In my previous post on the Volcker Rule, I admittedly glossed over the real issue in my second prediction. This issue is important, but it’s also reasonably complex (way too complex for some people, I suspect), and it requires some context and explanation to fully appreciate.
The statutory text of the Volcker Rule contained a glaring flaw: the statute prohibited proprietary trading by basically defining everything as “proprietary trading,” and then carving out exemptions for everything else. This was a colossal mistake for a variety of reasons, but the most important reason is that rather than having the regulators simply define “proprietary trading,” it put the regulators in the position of having to define every form of legitimate trading that banks do — underwriting, market-making, hedging, etc. Obviously, that’s a much, much more difficult task, and one that’s significantly more likely to lead to problems due to gaps — whether intended or unintended — in the proposed rule’s exemptions. It’s hardly a targeted solution to the problem of government-backed prop trading, to say the least. (I imagine the ultimate blame for this lies with someone in the Legislative Counsel’s office, although Merkley and Levin’s offices bear some blame here too, as they were clearly in way over their heads during this entire process.)
‘Flipping the Presumption’
The upshot of this is that it creates a presumption that all trades are prohibited prop trades, unless proven otherwise. What the banks want to do is to flip the presumption — instead of regulators scrutinizing whether each trade falls into one of the nine “permitted avtivities” exemptions, regulators would be scrutinzing whether each trade is a prohibited prop trade.
Whether flipping the presumption would dilute the strength of the ban on prop trading depends entirely on the quantitative and qualitative metrics that regulators ultimately use to identify prohibited prop trades. The right metrics would appropriately identify prohibited prop trades, while the wrong metrics could either identify too many trades as prop trades, or too few. But that’s where the debate would shift — or rather, should shift — if the regulators flipped the presumption. (The metrics described in the proposed Volcker Rule would, if anything, be overinclusive, and would require the regulators to apply some judgment to flagged trades — which I think is appropriate.)
Now, regulators only have so much discretion here. The statute is the statute, and flawed though it may be, regulators still have to work within its confines. But there are ways to effectively flip the presumption.
One way to do this is to define the main exemptions (market-making, hedging, and underwriting) very broadly, but include a carve-out for trades done for the “trading account” — which is, bizarrely, where the real definition of proprietary trading is located in the statute. The effect of this would be to allow regulators to focus on whether a bank’s trades exhibit the characteristics of trades done for the “trading account” (i.e., prop trades), based on the quantitative and qualitative metrics the regulators have identified, rather than focusing on whether each trade can fit into one of the defined exemptions. In other words, the presumption would be that a trade falls into the market-making or hedging exemptions, unless the regulators believe otherwise.
This is basically what I predicted the regulators would do in my previous post — although, crucially, I limited my prediction to the market-making exemption, and I said that the regulators would make this an “alternative” market-making test. A broader market-making exemption with a metrics-heavy carve-out for prohibited prop trading would go a long way toward: (a) alleviating concerns about the Volcker Rule’s impact on market-making without necessarily diluting the prop trading ban; and (b) making the regulators’ task a lot less daunting, and a lot less likely to cause unforeseen and unintended disruptions to the financial markets.
Saturday, March 3, 2012
Subscribe to:
Post Comments (Atom)
Posts
101 comments:
Instead of all these contortions, why can't we just reinstate Glass - Steagall?
Amen. Banks should be banks, not trading houses, and bankers should be bankers, not traders. Bankers should cease speculation with depositors money, and divest any trading operaion to the vagaries of the market.
We now know that there was a very good reason for separating retail banking from investment (or"merchant") banking. Taxpayers took it on the chin. Now the big "financial institutions" (far grander and more toxic than any mere "bank") want to, and are doing, more and more of the same. The Volker Rule will cause them a certain amount of inconvenience, but in the long run, since they have favored access to the best Congress that money can buy, they will avidly pursue self-interested trading and profit. "Stakeholders" and customers will take what crumbs they are thrown.
The Banks know exactly what is proprietary trading and what isn't. Paul Volcker stated this from the beginning, and all reasonable people know this. The regulation fails in that it's attempting to be too precise which can only be to the advantage of those gaming the rules.
While the point is well taken, I am not at all clear as to the utility of this post at this point.
Federal Reserve Board, FDIC, SEC and OCC have jointly promulgated their proposed Volcker Rule. That was more than a month ago, and comments have been coming from all directions.
