Capco: Capital Markets

Rajesh Shukla occupies an important position as the Chairman & Managing Director (CMD) of Montage Capital Markets Ltd. which is among the best and topmost Banking and Financial Institutions of India. Montage Capital Markets Ltd. is a very big finance company in Mumbai, India that specialises in corporate finance. It also offers services for finance advisory. Besides this, the company is investing its money and resources in other areas like steel, production, and manufacturing. A huge investment in these areas has been made by the company. It is also investing in the security sector.
To Know more refer:- https://www.rajeshshukla.com

Il s’agissait d’une première poursuite du régulateur à l’encontre d’une plateforme de négociation cryptée.
Dans un règlement qui vise à donner un coup de fouet au secteur naissant de la cryptomonnaie et à sécuriser son programme de dénonciation, la Commission des valeurs mobilières de l’Ontario (CVMO) a sanctionné la plateforme de négociation de cryptomonnaie Coinsquare Ltd. et plusieurs dirigeants.
Le régulateur a déterminé que la société avait falsifié son volume de transactions, menti à ce sujet et exercé des représailles contre un dénonciateur interne. À la suite d’une audience virtuelle, un comité d’audition de la CVMO a approuvé un règlement avec Coinsquare et ses dirigeants qui comprend plus de 2,2 millions de dollars (M$) de sanctions et de frais, ainsi que des interdictions de pratique.
L’entreprise a admis avoir violé les règles sur les valeurs mobilières en déclarant un volume de transactions gonflé, généré par un algorithme interne qui a produit 840 000 « wash trade », une forme de manipulation du marché dans laquelle un investisseur vend et achète simultanément les mêmes instruments financiers afin de créer une activité artificielle et trompeuse sur le marché. Ces transactions impliquaient 590 000 Bitcoins, représentant 90 % de l’activité de négociation déclarée de la plateforme.
La CVMO a également constaté que l’entreprise avait fait des déclarations trompeuses en déclarant un volume fictif lorsque des clients ont fait part de leurs inquiétudes sur Reddit. Coinsquare a également exercé des représailles contre un dénonciateur interne qui avait fait part de ses inquiétudes sur le volume suspect à la direction générale. L’entreprise a mis fin à l’emploi du dénonciateur.
En réglant l’affaire, l’entreprise a admis s’être livrée à des manipulations de marché en signalant des volumes de transactions gonflés, en trompant les clients sur le volume et en prenant des mesures de rétorsion contre un dénonciateur.
Le PDG Cole Diamond et le fondateur, président et directeur technique Virgile Rostand, ont admis avoir facilité les violations de la loi ontarienne sur les valeurs mobilières par la société, tandis que l’ancien directeur de la conformité, Felix Maze, a admis ne pas avoir rempli son rôle adéquatement.
Dans le cadre du règlement, Cole Diamond et Virgile Rostand ont tous deux accepté de démissionner de la société. Ils ont respectivement payé 1 M$ et 900 000 dollars d’amendes.
Ils ont également accepté de payer 300 000 $ de frais.
Les deux dirigeants sont aussi interdits d’inscription pendant trois ans, et ils sont tous deux interdits de participer à la gestion de Coinsquare pendant trois ans.
En outre, Cole Diamond a reçu une interdiction de pratique à titre de gestionnaire , et Virgile Rostand a accepté pour sa part accepté une interdiction de deux ans de pratique à titre de gestionnaire (bien que l’accord comprenne une exclusion qui leur permettra d’être impliqué, après un an, dans une filiale de Coinsquare qui n’est pas un participant au marché).
Felix Mazer est également interdit de pratique pour un an et a accepté de payer 50 000 dollars pour son rôle.
« Bien que plusieurs employés aient exprimé des inquiétudes quant à la manipulation des volumes de transactions, Coinsquare a non seulement maintenu cette pratique, mais a menti aux investisseurs à ce sujet et a exercé des représailles contre un dénonciateur », a souligné Jeff Kehoe, directeur de l’application de la loi à l’OSC, dans une déclaration.
Dans le cadre du règlement, Coinsquare et sa filiale, Coinsquare Capital Markets Ltd, qui cherchait à s’inscrire auprès de la CVMO et de l’Organisme canadien de réglementation du commerce des valeurs mobilières (OCRCVM), sont tenus de « mettre en œuvre des améliorations substantielles en matière de gouvernance d’entreprise » avant de pouvoir continuer à chercher de nouveau à s’inscrire auprès de la CVMO et de l’OCRCVM.
Ces améliorations comprennent la mise en place de conseils d’administration indépendants, la nomination de nouveaux PDG et responsables de la conformité, la création d’un programme interne de dénonciation et la mise en œuvre de politiques et de procédures pour assurer la conformité.
« Ce processus permettra au personnel de la CVMO et de l’OCRCVM d’évaluer les demandes à la lumière de toutes les informations disponibles et de prendre ensuite une décision finale sur l’octroi ou le refus d’un nouvel enregistrement », a déclaré la CVMO.
Ce règlement est le premier cas de mise en application de la CVMO contre une plate-forme de négociation cryptée, et il fait suite à la récente enquête de la CVMO sur la défaillance de la plate-forme de négociation cryptée QuadrigaCX, qui a conclu que cette société était exploitée comme une chaîne de Ponzi.
« Être un innovateur sur nos marchés de capitaux n’est pas un laissez-passer pour ignorer la loi sur les valeurs mobilières de l’Ontario », a déclaré Jeff Kehoe dans une déclaration à l’issue de l’audition.
« Tous les participants au marché – y compris ceux des nouvelles industries – doivent agir de manière honnête et responsable », a-t-il ajouté.
L’affaire Coinsquare est également la première procédure du régulateur alléguant une violation des mesures anti-représailles adoptées dans le cadre du programme de dénonciation de la CVMO.
Jeff Kehoe a déclaré que cette affaire « est une étape importante, car c’est la première action que nous avons entreprise en cas de représailles contre un dénonciateur depuis que d’importantes protections pour les dénonciateurs salariés ont été ajoutées à la législation sur les valeurs mobilières de l’Ontario en 2016 ».

I've been researching this a LOT lately because I didn't want to get caught in it. Looking at trends and past data. I believe, strongly, that we're in the middle of the market crash. I used my knowledge and was able to fully exit my entire $500k portfolio on Tuesday, maintaining all my gains. I've even taken a sizeable position in SPY puts ($50k worth of Dec $260). I got my close friends out (well the ones who listened) on Friday at the first sign of positive movement.
First of all, a little history lesson on the Minksy Bubble. It's basically a theory for how market bubbles happen. It occurs in 5 steps. I will outline what they are in basic and how the current market looks in relation.

