Sunday, November 27, 2016

AHSEC - Class 12: Banking Notes - Financial Market

Unit – 3: Financial Market
OBJECTIVE QUESTIONS (1 mark)
1. What is a financial market? Mention its components.                               2008
Ans: It refers to the market which creates and exchanges financial assets. It is divided into two parts: Money market and capital market.
2. What are financial assets?
Ans: It refers to the financial instruments or securities. For e.g. shares, debentures, treasury bills, commercial paper etc.
3. What is floatation cost?
Ans: The expenditure incurred in issuing the securities is called floatation cost.
4. What is a zero coupon bond?
Ans: It is a financial instrument for which no interest is paid but is issued at a discount redeemable at par.
5. State the components of capital market?
Ans: a) Primary market b) secondary market.
6. Name two buyers of Commercial paper.
Ans: a) Banks b) Insurance companies.
7. What is meant by “Near Money?”
Ans: All very short term securities are called near money for e.g. marketable securities.
8. What type of trade-off function is performed by the money market?
Ans: The money market establishes a balance between short term financial supply and short term financial demand.
9. Name the instruments that are traded in money market.                        2013
Ans: Call money, Commercial Papers, Certificates of deposits, Bills of exchange.
10. Name the instruments that are traded in capital market.
Ans: Stocks, Shares, Debentures, Bonds, GDR (Global Depository receipts)
11. Name the institutions operating in the money market.
Ans: Central Bank, Commercial banks, Non-bank financial institutions.
12. Name the institutions operating in the capital market.
Ans: IDBI, IFCI, ICICI, Stock exchanges.
13. In which year NSEI and BSE were established?                           2015
Ans: NSEI – In 1991 and BSE – In 1875. But, NSEI was recognized in 1992.
14. In which year OTCEI was established?
Ans: 1990
15. Write the full form of NSEI, BSE and OTCEI.                  2008
Ans: NSEI – National stock exchange of India (Nifty)
BSE – Bombay Stock Exchange (Sensex)
OTCEI – Over the Counter Exchange of India.
16. State two promoters of NSEI.
Ans: a) Industrial development bank of India (IDBI) b) Life insurance corporation of India (LIC)
17. How many stock exchanges are there in India?
Ans: There are 24 stock exchanges in India.
18. Name two advisory committees set up by SEBI.
Ans: a) Primary market Advisory committee. b) Secondary market advisory committee.
19. What is price rigging?
Ans: It refers to the manipulation of prices of the securities by agents/company for their own profits.
20. On what lines was OTCEI started?
Ans: It was started on the lines of NASDAQ (National Association of securities Dealers Automated Quotation)
21. Name the system where there is electronic book entry form of holding and transferring the securities.
Ans: Dematerialisation.
22. What is ‘Demutualisation of securities?’
Ans: It separates the ownership and control of stock exchanges from trading rights.
23. Name the Benchmark index of BSE.
Ans: SENSEX.
24. Stock exchange is called economic barometer.
Ans: True
25. State the segments of NSEI.
Ans: a) Wholesale debt market b) Capital market segment
26. State one development function of SEBI
Ans: to carry out research work.
27. Capital Market is the market for long term funds and money market is the market for short term funds? T/F
Ans: Given statement is true.                                     2010, 2012, 2013
28. Give some examples of Primary assets and secondary assets.
Ans: Primary assets includes shares, debentures and bonds and secondary assets includes mutual funds, bank deposit, insurance etc.
LONG QUESTIONS (3/5/8 marks)
Q.1. What is financial market? What are its components? Mention its functions.                             2015
Ans: Meaning of Financial Market: A financial market is an institution that facilitates exchange of financial instruments including deposits, loans, corporate stocks, government bonds, etc.
According to Brigham "The place where people and organizations wanting to borrow money, are brought together, with those having surplus funds is called a financial market".
This definition makes it clear that a financial market is a place where those who need money and those who have surplus money are brought together. They may come together directly or indirectly. Financial market in India performs an important function of mobilization of savings and channelizing them into most productive uses.
Types of Financial Markets                       2007, 2009, 2011, 2013, 2014
The financial market consists of two major segments
a) Money market
b) Capital market
Role and Functions of financial market
a) It encourages savings and facilitates mobilization of savings by financial intermediaries.
b) It enhances the liquidity of financial assets by providing ready market.
c) It helps in the allocation of credit to productive investments.
d) It meets the various credit needs of the business houses.
e) It serves as intermediaries in the process of mobilization of savings in the economy.
