes, effective October 25, 2021:

Fund name


Current CUSIP


Direxion Daily MSCI Real Estate Bear 3X Actions




Direxion Daily Technology Bear 3X Actions




As a result of these reverse splits, all ten shares of a Fund will be exchanged for one share as shown in the table above. Accordingly, the total number of issued and outstanding shares for a Fund will decrease by the approximate percentage indicated above. In addition, the net asset value per share (“NAV”) and the opening market price of the following day will be approximately ten times higher for the Funds. Shares of the Funds will begin trading on the NYSE Arca, Inc. (the “NYSE Arca”) on a split-adjusted basis on 25 October 2021.

The next day’s opening market value of the issued and outstanding shares of the Funds, and therefore the investment value of a shareholder, will not be affected by the consolidation. The table below illustrates the effect of a hypothetical one-for-ten split planned for the Funds as described above:

Reverse division 1 to 10


Number of shares held

Hypothetical NAV

Total market value



$ 10

$ 1,000



$ 100

$ 1,000

Buyback of Fractional Shares and Tax Consequences of the Reverse Split

Due to reverse splits, a shareholder of a Fund’s shares could potentially hold a fraction of a share. However, fractional shares cannot be traded on the NYSE Arca. Thus, a Fund will redeem fractional shares of a shareholder in cash at the adjusted net asset value of the Fund’s split after market close on 22 October 2021. Such redemption may have tax consequences for such shareholders and a shareholder could recognize a gain or loss in connection with the redemption of fractional shares of the shareholder. Otherwise, reverse splits will not give rise to a taxable transaction for holders of Fund shares. No transaction commission will be charged to shareholders for such redemption.

Unit “odd lots”

Also because of reverse splits, a Fund may have an aggregation of less than 50,000 shares in circulation to constitute a creation unit, or an “odd lot unit”. Thus, a Fund will provide an authorized participant with a unique opportunity to redeem the odd lot unit at the split-adjusted NAV or the net asset value on the date the authorized participant seeks to redeem the odd lot unit.

The Trust’s transfer agent will notify the Depository Trust Company (“DTC”) of the spin-offs and request DTC to adjust the investment (s) of each shareholder accordingly. DTC is the registered owner of the shares of the Funds and maintains a register of owners of the registers of the Funds.

About Direxion:

Direxion offers conviction-driven investors ETF solutions designed for this purpose and refined for precision. These solutions are available to a wide range of investors, whether executing short-term tactical trades or investing in thematic strategies. Direxion’s reputation is built on developing products that accurately express market perspectives and allow investors to manage their exposure to risk. Founded in 1997, the company has approximately $ 26.6 billion in assets under management at June 30, 2021. For more information, please visit

There can be no assurance that the Funds will achieve their investment objectives.

For more information on all Direxion Shares Daily Leveraged ETFs, visit or call us at 866.301.9214.

Leveraged ETFs are not suitable for all investors and should be used only by investors who understand the risks associated with seeking daily leveraged and reverse investment results and intend to monitor and actively manage their investments. Due to the everyday nature of the leveraged and reverse investment strategies used, there is no guarantee of long term reverse returns. Past performance does not represent future results.

An investor should carefully consider the investment objective, risks, charges and expenses of a Fund before investing. The prospectus and the summary of the prospectus of a Fund contain this information as well as other information about the Direxion Shares. To obtain a Fund’s prospectus and prospectus summary, call 866-716-0735 or visit our website at The prospectus and the summary of the prospectus of a Fund should be read carefully before investing.

Risks associated with Direxion shares – There are risks associated with investing in ETFs, including the possible loss of principal. ETFs are not diversified and involve risks associated with concentration resulting from an ETF’s investments in a particular industry or sector, which can increase volatility. The use of derivative products such as futures and swaps is subject to market risks which may cause their price to fluctuate over time. ETFs do not attempt, and should not be expected, to provide returns that are a multiple of the return of their respective index for periods other than a single day. For other risks, including leverage, correlation, daily mix, market volatility and industry or sector specific risks, please read the prospectus.

Distributor: Foreside Fund Services, LLC.

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LIBOR’s swan song Fri, 24 Sep 2021 01:03:54 +0000

While some companies have started or completed transitions and others have clear plans to do so, there are others who have yet to begin their preparations. Now is the time to engage with their financial institutions to ensure a smooth transition.