1. Displacement: This is the beginning of a new paradigm where the market changes in a big way. For this, that was the Coronavirus. This took place between February to April.
2. Boom: Increase in spending begins and major gains start to be made. Media attention and market involvement begin to increase. Currently, we've seen a HUGE increase in retail traders (who are extremely volatile) and massive media attention toward the stock market as it relates to corona news as well as stimulus and recovery speed gains. This took place between April and July.
3. Euphoria: People stop caring about any sort of reasonable investment strategy and just start throwing money at stuff. Tesla is a fantastic example of this, but many other stocks in the tech sector are guilty of this. July was the beginning of this phase as Tesla saw insane growth within a few week period and other companies followed suit very quickly. This continued into late August with Apple and Tesla going to stupid prices after their splits, and all the other big tech names reaching wild valuations.
4. Profit Taking: Smart money starts withdrawing funds from the market as they prepare for the crash. We are seeing record insider selling, but most publicly, it began with Tesla announcing they would sell $5bn in new shares. Their second biggest shareholder then announced they were conveniently "rebalancing" their portfolio to sell many Tesla shares as well. This was nothing more than a ploy to pull money out without crashing the market, even though it did anyway. I will get more in depth on this phase later. The biggest catalyst was Softbank, though, and that leads me to the final stage.
5. Panic Selling: This is when people start to exit en masse in order to recoup whatever they can. We are currently witnessing this. The last few days have been a trainwreck on the market, wiping out August's gains entirely.

Now I know you want to say "well look at today. We're up 2% in the S&P!" This is par for the course on a crash. With the Corona crash, these were the rough day to day movement patterns (I'm using Corona as an example for its shortness/simplicity but all crashes have similar patterns):

• 1 small loss day
• 2 BIG loss days
• 3 medium loss days
• 5 gain days (there were 5 days of gains in the middle of the March crash)
• 1 GIANT loss day
• 3 Sideways days
• 8 slightly down days, leading to the bottom

Of those gain days, the first was a slowdown, but the second was a change of 4.8% in S&P/SPY from an open of 294 to a close of 309. Consecutive, positive days occurred during every major crash. We can see that being mirrored today and will likely see more upward mobility before more big money starts exiting. Don't be fooled by positive days. That does NOT indicate the crash is over. Novices tend to think crashes are a short event and that they should hold through them because they missed the boat. Crashes take weeks, minimum, but usually months, if not years, to become fully realized. Covid's crash is the fastest we've had at one month.
Another trend I've noticed is that these market bubbles are happening and recovering faster and faster. The late 80's Japanese market crash took 6 years to play out. The 2000 dotcom bubble was 4 years. The Chinese 2007 bubble took 2 years. The 2008 oil bubble took 1 year. On the flipside, the 2007 housing bubble took 5 years. The 2008 energy bubble took 3 years. We're about 6 months into this current bubble, but more if you account for any forming bubble from before covid. Maybe this means nothing, but I thought it was worth mentioning.
Bubble analysts always say there is a warning sign prior to a true collapse. I've been seeing these called "violent shake-offs." Most crashes get one, but some get two. We had one with the June mini-crash. One could argue that this current crash could be a violent shake-off. I'll get to the alternate scenario later. Assuming it's not, which I don't think it is, we move to the final trigger, the catalyst.
Catalysts: These are are things required to trigger a bubble collapse. Almost every bubble has had some notable catalyst(s) to trigger the rapid decline. As mentioned in Profit Taking, we've had three catalysts occur so far that triggered panic selling. New Tesla shares, secondary Tesla offloading, and Softbank. They are the big one and who I will focus on for a minute.
To those who don't know, Softbank bought $4 billion in options during the early days of the market post-covid. These options are worth a fortune right now ($30bn estimated), but they have to be sold in order to be fully capitalized on. What everyone is afraid of is Softbank doing just that, or worse, for shareholders: holding through a market crash and losing it all. In the movie, Margin Call (great movie), a hedge fund got wind of the housing market crash before everyone else and ultimately sold EVERYTHING they had in order to get ahead of it, single handedly beginning the inevitable market crash. To be fair, this is a fictional movie and they had a portfolio of like a trillion, but it's really just mentioned to illustrate my point. Softbank has to exercise these options, which have strike prices likely WAY below market value. If they sell those shares, they could easily double their investment, even through a crash. The problem is that people got so spooked by this revelation that Softbank lost over $15 billion in market cap (currently at $112bn). Had this not happened, the speed at which we decline would've been much slower. They have to make those losses up now. You know what would do that? Exercising all their options and selling them for market gains.
They can't keep those options forever, either. At best they have 2 years. Softbank will try very hard to sell all those off without crashing the market, but if it keeps dipping, they will become more desperate and start selling them more frantically, promoting a panic selling cycle. And what are we in? A panic selling cycle.
If this cycle continues with Softbank, more will tack on and we'll see this bubble continue to collapse. If it can hold a recovery this week, it might survive, but of course, I don't think it will. The end of day today really showed that people are afraid and that given any opportunity, selloff will occur. I think this IS the crash. But, I could be wrong. That brings me to the second and third catalysts.
Commercial Real Estate Crash: The eviction crisis is a real threat to our economy. It's brushed under the rug pretty heavily, pointing to the home real estate market and its gains, but the damage is done. Most major commercial real estate buildings, especially apartments, are in disarray. Go look around and see the kinds of deals your local apartments are offering. Where I am, I'm seeing up to 2 months of free rent in some places. I've never seen that before. Everyone is desperate for paying tenants. Most commercial properties can weather a bit of this kind of thing, but we haven't seen anything like this. Small businesses are shutting down, new businesses are not opening. No one is shopping. Who replaces those lost tenants? All these properties are heavily in debt. That's how the industry works, for the most part. Entrepreneurs and builders finance all projects because they are seen as very safe and it's a rule of thumb to never use your own money for investment. The margins had become abysmal before corona. I once looked into buying commercial real estate and found that I would only cover the expenses and have to solely rely on the property value increasing, to make anything worthwhile. This will cause properties to bleed out extremely fast. There is a commercial real estate collapse coming, likely within 6 months, and it will compound any damage the tech bubble has done. Don't forget that this isn't strictly a US problem. This is a worldwide problem.
Vacation Industry Crash: Many countries around the world rely on a steady influx of visitors in order to keep their businesses afloat. This, in turn, boosts GDP. Malaysia, for instance, is a place I personally visited, during Covid, and it was a desolate wasteland. Most shops had employees literally standing outside waiting for a single customer. It was like this for blocks and blocks. Huge tourist attractions were completely devoid of people. It's only a matter of time before our lack of flying catches up to these already poor and extremely hard to maintain businesses. The country in Malaysia I visited had a notoriously low success rate for new restaurants, during the best of times. Now, they are lucky to get any customers. That affect will bleed into the second catalyst. More businesses going under, causing commercial real estate to lose tenants with no one to replace them, causing those buildings to go under, causing banks to be stuck with a boat load of vacant, unprofitable properties, causing them to go under.
Even with a vaccine, we won't go back to normal fast enough to recover the losses. The airline industry is reporting that they don't estimate returns to normal until late 2021, early 2022. Do you think a random Joe has enough liquidity to keep his business running that long at extreme drought? The people at the bottom of the chain, consumers and small business owners, were never prepared to have a cash supply on hand for this kind of hit to their lives. That is going to trickle up to the top and when it does, goodbye market.
Of course, there's also the US election, but that will be a small catalyst as far as I'm concerned.
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Other notable indicators/insights that things don't look good:

