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CME Group Inc. Reports Solid Third-Quarter 2009 Financial Results
GAAP diluted EPS of $3.04
- Pro Forma diluted EPS of $3.35
- GAAP operating margin of 62 percent
- Pro forma operating margin of 63 percent
October 29, 2009-CME Group Inc. (NASDAQ: CME) today reported that third-quarter GAAP total revenues were $650 million, and GAAP operating income was $401 million from the third quarter of 2008. Third-quarter net income on a GAAP basis was $202 million and diluted earnings per share on a GAAP basis were $3.04.
The 2009 GAAP results reflect the operations of Chicago Mercantile Exchange (CME), Board of Trade of the City of Chicago (CBOT), and New York Mercantile Exchange (NYMEX) and include reductions in net income of $21 million, consisting of an impairment charge on our investment in IMAREX of $19 million and merger-related items of $2 million. The charge for IMAREX, a Norwegian-based freight and energy exchange and interdealer broker, was due to a decline in IMAREX fair value relative to the fair value established at the time of CME Group's acquisition of NYMEX in August 2008. The 2008 GAAP results reflect the operations of both CME and CBOT, as well as the results of NYMEX after August 22, 2008, when the acquisition closed.
Third-quarter pro forma non-GAAP diluted earnings per share were $3.35, down 19 percent compared with the prior-year period. All pro forma results reflect the operations of both CME Group and NYMEX as if they were combined for all periods reported, and third-quarter 2009 pro forma non-GAAP results exclude the impairment charge and merger-related items mentioned above. Total pro forma revenues decreased 17 percent from the prior year to $650 million and increased $2.6 million from second-quarter 2009 revenues. Pro forma operating expenses decreased 10 percent to $244 million, compared with the same period last year. Third-quarter pro forma operating income was $407 million, a decrease of 21 percent from $515 million for the year-ago period.
The company's significant focus on expense management during ongoing challenging market conditions helped drive a strong pro forma operating margin of 63 percent, in line with second-quarter 2009 operating margin, and down from 65 percent from the same period a year ago. Operating margin is defined as operating income as a percentage of total revenues. Third-quarter 2009 pro forma net income decreased 20 percent to $223 million, compared with third-quarter 2008.
ETF Product Tracking SPADE Oklahoma Index Launched
October 29, 2009-SPADE Indexes, a developer of proprietary indexes and benchmarks, today celebrated the launch by OOK Advisors of the first of two new exchange traded funds (ETFs). Focused on the State of Oklahoma and the State of Texas, the products track underlying indexes developed by SPADE Indexes and represent the first regional-focused ETFs to reach the marketplace.
Launched today, the OOK Oklahoma ETF (NYSEarca: OOK) is designed to track the SPADE Oklahoma Index (AMEX: OKLAH), developed to benchmark the performance of public companies headquartered in the state. The 29 companies include firms such as Devon, Chesapeake Energy, Helmerich & Payne, and Williams. Year-to-date the index is up 36.5% and has bettered the broader markets in each of the past five years.
The forthcoming TXF Texas ETF (NYSEarca: TXF) will track the SPADE Texas Index (AMEX: TEXAS), and was developed to benchmark the performance of the largest public companies headquartered in the state.
Both indexes are modified capitalization-weighted, rebalanced quarterly, and comprised of companies that meet a set of minimum criteria including a $5 share price, a $100 million market cap, and sufficient liquidity. Additional information regarding the index rules, methodology, current constituents, and historical performance can be found at www.spadeindexes.com.
According to Scott Sacknoff, president of SPADE Indexes, “There are no two states in this nation whose citizens are as proud of their hometown as those that reside in Texas and Oklahoma. And both are examples of states that put business first. Texas, if an independent nation, would have the twelfth largest GDP in the world, just behind Brazil and Russia, and is consistently rated one of the best states for business and regulation. Likewise, Oklahoma is considered a top state for business and CNN/Money recently ranked it the #1 place to launch a new business and called it, “stable, affordable…with a diverse local economy”. Although both states feature economies heavily dependent on energy, there is remarkable diversification among the business activities of the index constituents. SPADE Indexes is proud to partner with local financial institutions like OOK Advisors and Capital West Securities in bringing these products to market”.
