Industry news

Date: Jan 10, 2013

January 10, 2013: BATS Says ‘System Issue’ Has Led to Pricing Problems Over Past 4 Years; SEC enforcement chief Khuzami is leaving; Deutsche Boerse Faces $340 Million Fine Over Iran

BATS Global Markets says that hundreds of thousands of transactions over the last few years may have been completed in violation of SEC rules. Robert Khuzami, without admitting or denying guilt, announces that he is departing from the SEC. Deutsche Borse’s Clearstream has begun talks with the US Treasury department to resolve problems with Iran-related transactions. In First Read today, take a look at JLN’s new Bill Brodsky interview, as he talks about leaving the CBOE after a 15-year stay.

First Read

Bill Brodsky

CBOE CEO Bill Brodsky talks about stepping down after 15 years

Bill Brodsky, chairman and CEO of the CBOE, announced last month he was stepping down from his post in May 2013, and taking the role of executive chairman. He has held the top spot at the exchange since 1997 and was at the Chicago Mercantile Exchange for 15 years before taking over at the CBOE. Brodsky spoke with John Lothian about his decision, his successor Ed Tilly as well as the importance of separating the role of CEO and chairman in public companies. He also addressed some of the keys to the CBOE’s success over the past quarter century, the potential for growth in the industry and finally, the road ahead. He has been often rumored to be on the shortlist for the top regulator’s post at the SEC.

Watch the video »


CME Group Commodity Trading Challenge

The CME Group is running their 2013 Commodity Trading Challenge. Are you up the challenge?

CME Group’s Commodity Trading Challenge is a complimentary four-week electronic trading competition where teams of undergraduate and graduate students can trade Crude Oil, Gold and Corn Futures in a simulated trading environment on a real-time professional trading platform provided by CQG.

Top ranking students will be eligible for cash prizes and exclusive CME Group experiences.

This competition is an annual event and the number of schools that participate has grown each year – with 90 schools from 6 countries and over 160 teams competing in 2012. The Commodity Trading Challenge is a unique chance for students to learn hands on techniques for trading futures.

2013 CME Group Commodity Trading Challenge Competition Dates

  • Practice Round: February 4 – 12, 2013
  • Preliminary Round: February 12 – 28, 2013
  • Championship Round: March 3 – 15, 2013

CQG will provide access to the technical analysis and trading software and training before the competitions begins. CQG’s software only works on a PC platform and port 2823 must be open in the firewall. The CQG help line will be available 24 hours a day.

Each team leader is responsible for registering their team prior to the competition. We currently limit the number of teams per school to two (undergraduate and graduate programs counted separately). Each team must consist of 3-5 students.

There is no fee to register and training on the CQG platform will be provided prior to the competition.

How to Register? Registration in cooperation with a faculty advisor opens Monday, January 7, 2013.
Registration for the general student population opens Monday, January 14, 2013.


New Restoring Customer Confidence Video
After a brief holiday hiatus, we present the fifth video in our Restoring Customer Confidence series. This video deals with customer protection funds. Each week we will post a new idea answering the question – how do you restore customer confidence and bring traders back?

Restoring Customer Confidence More ideas»
Protection Fund: Building a Better Piggy Bank - John Roe

Protection Fund: Building a Better Piggy Bank

Is there any protection for my futures account? That is the key question for futures customers today and quite likely, the answer is “no” or “not much.” While dialog and debate ranges on the type of customer protection fund or insurance that might or might not work, John Roe, co-founder of the Commodity Customer Coalition and principal at BTR Trading, says it is essential to restore customer confidence.

In this video, a simple animation and interview with Roe explain how protection for futures customers can be established with a small fund that ultimately will grow over time using a small trading fee. And, in the case of a default, it would replace customer funds before they were tied up in bankruptcy court.

Watch the video »

This video is sponsored by:


About the Restoring Customer Confidence video series
In the aftermath of the MF Global collapse, fraud at Peregrine Financial Group and high profile high-frequency trading shocks, John Lothian News asks – how do you restore customer confidence and bring traders back?

The Restoring Customer Confidence video series answers that question by exploring potential solutions using expert interviews and simple animations.

John Lothian News interviewed more than a dozen professionals in the industry to get their ideas and solutions. As these ideas become practice, or as new concepts are adopted by the industry, we will continue to add them to the site.

