NYSE Fined For Selling Product That Was Too Good

The standard illustration of the efficient markets hypothesis is the thing about the economists and the $20 bill on the ground, but it is so old and stale at this point that Matt Yglesias had to invent a new version this week, and it’s something like “if you find a penis-enlarging injection on the ground, don’t pick it up, because if a penis-enlarging injection actually existed then Pfizer would already have picked it up, and so this one will kill you of exploding penis, QED.” You could take this advice overly literally as an argument against all human effort, and perhaps you should, but in fact someone didn’t take it literally enough, or at all, and so died of exploding penis.

“If it works someone’s getting paid for it” of course doesn’t imply the converse “if someone’s getting paid for it it works” – particularly not in the penile-enlargement field – and I suppose neither does EMH; if anything it just implies “nothing works and nobody gets paid.” Still, there is at least some weak intuitive support for the belief that if lots of sophisticated financial market participants pay for something, they’re getting some value back in return.

Why is the SEC mad at the New York Stock Exchange? I am puzzled; the SEC’s quotes on the matter seem to be refutable on first principles. Here is Robert Khuzami in the SEC’s press release:

“Improper early access to market data, even measured in milliseconds, can in today’s markets be a real and substantial advantage that disproportionately disadvantages retail and long-term investors,” said Robert Khuzami, Director of the SEC’s Division of Enforcement. “That is why SEC rules mandate that exchanges give the public fair access to basic market data. Compliance with these rules is especially important given exchanges’ for-profit business interests”

And here is Sanjay Wadhwa to Bloomberg:

“The NYSE chose ground-shipping for sending market data to the consolidated feed but used next-day air for its paying customers,” Sanjay Wadhwa, deputy chief of the SEC’s market abuse unit, said in an interview.

Stripping out the rhetoric, the SEC is mad because:

  • The NYSE has an obligation to furnish its best-bid-and-offer and trade data to the consolidated tape – which ultimately makes its way to, like, the Google Finance feed you use to day-trade.
  • It is also allowed to sell that data separately to high-frequency-trading firms who want to bypass the delay of the consolidated tape, but under Reg NMS Rule 603(a) it can only do so “on terms that are fair and reasonable” and “not unreasonably discriminatory.”
  • The SEC reads that to essentially mean “you can’t give your data to HFT firms before you give it to the consolidated tape.”
  • NYSE has several programs to sell the data to HFT/algo firms: NYSE BBO,1 which basically gives HFT firms the same data that is sent to the consolidated tape, and Open Book Ultra, which gives HFT firms the entire NYSE order book rather than just the top of the book.
  • But NYSE’s compliance people weren’t involved in the tech design of PDP and Open Book Ultra, and so the computers that sent data to HFT firms sent it a few milliseconds before the computers that sent it to the consolidated tape – with that “few milliseconds” rising to “several seconds” at various crunch times, including in particular the May 2012 flash crash.

So why is that bad? Well, arguably it is bad because HFT firms shouldn’t get an unfair advantage, like Khuzami and Wadhwa say. Here is another reason that it’s bad – from the SEC’s order, not the press commentary:

The disparities in data transmissions that Rule 603(a) prohibits can have important consequences that risk undermining investor confidence and interfering with the efficiency of the markets. For example, a delay in the release of data to the consolidated feeds in contrast to the proprietary feeds can cause an investor relying on the consolidated feeds to make a trading decision based on a potentially stale picture of current market conditions. An exchange’s delay in sending its quotes to the consolidated feeds also can cause inefficient execution decisions at other market centers and, under some circumstances, create the appearance of a “crossed” national best bid and offer (“NBBO”), which occurs when the best bid exceeds the best offer. The appearance of a crossed NBBO can cause both uncertainty and the risk of a trade being executed at worse than the best available price.

That is less sexy and retail-investor-protection-y, but probably more important: if some market participants are trading on data that is several seconds older than others, then you get “inefficient execution decisions” and perhaps more concretely “people thinking that their trades should be unwound because they were priced in error.” Witness the flash crash, but also the Facebook IPO. That destabilizes markets and is bad; arguably it’s worse for algorithmic traders than it is for retail traders since no retail investor is dumb enough to, for instance, submit the same order dozens of times just because he hasn’t gotten a confirm yet.

I suspect that this is the real reason the SEC is mad at the NYSE, and that Khuzami’s “disproportionately disadvantages retail and long-term investors” is magic feel-good hand-waving, and you can tell from one really really simple fact, which is that NYSE is still selling both Open Book Ultra and NYSE BBO separately from the consolidated feed. NYSE BBO is $1,500 a month; the more detailed Open Book Ultra is a price-on-request deal.