The two regional ETFs offered by Oklahoma City-based OOK Advisors join the Powershares Aerospace & Defense ETF (NYSE: PPA) as exchange traded products that track indexes developed by SPADE Indexes.
Administration Calls on Congress to Approve Key Housing Measures
October 29, 2009--Treasury Secretary Tim Geithner and HUD Secretary Shaun Donovan called on Congress to approve three important measures to improve housing and the housing market for Americans: extension of the First Time Homebuyers Tax Credit for a limited period, extension of higher loan limits for home mortgages, and secure funding for the Housing Trust Fund.
We welcome efforts taken by Congress to extend the First Time Homebuyers Tax Credit for a limited period. This credit has brought new families into the housing market and contributed to three consecutive months of rising home prices nationwide," said Secretaries Geithner and Donovan. "In extending the credit, we urge Congress to include strict measures to combat tax fraud and protect responsible homeowners. We also urge Congress to act swiftly to extend the loan limits that currently apply to most mortgages, helping make rates more affordable for middle-class families. Finally, we will work with Congress to identify a financing source for the Housing Trust Fund, which will help provide decent housing for families hardest hit by the current economic downturn."
"These three measures will help support our efforts to stabilize the housing market by providing support for the recovery in housing prices, keeping mortgage rates low, and helping people who can afford their homes to avoid foreclosure," said Secretary Geithner.
HUD Secretary Shaun Donovan said, "These three measures provide comprehensive support to our recovering housing market and continued access to affordable housing. While extending the tax credit and higher loan limits will help promote homeownership, funding the Housing Trust Fund will provide assistance to renter households impacted by the economic crisis."
Fact Sheet
Secretary Geithner and Secretary Donovan today announced their support for three key housing measures:
Extend the First Time Homebuyer Credit, with strong anti-fraud measures. The Administration supports a limited extension of the First Time Homebuyers Tax Credit, which is currently set to expire on December 1. This credit has made the difference in bringing new families into the housing market. Those buyers, in turn, have reduced the inventory of unsold homes and contributed to three months in a row of increases in home prices nationwide. A stronger housing market benefits homeowners and strengthens the financial system. In order to reinforce the progress already made this year, the Administration urges Congress to extend the Credit for a limited period. In doing so, we urge the Congress to include effective measures to combat tax fraud, including setting a minimum age for home purchase and requiring documentary proof of the purchase in order to receive the credit.
Extend Loan Limits for Mortgage Loans. The Administration supports a one-year extension of the current loan limits for the Federal Housing Administration, Fannie Mae, and Freddie Mac. This extension is vital in helping support the continued availability of affordable mortgages for many working families and aiding the recovery in the housing markets. Under present law, the current loan limits will expire on December 31. Families are already applying for mortgages that are being turned down or priced higher due to this impending deadline. The extension of the loan limits is being considered in the upcoming Continuing Resolution, and we urge Congress to enact the extensions immediately in order to assure the smooth supply of capital to the housing market.
Secure Financing for the Housing Trust Fund. The Administration is committed to working with the Congress to fund the Housing Trust Fund. This Fund is an important source of support for extremely low income families who otherwise cannot afford decent housing. The Fund was created in the 2008 HERA legislation, but has not had an effective funding source and so has not been able to fulfill its important mission. While the President's Budget proposed to fund the Housing Trust Fund for $1 billion, and fully offset it within the Budget, today the Administration is announcing that it will actively work with Congress to identify a specific offset to assure that level of financing for the Fund.
PIMCO files with the SEC
October 29, 2009--PIMCO has filed a Amended application for exemptive relief with the SEC.
The Initial Funds are as follows:
PIMCO Enhanced Short Maturity Strategy Fund seeks maximum current income, consistent with preservation of capital and daily liquidity. This Fund seeks to achieve its investment objective by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of fixed income instruments of varying maturities, which may be represented by forwards.
The PIMCO Government Limited Maturity Strategy Fund seeks maximum current income, consistent with preservation of capital and daily liquidity. This Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of fixed income securities that are issued or guaranteed by the U.S. Government, its agencies or government sponsored enterprises.
The PIMCO Intermediate Municipal Bond Strategy Fund seeks attractive tax-exempt income, consistent with preservation of capital. This Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax. The Fund may only invest in U.S. dollar-denominated investment grade debt securities.