Q.2. What is money market (99, 02, 05, 10)? Explain its nature and functions.
Ans: Money market deals in cash or near money or liquid assets of short-term nature. It also trade in bills, promissory notes, government papers. Money market is essentially concerned with lending and borrowings of cash and also the buying and selling of assets which are close substitutes for money and can be easily converted into money within a short period. The dealers in money market consists of the government, banks, commercial and industrial concern, stock exchange brokers etc.
According to the RBI, "The money market is the centre for dealing mainly of short character, in monetary assets; it meets the short term requirements of borrowers and provides liquidity or cash to the lenders. It is a place where short term surplus investible funds at the disposal of financial and other institutions and individuals are bid by borrowers, again comprising institutions and individuals and also by the government."
Features of Money Market: The salient features of money market are as follows:
a)      Flow of short-term funds: The money market brings together the lenders who have surplus funds for short-term and the borrowers who are in need of short-term funds.
b)      Role of brokers: Dealings in money market may be conducted with or without the help of brokers or intermediaries.
c)       Sub-markets: Money market consists of many sub-markets such as inter-bank call money market, treasury bills market, bills discounting market etc.
d)      Reasonable access: Money market provides reasonable access to users of short-term funds to meet their requirements on reasonable terms or rates of interest.
e)      Source of working capital: Money market constitutes a major source of working capital finance.
 Functions of Money Market
The major functions of money market are given below:
(a)    To maintain monetary equilibrium.
(b)    To promote economic growth.
(c)    To provide help to Trade and Industry.
(d)   To help in implementing Monetary Policy.
(e)   To help in Capital Formation.
(f)     Money market provides non-inflationary sources of finance to government.
Q.3. Explain the various Money market instruments.  (Important for Business Studies exam only)
Ans: Money market is the short term security market. Following are the instruments dealt in money market.
a) Treasury bills: T-bills are issued by RBI on behalf of central bank to meet its short-term financial needs. The maturity period of T-bills rouging from between 14 to 364 days. These are negotiable and freely transferable.
b) Commercial Paper: These are unsecured promissory notes issued by highly creditworthy companies. These are negotiable instrument that can be transferred by mere delivery with a fixed maturity period. It usually has a maturity period of 15 days to one year. The purpose of commercial paper is to meet the short term needs.
c) Call money: The trading in surplus funds of banks is termed as call money. Call money funds are granted for a very short period say 1 to 14 days. Mutual funds, financial institutions and insurance companies also supply short-term funds.  
d) Certificate of deposit (CD): Certificate of deposit is a time deposit having a maturity period from 15 days to 12 months. It is a bearer certificate which is freely transferable.
e) Commercial bills: These are the trade bills issued to meet the working capital requirement. The trade bill issued by the Drawer (Supplier) and accepted by the Drawee (Debtor) can be discounted with the bank for meeting short term requirements. It is a negotiable instrument and can also be endorsed from one person to another.
Q.4. Write a brief note about the structure of Indian money market.     2006
Ans: The Indian money market is composed of two categories of financial agencies:
a)      The Organised Sector: The sector contains will established financial instruments. The RBI at the apex, is the lender of the money market and controls the banking sector. The scheduled and non-scheduled commercial banks in the private as well as public sector, foreign banks, post office savings bank and co-operative banks are parts of this sector.
b)      The Unorganised Sector: The unorganised sector contains agencies which have diverse policies, lack of uniformity and consistency in the lending business. It includes indigenous bankers, money lenders and chit funds. The indigenous bankers are known as shroffs, multanis, chettiars, etc. The unorganised sector lacks scientific organisation, being orthodox in approach, stagnant and ill-organised.
Q.5. What are the characteristics of Indian money market. Mention the components of Indian money market.
Ans: The distinguishing features of Indian money market are given below:           2007, 2009, 2011
1.       Dichotomy: The Indian money market is dichotomized into organised and unorganised sectors.
2.       Lack of co-ordination: The Indian money market may be characterized as loose and unbalanced because there exists no co-ordination between the organised and unorganised sectors.
3.       Inadequate control by the RBI: The RBI has inadequate control over the functioning of unorganised sector of the Indian money market.