LIBOR currently backs more than $ 400 trillion in loans, bonds, derivatives and other financial instruments. But doubts have arisen in the aftermath of the global financial crisis over the integrity and reliability of LIBOR after the emergence of cases of market manipulation. Although the first public exhibition was in 2012, there is evidence that the benchmark game dates back almost a decade.

A 2014 study by the Financial Stability Board (FSB) on the reliability and robustness of interbank benchmarks recommended the development of alternative benchmarks, with a preference for the use of near risk-free rates (RFR).

A major problem with LIBOR was that it did not reflect actual transactions rather than a panel of banks’ estimates of a hypothetical rate they would expect to pay at some point.

National working groups have been set up in each country to identify and develop strategies for the transition to these RFRs. Meanwhile, the UK’s Financial Conduct Authority (FCA), which oversees the administrator of LIBOR, concluded that LIBOR was unsustainable. The FCA announcement in 2017, it would no longer require panel banks to submit LIBOR estimates after December 2021, effectively giving LIBOR an expiration date.

In December 2020, a consultation by the administrator of LIBOR was announced to examine whether the US dollar LIBOR would continue until June 2023, while the currencies other than the US dollar, namely the Japanese yen, the euro, the British pound and the franc Switzerland, would cease on December 31, 2021. On March 5, the termination announcement from the ICE Benchmark Administration and the FCA effectively locked LIBOR end dates and started ticking the deadline.

Industry recommendations

The transition from one state of operation to another always involves uncertainty and some risk – and the transition away from LIBOR is no exception. With task forces and regulators in each jurisdiction making decisions and recommendations that apply to benchmark rates for their currency, coupled with how the new rates will be used in different financial products, the transition away from LIBOR would go. always be complex.

Through extensive industry consultation by national working groups (such as ARRC, UKRFRWG and SC-STS) and industry organizations (such as ISDA, LMA, LSTA and APLMA) the preferred or recommended approaches have evolved in recent years. These recommendations are just that, however. They guide the industry on likely approaches to the transition and conventions for using RFRs.

The derivatives market through ISDA has evolved to provide the safety net of robust fallback solutions through the ISDA IBOR supplement on fallback solutions and associated protocol. In the loan markets, it is only in recent months that transitions have truly started and industry conventions have become more commonly accepted and adopted by most parties.

Each lender should provide borrowers with details of their proposed alternatives and be able to explain how the transition away from LIBOR is fair for both parties, as required by global regulators.

Key considerations

In an RFR environment, each additional currency adds complexity to documenting cash product transactions. As such, borrowers should carefully consider the currencies in which they want or need to have financing.

For some borrowers who previously had “multi” or “all currencies” on loan documents, a simple solution might be to remove some or all of the LIBOR currencies.

Borrowers who still wish to access financing in US dollars but not in other LIBOR currencies could postpone the transition of their lending facilities until 2022 by eliminating the other currencies or restricting their ability to draw in these currencies.

Borrowers could then continue to finance under existing facilities referencing US dollar LIBOR and transition when market covenants in the US dollar market are more settled. U.S. regulators have recommended that no new U.S. dollar LIBOR products be entered into after the end of 2021, with a few exceptions for derivatives used for risk management.

Those who finance or invest in LIBOR-referenced treasury products and use derivatives to hedge their exposures should pay particular attention to the market conventions evolving in the various RFR products in order to avoid any unnecessary basis risk.

Reservation, risk, operating and financing systems will likely need to be modified to accommodate the new benchmark rates, fallback rates and calculation methods. Such changes often require project management and due diligence and have a significant lead time.

Affected companies should also identify all the accounting, tax and legal implications of the transition and take action to manage these risks.

RFR terms

At the end of July 2021, the ARRC approved the CME SOFR term rate, removing one of the last major hurdles in global markets to make the transition. This move will make it easier for borrowers with US dollar debts to move away from LIBOR. A forward rate is more like LIBOR, providing more certainty over cash flow and requiring fewer system changes than compound RFRs.

Another SOFR term was recommended by ARRC for use in US dollar commercial loans and multi-lender facilities. This differs from the FCA in the UK which has limited use case for Term SONIA in sterling denominated products for trade finance, emerging markets and the retail market. SONIA term is not available for business loans.

The Bank of Japan has approved the TORF as the forward rate in Japan without any use case restrictions. There is no RFR term available for Swiss Franc and Euro products, although the Euribor continues to be published and fulfills this role for the Euro market.