If they’re selling those services, and people (robots) are buying, then those robots are getting something out of them. One thing that you become aware of – or so I hear – if you measure time in nanoseconds is that data takes time to travel over wires. If you wait for the data to travel over wires from NYSE to the consolidated tape, and then from the tape to you, that takes more time than travelling directly from NYSE to you, even if the data is sent to you and the tape at the same time.2 So you pay your $1,500 a month to get it directly, and your unspecified extra amount to get the full-book rather than just the top-of-book data. And since data takes more time to travel over longer wires, you can pay the NYSE to rent a room next door to the data, so your wires can be short and your data fresh.

Google Finance is free and I’ll go ahead and guess E*Trade runs considerably less than $1,500 a month. I’ll also guess that the high-frequency trading firms that colocate their computers next door to NYSE and pay for the real-time complete order book can make decisions more quickly and based on more complete information than the average retail investor on E*Trade.

And none of that was banned or changed or discouraged or looked askance at by today’s order! “The NYSE chose ground-shipping for sending market data to the consolidated feed but used next-day air for its paying customers” is a nice line but also purely silly; the paying customers have their own planes, and the NYSE built its distribution center at their airports.

Which is not to say the SEC did anything wrong by yelling at NYSE for building computers that broke easily. It’s really important that NYSE’s computers not break easily, and NYSE should be shamed and fined when they break and cause market havoc. But doing sensible market-stability or fraud-prevention things doesn’t justify talking about them in terms of “we have shut down unfair advantages in the financial markets.” If you’re a retail investor, and you think that the SEC has shut down discrimination in data providing so that now you’re getting your data at the same time as, say, UBS’s algo trading operation, ask yourself: why is UBS paying so much more for that data than I am? Of course they’re getting it faster. Of course they have an advantage – and, fair or unfair, no one’s going to do anything about it. You’ll just have to find other ways to outwit them.

NYSE Penalized by SEC for Giving Head Start on Trading Data [Bloomberg]
SEC Charges New York Stock Exchange for Improper Distribution of Market Data [SEC]
Efficient Markets Theory Can Save You From a Grizzly Death by Botched Penile Enlargement

1. The SEC calls this “PDP,” which stands for “proprietary data product,” but NYSE now uses that acronym for a bunch of proprietary data products; NYSE BBO (standing for “best bid and offer”) is the one that the SEC is referring to.

2. Right? I am out of my depth here, and as far as I can tell the consolidated feed is also quite pricey, so if you are an HFT expert and think that today’s order actually clamps down on people getting ahead by buying NYSE PDP data, let me know. But obviously it doesn’t clamp down on people getting ahead temporally by colocating with NYSE servers, or informationally by buying depth-of-book Open Book Ultra data, etc.

(hidden for your protection)
Show all comments

120 Responses to “NYSE Fined For Selling Product That Was Too Good”

  1. 2ndYearSummer says:

    "efficient markets hypothesis, exploding penis, high frequency trading, NYSE, SEC"

    One of these is not like the other.

  2. JPrime says:

    What I wanna know is why exactly am I not seeing hyperlinked footnotes – how much is DB OpenMatt Ultra?

  3. Guest says:

    Pic=UBS Prop Desk.

  4. UBS HR says:

    "Why is UBS paying so much more for that data than I am?"

    Well. It just seemed fair.

  5. pazzo83 says:

    "data takes time to travel over wires"

    It's all relative.

    – A Einstein

  6. guest says:

    So you are saying that if there was a stream where the water was flowing to people's houses and everybody paid per glass of water, those living in water filtration plant would be allowed to piss in the water too just because they took more glasses of fresh water although they paid less per glass.

    The cost per trade is not lower for those that trade less often. People actually pay more and why should they receive updates that are not sync.

  7. VonSloneker says:

    So that penis enlargement parable really resonated with you. Eh, Matty?

    – O'Long Johnson

  8. Matt's Intern says:

    "I’ll also guess that the high-frequency trading firms that colocate their computers next door to NYSE and pay for the real-time complete order book can make decisions more quickly and based on more complete information than the average retail investor on E*Trade."