The PIMCO Prime Limited Maturity Strategy Fund seeks maximum current income, consistent with preservation of capital and daily liquidity. This Fund seeks to achieve its investment objective by investing under normal circumstances at least 65% of its total assets in a diversified portfolio of fixed income securities of varying maturities.
The PIMCO Short Term Municipal Bond Strategy Fund seeks attractive tax-exempt income, consistent with preservation of capital. This Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of debt securities whose interest is, in the opinion of bond counsel for the issuer at the time of issuance, exempt from federal income tax.
AdvisorShares Investments, LLC Brings a Tailored ETF Investment Vehicle to the Marketplace With Exemptive Relief
October 29, 2009-AdvisorShares Investments, LLC is the first of three funds to have exemptive relief, allowing them to marry the positive features of exchange-traded funds (ETFs) with professional money managing.
Historically, ETFs are designed to track an index, like the S&P 500. They are passively managed: when the index makes a trade, the ETF makes the same trade without speculation. Operational efficiency, transparency, liquidity and tax efficiency are some of the numerous advantages to ETFs. AdvisorShares' exemptive relief enables them to pair these advantages with a professional money manager who actively makes decisions for the fund.
"What makes AdvisorShares so special," said CEO and Founder Noah Hamman, "is that we package the benefits of professional money management with the benefits of exchange-traded funds to give shareholders a better investment option."
So far, the package seems to be working: even though AdvisorShares' first product, the Dent Tactical ETF (NYSE:DENT - News), has been in the market for only four weeks, it is already the largest and fastest growing actively managed ETF, trading over 1 million shares in the first four days of its launch. ETFs trade in real time and can be bought and sold by individuals.
Harry S. Dent Jr., one of the managers of the DENT Tactical ETF, will be featured in the upcoming winter issue of EQUITIES Magazine.
DB Index Research -- Weekly ETF Reports -- US
October 28, 2009-Highlights
ETF Volume
US ETF turnover rose by 4.7% to US$61.2bn in the previous week. Turnover in the S&P 500 SPDR ("Spider") was US$20.2bn. The PowerShares QQQ Nasdaq 100 had turnover of US$4.3bn followed by the iShares Russell 2000 with turnover of US$3.0bn.
There was one new ETF launched in the last week. Claymore Ad. launched one new ETF on the NYSE Arca.
In the previous week, average daily turnover in the Large Cap, US Sector Leveraged and global regional products was US$26.2bn (5.2%), US$9.3bn (4.0%), US$8.4bn (3.4%) and US$4.4bn (2.6%) respectively.
Among the Emerging country ETFs, iShares MSCI Brazil ETF turnover was US$1,386m followed by iShares FTSE/Xinhua China ETF with turnover of US$816m. In non-US developed market flows, iShares MSCI Japan had turnover of US$252m. In non-domestic regional flows, emerging market turnover was US$3.3bn and developed markets regional flows EAFE had turnover of US$1.0bn.
Assets under Management (AUM)
Total assets under management for equity based ETFs declined by 2.5% in the previous week, AUM were US$560bn.
To request a copy of the report click here
CME Group Announces New Snowfall Contracts
October 28, 2009-CME Group, the world's largest and most diverse derivatives marketplace, announced today the launch of four new locations for monthly and seasonal Snowfall futures and options contracts as well as new Snowfall Index Binary options contracts, scheduled to become available for trading on Monday, Dec. 7. These contracts are listed with, and subject to, the rules and regulations of CME.
The exchange is adding monthly and seasonal snowfall futures and options on futures contracts for New York LaGuardia Airport, Chicago O'Hare International Airport, Minneapolis/St. Paul Airport and Detroit Metro Airport.
The futures and options on futures contracts enable market participants to manage exposure to snowfall. The binary options enable users to manage the ramifications on businesses or other operations if snowfall is more or less than anticipated. Binary options provide the options holder with a fixed dollar payout upon exercise. If the option expires without being exercised, the holder's losses are limited to the amount paid for the binary option.