The industry is studying the implications of the different use cases of forward tariffs and is preparing for a more widespread use of the term SOFR. The differences in the approach to forward rates between USD, GBP and JPY will make multi-currency products more complex. A careful analysis of your specific currency needs should be carried out as a priority

Avoid rush

The time it took for the industry to settle on preferred substitutes left a relatively short period for borrowers and lenders to move their old products and transactions away from LIBOR.

While best efforts are being made to manage the expected industry workload, companies should act now, engage with their counterparts, make the necessary preparations, and seek to avoid being dragged into the rush to get out of business. LIBOR.

Duncan Marshall is LIBOR Business Transition Manager and David Doyle is LIBOR Transition Communications Manager at ANZ Institutional

This article originally appeared on ANZ Institutional website

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Colombian real estate agency leak reveals records for more than 100,000 buyers Thu, 23 Sep 2021 09:55:00 +0000

According to cybersecurity company WizCase, more than a terabyte of data containing 5.5 million files was left exposed, revealing the personal information of more than 100,000 clients of a Colombian real estate company.

The breach was discovered by Ata Hakçıl and his team in a database held by Coninsa Ramon H, a company specializing in architecture, engineering, construction and real estate services. “There was no need for a password or login credentials to view this information, and the data was not encrypted,” the researchers said. noted in an exclusive report shared with The Hacker News.

Data exposure is the result of an improperly configured Amazon Web Services (AWS) Simple Storage Service (S3) bucket, leading to the disclosure of sensitive information such as customer names, photos, and addresses. Details stored in the compartment range from invoices and income documents to quotes and account statements from 2014 to 2021. The full list of information contained in the documents is as follows:

  • Full names
  • Phone numbers
  • Email addresses
  • Residential addresses
  • The sums paid for estates, and
  • Asset values

In addition, the bucket would also contain a backup of the database containing additional information such as profile pictures, usernames and hashed passwords. Disturbingly, researchers said they also found malicious backdoor code in the bucket that could be exploited to gain persistent access to the website and redirect unsuspecting visitors to scam pages.

It is not immediately clear whether these files were used by bad actors in a campaign. Coninsa Ramon H did not respond to The Hacker News email inquiries regarding the vulnerability.

Prevent data breaches

“Based on viewing a sample of the documents, […] the misconfiguration revealed between $ 140 billion and $ 200 billion in transactions, or an annual transaction history of at least $ 46 billion, ”the researchers said. “In perspective, this represents around 14% of Colombia’s total economy. “

The highly confidential nature of the data in the database makes it highly susceptible to being exploited by cyber criminals to launch phishing attacks and carry out various fraud or scam activities, including tricking users into making additional payments. and, even worse, to reveal more personally identifiable information by tampering with the main infrastructure of the website.

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6 tips from real estate experts to sell your home in Vancouver Tue, 21 Sep 2021 21:14:18 +0000

Selling your home in Vancouver seems to be pretty straightforward. There is massive demand, bidding wars, and skyrocketing prices, but that still doesn’t mean you’ll get the best value for your home or have the best selling experience.

It’s there that Bode Canada It is a digital platform that allows users to buy and sell their homes on their own, no middleman is needed. With access to Bōde’s data, resources, expertise and digital tools, users can take control of the entire real estate process.

Best of all, Bōde only gets 1% of the sale, which means you’re getting the best bang for your buck for your real estate money.

Interested? We thought so, that’s why we’ve teamed up with the real estate experts at Bōde to give you 6 amazing tips for selling your home in Vancouver.


Photos via Curiosity

Data is absolutely essential to a successful home sales experience. Knowing the market not only gives you information on how to price your home to maximize your chances of scoring an attractive offer, but also shows you what type of properties you are competing with.

Setting realistic expectations will make your experience a lot smoother, and luckily for you, Bōde will take care of that. Bōde provides comprehensive data, accessible directly through the website, so you have everything at your fingertips at all times.


This one is counterintuitive. The conventional belief is that the sellers are in charge of the commission of the realtors. However, when setting the selling price, sellers usually include this part in the selling price, which is actually paid by the buyer!

bode vancouver selling your home tips
Photos via Curiosity

To maximize your chances, saving the agent’s commission allows you to post a much more competitive listing price. And you keep more of that money, it’s a victory in our books.