1. Market cap to GDP was 2:1 at peak. The dotcom crash was 1.4 and the recession was 1.1. Currently 1.77:1.
2. Google trend results for "Market Crash" are trending up. Last week, which only accounted for 3 days, really, already topped the June mini-crash.
3. An analyst who witnessed the Japanese crash of the 1980's believes this will be the biggest crash we've ever seen.
4. EVs are the new dotcom company. Many will fail as car creation proves to be more difficult than anticipated.
5. High growth, high revenue companies do not automatically equate to sustainable companies, despite stock prices pretending they do. For example, Sea Ltd. doubled revenue but also doubled expenses in Q2 2020. eToys is a prime example of this, from the dotcom bust era. Had huge revenue, but their expenses could not be lowered to a sustainable level and went out of business, despite the business model making sense and the revenue stream looking really good.
6. The PE ratio of the market is above 30, which has historically always resulted in a market crash.
7. Apple saw 12 million shares exited at the bell today. Prior to that was around 600k peak. This happened for MOST tech stocks.
8. If you bought Microsoft at peak dotcom bust, you would have to wait 10 years to breakeven (longer if you account for inflation losses). That kind of stagnation is what we're looking at, even today.

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This does NOT mean the entire market will crash. Quite the contrary. Yes, most stocks will go down as the market collapses in overvalued sectors (TECH) brings down the whole thing, but they will stay high if priced fairly. Most epicenter is priced within a reasonable area, for instance, and will weather the storm quite well. At least, until the commercial real estate market collapse catches up to them.
Plan accordingly, set stop losses, and do your own research. I don't expect you to just follow my information blindly. I may have gotten things wrong or mixed some wires. You need to figure this out on your own and make your own judgement call. I simply hope to raise awareness for what I believe is a market crash so that people don't lose their shirt during this. I hope I'm wrong, though I'm literally betting with my money that I'm not.
Good luck.

PsychoMarket Recap - Monday, October 19, 2020
Stocks fell after the sell-off accelerated in the last hour of the market, as market participants closely monitored development for a near-term stimulus package and rising coronavirus cases in Europe and the US.
The Nasdaq (QQQ) finished the day 1.63% down. The S&P 500 (SPY) finished the day 1.49% down and the Dow Jones (DIA) ended the day 1.34% down. Stocks finished deep in the red after the last hour sell-off.
Over the weekend, there were several developments regarding a coronavirus-relief package. In comments to reporters in Nevada, Pres. Trump said “I want to do a bigger number than she wants [Pelosi’s $2.2 trillion proposal]. That doesn’t mean all Republicans agree with me, but I think they will in the end. If she would go along, I think they would too, on stimulus.” These comments imply that Pres. Trump is willing to propose a higher number than the $1.8 trillion the White House proposed recently. While Republicans have consistently balked at such a high price-tag, maybe Pres. Trump’s endorsement can help move the needle.
In response, House Speaker Nancy Pelosi set a Tuesday deadline for reaching an agreement with the Trump administration to pass stimulus before the November election. She and Treasury Secretary Steve Mnuchin, another key negotiator, reportedly continued to have discussions over the weekend and are scheduled to meet again today. Drew Hamill, Pelosi’s spokesperson said, “While there was some encouraging news on testing, there remains work to do to ensure there is a comprehensive testing plan that includes contact tracing and other measures to address the impact on the virus on different communities.”
According to data from John Hopkins, there were 57,000 and 48,000 new cases recorded on Saturday. While this is a marked improvement from 69,000 cases on Friday (the highest one day total since late-July) the numbers appear to be stagnating around the 50,000 new cases per day. The South and the Midwest have been the most hard-hit regions.
In Europe, there has been a surge in cases, with health and government officials warning of a second wave and imposing new restrictions throughout the continent. The Republic of Ireland will move into "Level Five" restrictions from midnight on Wednesday, the country's highest COVID alert level, for the next six weeks. Switzerland and Italy are imposing a nationwide mask mandate in all public spaces, even outdoors from Monday. In England a three-tier system remains in place, with varying restrictions imposed depending on whether an area is on "medium," "high" or "very high" alert. London is an area of “high alert” meaning members of different households cannot meet in indoor spaces and restaurants, bars have a 10 p.m. curfew, and a ban on gatherings of more than six people. In France, nine cities, including Paris, have been placed under a 9 p.m. to 6 a.m. curfew.
Highlights