Visit the video series page on over the next several weeks for new ideas and solutions.


Prop Trading, the Bogeyman That Didn’t Take Down Wall Street
Mark Gimein – Bloomberg
Bloomberg’s Max Abelson today reports on Goldman Sachs’s Multi-Strategy Investing unit — in effect a hedge fund within the bank that bypasses the Volcker rule’s limits on proprietary trading. It’s a great story. It also raises a question: Is prop trading really the problem with Wall Street?

***** Why did you have to use the B word. I hate Bogeyman!


50 shades of public interest
Lisa Pollack | FT Alphaville
This is one for the list of things you intuitively know, but have never bothered to fully formulate: the “issue-attention cycle” as laid out by Anthony Downs in a 1972 issue of The Public Interest. It describes how a society travels from blissful ignorance to intense interest about a topic, only to smack into cruel reality and then transition to boredom or indifference.

***** What is newsworthy? That is the question.


Brazil in 2013: Where There’s Smoke, There’s Fire
Trade Talk – Trading Technologies
Red like an ember is a good way to describe Brazil’s economy these days. As one of the world’s fastest growing economies in 2010, the Brazilian economy was white-hot. In 2011 and 2012 though, the economy slowed to a low simmer as growth slowed substantially. In 2012, the stimulative policy changes put in place by the Brazilian government and central bank resulted in a record volume year at BM&FBOVESPA, as well as a number of compelling trading and investment opportunities.

****** Trade Talk is so hot.


MGEX Announces First Successful AJC Futures Contract Deliveries
MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), is pleased to announce the first deliveries of Apple Juice Concentrate (AJC) product via the AJC futures contract occurred over the last week.

***** You don’t want the #3 apple juice, I am just saying.


Binary Event Network Secures Growth Capital for Live Event Engagement Platform
Binary Event Network (“BEN”), a privately-held technology company leveraging financial market technologies to connect live event programming with digital second screen experiences, today announced that it has secured initial growth capital from veteran finance, media and technology investors including Guggenheim Partners, Cinnober Financial Technology and Broadhaven Capital Partners.

**** It was a fifty fifty chance they would get the funding.


Technology is the engine for change in Latin America
Alice Botis – FOW
Throughout Latin America, firms are replacing legacy vendor and proprietary systems and investing in customizable, high-throughput, low-latency trading solutions both to achieve greater operating efficiency and to provide a solid basis for competition. In a region with diverse regulations and varying stages of electronic market access, local and international players are seeking flexible and reliable solutions backed by vendors who have the ability to keep up with the increasing rate of change.

***** Out with the old.


Banks rethink in-house trading technology
Philip Stafford –
Faced with rising compliance costs, more trading venues and torpid markets, banks are reassessing one of their biggest fixed costs – the technology they use to trade. This week JPMorgan began a rollout of a new single platform that will consolidate all their 30 existing platforms into one, a move that highlights a more profound change taking place.

***** What is your edge?


Jack Lew, sensitive scribbler
Washington Post
Go ahead and mock White House Chief of Staff Jacob “Jack” Lew for his odd, loopy signature — the one likely to grace dollar bills if, as expected , he becomes Treasury secretary. But be gentle with him, please. It turns out the hard-charging Lew probably has a softer side, according to one handwriting analyst.

***** Who knew this about Lew?


Cantor Growth Plan Sputters as 41% of Touted Hires Exit
The bankers discussed the brokerage’s renewed push into underwriting and merger advice while drinking Avion, a tequila in which Kantor, 55, personally invests, according to five guests. Within about 10 weeks, more than half of his 50 bankers had been fired or reassigned.

***** Some of the best laid plans don’t work so well.


AIG backs off joining suit against U.S.
Afraid of looking like a world-class ingrate, AIG on Wednesday decided against suing the federal government over the $182 billion bailout that saved the giant insurance company from collapse.

****** Good idea.


JLN Options

A Washington Post Article On The Debt Ceiling Is Being Blamed For The Collapse In Market Volatility
Joe Weisenthal, Business Insider
Quick heads up. Some folks are attributing the market rally and the collapse of volatility to a Washington Post article by Greg Sargent arguing that the GOP isn’t united in their Debt Ceiling strategy as people might think.