4.       Instability and inelasticity: The instable and inelastic Indian money market acts as a great hindrance to the rapid economic development of the country.
5.       No Banker’s acceptance: There is no development of banker’s acceptance or acceptance of credit by the banks in India.
6.       Banking gap: Scientifically run institutions like commercial banks have a largely urban orientation in India. Banking facilities are inadequate in villages of India.
7.       Underdeveloped bill market: Indian traders resort to hundies, rather than draw of bills of exchange. Further, there is a lack of standardisation in drawing of bills and hundies in India.
8.       Different lending rates and policies: There is a wide divergence not only in the structure of interest rates, but also in the lending policies of the different financial institution.
CONSTITUENTS/COMPOSITION/PARTICIPANTS OF INDIAN MONEY MARKET      2010, 2012,
Following are the important components of the money market:
1.       Call Money Market: The call money market refers to the market for extremely short period, say one to fourteen days. These loans are repayable on demand or control. The borrowers are required to pay the loans as and when asked for i.e. at a very short notice. There is no demand for collateral securities on call money.
2.       Collateral loan market: Collateral loans are loans which are offered against collateral securities like stocks and bonds and the market is known as the collateral loan market. Collateral loan market is geographically most diversified.
3.       Acceptance market: Acceptance market refers to the market for banker’s acceptance involved in trade transactions. A banker’s acceptance is a drawn by firmer an individual upon a bank ordering it to pay a certain sum of money to a particular person. A place where banker’s acceptance can be easily discounted or sold is called Acceptance market.
4.       Bill Market: It is a market in which short-term papers or bills are bought and sold. The most important types of short-term papers are the bills of exchange and the treasury bills.
Q.6. What is Capital Market? What are its components? Explain features and importance.
Ans: Capital Market is generally understood as the market for long-term funds. This market supplies funds for financing the fixed capital requirement of trade and commerce as well as the long-term requirements of the Government. The long-term funds are made available through various instruments such as debentures, preference shares, and common shares. The capital market can be local, regional, national, or international. 99,04,08,09,11,14
The capital market is classified into two categories (Components), namely,
(i)      Primary market or new issue market, and
(ii)    Secondary market or stock exchange.
Features of Indian Capital Market
a)      Dealing in Securities: It deals in long-term marketable securities and non-marketable securities.
b)      Segments: It included both primary and secondary market. Primary market is meant for issue of fresh shares and secondary market facilitates buying and selling of second hand securities.
c)       Investors: It includes both individual investors and institutional investors.
d)      Flow of capital: It facilitates flow of long term capital from those who have surplus capital to those who need capital.
e)      Intermediaries: It acts through intermediaries which includes bankers, brokers, underwriters etc.
Importance of Capital Market
a)      Availability of funds: Capital market helps to raise long term funds from domestic and foreign investors.
b)      Mobilization of savings: Capital market mobilizes the savings of individuals and institutions to productive channels.
c)      Industrial growth: It facilitates increase in production and productivity in the economy and hence enhances the economic welfare of the society.
d)     Liquidity: The industrial securities issued through the primary market are traded in the secondary market which provides liquidity and short-term as well as long-term yields.
e)      Balance between demand and supply: It bring about balance between demand and supply of capital by creating a link between those who demand capital and those who supply capital.
Q.7. Distinguish between Capital market and Money market.    09, 12, 14,
Ans: Difference between capital market and money market
Basis of  Distinction
Capital Market
Money Market
1)   Meaning
The market dealing in long-term funds is known as capital market.
The market dealing in short-term funds in known as money market.
2)   Constituents
These include new issue market, stock market, stock brokers and intermediaries.
These include call money market, bill market and discounting market.
3)   Participants
Individual and institutional investors operate in the capital market.
Only the institutional investors operate in the money market.
4)   Amount of funds
Capital market arranges large amount of funds.
Money market arranges comparatively small amount of funds.
5)   Instruments
The instruments in the capital market include shares debentures bonds etc.
Trade bills T-bills, certificate of deposits, commercial papers etc. are the instruments of money market.
6)   Period/ duration
The instruments of capital market are of long duration, i.e. more than one year.
The money market instruments are of short duration.
7)   Liquidity
The instruments of capital market always take time to convert into cash.