Most notably, the comment letter filed by Occupy the SEC, in a 325-page missive, addresses this and many other, equally, if not more, urgent issues. Annexure B to the comment letter even lists suggested changes.
heres my simple long held view.
maybe fits with "flipping"
You will finally have to define narrow banking by what it is. Maybe banks making loans and holding them and running the payments system. they then are the only ones to get discount window deposit insurance early non resolution help etc.
as for the others
screw up or breach marked accounting limits and you get resolved"
your html rules suck BTW also security
sigh...
all of these comments make me sad with how stupid people are.
and the poster who mentions the occupy sec 325 page letter? It has some of the dumbest most toxic thoughts of all.
Perhaps you all should seek a deeper understanding of the finance world before you all spew around your worthless uneducated comments.
Reg Reform is a good thing and was needed. Shot-gun wedding reg reform is not.
I don't think that the Occupy SEC letter is "stupid." Did Anonymous bother to read it before reviling it as containing "some of the dumbest most toxic thoughts of all" ?
Exactly what in the letter's content is dumb and toxic?
Its annoying when people pour out condescension on those with whom they disagree but fail to identify the errors in the opposing party's argument. Dear Anonymous: consider reading the Occupy SEC letter. Maybe then you can tell us why you find it so toxic. On the other hand, you might find many points on which you agree with them. You'll never know unless you read it.
I actually have read the entire paper from start to finish as well the dozens to hundreds of other comment letters on the proposed rules. Most comment letters are a couple of pages in length and fairly straight to the point... versus 325 pages!!!
When commenting on a rule in question, comment on the rule in question. Don't use 325 pages to bitch about the financial system as a whole and things that don't even pertain to the very specific detailed rule you are commenting on.
I would happily discuss why many of the points are toxic but frankly I think that there a limit on how long these posts can be.
If you don't work in the industry on a day to day basis I find it laughable that people think that they can add value to it when they know NOTHING about it.
I find it very much similar to:
- Mark Wahlberg saying he could have made a difference if he was on one of the 9/11 planes because he played a tough guy
- James Cameron offering to help out with the bp oil spill because he filmed titanic using a couple of submarines
- Michael Douglas commenting on anything finance related because he was in Wall St the movie.
Reading through comments and hearing wrong they are about Repo, reserve ratios etc is just painful and frustrating.
Finally as it pertains to specifics points, reading it once was painful enough.. if they had half a bit of intelligence and typed up something that was palatable I would happily re-read and tell you why they are so fucking stupid and misguided in their thoughts
Exactly what is so toxic in Occupy SEC's letter. If you have read, as you claim you have, please identify and specify what is toxic. Exactly what idea have they proposed that has upset you so much?
I am very enjoyed for this blog. Its an informative topic. It help me very much to solve some problems. Its opportunity is so fantastic and working style so speedy. I think it may be help all of you. Thanks a lot for enjoying this beautiful blog with me. I appreciate it very much! Looking forward to another great blog. Good luck to the author! All the best!
thx you for your posts!!
Finance institutions Buy RS Goldaccurately what's private exchanging in addition to what is just not. Henry Volcker reported this kind of from the beginning, and all sorts of sensible folks know this particular. This legislation does not work out because it can be looking to possibly be far too accurate which could WOW Goldonly be to the good thing about these gambling the principles.
I would like to thank you for the efforts you have made in writing this article
nice post, that's very interesting information thanks for sharing :)
I introduce a Economics student in Islamic University of Indonesia Yogyakarta
Defining the rules in the "everything is disallowed unless and until we say otherwise" manner may have been done to prevent future, as yet undesigned and undeveloped trading activities, from being allowed until due consideration could be given to them. Admittedly, such rules could end up being (temporarily) more restrictive than absolutely necessary, but at least are much more future-proof.
If the rules merely explicitly disallowed an explicitly enumerated set of *specific* patterns of trading, then those organisations that wanted to avoid all restrictions could concievably invent new trade structures to circumvent the restrictions - not a good outcome.
Perhaps Congress was just opting for the lesser of two evils...
Traditionally, the answer has been to outsource to Third Celebration Logistics (3PL) providers-entities that set shipping arrangements between shippers and carriers. In theory mac office 2011 product key, 3PL is really a beneficial arrangement for shippers that don't staff specialists since the logistics function is outsourced windows anytime upgrade key, as well as the really need to hire professionals is eliminated. Even so, for organizations that have to have or prefer far more manage of the shipping approach, using a 3PL provider can be frustrating.