As VIX slumbers, investors grow complacent
David Berman, The Globe and Mail
Bill Luby at the VIX and More blog has been polling readers weekly on their top fears. In the latest poll, concerns about the U.S. deficit and debt ceiling have become the No. 1 concern, outscoring earnings season and the European debt crisis.

VIX risk: Debt fight may mean ‘fear index’ rebound
Carla Mozee, MarketWatch
Wall Street’s “fear index” is poised to reclaim recently conceded levels in the coming weeks as Washington gears up for another budget-related showdown.


MarketsWiki Page of the Day
Jacob “Jack” Lew

MarketsWiki Recent Updates


Timothy Geithner; Jacob “Jack” Lew; John L. Roe

Companies, Organizations and Groups

Illinois Institute of Technology Stuart School of Business; Minneapolis Grain Exchange, Inc.; Commodity Customer Coalition


Trillion Dollar Coin


33,473,001 pages viewed, 7,319 articles, 151,989 edits
MarketsWiki Statistics

Lead Stories

BATS Says ‘System Issue’ Has Led to Pricing Problems Over Past 4 Years
Stock-exchange operator BATS Global Markets Inc. said late Wednesday that a “system issue” allowed hundreds of thousands of transactions in a four-year period to be executed at prices that may have violated securities rules.

SEC enforcement chief Khuzami is leaving
Sarah N. Lynch – Reuters
Robert Khuzami, the enforcement director at the U.S. Securities and Exchange Commission who worked to rebuild its tarnished image after the Bernard Madoff scandal and the financial crisis, said on Wednesday he is leaving the agency.

Deutsche Boerse Faces $340 Million Fine Over Iran
Clearstream has started talks on a deal with the U.S. Treasury ’s Office of Foreign Assets Control related to securities transfers within its settlement system in 2008, the Frankfurt-based exchange said in a statement today.

Nasdaq CEO says would definitely consider Euronext
Reuters via Yahoo! News
NEW YORK – Nasdaq OMX Group would definitely consider bidding for Euronext, the operator of the Paris, Amsterdam, Brussels and Lisbon stock exchanges, if it were put up for sale, Nasdaq’s Chief Executive Robert Greifeld said in an interview. “We would have to take a look at it,” he said. “I’m not saying we would bid on it, but we would have to take a look.”

Deutsche Börse said not interested in NYSE’s Euronext unit
Dow Jones Newswires
Deutsche Börse isn’t interested in buying the European exchange business earmarked for sale as part of two rivals’ merger plan, a person familiar with the matter said Wednesday.

Volumes rise at Brazil exchange
Suzi Ring – Financial News
BM&FBovespa, the Brazilian stock and derivatives exchange, enjoyed an uptick in trading across futures and equities last year as developed market exchanges struggled amid slumping volumes. The exchange, a product of the 2008 merger between the Brazilian Mercantile and Futures Exchange and the Sao Paulo Stock Exchange, reported record total trading volumes on the BM&F futures market of 689m contracts in 2012, up 4.3% on 2011.

ICE Cut to Neutral by Macquarie as NYSE Deal Lowers Revenue
By Matthew Leising – Bloomberg
Intercontinental Exchange Inc. (ICE), which agreed to buy NYSE Euronext last month, was downgraded by Macquarie Group Ltd. (MQG) as revenue growth slows and cost-cutting and integrating the two companies become a focus until 2014.

Deutsche Bank Made Huge Bet, and Profit, on Libor
Deutsche Bank AG made at least E500 million ($654 million) in profit in 2008 from trades pegged to the interest rates under investigation by regulators world-wide, internal bank documents show. The German bank’s trading profits resulted from billions of euros in bets related to the London interbank offered rate, or Libor, and other global benchmark rates.

Timeline: Geithner’s stormy tenure at Treasury nears end
Reuters via Yahoo! News
President Barack Obama will nominate White House chief of staff Jack Lew on Thursday to succeed Timothy Geithner as U.S. Treasury secretary, according to a source familiar with the matter.

Goldman Sachs Said to Be Part of Fed-Led Foreclosure Deal
Bloomberg via Yahoo! Finance
Goldman Sachs Group Inc., Morgan Stanley and two other banks may agree as soon as this week to settle claims over botched foreclosures in an accord similar to one reached with 10 other loan servicers, two people briefed on the discussions said.