• Ally Financial (ALLY) had price target raises by Piper Sandler, BMO Capital, and Morgan Stanley from $31 to $34 at OVERWEIGHT, $34 to $36 at OUTPERFORM, and $31 to $38 at OVERWEIGHT, respectively.
• NextEra Energy Partners (NEP) had price target raised by Credit Suisse from $60 to $69 at OUTPERFORM
• Snapchat (SNAP) had price target raise by KeyCorp from $29 to $35 at OVERWEIGHT
• Texas Roadhouse (TXRH) had price target raise by Wedbush from $71 to $82 at OUTPERFORM
• Bristol-Myers Squibb (BMY) was upgraded by Guggenheim from NEUTRAL to BUY with a target of $70
• GoodRx (GDRX) had coverage initiated today by a myriad of analysts. mixture of targets ranging from $50 to $70 from Neutral to Buy.
• ConocoPhillips to buy Concho Resources in an all-stock deal valued at nearly $10 billion
• AMC announced it is resuming operation in many theaters in state of New York, starting October 23
• ConocoPhillips to buy Concho Resources in an all-stock deal valued at nearly $10 billion
• Unions representing over 10,000 Disney theme park workers have told California Governor Gavin Newsom that the Disneyland Resort in Anaheim, California, can safely reopen when its location moves into the state's "orange tier" of COVID-19 test positivity and adjusted case rate.
• NASA gave Nokia-owned (NOK) Bell Labs a $14.1 million grant to build a 4G network on the moon to help astronauts control lunar rovers, navigate lunar geography in real time, and stream videos. Stock was up 3.44% at the time of writing.
• Chinese e-commerce giant Alibaba (BABA) said it would pay $3.6 billion to take control of China's largest big-box retailer and a major rival to Walmart (WMT) in the world's most populous nation. The company said it plans to double its stake in Sun Art Retail Group Ltd., which operates more than 480 large supermarket-department stores in China.
• Influential Taiwan-based analyst Ming-Chi Kuo of TF International Securities writes in a research note that preorder sales of the iPhone 12 and iPhone 12 Pro in the first 24 hours were in the 1.7 million-to-2 million units range, compared with 500,000 to 800,000 units for the iPhone 11,

“The secret of getting ahead is getting started” - Mark Twain

Update: (Barrons.com article)
Alibaba's payment unit statement:

The payments unit of Alibaba Group (ticker: BABA) said in a statement Tuesday that its listing on Shanghai’s STAR market may not meet listing qualifications or disclosure requirements. The suspension came after Chinese regulators met with Jack Ma, Ant’s controlling shareholder, and other executives, which led to undisclosed “material matters,” the statement said.

The Shanghai Stock Exchange statement:

Ant reported “major issues,” including changes in the financial technology regulatory environment that led to the postponement, the Shanghai Stock Exchange said in a separate statement.

Ant Group pulled its IPO from the Hong Kong Exchange:

Ant has also pulled its planned listing on the Hong Kong Stock Exchange. The company couldn’t immediately be reached for comment.

tldr; Ant Group met with Chinese financial regulators yesterday. The Shanghai & Hong Kong IPOs are suspended so that ANT can meet "changed" regulatory requirements, according to the Ant Group. The Shanghai exchange says "Ant Group has recently reported to China's securities regulator about the significant changes in regulatory environment."
It appears that new regulations are being developed for micro-lending and some other of ANT's fintech disruptor features, as none previously existed, and ANT has to meet those new requirements before going public.
China's new draft regulations for microfinance businesses that were released on Monday
(translated from Chinese)

China Banking and Insurance Regulatory Commission The People's Bank of China publicly solicits opinions on the "Interim Measures for the Administration of Online Small Loans (Draft for Comment)"
In order to regulate the online microfinance business of microfinance companies, unify the regulatory and operating rules, and promote the standardized and healthy development of the online microfinance business, the China Banking and Insurance Regulatory Commission, in conjunction with the People’s Bank of China and other departments, drafted the Interim Measures for the Administration of Online Microfinance Business ( Draft for Solicitation of Opinions) (hereinafter referred to as the “Measures”) is now open to the public for comments.
The "Measures" has seven chapters and forty-three articles, which are divided into general provisions, business access, business scope and basic rules, operation management, supervision and management, legal responsibilities, and supplementary provisions. The key contents include: First, clarify the definition and regulatory system of online microfinance business, and clarify that online microfinance business should be mainly carried out in the provincial administrative region of the registration place, and cannot be carried out across provincial administrative regions without the approval of the China Banking Regulatory Commission Online microfinance business. The second is to clarify the conditions that should be met in terms of registered capital, controlling shareholders, and Internet platforms to operate online microfinance business. The third is to standardize business operation rules, and put forward relevant requirements on the amount of online small loans, loan uses, joint loans, and loan registration. The fourth is to urge microfinance companies that operate online microfinance business to strengthen their operations and management, standardize equity management, capital management, and consumer rights protection work, collect and use customer information in accordance with the law, and not induce borrowers to over-debt. Fifth, clarify the regulatory rules and measures, urge the regulatory authorities to improve the effectiveness of supervision, and pursue legal liabilities for violations of laws and regulations. Sixth, clarify the arrangements for the rectification and transition of existing businesses.
All sectors of the society are welcome to provide valuable opinions. The China Banking and Insurance Regulatory Commission will work with the People’s Bank of China to further revise and improve the “Measures” based on the feedback and will be released and implemented in due course after the higher-level law is promulgated.
Attachment: China Banking and Insurance Regulatory Commission Announcement of the People's Bank of China on the "Interim Measures for the Administration of Online Small Loans (Draft for Solicitation of Comments)" http://www.cbirc.gov.cn/cn/view/pages/ItemDetail.html?docId=938821&itemId=951

This WSJ article is much more critical of the Chinese regulators:

The dual listings had valued six-year-old Ant at more than $300 billion, putting it on par with Mastercard Inc. and making it worth more than most American and Chinese banks. “The fact that [Chinese regulators] waited till so close to the listing to pull it is very striking,” said Eswar Prasad, a professor of trade policy and economics at Cornell University. “This sort of thing doesn’t happen without everybody in the top echelon of the political realm coming on board.”
He said the move brings to a head concerns regulators have long had about the opacity of Ant’s operations and the oversize influence it has on the Chinese payments and financial landscapes.
Alipay, which has more than one billion users in mainland China, handled more than $17 trillion in digital payments in the year to June, and has facilitated large volumes of consumer and business lending in China. It sells insurance and mutual funds to millions of people and manages the country’s largest money-market mutual fund. Ant has billed itself as a technology company instead of a financial firm, and avoided some of the tough capital requirements and leverage ratios that banks in the country are subject to.

Big Financial establishment insiders weighed in on Monday:

The meeting called by the four financial regulators on Monday changed everything. The People’s Bank of China, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission and the State Administration of Foreign Exchange said late in the day that they had summoned Mr. Ma, Ant’s executive chairman, Eric Jing, and its Chief Executive Simon Hu to a meeting, without providing details.
On the same day, the country’s banking regulator released draft rules on microlending that, when implemented, could slow the expansion and profitability of Ant’s fast-growing consumer and business lending units.

Yeah, it looks as if there are big heavyweight insiders who are protecting their turf against the upstart fintech disruptor.