When they opt for 3PL, shippers relinquish a degree of handle more than the shipping course of action. Based on the superior from the 3PL provider's logistics resources, the price of your relinquishment might be steep. Good 3PL providers leverage a variety of resources windows 7 ultimate activation key to identify the best carrier arrangements cheap windows 7 keys, but quite a few 3PL providers use restricted resources -a windows 7 ultimate key truth that their consumers stay unaware of.
To start with you may commonly require a cable to connect to a scanner or maybe a Pc with OBDii computer volvo vcads software. Most scanners are universal in that they are going to read essentially the most prevalent codes, but a number of them may perhaps only work with particular vehicles so make certain that the scanner you have got is compatible along with your car.
Do not forget that the Chinese traders are worth the effort for studying these behavioral expertise. Indulging in trade together with the China importers and exporters will surely assist you earn you enormous profits.
I haven’t been following your blog for a long time, but I’m absolutely in love with it. You are one of the most blogger I’ve ever seen, seriously Dora Games.
I like the name of the post very creative.
yemek tarifleri
ekol hoca
android market
twitter aç
http://newsforjerseys.blogspot.com
[url=http://newsforjerseys.blogspot.com]News for jerseys[/url]
News for jerseys
http://ameblo.jp/jacook
[url=http://ameblo.jp/jacook]Jacook Blog[/url]
Jacook Blog
http://todaynewsjerseys.wordpress.com
[url=http://todaynewsjerseys.wordpress.com]todaynewsjerseys[/url]
todaynewsjerseys
http://b2cfactory.blogcu.com
[url=http://b2cfactory.blogcu.com]b2cfactory Blog[/url]
b2cfactory Blog
I find it laughable that people think that they can add value to it when they know NOTHING about it.
Bail Bonds Tampa
I would happily discuss why many of the points are toxic but frankly I think that there a limit on how long these posts can be.
Bail Bonds Los Angeles
I would happily re-read and tell you why they are so fucking stupid and misguided in their thoughts.
Bail Bonds Raleigh
Adobe Acrobat 9 Download is a platform for viewing, creating, manipulating and managing files in Adobe's PDF format.
Project Professional 2010 users can also use the Backstage to manage their Project Server connections, and to check out and publish projects.
It is amazing posting and incredible work, It has suitable information, I presently wanted to say that you have really so motivating and very informative post. Thanks for wonderful posting
tips cara agar cepat hamil l CARA BELAJAR BAHASA INGGRIS l the best acne treatment l how to lose weight fast easy
margahayuland l BELAJAR BISNIS ONLINE l tips cepat hamil l how to get rid of acne home remedies l
home remedies for acne l how to cure acne fast l
baju batik modern l toko sepatu online l grosir jam tangan online l
jual jam tangan l toko jam tangan murah peluang usaha online l is acne no more for you l how to get rid of acne naturally
how to clear acne l cure acne naturally
best natural remedies for acne l acne no more l tempat belajar bisnis online
peluang usaha rumahan l cara mendapatkan uang dari internet
makanan sehat agar cepat hamil l penyebab tidak bisa hamil lcara agar cepat hamil
As much as I love the revamped quests that were introduced in Cataclysm, it's true that leveling quest chains in particular seem to be meant for solo players only. Friends will want to play games together that allow them to actually play together.
----------------
rs gp
RS 2007 Gold
Old School Runescape gold
really informative post..thanks for sharing...
International Business Company dubai
Very useful post. This is my first time i visit here. I found so many interesting stuff in your blog especially its discussion. Really its great article. Keep it up.
On the way two new sets of Double buy runescape gold cheap Fine. Double Fine, makers of the next Broken Age, have announced that they will release two new games platform funded IndieFund.Se The identity of these two new projects, which will surely follow the premises of cheapest runescape gold titles that are in preparation as Age or Massive mentioned Chalice.M s Broken News: Double Fine, Broken Age
That is very interesting Smile I love reading and I am always searching for informative information like this. This is exactly what I was looking for. Thanks for sharing this great.
soal-soal cpns ll Asian Brain ll cara cepat hamil ll Tips cepat hamil ll Busana Muslimah Modern ll Toko Baju Muslimah Modern ll rahasia cara memutihkan wajah
Your blog is very good. It was very well authored and easy to understand. Unlike additional blogs I have read which are really not good. I also found your posts very interesting.