Enforcement Director Robert Khuzami To Leave SEC
Press Release
The Securities and Exchange Commission today announced that Enforcement Director Robert Khuzami will leave the agency after nearly four years of leadership. During Mr. Khuzami’s tenure, the Enforcement Division filed scores of significant actions connected to the financial crisis and brought record numbers of cases involving insider trading and misconduct by investment advisers and investment companies.

ESMA Publishes Its Advice On Delegated Acts For The Prospectus Directive

Exchanges & Trading Facilities

NYSE Euronext Announces Trading Volumes for December 2012 and Other Metrics
NYSE Euronext (NYX) today announced trading volumes for its global derivatives and cash equities exchanges for December 2012[1]. Global derivatives average daily volume (“ADV”) of 7.5 million contracts in December 2012 was down slightly compared to December 2011 and decreased 8.0% from November 2012 levels on seasonally slower trading activity. European derivatives fixed income ADV, however, increased 17.4% from December 2011 levels.

December 2012 FIF Market Share And Market Dynamics Reports – Executive Summary

NASDAQ OMX Commodities Launches New German Futures And Options, Extends Nordic And Carbon Product Offerings

Corporate Board Member to Host Inaugural Bank Strategy Forum

Hedge Funds & Managed Futures

Go-Anywhere Funds With Nowhere to Go
Charles de Vaulx’s job should be easy. The manager of the $8.9 billion IVA Worldwide Fund has the flexibility to invest in stocks and bonds anywhere in the world. Problem is, he says, the best companies are overvalued, and the rest are cannibalizing each other’s business.

Hedge Fund Contract Creates Jobs In Connecticut
Hartford Courant
Bridgewater Associates, one of the world’s largest hedge funds, and one of the companies that will receive state subsidies under what was originally the ”First Five” program, is hiring Northern Trust to independently replicate certain middle and back-office services.

Hall Sets Up Commodities Hedge Fund Five Months After Duet Split
Tony Hall has set up Hall Commodities LLP with former colleague Arno Pilz five months after the pair left hedge fund Duet Commodities Fund Ltd.

Hedge Funds Do Risk, And Now Risk Management Too
Hedge funds for awhile thought they had no risk so they did nothing, said Debbie Williams, head of marketing and business development at R2 Financial Technologies, part of S&L Capital IQ. The firm provides multi-asset risk systems for the buy-side, something which they haven’t really had, she added.

Morningstar says CFO will resign post
Lynne Marek – Crain’s
Morningstar Inc., the Chicago-based investment management and research firm, said that Chief Financial Officer Scott Cooley will resign his post and it has hired James Tanner into the newly created post of global head of business development and sales.

Better Capital partners with Irish pension fund
Helen Mooney – Financial News
Jon Moulton’s private equity firm has formed a joint venture with the Irish National Pensions Reserve Fund to help turnaround small Irish companies.

Seized Argentine ship heading back home
Associated Press via Yahoo! News
An Argentine naval ship detained for more than two months in Ghana because of a financial dispute was returning home Wednesday to a triumphant welcome.

Banks & Brokers

Senator renews bid to keep bankers off Fed boards
An outspoken Senate critic of the Federal Reserve said on Wednesday that he would reintroduce legislation to ban bankers from the boardroom of the 12 regional Fed branches, citing potential conflicts of interest.

Ex-Eden CEO departs Marex Spectron
Suzi Ring – Financial News
The former chief executive of Eden Financial, a City firm which sold its equities and fixed income brokerage to Marex Spectron in 2011, is set to leave the commodities broker to launch his own business, Financial News has learned.

Instinet adds OneTicket functionality to Newport
Instinet Incorporated, an independent, global agency-only broker, today announced the addition of OneTicket to Newport, the firm’s award-winning global, multi-asset, broker-neutral EMS.

Danske Commodities Joins NASDAQ OMX Commodities As Client Representative
NASDAQ OMX Commodities announces that Danske Commodities has joined the Nordic power market as a Client Representative in addition to their current Non-Clearing Membership.

Morgan Stanley to cut jobs, may signal more pain ahead
Reuters via Yahoo! News
Morgan Stanley plans to slash 1,600 jobs in what may be just the beginning of a new round of layoffs at large investment banks, this time driven by a deeper reassessment of Wall Street businesses in the face of new regulations and capital standards.