Regulators didn’t go into detail about what led them to pull the plug on Ant’s IPOs. Close observers of China’s financial regulatory landscape have pointed to controversial comments Mr. Ma made at a public forum in Shanghai last month that some top Chinese regulators also spoke at.
We cannot regulate the future with yesterday’s means,” Mr. Ma said during a speech at the forum. “There’s no systemic financial risks in China because there’s no financial system in China. The risks are a lack of systems,” Mr. Ma said.
Before Mr. Ma spoke, China’s Vice President Wang Qishan said at the same event that China needed to safeguard its financial system from systemic risks, and it needed to be a priority for financial institutions.
The billionaire’s comments “looked almost like a direct contradiction to the lines being proposed by one of the most powerful people of China,” said Martin Chorzempa, a research fellow at Peterson Institute for International Economics.
“This looks like a huge violation of the norms, of relations between the government and the private companies,” he said, adding that companies are supposed to operate within the country’s regulatory constraints and political system.

BABA news flash: The Shanghai arm of ANT IPO might be suspended as Chinese regulators review ANT platform's impact as a potential financial sector disruptor.
I'm actually relieved to see this. Not because I want the ANT IPO suspended, but because it confirms some of my suspicions about how significant of a financial disruptor ANT's platform can potentially be. It revolutionizes and liberalizes capitalization of transactional finance, lending and investing all the way down to the granular individual level.
I was wondering why such a revolutionary system was not threatening existing financial insiders in China. At this point, it might be a regulatory hurdle or a challenge from traditional bank insiders in the country. Either way, I'm holding and might pick up shares if the price drops today, but this does make me nervous.
Edit:
From Reuters: https://www.reuters.com/article/ant-group-ipo/update-1-shanghai-stock-exchange-suspends-ant-groups-a-share-ipo-idUSL1N2HP155

Shanghai stock exchange suspends Ant Group's A-share IPO — 8:09 AM ET 11/03/2020
HONG KONG, Nov 3 (Reuters) - The Shanghai stock exchange has suspended Ant Group's A-share IPO on its Star board, the Chinese exchange said on Tuesday.
Ant Group has recently reported to China's securities regulator about the significantly changes in regulatory environment, the exchange said, and this major development might make Ant Group fall short of the listing requirement regarding information disclosure, the Shanghai stock exchange said in a statement. (Reporting by Meg Shen and Julie Zhu; Editing by Louise Heavens)

Edit 2:
More discussion: It seems that Ant's meeting with Chinese regulators yesterday was more than a pro-forma discussion. It looks as if China is for the first time addressing a need for regulation for micro-financing.

China’s central bank and three financial regulators held talks with Ant Group Co Ltd’s top executives and its founder Jack Ma on Monday as Beijing published new draft rules for online micro-lending

https://www.reuters.com/article/china-regulator-ant/watchdogs-hold-talks-with-ant-as-china-releases-draft-online-lending-rules-idUSKBN27I1WB
If this is the case, that Chinese regulators are drafting entirely new regulations for online micro-lending, then yeah, ANT would have to then comply with the kinds of disclosures, plans and processes to comply with the new regulations. I'm going to go out on a limb personally and pick up more shares if BABA stock tanks on this news (but this doesn't mean I'm recommending that other do so)
Edit 3:
Yes, the Hong Kong listing would also be suspended if China is developing entirely new regulations for online micro-lending and ANT has to comply with those regulations. That's a structural issue of the financial system and not one that's local to Shanghai's stock market.
Edit 4:
Yes, I did buy the dip. Bought a bunch at about $280 and then a few more shares about $285-289. Now I have way more BABA than I really want. But that was the easiest day trade of the year.

Investment Firm	Date Posted
Absolute Return Partners - Modern Monetary Theory Explored	October 6
JPMorgan Guide to the Markets	October 6
Kerrisdale Capital - AtriCure Short Thesis	October 6
Spruce Point Capital - Sunnova Energy Short Thesis	October 6
Goehring & Rozencwajg	October 7
Bill Nygren	October 8
First Eagle Management - China	October 8
DMZ Partners	October 9
DoubleLine	October 9
Goldman Sachs - Post Election Policies	October 9
Third Point Capital - Disney Letter	October 9
Vltava Fund	October 9
Citron Research - Compass Pathways Long Thesis	October 13
Ensemble Fund	October 13
Grizzly Reports - Short Thesis on Celsius Holdings	October 13
Hindenburg Research - Loop Industries	October 13
JCap Research - Short Thesis on ACM Research	October 13
Newfound Research	October 13
Starboard Value - Corteva and ON Semiconductors	October 13
Howard Marks Memo	October 13
Argosy	October 15
Massif Capital - ESG	October 15
Mclain Capital	October 15
Ruane, Cunniff & Goldfarb	October 15
Spree Capital	October 15
Summer Value Partners	October 15
Upslope Capital	October 15
Bill Miller	October 16
Bonitas Research - Short Thesis on Hyliion	October 16
Cedar Creek Partners	October 16
Cooper Investors	October 16
Curreen Capital	October 16
Third Point Capital	October 16
Wedgewood Partners	October 16
Blue Tower Asset Management	October 20
Laughing Water Capital	October 20
NZS Capital	October 20
Alluvial Capital	October 21
Bronte Capital	October 21
Hoisington	October 21
Polen Global Growth	October 21
Viceroy Research - Grenke	October 21
Weitz Management	October 21
Bireme	October 23
Bonsai Partners	October 23
Forager Funds	October 23
Glasshouse Research - Columbia Sportswear Short Thesis	October 23
Massif Capital	October 23
Oldfield Partners	October 23
Sparkline Capital - Intangibles	October 23
Aikya	October 26
Arisaig	October 26
Giverny Capital	October 26
Luca Capital	October 26
Nomadic Value	October 26
Turtle Creek	October 26
White Brook Capital	October 26
Grizzly Reports - Short Thesis on SPI Energy	October 27
First Eagle Value	October 28
Gator Capital	October 28
Greenlight Capital	October 28
ICM	October 28
Maran Partners	October 28
Steel City Capital	October 28
FPA Capital Fund	October 29
FPA Crescent Fund	October 29
Graham & Doddsville	October 29
Donville Kent	November 1
Greenhaven Road	November 1
Greenwood Investors	November 1
Horizon Kinetics	November 1
Lazard Review of Share Holder Activism	November 1
Miller Value Partners - Deep Value	November 1
Miller Value Partners - Income	November 1
Miller Value Partners - Opportunity	November 1
Space Investment Quarterly	November 1
Third Avenue Value Fund	November 1
2Point2 Capital	November 5
Alta Fox Capital	November 5
Arquitos Capital	November 5
Artko Capital	November 5
Blue Orca - Seek LTD Short Thesis	November 5
Cartenna Capital	November 5
Desert Lion Capital	November 5
Equirus Fund	November 5
Silver Ring Partners	November 5

Interviews & Lectures	Date Posted
Beeneet Kothari - Technology Stocks	October 6
Jim Chanos - Short CRE	October 6
Ray Dalio - Navigating Debt Crises	October 6
Joel Greenblatt on Relative Value	October 12
Howard Marks	October 16

Ich hab mal die CSV bzw. XSLX exporte von Vanguard und iShares verglichen. Leider habe ich nur Namen und das kann etwas ungenau sein - ich habe leerzeichen, groß/kleinschreibung und punkte mal ignoriert für den Vergleich (Methodik in Kommentar, Beachte: iShares Stand 29.10, Vanguard 30.09).