When you list your home with Bōde, sellers pay only 1% and only at the close of the transaction. You are also 3 times more likely to sell to a buyer without an agent saving that transaction cost as well!


The traction comes from exposure, and exposure is totally dependent on the visibility and attractiveness of your ad. Simple, right? It depends on how creative your marketing strategy is, and Bōde can really help you improve your game.

Personalized digital campaigns are tailored to your home and your needs. Plus, they cover the cost of professional photos for you, and that’s a big win if you ask us. And pro tip, consider including a 3D video tour in your ad!


Home staging can play a key role in how buyers perceive and connect with your property. Consider doing this professionally, as it can free up your time completely, while also giving you some pro tips.

sell your house in vancouver
Photo via Shutterstock

Remember to keep your place bright and cozy, to really make a difference when it comes to first impressions. After all, you’ll want potential buyers to feel at home and imagine themselves living in the space.


As a seller, you need to feel confident and empowered to control the terms you’re willing to agree to before you make an offer. Buyers’ terms typically include financing, home inspection, and other potential clauses that can affect you as a seller.

Setting up a backup offer is a great way to keep your options open, in case a condition in the original offer is not lifted. And Bōde will help you every step of the way!


Don’t obsess over the sale, because once you start receiving offers you probably won’t have much spare time until you find yourself on the other end of the transaction, as a buyer, at the bottom. search for your next home. Fortunately, Bōde also provides you with all the tools and support you need to become a successful marketer – for free!

So guys, there you go! 6 tips straight from the experts, so if you’re considering selling your home- by Bode you have your back!

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CrossingBridge Advisors Launches Pre-Merger SPAC ETF for Investors as a Fixed Income Alternative Tue, 21 Sep 2021 12:00:00 +0000

NEW YORK, September 21, 2021 / PRNewswire / – CrossingBridge Advisors, LLC (“CrossingBridge”), an investment management firm specializing in ultra-short and short duration strategies, including Special Purpose Acquisition Companies (SPAC), announced today hui the launch of the pre-merger SPAC CrossingBridge ETF [NASDAQ: SPC].

Typically, SPACs are fully backed by US government securities with a mandatory liquidation date within two years. SPC will purchase SPCs at collateral or lower value with the intention of selling the shares before or at the time of a business combination. Therefore, CrossingBridge believes that a pre-merger SPAC portfolio will provide investors with higher returns than other fixed income products while significantly limiting downside risk.

“SPC is a tenant, not an owner,” said CrossingBridge founder and portfolio manager, David Sherman. “In other words, we aim to capture the fixed income nature of pre-merger SPACs purchased at a discount to collateral with potential for shareholder action reacting favorably to an announced transaction. not interested in being a post-company investor rally – that’s a whole different ball game. “

According to CrossingBridge, SPACs offer very similar characteristics to fixed income securities, including:

  • SPACs have a liquidation date that is equivalent to the maturity date of a bond.
  • PSPC common shareholders have a full redemption right in a business combination, similar to a change of control sale provision found in corporate debt instruments.
  • PSPCs are fully collateralized by US government securities for the benefit of common shareholders of PSPC which will be paid up on redemption or liquidation. Therefore, when an investor purchases PSPC common stock below the value of their pro-rated trust account and holds the security until the redemption or liquidation date, the investor will receive a positive return, similar to the return. a fixed income security until maturity.
  • SPACs can gain equity by participating in an attractive business combination. This benefit is similar to a convertible bond with the added feature that PSPC investors can redeem their common stock for their collateral value rather than continuing to own it after the transaction.

PSPC is not a new asset class for Sherman; he made his first PSPC investment over 15 years ago. With the growing popularity and capital flowing into SPAC, Sherman has significantly increased the company’s exposure to SPAC in recent years. CrossingBridge believes that the market is now large and liquid enough to effectively manage dedicated PSPC strategies.

“Our guiding principle has been, and will continue to be, that return on capital is more important than return on capital,” said Sherman.

For more information on CrossingBridge, please contact André Flach at 973-769-3914 or [email protected]

About CrossingBridge Advisors
Led by the founder David Sherman, a veteran of high yield and opportunistic corporate lending with over 30 years of experience. CrossingBridge Advisors is an investment management firm specializing in ultra-short and low-duration strategies, which includes Special Purpose Acquisition Companies (SPACs), as well as responsible corporate debt investments. Now with four funds, CrossingBridge offers a diverse range of fixed income products that can fit into a variety of income portfolios and strategies. For more information visit:

The investment objectives, risks, charges and expenses of the fund should be carefully considered before investing. The prospectus contains this and others information about the investment company, and it can be obtained by calling 855-552-5863, or by visiting Read it carefully before investing.