I just read through the entire article of yours and it was quite good. This is a great article thanks for sharing this informative information.
Its like you read my mind! You seem to know a lot about this, like you wrote the book in it or something. I think that you can do with some pics to drive the message home a bit, but other than that, this is excellent blog. An excellent read. I'll certainly be back
It takes only a minute sell Guild Wars 2 Gold to get sell Guild Wars 2 Gold a crush on someone，an hour to like someone，and a day to love someone- but it takes a lifetime Diablo III Gold to forget someone.
Don't go for looks；they can Diablo 3 Gold deceive. Don't go for wealth；even that d3 gold fades away. Go for someone who makes you smile because it takes only a smile to make a dark day seem cheap d3 gold bright.
Love begins with Diablo III Gold a smile，grows with a kiss，ends with a Diablo 3 Gold tear. When you were born，you were crying and everyone around you was smiling. Live your life so that when you die，you're the one Diablo III Gold smiling and everyone around you is crying.
Superb submit I adore ones article; enjoy the method that you defined everything, you do a fantastic employment many of people as you as a result of of which style of useful blogs produce attention to us relevant to many things. I read a few other useful websites from the sites and I'm so much engaged with your blogging and site-building abilities, When i in addition begun to write write-up and also this sort discussion actually guide us away. My partner and i witout a doubt book marked your own web page in addition to propagated your web sites to help my fellow workers besides us yet these people including the running a blog abilities, wish you write more fascinating blogs similar to this 1 and good luck for ones foreseeable future information sites.
Jimmy Wilson-Mass Effect Human Clothing
Your website is very chatty. It will be useful for all of us. You have done a work.
I recently came across your blog and have been reading along. I thought I would leave my first comment. I don’t know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.
A great article written with great hard work...i must say....Thanks for posting this article. I am definitely tired of struggling to find relevant and intelligent commentary on this subject. Everyone nowadays seem to go to extremes to either drive home their viewpoint or suggest that everybody else in the globe is wrong. Thanks for your concise and relevant insight a great work of your which shows...I like your site its quite informative and i would like to come here again as i get some time from my studies. i would like to invite my other friends to this site, as you have done a great job.i must say...keep it up guys..Thanks for the information.I apriciate each and every point of your article.Really great information .Keep sharing …..Well done
I found this weblog rather helpful. The particulars and exact recommendation are specifically what I was wanting. I’ve book marked and will definitely be returning.Thanks for the information in this blog.The posting in this site is very cool and also interesting.I had read the entire blog and I came to know many things which I don't know before.I am sure that the visitors who visit this site will also be enjoying reading the posts.Keep it up.Waiting for new posts from you to be posted in this site.
107.My brother recommended I might like this blog. He was totally right. This post truly made my day. You can't imagine just how much time I had spent for this information! Thanks
To get best seo tips for improvement in your websites natural traffic and rank, Please visit us and find tips or let us do something for you. Thank You
It seems flipping the presumption would chip away at the foundation of the ban's strength, if you ask me.I am reading this at work and my colleagues and I are neck-deep in a heated debate over this. Thanks for the great article.
I have learn all lowongan kerja the posts lowongan kerja parttime and i found very lamaran pekerjaan unique
info on usaha yang menguntungkan this blog good work pekerjaan sampingan by your side thanks cara berbisnis online for
your views pekerjaan online these are very useful pengusaha muda indonesia for many who don’t pengusaha muda sukses know as much at any time when i wanna share or focus on one thing cara menjadi kaya i surely come back and talk about on this blog.
Hi there great studying your informative articles. Cara Menaikan berat badan I discovered your weblog and Pelangsing badan Cepat simply wished to say thanks!! Menu diet menurunkan berat badan It is help me an incredible great deal!