The instruments of money market have very high degree of liquidity.
8)   Safety
Investments may not be safe because of uncertainties.
Investment are safe as funds are invested in the instruments issued by commercial banks and highly rated companies.
9)      Regulation
Capital market is primarily regulated by the Securities and Exchange Board of India (SEBI)
Money market is regulated by the Reserve Bank of India (RBI)
10)   Expected return
The yield on investments is expected to be higher.
The yield on investments is comparatively lower.

Q.8. What is primary and secondary market? State four differences between primary market and secondary Market. Ans: Primary market which is also called new issue market represents a market where new securities i.e. shares and bonds that have never been previously issued are offered. It is a market of fresh capital. The main function of this market is to facilitate the transfer of funds from willing investors to the entrepreneurs.                         2014
Secondary market also called stock exchange represents a market where existing securities i.e. shares and debentures are traded. Its main function is to create a link between the buyers and sellers of securities so that investments can change hands in the quickest and cheapest manner.
According to Securities Contract (Regulation) Act, 1956, the term stock exchange has been defined as, “an association, organisation or body of individuals, whether incorporated or not, established for the purpose of assisting, regulating and controlling business in buying, selling and dealing in securities.”
Thus, a stock market is a market where dealings in the listed securities are made by the members of the exchange on their own behalf or on behalf of others.
From the above explanation it is clear that there are some differences between primary and secondary market which are given below:
Basis
Primary Market
Secondary Market
1. Meaning
It is the market where the securities are issued for the first time. It is also referred as New issue market.
It is the market where the existing securities are traded. It is also called stock Exchange.
2. Price determination
The prices of the securities are determined by the company.
The prices of the securities are determined by the forces of demand and supply of the securities.
3. Buying and selling
Here, only buying of the securities take place.
Here, buying and selling of the securities, both take place.
4. Participants
 Securities are sold by the company directly to the investors.

Ownership of the securities is exchanged among the investors. The company is not involved at all.
5. Purpose
Purpose of primary market is to provide capital for setting new business.
The main purpose of secondary market is to provide liquidity of securities.
6. Capital formation
Primary market promotes capital formation directly.
Capital market promotes capital formation indirectly.

Q.9. What is stock exchange? Mention its features. “Stock exchange is the barometer of the economy” In the light of the statement, discuss the functions of the stock exchange. 
Ans: STOCK EXCHANGE: A stock exchange is highly organised financial market where the second hand securities can be bought and sold. Its main functions are to create a link between the buyers and sellers of securities so that investments can change hands in the quickest, cheapest and fairest manner. Under the Securities Contract (Regulation) Act, 1956, the term stock exchange has been defined as “as association, organisation or body of individuals, whether incorporated or not, established for the purpose of assisting, regulating and controlling business in buying, selling and dealing in securities”.                                 2013,
FEATURES OF STOCK EXCHANGE
The important features of stock exchange are as follows –
a)      Stock exchange is a market where dealings take place in shares, debentures and bonds issued by the company’s corporations, government, etc.
b)      Only those securities could be traded that are included in the official list of stock exchange.
c)       It also deals in government securities.
d)      Stock exchange is also called stock market or securities market.
e)      Stock exchange is organisation in the form of an association or a company or a body of individuals.
f)       It is a common meeting place of buyers and sellers of second hand securities.
g)      In stock exchanges, brokers serve as a link between the buyers and sellers.
h)      Stock exchanges frame their rules and regulations.
i)        The areas of operations of stock exchange or geographical jurisdiction is well defined.
j)        In India, stock exchanges operate as per guidelines issued by the Securities and Exchange Board of India.
Functions of stock exchange                      08, 09, 10, 12, 14
As the barometer measures the atmospheric pressure, the stock exchange measures the growth of the economy. it performs the following vital functions:
1.       Ready market and liquidity: Stock exchange provides a ready and continuous market where investors can convert their money into securities and securities into money easily and quickly. It provides a convenient meeting place for buyers and sellers of securities.
2.       Evaluation of securities: Stock exchange helps in determining the prices of various securities that reflect their real worth. The forces of demand and supply act freely in the stock exchange and help in the valuation of securities.
3.       Mobilisation of savings: Stock exchange helps in mobilising surplus funds of individuals and institutions for investment in securities. In the absence of facilities for quick and profitable disposal of securities, such funds may remain idle.