Investing involves risks; The main loss is possible. The Fund invests in equity securities and SPAC warrants. Pre-consolidation SPACs have no operating history or current activity other than looking for consolidation, and the value of their securities depends particularly on the ability of the entity’s management to identify and achieve a profitable consolidation. There can be no assurance that the SPACs in which the Fund invests will effect a Combination or that any Combination carried out will be profitable. Unless and until a consolidation is completed, a SPAC typically invests its assets in US government securities, money market securities, and cash. Public shareholders of SAVS may not be able to vote on a proposed initial consolidation because some shareholders, including shareholders affiliated with the management of the SAVS, may have sufficient voting power and a financial incentive to approve such a transaction without support. public shareholders. Consequently, a SPAC can carry out a Regrouping even if the majority of its public shareholders do not support such a Regrouping. Some SAVS may search for Combinations only in certain industries or regions, which may increase their price volatility.

Stocks are generally viewed as presenting more financial risk than bonds in that bondholders have a greater claim on the operations or assets of the company than stockholders. In addition, stock prices are generally more volatile than bond prices. Investments in debt securities generally lose value when interest rates rise and this risk is generally greater for longer term debt securities. Bonds are often held by people interested in current income, while stocks are typically held by people seeking price appreciation, with income being a secondary concern. The tax treatment of bond and stock returns also differs due to the different tax treatment of income versus capital gain.

Duration is defined as the weighted average of the present value of cash flows and is used as a measure of the response of a bond’s price to changes in yield. The yield to maturity (YTM) is the return on the portfolio if all bonds are held to maturity; it is based on the stated due date or the official call date. A change of control Put clause protects lenders in the event that control of the borrower changes hands due to changes in shareholding or board composition. The change of control clause Put is a right available to bondholders to oblige the company to immediately reimburse bondholders for the nominal amount invested.

CrossingBridge Advisors, LLC, is the advisor to the CrossingBridge Pre-Fusion SPAC ETF which is distributed by Foreside Fund Services, LLC. CrossingBridge Advisors, LLC is not affiliated with Foreside Fund Services, LLC.

SOURCE CrossingBridge Advisors, LLC

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Ether faces fierce competition: what it means for the ultra-popular cryptocurrency Mon, 20 Sep 2021 12:35:00 +0000

Ether, the cryptocurrency that powers the Ethereum blockchain network, is the second most valuable cryptocurrency in the world.

While Bitcoin was revolutionary in creating the entire cryptocurrency industry, Ether was arguably even more revolutionary when it was launched, with many improvements to Bitcoin’s technology, including the possibility of execute smart contracts.

It is this major innovation that has set Ether apart from the thousands of cryptocurrencies launched over the past decade.

However, like Bitcoin, like Ether also launched early, it also has its drawbacks. And these are drawbacks that many competitors take advantage of in an attempt to steal market share from Ether.

Even this week JP Morgan strategists have suggested that the ether should be worth about 55% less than it is today.

So here’s what you need to know if you have Aether, have been exposed to it, or have been thinking about going for a long time in the near future.

Competition against Ethereum

One of the biggest problems with Ether is the high transaction fees. When the grid is busy, “gas”, as it is called in the industry, can become very expensive.

This can often make certain transactions unnecessary. For example, if you have a token worth $ 50 on an exchange, but it will cost you $ 75 to send it to your wallet, clearly it’s not worth it.

It’s this main problem that has spurred a ton of innovation and a ton of other blockchain networks to offer the same services as Ether, but with much cheaper gas prices.

Can Ether survive the growing competition?

No one can predict the future, but there are several reasons Ether should be able to stand up to the competition.

First, Ether continues to be upgraded. More recently, he went through the hard fork of Ethereum London. These upgrades to the blockchain network aim to solve many of these major problems.

Moreover, Ethereum is already extremely popular, not only for uses but also for developers. And if these developers, who can earn more on the Ethereum network than almost anywhere else, are reluctant to switch blockchain networks, then Ethereum will likely continue to be the most dominant blockchain network for some time.