Nơi nào nhận van chuyen hang di Da Nang uy tín. Nếu bạn đang tìm nơi đó hãy liên hệ với chúng tôi, chúng tôi cung cấp nhiều dịch vụ liên quan đến vận chuyển như chuyển hàng đi Hà Nội. Vậy thì hãy liên hệ với Proship chúng tôi. Với các dịch vụ đang cung cấp hiện nay của chúng tôi như dịch vụ ship hàng tại hà nội, cho thuê kho bãi, cho thuê đất trống, chuyển phát nhanh trong nước, ship hàng nội thành tphcm, dịch vụ ký gửi hàng hóa, dịch vụ bốc xếp, cho thuê kho quận 10. Đảm bảo khi đến với chúng tôi bạn sẽ hài lòng vì chúng tôi có tất cả các dịch vụ vận chuyển lưu trữ mà bạn đang cần.
Trần Duy Thuận Blog đang cần nhận gia công tại nhà. Ai có cần người nhận gia công tại nhà tphcm liên hệ mình nhé. Truy cập vào đặt vé máy bay giá rẻ vietjet để có thêm kinh nghiệm khi đi máy bay nhé.
Kênh thông tin mua bán nhà đất tại Việt Nam , nếu bạn muốn mua hay bán nhà đất thì chỉ cần vào đây , chúng tôi sẽ cho mọi người biết về tin của bạn, nhà đất hcm, nhà đất quận gò vấp, nhà đất quận thủ đức, nhà đất quận tân phú, nha dat quan 9 . Còn chần chờ gì nữa , hãy đăng tin mua bán nhà đất nhanh nhanh .
Bán đang muốn làn da của mình trắng hồng tự nhiên , chúng tôi giới thiệu cho bạn những cách làm trắng da toàn thân tự nhiên , công thức kem trộn trắng da toàn thân, tiêm trắng da có an toàn không, cách mọc tóc nhanh cho nam, cách bôi kem chống nắng đúng cách, uống gì mát gan đẹp da . Những chữa cận thị không cần phẫu thuật vừa nhanh và an toàn .
Bị khó ngủ là vấn đề đang xảy ra ngày càng nhiều trong xã hội ngày nay, bị khó ngủ phải làm sao ? Có nhiều cách trị khó ngủ như dùng thuốc , ăn món ăn trị khó ngủ ,.. Giảm cân không phải một sớm một chiều mà phải theo lộ trình dài hạn và khoa học , thực đơn giảm cân trong 1 tuần cũng là một trong số các cách giúp giảm cân hiệu quả. Trên thị trường hiện nay có nhiềuthuốc giải độc gan tốt , giúp giải độc gan hiệu quả và an toàn. Đau mắt đỏ là bệnh rất dể lây lan , vậy cách chữa đau mắt đỏ nhanh nhất bằng nhiều phương pháp khác nhau . Bỏng bô xe máy là hiệu tượng gặp nhiều nhất hiện , vậy bị bỏng bô xe máy kiêng gì ? Những thực phẩm nên kiêng như hải sản , đồ tanh , trứng và các món gà và nếp ,...
Super-Duper blogs! I love it really!! Would come back to visit soon, again Thanks. payday loan stores in new jersey
Vệ sinh cơ thể sai cách khiến vi khuẩn tấn công như hành động gội đầu mỗi ngày, đánh răng ngay khi thức dậy,xem Vệ sinh cơ thể đúng cách
Quần bó là xu hướng thời trang được nhiều bạn gái ưa thích, bởi những đặc tính riêng của nó. Tuy nhiên, việc mặc thường xuyên sẽ mắc phảinhững căn bệnh không ngờ khi mặc quần bó.
Thank you! I have to thank you for the efforts you’ve put in penning this site.I really hope to check out the same high-grade blog posts by you later on as well. In truth, your creative writing abilities has motivated me to get my own website now !
unblocked games |
unblockedgames |
unblocked game |
friv4school |
friv 4 school
unblocked games | unblockedgames
tetris | tetris games | top tetris games
monster high games | monster high | play monster high games
Very Meaning Full Site I really Stay enjoy all post here Great and thanks :D
unblocked games schools
ultimate unblocked games
unblocked games for free
Cảm ơn đã chia sẻ nhiều kiến thức bổ ích cho cộng đồng!
can ho quan 9 datvanggoup
شات بنات مصر
شات بنات مصر
شات مصرى
شات مصرى
شات مصري
بنات مصر
دردشة
شات
شات
شات
شات مصر
شات مصرية
شات مصرى
شات بنات مصر
شات مصرى
بنات مصر
دردشة
شات مصرى
شات بنات
شات مصر
شات مصرية
شات مصرية
شات مصريه
شات بنات مصر
http://moon-masr.blogspot.com/
I think you did an awesome job explaining it. Sure beats having to research it on my own. Thanks.
happy wheels
super mario bros
pacman
agario
các bạn tham khảo thử nhé! tác dụng chữa bệnh của mật ong
Công ty chúng tôi là nhà phân phối chính thức các sản phẩm sắt thép Hòa Phát.
