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A form of market-rigging. A group of traders actively buy, giving an impression of a healthy ...
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Facts or numbers; statistics; information. The widespread adaption of the term may be due ...
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A swift and unexpected assault on the sharemarket, often with the raider buying a large parcel ...
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Buying into and selling out of the market within one day or one trading session. Similar to ...
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The risk that arises when related transactions are not settled simultaneously but at different ...
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A facility which enables you to spend more than you have in your bank account during the day, ...
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A reasonable number of days allowed after a debt or other arrangement falls due to give the ...
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Abbrev. Don't Come Monday. Fired.
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Careless jargon commonly understood to mean to move downwards (of prices, rates or other statistics). ...
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A phantom recovery. Economic activity has fallen so low that it must turn up at some point ...
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A small group of banks or investment banks which sells securities such as US commercial paper ...
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See also: desk.
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An unpopular tax now almost entirely abolished in Australia at federal and state levels. Death ...
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A type of fixed-interest security, issued by companies (as borrowers) in return for medium ...
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A bookkeeping and accounting term, indicating an entry made in the left-hand column of the ...
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A plastic card used to buy goods and services, provided there are funds in the account against ...
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An option spread which, when initiated, produces a net cash outflow from a trader's or investor's ...
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An obligation by one individual or company to pay a specific amount of money to another party.
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A bond or an IOU - an obligation to repay a fixed amount of money.
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A warrant that is exercisable into a debt security, such as a bond or note. See also: ...
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A method of extinguishing a company's debt by exchanging it for a share of the business. It ...
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The cost to a country of making interest and principal repayments on its foreign debt, as ...
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A measure of a company's gearing (borrowing) which is calculated by dividing all financial ...
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A country with a balance of payments deficit. See also: creditor nation.
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Pronounced 'deck' (deece in the US), this is futures market shorthand for December, as in ...
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A document which has been signed, sealed and delivered, proving or testifying the agreement ...
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These bonds, sold at a large (deep) discount from face value, pay low cash coupons. They are ...
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Misappropriation of money, usually applied to the misappropriation of funds held in trust.
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Failure to do what was legally or morally required, often referring to the failure to pay ...
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Rendering an existing deed null and void, or 'defeating' that deed. The term has been adopted ...
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See also: matched book.
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A type of annuity that pays an income starting from a future age or date. If the person who ...
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A bond (note) paying no interest for a set period then paying interest at a higher rate than ...
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The status of shares which can be traded, although the scrip has not yet been issued.
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Shares issued with the stipulation that shareholders will only be entitled to receive dividends ...
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An option where the buyer can set the strike price at some date after the option is traded. ...
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A bond paying interest only from a set future date. A zero-coupon bond is the ultimate deferred-interest ...
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A swap where some or all payments are delayed for a specified time, usually for tax or accounting ...
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An option whose premium is paid when it expires or netted against any pay-off. In all other ...
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A shortfall; an excess of expenditure over revenue. For a country, a deficit in its current ...
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Funding expenditure with borrowings rather than using current revenue. Governments indulge ...
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This occurs when a government spends more than it gathers in revenue. The shortfall has to ...
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A type of superannuation fund where the retirement and possibly other benefits are calculated ...
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The opposite of inflation, ie, a fall in prices. It is sometimes applied to a situation where ...
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See also: forward swap.
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See also: forward swap.
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To permanently remove a company from stock exchange listing, because it no longer complies ...
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A financial instrument (eg, bank bill of exchange) or a commodity (eg, wool), traded on a ...
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A future month, listed as one in which delivery can be given or taken for a contract traded ...
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See also: settlement price.
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See also: settlement risk.
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A measure of the proportional change between two items, this is used to track the change in ...
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A strategy used by option sellers to protect their exposure, ie, to be 'delta-neutral'. Delta ...
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This measures the likelihood of an option being exercised and so determines how much an option ...
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Positions described as delta-neutral would have offsetting positive and negative deltas to ...
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See also: inflation
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The opposite of a merger (the practice of combining several companies under one corporate ...
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To end a commodity's role as a medium of exchange; for example, gold was demonetised in 1978, ...
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The process of changing a mutual or cooperative association into a public company by converting ...
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An amount of money placed with a financial institution either at call (redeemable or withdrawable ...
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Banks, building societies, credit unions and other organisations which accept customers' funds, ...
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To fall in value; the opposite of appreciate. Currencies may depreciate against other currencies. ...
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The accounting practice where the cost of fixed assets is systematically spread over the life ...
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A time of low economic activity, distinguished from a recession by being prolonged and sustained, ...
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Contracts or instruments whose value stems from that of some underlying asset, such as commodities, ...
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A bank or investment bank managing and trading a portfolio of swaps, options and other derivative ...
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A bank, investment bank or brokerage firm specialising in structuring and trading swaps, options ...
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See also: implicit price deflator.
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In the sense of 'dealing desk', an all-embracing term for a company's trading team, who sit ...
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A warrant once issued with a bond or other security but which has been separated and traded ...
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Germany's Frankfurt-based electronic futures and options exchange. Abbrev. DTB.
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The reduction in the value of one currency against another, either because the first currency ...
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Funds used to expand a business that has already been established and holds sufficient promise ...
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See also: option spread.
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See also: rate differential swap.
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See also: zero coupon bond.