    It would be nice if you could have just gone ahead and guessed that. Instead, I had to find out the hard way, by getting a syringe full of speed shot into my ass and told "trade monkey trade" and sat down in front of an ETrade account with instructions to try and beat the guys from AQR. Well guess what, apparently even with an ass full of speed an etrade account and some three year old "tactical trade ideas" from the GS prime brokerage desk – I'm still not faster than a god damn speeding bullet or whatever fucking super hero Cliff Bar Bassness likes to think his HFT guys emulate. It probably also doesn't help that I'm using WiFi from the Starbucks downstairs* instead of my own internet connection. Wait, what, we're going to colocate down near the NYSE, at Ulysses? Why at Ulysses? Yes, yes I actually am allergic to oysters, why are you asking about oysters?

    *I don't see how forcing me to use Starbucks wifi is essential to you hacking in to their system to redirect payments made via square to your own bank account. I also really don't understand how doing that is part of "an interesting commentary on the efficient market hypothesis in the digital age" that you are doing "solely for the intellectual value" and "might contribute to a journal, in the Cayman Islands" I"m pretty sure there is no Cayman Islands based journal of law and economics, even though you keep saying you're a regular contributor.

  9. pazzo83 says:

    "NYSE Fined For Selling Product That Was Too Good "

    Our new economic plan in action!

    – B Obama

  10. ADD says:

    stop writing like a lawyer you stiff

  11. TheDetailGuy says:

    If I'm jerking off on a BINGO sheet of stock tickers as my model and my penis explodes,do I overweight or underweight the blood spatters?

  12. LordDeb says:

    Too good to be sold…this can happen only in America!<img src="; width="1" height="1">

  13. Synopsis-izer says:

    In 1,500 fewer, less headache-inducing, words: "NYSE was fined for providing order book data to certain customers ahead of providing that same data to the consolidated tape, which the SEC alleges and the NYSE agrees violated the law."

  14. Data says:

    The author is implying that data update rate equals to baud rate and that is why people have complained which is pure nonsense to cover up the fact that data they have been getting access to is refreshed more often to given them more advantage and that has nothing to do with the baud rate.

    Baud Rate .NotEqual. DatarefreshRate

  15. Data says:

    Read it

    "Internal N.Y.S.E. system” and a “software issue.” The problems, according to regulators, caused the exchange to send stock pricing and other data to certain customers milliseconds – or even multiple seconds – before it released information more widely".

    This is data that is not being refreshed at the same rate and given to all customers. The baud rate or internet speed has no impact on stock data rate. Even if you sit StarBuck and if you receive data that is being refreshed at the same rate, you will see the same data rate. How fast the computer is, may matter if the data rate was the same but not the baud rate.

  16. Guest says:

    Having a brother in law doing preliminary M&A legal work always has been always will be the NKI!

  17. bond\weeb says:

    Wordy, therefore = Matt

  18. p2w says:

    the NMS is broken, that much is a no-brainer.

    unfortunately, the SEC has been busy wanking-off<sup>1</sup> while the HFT and dark pool folks have been off destroying the market ecosystem and spunking all over the concept of basic price discovery….painful to watch, that's for sure…

    1. footnote in the spirit of the primary post: wanking off in the right context is arguably a good thing…

  19. jason walter says:

    <img src=""/>It's about time. But the penalty isn't what i expected. <img src=""/&gt;

  20. Edmund says:

    Wow I'm with the SEC on this one. When has that ever happened before? You can't have the NYSE sending out data on its super whizzy $$$ firehouse *several seconds* before it's strapped to the back of a snail and sent meandering down Wall Street. That's an unfair advantage. They must send out the data as close to simultaneously as possible. If it then gets backlogged and logjammed in the slow feed then hey! sucks to be poor, right? It's not their problem. That's a fair disadvantage to those not baller enough to buy the fast feed.

  21. Guest says:

    Latency bottleneck is the E*Tarde douche's "BUY MKT" mouse click.

    –UBS Feminine Hygiene Quant

  22. Hey please do the morally right thing and use your site to spread the truth about 9/11

  23. Some of the more usual underlying causes of tinnitus contain strain, anxiety, depression, fatigue or the straightforward means of aging.

  24. As I web-site possessor I believe the content matter here is rattling fantastic , appreciate it for your efforts. You should keep it up forever! Best of luck.

  25. Hi, I need a Facebook coupon code please, I need to advertise my facebook web page, is CompuSocial can be a community for share information about Computers, cell phones, ios, android etc, wait around for answer many thanks.

  26. you can have an amazing weblog the following! would you wish to make some invite posts on my own blog?