So while I expect other blockchain networks to gain popularity, I don’t necessarily expect Ether to lose value. It is possible that more blockchain networks will gain popularity as the industry continues to develop, without Ether necessarily losing value.

Nonetheless, if you want to expose yourself to cryptocurrencies but are still concerned about the potential of Ether, Galaxy digital backgrounds (TSX: GLXY) is one of the best stocks you can buy today.

A crypto stock to buy today

Galaxy Digital Holdings is a leading company in the cryptocurrency industry and my favorite personal investment in the space.

While it will definitely get a boost from the large Ether and Bitcoin gatherings, unlike many other cryptocurrencies, it won’t lose a ton of value if they drop in price.

This is because Galaxy has built an amazing business with multiple segments aiming to be a huge financial services powerhouse in the cryptocurrency industry.

Not only does the company have multiple segments, which helps it mitigate risk, but it also exposes investors to more growth opportunities.

While the company has an asset management division, trading segment and even investment banking services, the most opportune segment it has is its main investment division.

Galaxy identifies early and high potential investments in emerging cryptocurrency and blockchain technology. It can then invest in these projects early, exposing itself to major growth potential, as the industry continues to gain in popularity.

So if you are bullish on cryptocurrency but are worried about the long term potential of top cryptos like Bitcoin and Ether, Galaxy Digital might just be the perfect investment for you.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We are straight! Challenging an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer, so we post sometimes articles that may not conform to recommendations, rankings or other content. .

JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Fool contributor Daniel Da Costa owns shares of Galaxy Digital Holdings Ltd. The Motley Fool has no position in any of the stocks mentioned.

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Universal Music: How Much is the World’s Biggest Label Worth? Sun, 19 Sep 2021 10:37:15 +0000

Analysts and industry executives were confused when Vivendi rejected SoftBank’s offer to acquire Universal Music Group for $ 8.5 billion in 2013.

french group refuse It was $ 2 billion to $ 3 billion higher than analysts’ universal rating. Hit by piracy caused by the advent of the Internet, music revenues have been declining every year for more than a decade, without any turnaround.

Eight years later, the bet against the current of Vivendi and its controlling shareholder Vincent Bolloré in France promises to be spectacular.

On Tuesday, the group will sell 60% of Universal and will be listed on the Euronext Amsterdam stock exchange. The prospectus gives Universal an indicator of 33 billion euros, but analysts believe it is far more valuable – JP Morgan puts it at 54 billion euros.

Each Vivendi shareholder will acquire one share of a new independent company. The Borole Group holds 18% and Vivendi 10%.

There is no official lockout for major shareholders, but Vivendi has pledged not to sell its shares for two years, and analysts expect a period of stability.

The music industry has made a dramatic comeback since streaming services began pouring billions of dollars into the world’s largest copyrighted companies, Universal Music, Sony Music, and Warner Music. ..

Their owners are attentive. Leonardo Bravatonic, the billionaire Warner Music’s majority shareholder, listed his third-largest music company last year. His net worth jumped $ 7.5 billion First day of trading, Bloomberg believes.

Bolloré and Vivendi are also raising funds. Vivendi has sold a third of Universal for around 9 billion euros since 2019, first selling 20% ​​to a consortium led by Tencent for a valuation of 30 billion euros. 2019 And will be sold in 2020 10% of the capital Bill Ackman’s Pursing Square hedge fund in 2021 with a valuation of 35 billion euros.

Trade has also changed wealth Lucian Grainge, CEO of Universal. He will receive 17 million euros in negotiations for the Tencent transaction and a 150 million dollar listing bonus.

Obviously for these transactions. Sales of recorded music hit a low of $ 14 billion in 2014 and accelerate to $ 21 billion in 2020, according to data from the International Federation of the Phonographic Industry (IFPI). Streaming accounts for the majority of its revenues, growing 20% ​​year on year to reach $ 13.4 billion in 2020.

Global sales are still below their 1999 peak, but investors are beginning to forget the days of Napster and iTunes, when piracy was rampant and CD sales were down.

However, the valuations of the three major groups of labels did not really change the prices according to this growth. Universal Music and Sony Music are part of large French and Japanese conglomerates, and Warner Music was personally managed by Access Industries of Bravatonic. Investors could not easily bet on the renaissance of music.

Spotify 2018 stock market listing I changed that, but the Swedish company sells music subscriptions, not the music itself. Public offerings for two of the three major tag groups give you a clearer picture of how the industry is progressing.