"We believe the new binary options will provide customers with an efficient way to hedge potential losses on their businesses if it snows more or less than they plan. A snow removal company, for example, can better manage their loss in revenue in the event of a less-than-expected amount of snowfall during the snow-removal season," said Barry Goldblatt, Managing Director of CME Group Commodity, Energy and Metals Products.
In 2006, CME launched snowfall contracts for New York Central Park and Boston Logan International.
BATS Global Markets Selects Savvis’ Key Financial
Newly Expanded Flagship Weehawken Hosting Facility to Power
New BATS U.S. Equity Options Exchange and Second U.S. Equities Exchange
(BYX) Launching in early 2010
October 28, 2009-Savvis, Inc. (NASDAQ:SVVS), a leading global
provider of outsourced internet infrastructure services and low latency connectivity
to major financial exchanges, today announced that BATS Global Markets is
expanding its hosting space in Savvis’ Weehawken data center to support current
business growth and the launch of both the BATS U.S. Equity Options Exchange
(announced separately July 8, 2009) and second U.S. Equities Exchange (BYX)
(announced on September 17, 2009) in early 2010.
BATS will also expand its footprint within the Savvis Docklands data center in
London in preparation for continued growth of the BATS Europe multilateral trading
facility.
Savvis recently announced a significant expansion to its flagship data center NJ2 in Weehawken, N.J. The expanded facility, named Savvis NJ2X, is a powerful financial data center complex that extends Savvis’ footprint in the highest demand market for its services, the New York-New Jersey financial hub.
“Savvis has been a trusted service provider for BATS since our founding in 2005,” said BATS COO Chris Isaacson. “As a recognized leader in financial IT infrastructure,
Savvis provides BATS Exchange and BATS Europe MTF with high performance proximity hosting of our world-class trading platform and will now serve as the hosting infrastructure foundation for our new U.S. equity options exchange and second U.S. equities exchange.
“This expansion will allow the more than 400 members of BATS Exchange to leverage existing connectivity to also access the BATS options exchange and second equities exchange. We believe this is the optimal use of existing technical infrastructure rather than forcing our members to move data centers or connectivity links,” he said.
BATS Exchange is the third largest equity exchange operator in the U.S. and BATS Europe, less than a year old, currently holds more than 4% market share in each of the major indices, including about 10% of the FTSE 100.
“We are pleased to expand our relationship with BATS as they continue to grow globally, said Varghese Thomas, VP of Financial Markets. “Savvis is focused on IT infrastructure solutions that provide a wide range of low latency connectivity options to the worlds leading financial exchanges and liquidity venues and ultimately enhance the investment strategies of these customers.”
Savvis currently operates 28 data centers globally encompassing more than 1.4 million
square feet of raised floor space designed to support enterprise IT operations. In addition,
Savvis was recently positioned as a leader in the Gartner Magic Quadrant for Web Hosting
and Cloud Infrastructure (on Demand), 2009, and can be accessed at
www.savvis.net/magicquadrantleader
CBOE ANNOUNCES THIRD-QUARTER 2009 FINANCIAL RESULTS; REVENUES, NET INCOME LOWER AGAINST RECORD THIRD-QUARTER 2008
October 28, 2009-- The Chicago Board Options Exchange (CBOE) today announced financial results for the three months and nine months ended September 30, 2009. Total Exchange revenues for the third quarter of 2009 decreased by 17 percent to $98.4 million from $117.9 million in third-quarter 2008. Quarterly net income was $19.2 million, a decrease of 48 percent from $36.7 million for the same period in 2008. Third-quarter 2009 results reflect a challenging market recovery, making comparisons difficult with record results reported in last year's third quarter, when extraordinary market events resulted in record options trading volume.
The financial results that CBOE reported in the third quarter were not unexpected, given the challenging economic environment in which we have been operating," CBOE Chairman and CEO William J. Brodsky said. "In spite of these challenges, the Exchange remains focused on long-term strategic goals including regulatory reform advocacy, new product and trading platform innovation, and educational programs that foster the use of options as effective risk management tools in varying economic conditions."
SIFMA Issues Amended and Restated Money Market Trading Practice Guidelines
New Guidelines Replace Previous Standards Established in 2007
October 28, 2009—The Securities Industry and Financial Markets Association (SIFMA) today released amended and restated money market guidelines. These guidelines have been adopted and approved by SIFMA’s Money Market Committee, and supersede and replace the Money Market Trading Practice guidelines originally adopted on Oct. 26, 2007.