  27. Real nice style and design and excellent written content , nothing at all else we need : D.

  28. I dugg some of you post as I cogitated they were invaluable invaluable

  29. Thanks for stopping by and the actual comment. Again, thank a person for informing me with regards to your 4 years of age daughter, I expect she’ll be find while she return again.

  30. Very interesting details you have observed, appreciate it for posting.

  31. samsung ram says:

    whоah this weblog is fantastic i like studуing уour pοsts.
    Keep up the grеаt woгκ!
    You realize, many ρеrsons аre seаrching
    гounԁ for thіs info, you cаn helр them

  32. Admiring the time and effort you put into your website and in depth data you offer. It is very good to come across a blog every once in a although that isn’t the same out of date rehashed material. Excellent read! I’ve saved your web site and I’m including your RSS feeds to my Google account.

  33. Ismael says:

    Ich Selbst habe darueber gerade mal wo gelesen, extrem interessantes Thema. Ich komme wieder.

  34. lida says:

    This internet website is my aspiration, extremely exceptional style and Perfect articles.

  35. I got what you intend, appreciate it for posting.Woh I am lucky to find this website through google.

  36. The Burriss & Ridgeway success is based on a mission to work intelligently and persistently on every client’s behalf while using the latest technology.

  37. Lovely just what I was searching for.Thanks to the author for taking his clock time on this one.

  38. Excellent post, thanks so significantly for sharing. Do you happen to have an RSS feed I can subscribe to?

  39. Outstanding post, I conceive individuals need to larn a good deal from this web site its actually user genial .

  40. Fingers along, Apple’s app retailer wins by a mile. It’s a colossal collection of all types of apps vs a somewhat gloomy top-drawer of a handful for Zune. Microsoft has plans, chiefly in the realm of video games, yet I am not sure I’d want to wager proceeding the elongated pass condition this aspect is vital to you. The iPod is a significantly healthier selection in that case.

  41. Roslyn Izzi says:

    I was studying some of your content on this internet site and I believe this internet site is real instructive! Keep posting.

  42. Searching I noticed your blog book-marked as: NYSE Fined For Selling Product That Was Too Good Dealbreaker: Wall Street Insider – Financial News, Headlines, Commentary and Analysis – Hedge Funds, Private Equity, Banks. I’m assuming you bookmarked it yourself and wanted to ask if social book-marking gets you a bunch of site visitors? I’ve been thinking of doing some social bookmarking for a few of my sites but wasn’t certain if it would generate any positive results. Appreciate it.

  43. Thanks for sharing excellent information. Your web site is very cool. I am impressed by the details that you have on this web site. It reveals how nicely you perceive this subject. Bookmarked this web page, will come back for more articles.

  44. When I originally commented I clicked the -Notify me when new comments are added- checkbox now each time a comment is added I’m four emails using exactly the same comment. Perhaps there is any way you’re able to eliminate me from that service? Thanks!

  45. Genna Wappel says:

    Lovely. I discover something more challenging on distinct sites each day. It will always be good to find out content coming from other copy writers. I’d want to share using the stuff on my site should you not mind. Obviously I’m going to put one of the links on your website, let me know if you’re interested!

  46. I get pleasure from, lead to I discovered just what I was once having a search for. You’ve ended my a number of day prolonged hunt! God Bless you man. Have an excellent day. Bye

  47. eliko carpet says:

    Some genuinely fantastic posts on this internet site, regards for contribution. “He that falls in love with himself will have no rivals.” by Benjamin Franklin.

  48. Many thanks for creating the effort to discuss this, I feel strongly about this and love learning a great deal more on this subject. If feasible, as you gain knowledge, would you mind updating your weblog with a great deal more information? It’s really beneficial for me.

  49. Thanks for your write-up. I would also like to say this that the first thing you will need to conduct is check if you really need credit score improvement. To do that you will need to get your hands on a replica of your credit report. That should really not be difficult, since the government necessitates that you are allowed to receive one cost-free copy of your credit report every year. You just have to check with the right people today. You can either look into the website with the Federal Trade Commission or perhaps contact one of the major credit agencies right away.

  50. Fantastic things from you, man. I have take hooked on account your stuff past to and you are just enormously magnificent. I really similar to what you’ve acquired non-discriminatory now, of course in the vein of what you are saying and the way in which during which you are saying it. You’re making it entertaining and you still thoughtfulness in support of to keep it smart. I can not wait to hear far extra commencing you. This is really a awesome net site.

  51. Generally I don’t learn post on blogs, but I would like to say that this write-up very compelled me to check out and do it! Your writing taste has been surprised me. Thanks, very great article.