“The large catalog of master recordings has not changed. [since EMI in 2012]“A senior music executive said. “I didn’t have the option to reset the value based on where the streaming took place.”

Investors dance when the music plays

Wall Street analysts are salivating across Universal. JPMorgan called the company a “special asset” and predicted that the valuation of 54 billion euros “would prove prudent”. UBS focused on Universal’s “irreplaceable” catalog and valued it at 45 billion euros. Bank of America values ​​Universal at 50 billion euros. This is a 30% premium for Warner Music.

The euphoria rests on a simple premise. As more and more people pay for streaming to apps like Spotify, the value of their music rights increases. And Universal is the world’s largest music rights holder.

According to IFPI, the Californian group dominated 36% of the recorded music market in 2020. The list includes The Beatles, Kendrick Lamar, Taylor Swift and Olivia Rodrigo. The 10 best-selling artists of the last year have all signed Universal.

Universal is the world’s largest music rights owner and has artists such as Taylor Swift © Chris Pizzello / Invision / AP

Record companies currently make money primarily by collecting royalties from technology companies. Spotify and Apple Music pay music rights owners more than two-thirds of the $ 1 they earn. In recent years, Universal has also dealt with social media apps such as TikTok and Facebook, and fitness groups such as Peloton, which pay to use songs on the platform.

This model is more profitable than in the era of the CD because Universal no longer has to spend money on logistics. The rate of return fell from 16% in 2018 to 20% in 2020. As a result, annual profits are expected to increase to “late single digits” and profit margins before interest, taxes and depreciation are expected to increase to ” average -20s “. Year.

Music officials also argue that streaming makes earnings more predictable and less dependent on the rating of hit albums.

“Music is now a utility … Everyone is happy to pay $ 10 a month,” said the boss of Mercuriadis. Acquisition of the Hipgnosis Songs fund He’s devouring song catalogs in recent years at rock-bottom prices. “I think Universal will be a $ 100 billion company with very short orders,” he added.

However, according to JP Morgan, per capita music spending is below its peak in the United States. Per capita music income recorded in 1999 was $ 81 on an inflation-adjusted basis, well above $ 37 last year.

Almost half of Universal’s recorded music revenue comes from less than three years of music. In short, we must continue to invest to find new talent.

Universal’s revenue grew from € 6 billion in 2018 to € 7.4 billion in 2020. However, it also spent € 2.5 billion on catalog acquisition and artist progression. , including the resignation of stars such as Taylor Swift and the purchase of over $ 300 million. Bob Dylan’s Songwriting Catalog.

Is your streaming dream sour?

The big question is why the breeds we are listing now. Skeptics admit these deals have peaked in terms of valuation, and music owners want investor enthusiasm to monetize before they come out of the putters.

Guy Hands, a private equity executive behind the disastrous acquisition of EMI in the late 2000s, praised Universal’s turnaround, adding: Anyone in the know will certainly reduce their exposure. ”

Some analysts warn of the risks to Universal’s future growth as emerging markets become a bigger driver of the streaming market.

As more established streaming markets such as Sweden have reached saturation, music companies are pushing for new subscriptions in India, China and other populous low- and middle-income countries. China is the world’s seventh largest music market by revenue, but analysts predict China will be in the top five, and possibly in the top three. However, subscribers pay significantly less to stream in these regions, which reduces the average revenue per user.

These markets are centered on local conduct. Universal has invested in the development of undulating talent. Impressive joint venture For example, in China there is Tencent. But “betting on China is a dangerous proposition,” warned Bill Welde, a former Billboard editor who currently oversees music programs at Syracuse University.

“Everything that is currently being sold to potential investors in the music industry is a belief in the global future of music streaming,” he said. “It’s not completely wrong, but it’s more boring than most people think.”

There is also the lingering fear that the internet will push more artists to bypass record companies. The share of Spotify streams captured by Merlin, the leading group of dominant and independent labels, increased from 87% in 2017 to 78% in 2020.

For now, Wall Street has allayed that concern. A Societe Generale analyst said:

When asked by The Financial Times if the music market had peaked in this cycle, Grainge understandably dismissed the concept. He claimed the company was making money from new sources such as video games, fitness apps and social media companies.

“I have had two recessions and two recessions. I know what’s wrong, ”he said. “We are opening up new areas of monetization that were previously unpredictable.”

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