Name	MSCI World Small Cap %	FTSE All World %	Market Cap (FTSE)	MCap (MSCI)
Etsy Inc.	0,26%	0,0274%	1.771.054,43 $	3.674.655
PSP Swiss Property AG	0,13%	0,0122%	787.387,21 $	1.802.699
Herbalife Nutrition Ltd.	0,12%	0,0085%	548.743,95 $	1.639.680
Flex Ltd.	0,12%	0,0099%	636.350,22 $	1.715.877
ASM International NV	0,12%	0,0126%	813.352,55 $	1.625.503
Rightmove plc	0,11%	0,0136%	877.016,93 $	1.568.560
Gentex Corp.	0,11%	0,0125%	805.846,25 $	1.475.402
Signify NV	0,11%	0,0088%	564.964,56 $	1.595.141
Pennon Group plc	0,10%	0,0098%	632.290,08 $	1.320.315
ITV plc	0,10%	0,0061%	390.322,94 $	1.367.119
Euronext NV	0,10%	0,0153%	985.676,45 $	1.451.734
Imcd Nv	0,10%	0,013%	836.490,63 $	1.346.835
SIG Combibloc Group AG	0,09%	0,0097%	625.148,16 $	1.274.624
Azbil Corp.	0,09%	0,0113%	728.058,37 $	1.192.492
Weir Group plc	0,09%	0,0068%	439.815,79 $	1.206.116
B&M European Value Retail SA	0,09%	0,0112%	724.473,74 $	1.303.757
Howden Joinery Group plc	0,08%	0,0081%	525.352,85 $	1.096.620
VAT Group AG	0,08%	0,0076%	489.725,71 $	1.147.619
ASR Nederland NV	0,08%	0,01%	643.249,06 $	1.138.169
Bechtle AG	0,08%	0,0097%	626.906,65 $	1.152.209
Phoenix Group Holdings plc	0,08%	0,0098%	635.160,36 $	1.086.342
Avast plc	0,07%	0,0072%	464.793,48 $	934.202
Intermediate Capital Group plc	0,07%	0,0079%	508.268,38 $	975.328
NEXTDC Ltd.	0,07%	0,0075%	485.193,14 $	964.365
Boral Ltd.	0,07%	0,0064%	414.244,27 $	980.546
HomeServe plc	0,07%	0,0106%	681.440,76 $	945.452
Vitasoy International Holdings Ltd.	0,07%	0,0054%	348.967,74 $	948.539
Saracen Mineral Holdings Ltd.	0,07%	0,008%	518.257,43 $	1.031.869
Hiscox Ltd.	0,07%	0,0064%	412.607,74 $	936.112
Georg Fischer AG	0,07%	0,0082%	530.255,24 $	943.537
Ansell Ltd.	0,06%	0,0069%	447.746,39 $	819.476
IMI plc	0,06%	0,0064%	411.697,97 $	818.501
Minth Group Ltd.	0,06%	0,0058%	373.406,45 $	772.461
Bellway plc	0,06%	0,0065%	419.311,86 $	862.703
JB Hi-Fi Ltd.	0,06%	0,0061%	392.451,50 $	855.730
Mineral Resources Ltd.	0,06%	0,0048%	312.467,08 $	777.746
Haseko Corp.	0,06%	0,0059%	383.151,71 $	808.769
ConvaTec Group plc	0,06%	0,0083%	538.437,70 $	811.744
Keppel DC REIT	0,06%	0,0055%	352.371,99 $	770.816
Aalberts NV	0,06%	0,0057%	365.024,83 $	766.022
OZ Minerals Ltd.	0,06%	0,0083%	536.877,73 $	842.126
Travis Perkins plc	0,06%	0,0073%	472.622,05 $	793.019
Qube Holdings Ltd.	0,06%	0,0041%	266.393,21 $	841.724
carsales.com Ltd.	0,06%	0,0058%	371.462,06 $	804.600
Centrica plc	0,05%	0,0056%	363.293,93 $	671.978
Altium Ltd.	0,05%	0,0057%	366.412,22 $	724.556
Meggitt plc	0,05%	0,0051%	330.542,42 $	733.891
ALS Ltd.	0,05%	0,0059%	380.411,23 $	730.897
Quilter plc	0,05%	0,0053%	339.290,06 $	691.601
Contact Energy Ltd.	0,05%	0,0051%	329.735,26 $	753.722
Cleanaway Waste Management Ltd.	0,05%	0,0044%	285.674,51 $	685.234
Anritsu Corp.	0,05%	0,0081%	526.083,58 $	760.543
Sushiro Global Holdings Ltd.	0,05%	0,0053%	341.256,51 $	659.421
Rational AG	0,05%	0,004%	257.316,93 $	675.132
COMSYS Holdings Corp.	0,05%	0,0074%	476.084,53 $	760.816
Incitec Pivot Ltd.	0,05%	0,0048%	309.305,87 $	629.985
Rheinmetall AG	0,05%	0,0072%	462.664,83 $	721.255
Sojitz Corp.	0,05%	0,0057%	367.611,11 $	706.600
Acciona SA	0,04%	0,0037%	235.925,92 $	520.296
Fletcher Building Ltd.	0,04%	0,0035%	227.412,86 $	535.384
Nichirei Corp.	0,04%	0,0046%	295.362,46 $	563.129
Relo Group Inc.	0,04%	0,0045%	293.251,21 $	523.886
Ackermans & van Haaren NV	0,04%	0,0049%	313.496,83 $	620.598
Mitsui OSK Lines Ltd.	0,04%	0,0038%	243.769,54 $	543.484
NS Solutions Corp.	0,04%	0,0023%	147.370,42 $	496.643
DKSH Holding AG	0,04%	0,0046%	298.469,66 $	577.207
Sankyu Inc.	0,04%	0,0023%	148.896,05 $	509.981
NOF Corp.	0,04%	0,0048%	309.921,35 $	620.426
Alumina Ltd.	0,04%	0,004%	257.420,75 $	581.349
Ship Healthcare Holdings Inc.	0,04%	0,0032%	209.030,61 $	596.934