  52. room plus says:

    Glad to be one of numerous visitants on this remarkable internet internet site : D.

  53. I like Your Post about Deploy Plugins » Somnangblogs Perfect what exactly I needed!.

  54. I want forgathering useful info, this post has got me even more info! .

  55. Anonymous says:

    This is getting a bit more subjective, but I much prefer the Zune Marketplace. The interface is colorful, has more flair, and some cool features like ‘Mixview’ that let you quickly see related albums, songs, or other users related to what you’re listening to. Clicking on one of those will center on that item, and another set of “neighbors” will come into view, allowing you to navigate around exploring by similar artists, songs, or users. Speaking of users, the Zune “Social” is also great fun, letting you find others with shared tastes and becoming friends with them. You then can listen to a playlist created based on an amalgamation of what all your friends are listening to, which is also enjoyable. Those concerned with privacy will be relieved to know you can prevent the public from seeing your personal listening habits if you so choose.

  56. Hi you’ll find using WordPress for your website platform? I’m new towards the weblog world but I’m trying to get started and set up my own. Do you call for any html coding expertise to make your own blog? Any help would be greatly appreciated!

  57. After study a few of the blog posts in your website now, and I really like your manner of blogging. I bookmarked it to my bookmark web site record and will be checking back soon. Pls try my site as properly and let me know what you think.

  58. Isis Zich says:

    I have read some just right stuff here. Definitely price bookmarking for revisiting. I surprise how much effort you set to make this sort of wonderful informative site.

  59. Merely wanna input on few general things, The website pattern is perfect, the subject material is very wonderful. “War is much too serious a matter to be entrusted to the military.” by Georges Clemenceau.

  60. UGG Botas says:

    To your organization online business owner, releasing an critical company may be the bread so butter inside of their opportunity, and choosing a wonderful child care company often indicates the certain between a victorious operation this is. how to start a daycare

  61. I have been blogging since last month, my blog was indexed already in google except at some point in the test i conducted, i explore for a positive keyword interconnected proceeding my blog but it only shows the blog title and it directs me to the homepage not by the actual place of duty. Hardship help!!!.

  62. moved here says:

    But along with its reputation emerged the rumors with regards to its negative effects. The idea is actually a thing is that often great, next there needs to be a thing within the factor that will bring the alternative reply. This can be one of several views which the not-so-convinced customers intend.

  63. I’m curious to locate out what weblog platform you have been utilizing? I’m experiencing some minor security issues with my latest site and I’d like to uncover something far more secure. Do you might have any recommendations?

  64. Quite efficiently written story. It is going to be valuable to anybody who employess it, including me. Maintain up the good work – can’r wait to read much more posts.

  65. Wow which was odd. I merely wrote a really long comment but once i clicked submit my opinion didn’t show up. Grrrr… well I am just not writing everything over again. Anyway, just desired to say outstanding blog!

  66. Extremely ideal people emails are used to charm let honor to groom and bride. Newbie speakers before excessive areas should normally our very own gold shaded dominate inside presenting and speaking in public, which is to be individual hobbies home. best man speach

  67. flv 2 mp3 says:

    you’re really a just right webmaster. The site loading pace is incredible. It sort of feels that you are doing any unique trick. Moreover, The contents are masterpiece. you have performed a magnificent task in this topic!

  68. Very interesting details you have mentioned, thankyou for putting up.

  69. certainly appreciated your article, keep all of them coming

  70. To create a fuller perception of area, a much extra thorough elevated education experience and too to augment the entire standard commencing the university. Into his identifiable words, Robert Zimmer, President of the University allied with Chicago.

  71. good post.Ne’er knew this, thanks for letting me know.

  72. Some genuinely wonderful posts on this site, thanks for contribution.

  73. I have been surfing on-line more than three hours nowadays, yet I never discovered any attention-grabbing article like yours. It’s beautiful worth sufficient for me. In my view, if all website owners and bloggers made good content as you probably did, the net can be a lot more helpful than ever before. “Wherever they burn books, they will also, in the end, burn people.” by Heinrich Heine.

  74. Motory says:

    There is clearly a lot to realize about this. I assume you made various good points in features also.

  75. I dugg some of you post as I thought they were very useful handy

  76. Thanks for helping me to obtain new tips about desktops. I also contain the belief that certain of the best ways to maintain your notebook computer in best condition is by using a hard plastic material case, or shell, that fits over the top of the computer. These kind of protective gear will be model precise since they are manufactured to fit perfectly above the natural casing. You can buy them directly from the owner, or via third party sources if they are readily available for your notebook computer, however don’t assume all laptop may have a spend on the market. Just as before, thanks for your points.