4.       Capital formation: Stock exchange not only mobilises the existing savings but also induces the public to save money. It provides avenue for investment in various securities which yield higher returns. It helps in allocation of available funds into the most productive channels.
5.       Regulation of corporate sector: Stock exchanges frame their rules and regulations. Every company which wants its securities to be dealt in at the stock exchange has to follow the rules framed by the stock exchange in this regard.
6.       Economic barometer: Stock exchange is very sensitive barometer of business conditions in the country. Booms, depressions and other important events affect prices of securities. Price trends on the stock exchange reflect the economic climate in the country. One can easily analyse the cause of change in the business climate by the ups and downs on the stock exchange.
7.       Encourages Industrialization: The stock exchange provides capital to industry and commerce. They provide finance to the Govt.
8.       Helps government in the Policy Formulation: All the government policies have their clear reflection on the national science through stock exchange whether they are economic policies or monetary or fiscal.
Q.10. Write a brief note on foreign exchange market.   2011
Ans: FOREIGN EXCHAGE MARKET: International transactions involve payments or receipts in currencies other than home currency of the trading countries. This results in the necessity for buying and selling of foreign exchange. The market in which different currencies are bought and sold for one another is called the foreign exchange market. In other words, foreign exchange market is a market in which foreign exchange transactions take place. According to Kindle berger, “Foreign exchange market it a place where foreign money are bought and sold”.              08, 09,12
FEATURES OF FOREIGN EXCHANGE MARKET
a. Foreign exchange market has no geographical location.
b. It is electronically linked network.
c. The trading in the foreign exchange market is done usually 24 hours a day by telephone, display monitors, telex, fax machines and other means of communication.
d. The exchange dealers are bound by an informal code of moral conduct.
e. More transactions are based on oral communications to start with; the written documents follow later on.
TYPES OF FOREIGN EXCHANGE MARKET
There are two foreign exchange markets:
a)      Retail market: In this foreign exchange market, the individuals and firms who require foreign currency can buy it and those who have acquired foreign currency can sell it.
b)      Interbank market: In this foreign exchange market, banks who require foreign currency can buy it and those who have acquired foreign currency can sell it.
DEALERS IN FOREGIN EXCHANGE MARKET: Important dealers in the foreign exchange market are the following:
a)      Banks: The banks dealing in foreign exchange have branches (called exchange banks) in different countries and maintain substantial foreign currency balances in these branches. These branches discount and sell foreign bills of exchange, issue bank drafts, make telegraphic transfers etc.
b)      Brokers: Banks use the services of foreign exchange brokers. Brokers act as intermediaries between the buyers and sellers of foreign exchange among banks.
c)       Acceptance houses: Acceptance house accept bills on behalf of their customers and thus help in remittance of funds.
d)      Central Banks: Central banks are the most official participants in the foreign exchange market. They enter the market both as buyers and sellers to prevent excessive fluctuations in the exchange rates.
FUNCTIONS OF FOREIGN EXCHANGE MARKET: Following are the important functions performed by the foreign exchange market:
a)      Facilitates transfer: The basic function of the foreign exchange market is to transfer purchasing power between countries i.e. to provide a platform whereby currency of one country is converted into currency of another country at the prevailing exchange rate.
b)      Facilitates credit: Foreign bills of exchange used in the international payments normally have maturity period of three to six months. The foreign exchange market performs the function of providing credit to promote foreign trade. Credit is provided on the basis of such foreign bills of exchange.
c)       Facilitates hedging: In a situation of exchange risks, the foreign exchange market performs hedging function. Hedging is the act of equating one’s assets and liabilities in a foreign currency to avoid the risk resulting from future exchanges in the value of foreign currency.
d)      Facilitates trade and investment: International trade and investment would not have been possible without the arrangements or mechanism for buying and selling foreign currency. The foreign exchange market is required to undertake import/export transactions.
Q.11. What is NBFI’s? What are its components? Mention its importance.                          2009, 2010, 2011
Ans: Non-Banking Financial Institutions (NBFI’s): NBFI’s include such institution as life-insurance companies, mutual savings bank, pension funds, building societies etc. which are doing diverse business. These financial institutions are thus a heterogeneous group of financial institutions other than commercial banks and co-operative societies. They include a wide variety of financial institutions, which raise funds from the public, directly or indirectly, to lend them to ultimate spenders. The growth of NBFI’s has been much faster than that of commercial banks. The main reason for this is that, in comparison to commercial banks, NBFI’s pay higher interest ratio to the depositors and change lower interest rate from the borrowers. Thus, they are competing with the commercial bank for public savings and as sources of Loanable funds.