Horiba Ltd.	0,04%	0,0037%	238.870,46 $	612.942
Renishaw plc	0,04%	0,0061%	393.792,04 $	592.197
Fancl Corp.	0,04%	0,0047%	305.079,12 $	572.277
Appen Ltd.	0,04%	0,0057%	364.375,16 $	607.501
Ebara Corp.	0,04%	0,0039%	253.237,94 $	581.091
Rexel SA	0,04%	0,0065%	419.074,03 $	593.248
Asics Corp.	0,04%	0,0034%	219.190,75 $	491.962
Worley Ltd.	0,04%	0,0035%	222.714,54 $	588.508
KAZ Minerals plc	0,04%	0,0035%	226.341,97 $	506.082
Helvetia Holding AG	0,04%	0,007%	452.456,82 $	577.262
Wing Tai Holdings Ltd.	0,04%	0,0004%	26.894,73 $	621.916
Denka Co. Ltd.	0,04%	0,0049%	314.867,81 $	561.006
Kinden Corp.	0,04%	0,0042%	272.164,31 $	527.619
Varta AG	0,04%	0,0033%	210.865,69 $	545.988
TechnipFMC plc	0,04%	0,0008%	48.908,81 $	523.860
Nihon Kohden Corp.	0,04%	0,0042%	268.852,46 $	554.945
Lintec Corp.	0,04%	0,0021%	132.007,96 $	513.438
Man Wah Holdings Ltd.	0,04%	0,0039%	252.065,03 $	515.641
Westlake Chemical Corp.	0,04%	0,0057%	369.710,56 $	581.075
Metcash Ltd.	0,03%	0,0031%	198.814,08 $	450.391
Tower Semiconductor Ltd.	0,03%	0,003%	193.246,21 $	474.875
Shufersal Ltd.	0,03%	0,0007%	41.630,38 $	366.513
Hachijuni Bank Ltd.	0,03%	0,0033%	212.898,70 $	375.190
Glanbia plc	0,03%	0,0038%	242.665,95 $	436.954
Toyo Seikan Group Holdings Ltd.	0,03%	0,003%	190.567,61 $	354.829
Mitsubishi Logistics Corp.	0,03%	0,0051%	331.276,41 $	398.359
Takara Bio Inc.	0,03%	0,0027%	175.912,06 $	366.617
Orora Ltd.	0,03%	0,0026%	169.943,71 $	410.623
Hitachi Transport System Ltd.	0,03%	0,0014%	91.372,12 $	406.371
Vocus Group Ltd.	0,03%	0,0016%	101.843,20 $	359.582
Kyushu Financial Group Inc.	0,03%	0,003%	196.396,47 $	422.366
Nippo Corp.	0,03%	0,0019%	121.080,26 $	366.860
Hokuhoku Financial Group Inc.	0,03%	0,0025%	161.259,36 $	360.327
Tokuyama Corp.	0,03%	0,0034%	217.648,06 $	348.586
Nihon Unisys Ltd.	0,03%	0,0036%	234.530,47 $	484.818
DIC Corp.	0,03%	0,0043%	275.370,04 $	451.980
Ulvac Inc.	0,03%	0,0037%	237.970,25 $	454.807
Kiwi Property Group Ltd.	0,03%	0,0022%	143.643,69 $	388.806
Kyudenko Corp.	0,03%	0,0039%	253.084,43 $	348.441
Iyo Bank Ltd.	0,03%	0,0036%	232.153,89 $	469.325
Tui AG	0,03%	0,0033%	215.727,02 $	413.213
Benefit One Inc.	0,03%	0,0032%	208.581,45 $	420.520
Challenger Ltd.	0,03%	0,0027%	172.587,73 $	362.344
TechnoPro Holdings Inc.	0,03%	0,0041%	265.668,53 $	445.962
Kewpie Corp.	0,03%	0,0044%	283.244,58 $	451.408
Toda Corp.	0,03%	0,0018%	118.715,06 $	367.307
Sanwa Holdings Corp.	0,03%	0,0041%	265.300,86 $	441.786
Toyo Tire Corp.	0,03%	0,0043%	278.980,38 $	348.657
Fuji Oil Holdings Inc.	0,03%	0,0029%	188.192,93 $	437.127
Sotetsu Holdings Inc.	0,03%	0,0035%	228.347,39 $	453.951
Seven Group Holdings Ltd.	0,03%	0,003%	192.444,04 $	444.860
Strauss Group Ltd.	0,03%	0,0014%	89.454,67 $	441.008
Justsystems Corp.	0,03%	0,0049%	316.829,34 $	424.834
Ashmore Group plc	0,03%	0,0038%	244.062,19 $	437.861
Nipro Corp.	0,03%	0,0024%	152.065,76 $	375.701
GMO internet Inc.	0,03%	0,0035%	228.568,18 $	440.067
Fujitsu General Ltd.	0,03%	0,0042%	268.786,13 $	434.032
Takara Holdings Inc.	0,03%	0,0035%	227.609,21 $	376.522
Hang Lung Group Ltd.	0,03%	0,0034%	218.260,65 $	457.139
FP Corp.	0,03%	0,0039%	251.871,51 $	359.411
Gunma Bank Ltd.	0,03%	0,0028%	181.417,61 $	358.262
Bic Camera Inc.	0,03%	0,0041%	263.844,40 $	358.875
CSR Ltd.	0,03%	0,0017%	107.941,56 $	372.907
Wacker Chemie AG	0,03%	0,0043%	277.931,06 $	427.188
Goldwin Inc.	0,03%	0,0048%	308.215,67 $	373.485
Mani Inc.	0,03%	0,0022%	143.988,44 $	410.640
Yamaguchi Financial Group Inc.	0,03%	0,0028%	183.160,24 $	355.375
Downer EDI Ltd.	0,03%	0,0053%	341.312,32 $	426.954
H.U. Group Holdings Inc.	0,03%	0,0015%	98.591,87 $	369.650
Bank of Queensland Ltd.	0,03%	0,0033%	212.585,36 $	464.412
Sulzer AG	0,02%	0,0017%	111.387,32 $	340.215
Wacoal Holdings Corp.	0,02%	0,0013%	84.729,46 $	267.993
Ain Holdings Inc.	0,02%	0,0041%	265.024,16 $	285.095