Với kinh nghiệm nhiều năm trong lĩnh vực phân phối sắt thép xây dựng, chắc chắn sẽ mang lại sự hài lòng cho Quý Khách!
Đến với công ty chúng tôi, Quý khách sẽ nhận được giá sắt thép xây dựng cạnh tranh nhất, sản phẩm chất lượng, uy tín nhất. Để biết thêm thông tin chi tiết quý khách hàng vui lòng truy cập vào website: Thép Hòa Phát để tham khảo:
You’ve written nice post, I am gonna bookmark this page, thanks for info. I actually appreciate your own position and I will be sure to come back here.
Signature:
i like play games happy wheels online and play happy wheels games and friv4school , games for girls , games go girls
obat herbal diabetes
obat diabetes tradisional
cara mengobati sakit sendi
obat nyeri sendi tradisional
suplemen glucoberry obat ginjal bengkak
penyebab ginjal bengkak
obat limpa bengkak herbal
suplemen penghilang jerawat
obat stroke
obat ace maxs jantung
Friv7games
The driver involved in the accident that claimed the lives of two of his passengers early Saturday was in possession of marijuana and his license was suspended, Agen Bolaannounced Monday morning the Montreal police.Agen bola terpercaya
Good website! I truly love how it is easy on my eyes it is. I am wondering how I might be notified whenever a new post has been made.Agen Bola I have subscribed to your RSS which may do the trick? Have a great day!
Agen bola terpercaya
Ich würde mich freuen, wenn Sie uns auch künftig begleiten und danke Ihnen für Ihre Unterstützung und das in uns gesetzte Vertrauen
agario spielen
elsa spelletjes
giochi minions
gry agario
jeux de agario
Ich danke dir, Heiliger Vater, für das Entfernen aller Flüche, die in mein Leben und in meine Nation gekommen sind, aufgrund unseres Glaubens an die Irrlehren, die im Konzil von Nizea, bezüglich der Juden und der jüdischen Wurzeln des Glaubens festgeschrieben worden sind.
jeux de elsa
jeux de happy wheels
juegos de happy wheels
juegos de monkey go happy
juegos de wheely
I am very happy to read this. Very interesting! Thanks you .Appreciate your sharing.
Signature:
i like play games happy wheels 2 online and play happy wheels unblocked full and friv4school , games for girls , games go girls
QilinPoker.net Agen Poker Domino QQ Ceme Blackjack Terpercaya
I definitely enjoying every little bit of it. It is a great website and nice share
Signature:
Download retrica app includes more than eighty different filters with many different styles and include retrica , and play zombie tsunami game is the ideal game for anyone who loves the running game genre and happywheels , agar , happy wheels game , agar io ,
qnc jelly gamat
qnc jelly gamat
cara pesan jelly gamat qnc
cara minum jelly gamat qnc
qnc jelly gamat
ace maxs
Togel Online Singapore
Togel Online Hongkong
Bandar Togel Singapore
Bandar Togel
Togel Online Terpercaya
Bandar Togel Online Terpercaya
Togel Online
Agen Togel Online Terpercaya
Agen Togel Online
Togel Online Singapore
Togel Online Hongkong
Bandar Togel Singapore
Bandar Togel
Togel Online Terpercaya
Bandar Togel Online Terpercaya
Togel Online
Agen Togel Online Terpercaya
Agen Togel Online
Welcomes to google terminal keep sharing such ideas in the future as well.