Deep Cuts Raise Questions About Morgan Stanley
When Morgan Stanley’s top executives gathered in mid-September at the Gramercy Park Hotel in Manhattan to discuss strategy, some participants complained that the room was too small. Apparently, that was the point: James P. Gorman, Morgan Stanley’s chief executive, chose the cramped quarters to force discussion among the executives, said people briefed on his decision but not authorized to speak on the record.

JPMorgan Appoints Tim Ryan As Global Head Of Regulatory Strategy And Policy

Swiss bank UBS battles against culture of arrogance
Reuters via Yahoo! News
LONDON/ZURICH – Switzerland’s UBS has yet to purge itself fully of the culture of arrogance that put it at the centre of a global interest rate scandal, its investment banking chief said on Wednesday.

Timeline: Swiss bank UBS’s troubled history
Reuters via Yahoo! News
UBS’s Andrea Orcel, investment bank chief executive since November, said on Wednesday that the Swiss bank is determined to repair the damage from a string of scandals in recent years.

Brokers Likely Sweating Bonus Disclosure Rule This Summer
If Wall Street’s self-regulator has its way, starting this summer brokers jumping firms will have to tell clients about their big-money signing bonuses. The rule was proposed last year by the Financial Industry Regulatory Authority, which is now soliciting comments from the industry and public.

Ex-Merrill FIG specialist joins Gleacher
Matt Turner – Financial News
Independent advisory boutique Gleacher Shacklock has strengthened its financial institutions group with the hire of an M&A banker involved in many of the UK’s biggest pre-crisis transactions in the sector, including a role advising Santander on its part in the acquisition of ABN Amro.

Clearing & Settlement

Clearstream and 360T cooperate to launch pioneering triparty repo service for corporate and institutional clients
Clearstream and 360T Trading Networks AG are cooperating on the delivery of a streamlined triparty repo solution through 360T’s sophisticated front office facilities and Clearstream’s integrated collateral management platform and securities lending product portfolio, the Global Liquidity Hub. The partnership with 360T, the leading independent global provider of a multi-bank, multi-asset trading platform with buy-side customers in more than 50 countries, will strengthen Clearstream’s growing service offering for the non-financial sector and further enhance the service diversification for financial institutions.

Clearstream and Citi partner in collateral management
Clearstream and Citi have formalised their plans to a customised tri-party collateral management solution that Citi will offer to its customers. The two companies have now signed a Letter of Intent to move ahead with their collaboration to enable joint customers to benefit from Clearstream’s award-winning Global Liquidity Hub, an integrated suite of collateral management and securities lending services.

Markit Selected By OCC To Supply Implied Volatility Data On Equities
Markit, a leading, global financial information services company, today announced that it has been selected by OCC, the world’s largest equity derivatives clearing organisation, to provide daily implied volatility data on the S&P 500 index.

DTCC To Launch FX Trade Repository Service Thursday
The global trade repository service that will store data for the $4-trillion-a-day foreign-exchange market will be operational from Thursday, as part of a long-awaited and much-delayed regulatory shakeup of financial markets, the Depository Trust & Clearing Corp. said this week.

SGX Broadens Clearing Services For OTC Customers
Singapore Exchange (SGX) is providing international customers from 25 February 2013, the choice of clearing OTC transactions as swaps or futures contracts, broadening access to Asian OTC commodity and financial derivatives markets.

Euroclear Bank And Citi Team Up For Triparty Collateral Management

DTCC: Top 15 Sovereign And Corporate Credit Default Swaps For Week Ending 01/04/2013

CME Group Clearing Advisory: Minimum Price Increment Amendment for Crude Oil Products on NYMEX

CME Group Clearing Advisory: Minimum Price Increment Amendment for European Refined Oil Swap Futures and Options Products on NYMEX

Indexes & Products

BlackRock to buy Credit Suisse European ETF business
Sarah Krouse – Financial News
BlackRock, which will control 75% of the physical exchange-traded fund market in Europe once its deal to acquire Credit Suisse’s European ETF business completes, sees opportunity for further industry consolidation.