Zardoya Otis SA	0,02%	0,0021%	138.270,35 $	264.539
Beach Energy Ltd.	0,02%	0,004%	255.015,42 $	333.024
OSG Corp.	0,02%	0,0014%	91.012,03 $	286.614
Paz Oil Co. Ltd.	0,02%	0,0008%	53.323,92 $	266.635
As One Corp.	0,02%	0,0027%	171.591,02 $	322.938
Hitachi Capital Corp.	0,02%	0,0021%	137.702,08 $	309.919
Canon Marketing Japan Inc.	0,02%	0,0005%	31.869,61 $	297.771
Amano Corp.	0,02%	0,0021%	132.061,97 $	317.196
Ube Industries Ltd.	0,02%	0,0024%	152.715,82 $	270.741
Maeda Corp.	0,02%	0,0013%	84.529,52 $	246.631
Nisshinbo Holdings Inc.	0,02%	0,0021%	138.216,62 $	248.556
Kobe Steel Ltd.	0,02%	0,0017%	110.402,73 $	237.437
Resorttrust Inc.	0,02%	0,0007%	42.505,45 $	271.828
Flight Centre Travel Group Ltd.	0,02%	0,0031%	199.248,44 $	268.274
Kaneka Corp.	0,02%	0,0029%	186.975,27 $	340.943
Fuji Seal International Inc.	0,02%	0,0008%	49.841,75 $	254.606
Sims Ltd.	0,02%	0,0011%	73.437,38 $	270.520
Singapore Press Holdings Ltd.	0,02%	0,0021%	133.475,94 $	270.884
PALTAC Corp.	0,02%	0,0028%	181.142,80 $	258.580
Yanlord Land Group Ltd.	0,02%	0,0003%	19.452,79 $	316.548
77 Bank Ltd.	0,02%	0,0024%	153.510,85 $	234.663
Kerry Logistics Network Ltd.	0,02%	0,0035%	224.260,65 $	226.146
SKY Perfect JSAT Holdings Inc.	0,02%	0,0001%	6.089,26 $	284.035
Singapore Post Ltd.	0,02%	0,0021%	134.471,47 $	236.688
Suedzucker AG	0,02%	0,002%	131.900,26 $	246.151
VTech Holdings Ltd.	0,02%	0,0019%	120.655,48 $	248.571
GungHo Online Entertainment Inc.	0,02%	0,0007%	44.485,55 $	328.390
Phoenix Holdings Ltd.	0,02%	0,0007%	46.420,75 $	224.183
Iluka Resources Ltd.	0,02%	0,0036%	234.488,62 $	341.962
GS Yuasa Corp.	0,02%	0,0019%	125.067,75 $	299.402
BorgWarner Inc.	0,02%	0,0157%	1.015.452,88 $	315.345
Perpetual Ltd.	0,02%	0,0009%	58.839,40 $	209.273
NOK Corp.	0,02%	0,0024%	156.108,22 $	229.467
IOOF Holdings Ltd.	0,02%	0,0024%	153.339,19 $	287.310
Shiga Bank Ltd.	0,02%	0,0017%	109.650,34 $	344.157
Chugoku Bank Ltd.	0,02%	0,0032%	203.251,21 $	345.069
TBS Holdings Inc.	0,02%	0,0003%	22.247,70 $	218.399
Ald SA	0,02%	0,001%	64.213,00 $	322.805
Glory Ltd.	0,02%	0,0014%	88.998,39 $	287.807
Ushio Inc.	0,02%	0,0018%	119.003,13 $	234.934
SKYCITY Entertainment Group Ltd.	0,02%	0,0031%	197.962,87 $	274.042
Sapporo Holdings Ltd.	0,02%	0,0029%	184.176,06 $	265.620
easyJet plc	0,02%	0,0016%	102.607,17 $	248.719
American Airlines Group Inc.	0,02%	0,0021%	135.976,56 $	268.610
Adbri Ltd.	0,02%	0,001%	62.640,54 $	226.665
Itoham Yonekyu Holdings Inc.	0,02%	0,0024%	156.979,06 $	257.861
IHI Corp.	0,02%	0,0027%	173.168,77 $	277.071
Toyota Boshoku Corp.	0,02%	0,0008%	53.472,95 $	256.653
Pilot Corp.	0,01%	0,0016%	102.482,71 $	124.568
Ichigo Inc.	0,01%	0,0003%	17.052,02 $	185.527
FIH Mobile Ltd.	0,01%	0,0001%	9.225,81 $	96.020
OKUMA Corp.	0,01%	0,0039%	251.501,94 $	182.568
Johnson Electric Holdings Ltd.	0,01%	0,0019%	123.979,68 $	178.544
Airport City Ltd.	0,01%	0,0009%	58.336,77 $	193.620
Heiwa Corp.	0,01%	0,0008%	54.098,36 $	186.525
Toshiba TEC Corp.	0,01%	0,0017%	108.282,01 $	183.748
Air New Zealand Ltd.	0,01%	0,0004%	26.687,15 $	120.642
Orient Corp.	0,01%	0,0013%	81.165,55 $	138.686
Imerys SA	0,01%	0,0018%	114.076,42 $	153.481
Kansai Mirai Financial Group Inc.	0,01%	0,0006%	39.616,22 $	112.988
Konica Minolta Inc.	0,01%	0,0021%	132.951,77 $	207.208
Amot Investments Ltd.	0,01%	0,001%	62.879,54 $	176.295
Cafe de Coral Holdings Ltd.	0,01%	0,0009%	58.962,58 $	105.717
Domain Holdings Australia Ltd.	0,01%	0,0003%	19.796,99 $	180.965
Dah Sing Financial Holdings Ltd.	0,01%	0,0001%	7.688,26 $	168.539
ASKUL Corp.	0,01%	0,0004%	28.423,20 $	192.359
Platinum Asset Management Ltd.	0,01%	0,0009%	56.134,98 $	161.680
Shun Tak Holdings Ltd.	0,01%	0,0006%	35.840,00 $	109.165
Melisron Ltd.	0,01%	0,0004%	23.584,19 $	149.274
Whitehaven Coal Ltd.	0,01%	0,0015%	96.670,17 $	134.925