google snake this was actually EARN TO DIE
what i was looking for,and i am glad to came here! AGE OF WAR 2
Hi! I’ve been reading your blog for a while HAPPY WHEELS
I want you to thank for your time of this wonderful read!!! Slitherio
Amazing insight you have on this, Slither io This article always blew me BIG FARM
Ich möchte Ihnen dafür danken, daß ich Ihnen meine Ansichten darüber darlegen konnte, was von uns gemeinsam unternommen Twizl Friv 2 Juegos Twizl Danke, dass Sie Ihr Mühen um den Aufbau des Leibes Christi mit uns teilten. Twizl Juegos Friv 2018 Jogos YooB Juegos YooB Friv werden kann, um den Bedürfnissen sowie den Erwartungen der europäischen Bürger zu entsprechen. YooB Jocuri YooB 3 YooB Ich danke dem Parlament nochmals dafür, dass es unsere Vorstellung von einer neuen, marktbasierten Verbraucherpolitik teilt,
I am really enjoying reading your well written Information. I have read your post carefully and relies that this is a very helpful for me
baixar facebook gratis
baixar whatsapp gratis
temple run 2
traffic rider
tai game online apk
Thanks for a wonderful share. Your article has proved your hard work and experience you have got in this field. Brilliant .i love it reading.
Pengobatan Penyakit Klamidia
Obat Bisul Di Bibir Kemaluan
Obat Biduran Pada Anak
Cara Mengobati Telinga Bernanah Dengan Bawang Putih
Pengobatan Penyakit Gondongan
msrbuzz
appsforsystem
Viên uống trắng da chống lão hóa Sakura CHP giúp bạn trẻ mãi với thời gian
Kem nhạy CảM BOTANICAL SENSITIVE CREAM giúp bạn trẻ mãi với thời gian
Viên uống trắng da Sakura Glutathione
voot app You should get manufactured your merchandise from good
producer in any other case your all advertising effort
will be result into zero. jio 4g voice receiver’s screen. Intimate the urgency of
your call on the receiver’s screen by using the ‘Urgent
MRS. IRENE QUERY FINANCE IS THE BEST PLACE TO GET A LOAN {mrsirenequery@gmail.com}
God bless you Mum, I will not stop telling the world about your kindness in my life, I am a single mum with kids to look after. My name is Mrs.Rachel Alex, and I am from Singapore . A couple of weeks ago My friend visited me and along our discussion she told me about MRS.IRENE QUERY FINANCE, that they can help me out of my financial situation, I never believed cause I have spend so much money on different loan lenders who did nothing other than running away with my money. I have been in a financial mess for the pass 7 months now,She advised I give it a try so I mailed her and explain all about my financial situation to her, she therefore took me through the loan process and gave me a loan of $180,000.00 at a very low interest rate of 3% and today I am a proud business owner and can now take good care of my kids, If you must contact any firm to get any amount of loan you need with a low interest rate of 3% and better repayment schedule, please contact MRS.IRENE QUERY FINANCE via email{mrsirenequery@gmail.com}
Your post is awesome. You have shared very valuable information to us. Thank you so much for sharing this.
happy wheels demo
Khoa học Nhật Bản đã phát hiện ra một hợp chất phòng ngừa và điều trị ung thư hiệu quả nhất thế giới hiện nay là Fucoidan. Fucoidan umi no shizuku Phát hiện này đã từng làm chấn động ngành y học thế giới. Supreme Fucoidan Fucoidan có tác dụng kiểm soát sự phát triển của tế bào ung thư, buộc chúng quay về hành trình “tự chết” và tăng cường hệ miễn dịch, Fucoidan Umino Shizuku có tốt không ?, nó còn giúp chống lão hóa, giảm thiểu tác hại từ hóa trị, xạ trị… và bảo vệ cơ thể. Thuốc Supreme Fucoidan có tốt không ?, nó đã được đưa vào thành phần thuốc hỗ trợ điều trị ung thư Fucoidan Umi No Shizuku với hàm lượng thích hợp nhất, Fucoidan Umi No Shizuku có công dụng gì ? giúp tối ưu hóa khả năng hỗ trợ bệnh nhân ung thư chống lại bệnh tật, đồng thời tăng cường sức khỏe cho người bình thường.
All The information you need right here buddy, just Click >>> (Agen Poker)
Agen Poker Online
Agen Poker Terpercaya
Poker Online
Poker Online Terpercaya
Terima kasih untuk informasinya
Ayuk Buruan Daftar Diri Anda di http://www.armaniQQ.net
Kami #AgenPokerOnline Juga Menyediakan Berbagai Macam game Dalam 1 ID:
- Live Poker
- #POKER
- Capsa
- Domino
- Ceme
- Ceme Keliling
Banyak Juga Jackpot Yang Akan Menanti Anda
kami Juga Akan Memberikan Bonus Seperti :
- Bonus Turnover 0,5%
- Bonus Refferal 20% Seumur Hidup
Salam Dari Admin ArmaniQQ
Sukses Dan Sehat Selalu.....