Broadly NBFI’s in India are classified into two groups:
(i) Organised NBFI’s
(ii) Unorganised NBFI’s
(i) Organised NBFI’s: The organised NBFI’s include development banks and other specialised institutions. Development banks are further divided into Industrial Development banks and Agricultural Development banks:
Industrial Development banks are the following: (i) Industrial Development banks of India (IDBI). (ii) Industrial Credit and Investment Co-operations of India (ICICI). (iii) Industrial Development banks of India (IDBI). (iv) Life Insurance corporation (LIC). (v) Unit Trust of India (UTI). (vi) General Insurance Corporations (GIC).
Agricultural Development banks are the following: (i) National bank for agricultural and development (NABARD). (ii) Land Development Bank (LDB) (ii) Unorganised NBFI’s: A number of unorganised NBF’s also operate in the country. They are known as loan companies, higher purchase finance companies, chit funds etc.
Role of indigenous and non-banking financial institution (NBFI’S)
The role and importance of non-bank financial institution is very great in the economy of India. There are playing many functions and from this function we can understand their role as importance:
a)      They are financial intermediaries as they transfer funds from the savers to the investors. Financial intermediation is economical and less expensive to both small business and small savers.
b)      Non-bank financial intermediaries play an important role in promoting savings in the country. These institutions provide a wide range of financial assets as store of value and make available expert financial services to the savers.
c)       NBFI provides highly efficient mechanism for mobilising savings. These institutions mobilise small savings and provide high liquidity of funds. These institutions enter into contract with savers and provide them various types of benefit over the long periods.
d)      The objective of NBFI’s is to earn profit by investing the mobilised savings. The borrowers can meet bigger needs for funds. The role of interest charged by financial institutions is generally lower than that charged by other lenders.
e)      Financial intermediaries in general are of great importance to the economy as a whole because they not only promote economic development in the country, but also help in the implementation of national monetary policy.
Q.12. Mention the salient features of NBFI’s. Distinguish between commercial banks and NBFI’s.
Ans: The distinguish features of NBFIs are listed below:
a)      NBFI accept deposits repayable on the expiry of specified time and certain NBFI receive funds from government.
b)      The liabilities of NBFI are not accepted as money as a means of payment of debt.
c)       EBFI deals with medium and long-term funds in the capital market.
d)      NBFIs are heterogeneous group doing diverse business in the financial system of the economy.
e)      People invest their surplus fund with NBFI for earning income rather than safety and liquidity.
f)       NBFI supply term finance for acquiring fixed assets.
g)      Mobilisation of savings by the NBFI is highly affected by the interest rate. NBFI are regulated by their special statutes.
Difference between commercial bank and NBFI’s
Basis
Commercial Bank
Non-banking Financial Institution
1. Nature
Banks from a homogenous group of institutions doing banking business.
NBFIs from a heterogeneous group of institution doing diverse business. 
2. Repayment of deposit
The deposits accepted by the banks are mostly repayable on demand.
NBFIs accepts deposits repayable on the expiry of fixed period of time.
3. Source of fund
The main sources of bank’s funds are deposits through different deposit accounts.
NBFIs generally raise funds by selling securities and they do not provide deposit accounts facilities.
4. Cheque and ATM facility
There is cheque system and ATM facilities in case of banks.
There is neither cheque system nor ATM facilities in case of NBFIs.
5. Period/Duration
Banks operate in the money market and are concerned mainly with short-term borrowing and lending of funds.
NBFIs operate mainly in capital market and deals with medium and long-term fund.
6. Creation of money
Banks have the power to create money.
NBFIs cannot create money.
7. Debt payment
 The bank deposits are accepted as a means of payment in discharge of debt.
The liabilities of NBFIs or deposits are not accepted as a means of payment in discharge of debt.
8. Return
The return on bank deposits is generally lower as compared to NBFIs. 
The NBFIs promise higher return to their investors to attract more funds and hence their cost of raising funds in high.


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