Robert Toomey, managing director and associate general counsel for SIFMA’s Government and Funding Division, said that these guidelines were designed to further the efficient trading of money market instruments. “Although the Guidelines are non-binding, we recommend that all parties trading in money market instruments abide by these Guidelines,” he added. “An efficient, liquid market is critical to the smooth functioning of the money markets, and we believe that the revised Guidelines provide needed updates and are reflective of current market good practices.”
The Guidelines are broken out into three primary areas:
Promoting an Efficient and Liquid Market
Controls and Procedures
Settlement and Fails
A full copy of the new Guidelines can be found by clicking on http://www.sifma.org/services/stdforms/standard_forms.html#moneymarket or on the SIFMA Website at www.sifma.org.
BM&FBOVESPA sets new derivatives trading records
Number of contracts traded via CME Group Globex order routing reached 218,537 contracts, with 44,378 trades.
October 28, 2009--The Brazilian Securities, Commodities and Futures Exchange - BM&FBOVESPA set a new derivatives trading record via Direct Market Access (DMA) on Tuesday, October 27, with 80,925 trades carried out through the GTS, the Exchange's derivatives segment electronic trading platform. The previous record of 72,782 trades was set on October 20. DMA modality traded volumes includes both ends of the transaction (buy and sell).
Also on October 28, the number of contracts traded via the CME Group Globex – GTS order routing system set a new record of 218,537 contracts traded, surpassing the previous record of 205,637 contracts traded on October 2. On this same date, the number of trades reached 44,378, hitting another record. The previous mark of 33,595 trades was registered on October 2.
Futures rivalry set to intensify
October 28, 2009-A dispute between two new US futures exchanges that want to break open the CME Group’s near-monopoly on US Treasury futures will intensify on Thursday, when a company backed by some of Wall Street’s biggest names will urge Washington regulators to reject a proposal by NYSE Euronext for a new clearing venture.
NYSE Euronext announced this month that it had struck a deal with The Depository Trust & Clearing Corporation, the US post-trade services group, to create a new clearing house that would clear both cash Treasuries and Treasury futures. By offering customers portfolio margining across both products, the companies expect that the new venture will attract traders looking to make more efficient use of their capital.
More brokers look to ETFs to replace hedge funds
October 28, 2009--As wealthy investors stream out of hedge funds this year, Wall Street is trying to lure them back with a much simpler product: exchange-traded funds.
Most of the new programs, like one introduced by Barclays Wealth last week, use active managers who allocate clients' money into various passive index-based ETFs. By relying on ETFs, which can be easily bought and sold at a moment's notice, participants may avoid problems experienced by investors in hedge funds that barred them from withdrawing money last year.
IndexIQ Introduces and Two New ETFs Designed to Provide a Hedge Against Inflation
October 27, 2009--IndexIQ, a leading developer of index-based alternative investment solutions, has introduced the IQ CPI Inflation Hedged ETF (NYSE Arca: CPI) and IQ ARB Global Resources ETF (NYSE Arca: GRES), two new Exchange-Traded Funds (ETFs) that seek to provide investors with protection against inflation, it was announced today.
“To date, investors have been limited in the tools they have available in their efforts to protect their assets against inflation,” said Adam Patti, chief executive officer at IndexIQ. “With many forecasters believing that we are about to enter an extended period of greater inflationary pressures, we believe the time is right for a new approach to protecting wealth by seeking a real return at or above the rate of inflation. These two new funds offer a sophisticated approach to hedging the impact of a broad-based rise in price levels as measured by the Consumer Price Index (CPI).”
The IQ CPI Inflation Hedged ETF (NYSE Arca: CPI), the first US-listed real return ETF, seeks to replicate, before fees and expenses, the performance of the IQ CPI Inflation Hedged Index. The index seeks to give investors a hedge against changes in the U.S. inflation rate by providing a “real return,” or a return above the rate of inflation as measured by changes in the Consumer Price Index.
The IQ ARB Global Resources ETF (NYSE Arca: GRES), the first global resources hedged ETF, seeks to solve the problems associated with the significant overweight in the energy sector inherent in other broad-based commodity products. GRES also provides a hedge against inflation and a real return through exposure to a diversified portfolio of commodity-related equities.