Poker Online
Poker Online Terpercaya
Poker Terpercaya
Ayuk Buruan Daftar Diri Anda di http://www.armaniQQ.net
Kami #AgenPokerOnline Juga Menyediakan Berbagai Macam game Dalam 1 ID:
- Live Poker
- #POKER
- Capsa
- Domino
- Ceme
- Ceme Keliling
Banyak Juga Jackpot Yang Akan Menanti Anda
kami Juga Akan Memberikan Bonus Seperti :
- Bonus Turnover 0,5%
- Bonus Refferal 20% Seumur Hidup
Salam Dari Admin ArmaniQQ
Sukses Dan Sehat Selalu.....
Poker
Agen Poker
Agen Poker Online
Agen Poker Terpercaya
Poker Online
terima kasih telah berbagi artikel nya
Poker
Agen Poker
Agen Poker Online
Ayuk Buruan Daftar Diri Anda di http://www.armaniQQ.net
Kami #AgenPokerOnline Juga Menyediakan Berbagai Macam game Dalam 1 ID:
- Live Poker
- #POKER
- Capsa
- Domino
- Ceme
- Ceme Keliling
Banyak Juga Jackpot Yang Akan Menanti Anda
kami Juga Akan Memberikan Bonus Seperti :
- Bonus Turnover 0,5%
- Bonus Refferal 20% Seumur Hidup
Salam Dari Admin ArmaniQQ
Sukses Dan Sehat Selalu.....
Ayuk Buruan Daftar Diri Anda di http://www.armaniQQ.net
Kami #AgenPokerOnline Juga Menyediakan Berbagai Macam game Dalam 1 ID:
- Live Poker
- #POKER
- Capsa
- Domino
- Ceme
- Ceme Keliling
Banyak Juga Jackpot Yang Akan Menanti Anda
kami Juga Akan Memberikan Bonus Seperti :
- Bonus Turnover 0,5%
- Bonus Refferal 20% Seumur Hidup
Salam Dari Admin ArmaniQQ
Sukses Dan Sehat Selalu.....
Agen Poker Terpercaya
Poker Online
Poker Online Terpercaya
Poker Terpercaya
Ayuk Buruan Daftar Diri Anda di http://www.armaniQQ.net
Kami #AgenPokerOnline Juga Menyediakan Berbagai Macam game Dalam 1 ID:
- Live Poker
- #POKER
- Capsa
- Domino
- Ceme
- Ceme Keliling
Banyak Juga Jackpot Yang Akan Menanti Anda
kami Juga Akan Memberikan Bonus Seperti :
- Bonus Turnover 0,5%
- Bonus Refferal 20% Seumur Hidup
Salam Dari Admin ArmaniQQ
Sukses Dan Sehat Selalu.....
Poker Online Terpercaya
Poker Terpercaya
Poker
Agen Poker
Agen Poker Online
Thanks for the information
Agen Casino Online
Agen Judi Bola
Agen Bola Terpercaya
Livescore
Nonton Movie Online
try to check our website
Poker Uang Asli
Judi Poker Online
Judi Online
Great Thanks
طراحی سايت
سئو سايت
طراحی وب سایت
درب اتوماتیک
درب اتوماتیک شیشه ای
Ayuk Buruan Daftar Diri Anda di http://www.armaniQQ.net
Kami #AgenPokerOnline Juga Menyediakan Berbagai Macam game Dalam 1 ID:
- Live Poker
- #POKER
- Capsa
- Domino
- Ceme
- Ceme Keliling
Banyak Juga Jackpot Yang Akan Menanti Anda
kami Juga Akan Memberikan Bonus Seperti :
- Bonus Turnover 0,5%
- Bonus Refferal 20% Seumur Hidup
Salam Dari Admin ArmaniQQ
Sukses Dan Sehat Selalu.....
Poker
Agen Poker
Agen Poker Online
Agen Poker Terpercaya
Poker Online
Poker Online Terpercaya
Poker Terpercaya
Terima kasih untuk informasniya gan
Thanks for the information you brought to us. They are very interesting and new. Look forward to reading more useful and new articles from you!
Post a Comment