New Lows for Volatility ETFs as VIX Drops to 2007 Levels
ETF Trends via Yahoo! Finance

Huhtamaki Oyj To Join OMX Helsinki 25 Index As A Result Of The Semi-Annual Review


RTS Realtime Systems to offer Nasdaq OMX NLX connectivity
RTS Realtime Systems Group (RTS), a leading global trading solutions provider, announced today that it will offer connectivity to Nasdaq OMX NLX (“NLX”), the new London interest rate derivatives market.

MarketPrizm Goes Live With SBI Japannext On PrizmNet – SBI Japannext Selects MarketPrizm For hHgh-Speed API Data Feed


SEC Charges Three Former Bank Executives in Virginia for Understating Loan Losses During Financial Crisis
The Securities and Exchange Commission today charged three former executives at Norfolk, Va.-based Bank of the Commonwealth for understating millions of dollars in losses and masking the true health of the bank’s loan portfolio at the height of the financial crisis.

SEC Charges Two KPMG Auditors For Failed Audit Of Nebraska Bank Hiding Loan Losses During Financial Crisis
The Securities and Exchange Commission today charged two auditors at KPMG for their roles in a failed audit of a Nebraska-based bank that hid millions of dollars in loan losses from investors during the financial crisis and eventually was forced to file for bankruptcy.

Ex-UBS chiefs face Libor grilling
Vivek Ahuja and Richard Partington – Financial News
The Parliamentary Commission on Banking Standards, led by chairman Andrew Tyrie, questions former UBS group chief executive Marcel Rohner as well as former investment banking heads Huw Jenkins, Jerker Johansson and Alex Wilmot-Sitwell.

Ex-SAC analyst gets two years probation
Dan McCrum in New York –
Wesley Wang, a former analyst for the $14bn hedge fund SAC Capital and a key co-operating witness in the government’s wide ranging investigation into insider trading, was sentenced to two years’ probation on Wednesday.

BCSC panel fines and permanently bans two directors of B.C. company for selling securities without being registered

Environmental & Energy

Cuomo Proposes Lower Carbon Cap for Northeast Cap-and-Trade Plan
New York Governor Andrew Cuomo proposed lowering the total amount of carbon dioxide that companies may emit under a regional cap-and-trade program to regulate air pollution.

**RKB — Just a mention in the State of the State; the cap is currently 165 million tons a year and Cuomo didn’t say by how much it should be cut.

Irish EU presidency aims to seal carbon market deal
Ireland, holder of the EU presidency for the next six months, is working with opponents of a proposal to boost the European Union’s carbon market in hopes of brokering a compromise, Environment Minister Phil Hogan said on Tuesday.

EPA head calls climate-change shift a proud milestone
USA Today
As she prepares to step down from her position as administrator of the Environmental Protection Agency, Lisa Jackson said she is proudest of presiding over the landmark finding that climate-changing greenhouse gases endanger public health and welfare.


Private Equity in China: Which Way Out?
Welcome to the private equity game in China: you can buy in anytime you like, but you can never leave. At least, that is how it is starting to seem for many of the funds that bought in big during the boom of past decade.

Shanghai to Double Bonded Warehouse Storage for Metals
Shanghai will more than double its so-called bonded warehouse space this year amid speculation the world’s biggest harbor will host the first London Metal Exchange-approved delivery point in China, the biggest user of base metals.

The Korea Exchange, Inc. (KRX) and the Abu Dhabi Securities Exchange (ADX) signed a Memorandum of Understanding (MOU) on cooperation and the exchange of information on January 10. The MOU was signed by KRX President and COO Jingyu Kim and ADX Chief Executive Officer Rashed A. Al Baloushi.

Thai Bourse Assists Central Bank Of Myanmar With Capital Market Development

Tokyo Commodity Exchange: Good Delivery Material Price Differential For January 2013 Rubber Contract

HKFE Announces Revised Margins For Ping An Insurance Futures

Press Conference By Taro Aso, Japan’s Deputy Prime Minister, Minister Of Finance And Minister For Financial Services

SGX Welcomes Swissco Holdings To Mainboard

Frontier Markets

Abu Dhabi Securities Exchange (ADX) Receives ISO 9001 Quality Management Standard Certificate
Abu Dhabi Securities Exchange (ADX) has received the international quality certification ISO 9001.2008 for its outstanding quality management systems. This certificate was presented to ADX by TÜV NORD Group following a thorough assessment.

Palestine Exchange: Exchange Closed On Wednesday And Thursday – Bad Weather

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