IndexIQ utilizes a proprietary rules-based methodology to construct the underlying CPI and GRES indexes. The IQ CPI Inflation Hedged Index is comprised primarily of liquid securities that represent asset classes affected by changes in inflation, such as equities, fixed income, commodities, currencies, and real estate, providing the opportunity to build a portfolio that more dynamically reflects the impact of inflation.
The IQ ARB Global Resources Index uses momentum and valuation factors to identify global companies that operate in eight commodity-specific market segments and whose equity securities trade in developed markets, including the U.S. The segments include livestock; precious metals; grains, food and fiber; energy; industrial metals; timber; water; and coal. It also includes short exposure to global equities as a partial equity market hedge.
Current tools insufficient
IndexIQ believes that the tools currently available to investors are generally insufficient to provide an effective hedge against the impact of inflation on a portfolio. For example, investors may allocate to Treasury Inflation Protected Securities (TIPS) to offset the impact of inflation. However, TIPS historically have exhibited certain limitations in providing an effective inflation hedge, including higher correlation to bonds than inflation, and higher levels of volatility than CPI.1 Moreover, TIPS have existed only since 1997, a period of benign inflation, and therefore their ability to hedge more significant inflation is, at best, unproven.
IndexIQ is the sponsor of a number of index-based alternative investment products designed to “democratize” the alternative investment landscape, including the first US-listed hedge fund replication Exchange-Traded Fund, the IQ Hedge Multi-Strategy Tracker ETF (NYSE Arca: QAI); the first Macro and Emerging Markets hedge fund replication ETF, the IQ Hedge Macro Tracker ETF (NYSE Arca: MCRO); and the first open-end, no-load hedge fund replication mutual fund, the IQ ALPHA Hedge Strategy Fund (IQHIX – Institutional Share Class, and IQHOX – Investor Share Class). IndexIQ products are designed to be liquid, transparent, low cost, tax efficient, and accessible to a broad range of investors.*
Past performance is not a guarantee of future results.
Two New Jefferies | TR/J CRB Equity Index Funds Listed on NYSE Arca
October 28, 2009-October 28, 2009 –- NYSE Euronext (NYX) announced that its wholly-owned subsidiary, NYSE Arca, began trading two Jefferies | TR/J CRB Equity Index Funds on Tuesday, October 27, 2009. The ETFs are sponsored by ALPS Advisors, Inc.
Name and Ticker Symbol of the Two Jefferies CRB Index Funds:
Jefferies | TR/J CRB Global Agriculture Equity Index Fund – Ticker Symbol “CRBA”
Jefferies | TR/J CRB Global Industrial Metals Equity Index Fund – Ticker Symbol “CRBI”
Jefferies | TR/J CRB Global Agriculture Equity Index Fund
The fund seeks investment results that replicate as closely as possible, before fees and expenses, the price and yield performance of the Thomson Reuters/Jefferies CRB In-The-Ground Global Agriculture Equity Index, which is a modified capitalization-weighted, float-adjusted, rules-based index designed to track the overall performance of a global universe of listed companies engaged in the production and distribution of agricultural commodities and agricultural commodity-related products and services in the following sectors: producers of seeds, traits (seed characteristics attained through genetic modification), chemicals and fertilizers, farm machinery, equipment and irrigation, agricultural products, and livestock and aquaculture.
Jefferies | TR/J CRB Global Industrial Metals Equity Index Fund
The fund seeks investment results that replicate as closely as possible, before fees and expenses, the price and yield performance of the Thomson Reuters/Jefferies CRB In-The-Ground Global Industrial Metals Equity Index, which is a modified capitalization-weighted, float-adjusted, rules-based index designed to track the overall performance of a global universe of listed companies engaged in the production and distribution of base and/or industrial metals and related products and services in the following sectors: aluminum, steel, uranium, and diversified metals and mining.
ALPS Advisors, Inc. is the investment adviser for the new ETF s, and Arrow Investment Advisors, LLC is the investment sub-adviser. ALPS Distributors, Inc. is the distributor of the ETF s.
For more information about these ETF s, please visit www.jamfunds.com.