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Also binary option. See also: all-or-nothing option.
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What occurs when an issue of new shares shrinks the proportion of a company owned by the original ...
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The situation where the increase in production obtained by adding units of labour declines. ...
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See also: zero coupon bonds.
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Abbrev. dual income, no kids
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A financial institution, usually a bank, that directly clears cheques or other payment instruments ...
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Taking a stake in a company or joint venture which brings a say in how the operation is run, ...
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The issuing of shares directly to an investor, usually an institution, rather than making ...
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An exchange rate quoted in terms of the local currency, ie, the number of units of local currency ...
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Someone appointed to take responsibility for the policy formation and control of a company ...
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See also: float.
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Money payable by a superannuation fund to a member, prevented by illness or injury from continuing ...
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A familiar concept - damage control - given new form by the rapid technological advances in ...
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A reduction in price either from the previous price or from face value. Securities are traded ...
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A member of the UK merchant banking elite. The London discount market consists of members ...
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The rate at which a bill of exchange or other security, such as a treasury note, is discounted ...
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Non-interest-bearing money-market instruments, issued at a discount from face value, with ...
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A swap using the coupon of a discount bond or bill as the fixed-rate or floating-rate payment. ...
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An anachronistic expression for the central bank's rediscount facility. The term dates from ...
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A method of measuring the return on capital or funds invested which takes into account the ...
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In government-guaranteed earnings return See also: zero coupon bonds.
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See also: zero coupon bonds.
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In the context of money, reducing in price from an earlier level or from face value. In the ...
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An arrangement between a broker and a client which allows the broker to decide fully or partly ...
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Spare cash; what you have to spend after the other choices have been made for you by the tax ...
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A fall in inflation, either through deliberate government intervention or as a result of a ...
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Cutting out the middleman so that borrowers and lenders deal directly with each other. In ...
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The portion of a person's income, including social service payments, that is left for spending ...
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What is paid out of a company's profits to its shareholders, usually yearly (final dividend) ...
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The number of times the amount of dividend paid by a company is covered by its earnings. It ...
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A tax-accounting device, effective from 1 July 1987, to remove the 'double' taxation of company ...
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A scheme enabling shareholders in a company to acquire additional shares instead of taking ...
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See also: withholding tax.
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The theoretical return on an investment, assuming shares are bought on the market at the prevailing ...
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An issue of securities which is virtually unsellable.
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A seminar or exhibition staged to introduce a new company or product, given by the salespeople ...
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Wholesale money-market jargon meaning one million. 'I'll buy five dollars of June 15 bills' ...
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An announcement, required by the stock exchange listing rules, made to the general public ...
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Commodity market term for bars of gold or silver bullion containing about 90 per cent of the ...
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The practice of benefiting more than once from savings schemes such as superannuation. The ...
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A system of recording all financial transactions, in which each transaction has two aspects, ...
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Agreements with other countries which enable overseas companies with Australian subsidiaries ...
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A measure of the average price of shares on the New York stockmarket. The Dow Jones index ...
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Euromarkets' term for $A and $NZ bonds.
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The risk that prices or values might fall. See also: upside potential.
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Euphemism for sacking staff. The implication in the recessionary years of the early 1990s, ...
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A eurobond targeted at the Asian market, with Asian syndication and listing and designed to ...
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The Asian end of the euromarket - the Asian market for currencies and securities held outside ...
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To issue or write out a cheque or bill of exchange in someone else's favour.
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The use of funds provided under a borrowing facility. The borrowing facility would first be ...
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The person or company to whom a bill of exchange or cheque is addressed. On a cheque, the ...
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The person signing a cheque or bill of exchange. In normal banking, the drawer is the person ...
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Abbrev. dual residency company.
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A type of security, such as a debenture or bond, that gives some protection to the investor ...
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Abbrev. dividend reinvestment plan.
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Abbrev. Deutsche Terminborse
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Abbrev. deposit-taking institution.
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Abbrev. DINK
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A security whose interest rate is periodically reset in line with more than one index so that ...
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The listing of a share or security on more than one stock exchange; for example, a company ...
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A company that qualifies as a resident in two countries, so that its activities comply with ...
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Where there is no double taxation agreement between countries, a company with a subsidiary ...
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Trading for individual/house and customer accounts at the same time. This can raise the issue ...
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A fixed-for-floating interest-rate swap which includes a call option giving one party the ...
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A fixed-interest security paying a coupon in a base currency (generally the currency of the ...
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An option settled in either of two currencies at the choice of the option-holder.
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A swap used to hedge the issue of a dual- currency bond, it is typically used by a financial ...
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The date at which payment has been contracted or agreed to be made. It can be the date on ...
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An analysis carried out before buying a controlling interest in a company to determine that ...
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Stock is described as 'dumped' when it has been offloaded (sold) in large amounts at a bargain ...
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A substantial international company specialising in credit analysis. The company has been ...
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See also: Dun and Bradstreet.
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The market-value, weighted average of the times to each cashflow (interest and principal payments) ...
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The difference between the maturity of a portfolio of assets and that of its offsetting liabilities.
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See also: portfolio immunisation.
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Used to sell tulips in the Netherlands, this is an auction which begins with a high price ...
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A legal concept which means companies, institutions and individual advisers must not be negligent ...
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Portfolio insurance or risk management which increases or reduces the underlying position ...
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