  77. Keenan Luis says:

    Good – I should definitely pronounce, impressed with your web site. I had no trouble navigating through all the tabs as well as related information ended up being truly easy to do to access. I recently found what I hoped for before you know it at all. Quite unusual. Is likely to appreciate it for those who add forums or something, website theme . a tones way for your customer to communicate. Nice task.

  78. Leanna Korf says:

    Whats up very nice blog!! Man .. Beautiful .. Superb .. I’ll bookmark your blog and take the feeds also…I am satisfied to seek out so many helpful information here in the put up, we’d like work out more techniques on this regard, thanks for sharing.

  79. Black Porn says:

    We are a group of volunteers and opening a new scheme in our community. Your website offered us with valuable information to work on. You have done an impressive job and our entire community will be thankful to you.

  80. Only wanna comment on few general things, The website design and style is perfect, the subject matter is rattling great : D.

  81. Skutery says:

    I’ve recently started a blog, the information you offer on this web site has helped me greatly. Thanks for all of your time & work. “If you would know strength and patience, welcome the company of trees.” by Hal Borland.

  82. exceltdeefs says:


  83. Merely a smiling visitor here to share the love (:, btw great design and style.

  84. Very interesting info !Perfect just what I was searching for!

  85. Emadstrearm says:

    Dry in the sun my website
    List of sites:

  86. I loved as much as you will obtain performed proper here. The caricature is attractive, your authored material stylish. nonetheless, you command get got an impatience over that you wish be turning in the following. ill surely come further formerly once a lot more since precisely the comparable nearly a great deal frequently within case you protect this increase.

  87. Hey, you used to write magnificent, but the last few posts have been kinda boring?I miss your tremendous writings. Past few posts are just a bit out of track! come on!

  88. I believe this website has very great pent content content.

  89. Im no pro, but I believe you just crafted an excellent point. You clearly comprehend what youre talking about, and I can really get behind that. Thanks for staying so upfront and so straightforward.

  90. Keep up the fantastic work, I read few content on this web site and I believe that your web blog is really interesting and contains lots of wonderful info .

  91. Average In turn sends provides could be the frequent systems that give the opportunity for one’s how does a person pick-up biological, overdue drivers, what 1 mechanically increases the business. Search Engine Marketing

  92. We do concurrently Preteen Stripped Pictures
    I fondness this guy! He forever looks accordingly passionate. As well as he live fuckin the shit made known of those ladies. I would adore me approximately of him!

  93. judyta says:

    Wow, Thank you just for this blog. Thats all I can say. You most definitely have made this blog into one thing thats attention opening along with important. You clearly know so much about the subject, youve covered so many bases. Great stuff out of this part of the internet. Again, thank you for this blog.

  94. I was sent to your blog by Ms. Collins. And, I understand what you’re saying. Pleasant read…

  95. Some truly nice and utilitarian info on this website, also I believe the design and style holds good features.

  96. Jamobxse says:

    ladies uggs
    ugg clearance

  97. As I website possessor I believe the articles here is very excellent, thankyou for your efforts.

  98. Anonymous says:

    Just wish to say your article is as amazing. The clearness in your post is just spectacular and i can assume you’re an expert on this subject. Fine with your permission allow me to grab your feed to keep updated with forthcoming post. Thanks a million and please carry on the gratifying work.

  99. It’s a pity you don’t have a donate button! I’d most certainly donate to this superb blog! I guess for now i’ll settle for bookmarking and adding your RSS feed to my Google account. I look forward to fresh updates and will talk about this blog with my Facebook group. Chat soon!

  100. Dillon Mano says:

    Its superb as your other articles : D, thanks for putting up. “Too much sensibility creates unhappiness too much insensibility leads to crime.” by Charles Maurice de Talleyrand.

  101. The Case For HIIT Cardio – Why You should Concider it… By the way you may want to have a look at this cool web site I found……

  102. Excellent post man, maintain the nice function, just shared this with the friendz

  103. It is now possible now to add your website for free on the web search engine .

  104. marlena says:

    How do you do? our family just adores your amazing blog thanx and please carry on it

  105. this blogs makes me laugh, for me in order to enlarge that, just let the nature do the way…hahaha

  106. your blog are one of the greatest that I ever read, you did such a good job for making this, very elegant and fantastic to read, thanks for sharing it.