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	<title>SunGard Transparency, Efficiency and Networks (TEN) - Capitalize on Change &#187; Philippe Carré</title>
	<atom:link href="http://blogs.sungard.com/ten/author/pcarre/feed/" rel="self" type="application/rss+xml" />
	<link>http://blogs.sungard.com/ten</link>
	<description>Transparency, Efficiency and Networks Reshaping Financial Services in 2011</description>
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		<title>Come Trade with Me</title>
		<link>http://blogs.sungard.com/ten/networks/come-trade-with-me/</link>
		<comments>http://blogs.sungard.com/ten/networks/come-trade-with-me/#comments</comments>
		<pubDate>Sat, 04 May 2013 12:36:09 +0000</pubDate>
		<dc:creator>Philippe Carré - global head of connectivity, SunGard’s global trading business</dc:creator>
		<dc:contributor>pcarre</dc:contributor>				<category><![CDATA[Capital Markets]]></category>
		<category><![CDATA[Global Markets]]></category>
		<category><![CDATA[Global Trading]]></category>
		<category><![CDATA[Networks]]></category>
		<category><![CDATA[Trading]]></category>
		<category><![CDATA[emerging markets]]></category>
		<category><![CDATA[global markets]]></category>
		<category><![CDATA[international trading]]></category>
		<category><![CDATA[market consolidation]]></category>
		<category><![CDATA[Market Structure]]></category>
		<category><![CDATA[Philippe Carre]]></category>
		<category><![CDATA[SunGard Global Network]]></category>

		<guid isPermaLink="false">http://blogs.sungard.com/ten/?p=3548</guid>
		<description><![CDATA[A version of this blog post was originally published by the Financial Times.

Recently, I traveled to Madrid. I booked a flight on British Airways and found myself flying… Iberia. Of course these days these two “national carriers” are part of the same company, listed primarily on the London Stock Exchange and Bolsa y Mercados Espanoles, the Madrid exchange.

The Madrid and London stock exchanges are both over 150 years old and fiercely independent. They used to be among scores of independent stock exchanges around the world, all existing to serve their local markets with listings of companies from their country or local area. But increasingly independence is the exception, not the norm, for stock markets.]]></description>
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		<title>Back to the Future</title>
		<link>http://blogs.sungard.com/ten/efficiency/back-to-the-future/</link>
		<comments>http://blogs.sungard.com/ten/efficiency/back-to-the-future/#comments</comments>
		<pubDate>Wed, 09 Jan 2013 21:57:24 +0000</pubDate>
		<dc:creator>Philippe Carré - global head of connectivity, SunGard’s global trading business</dc:creator>
		<dc:contributor>pcarre</dc:contributor>				<category><![CDATA[Capital Markets]]></category>
		<category><![CDATA[Efficiency]]></category>
		<category><![CDATA[Global Trading]]></category>
		<category><![CDATA[Trading]]></category>
		<category><![CDATA[BATS trading]]></category>
		<category><![CDATA[Chi-X]]></category>
		<category><![CDATA[Deutche Boerse]]></category>
		<category><![CDATA[EUREX]]></category>
		<category><![CDATA[European market consolidation]]></category>
		<category><![CDATA[European market structure]]></category>
		<category><![CDATA[European trading venues]]></category>
		<category><![CDATA[LSE]]></category>
		<category><![CDATA[multilateral trading facility]]></category>
		<category><![CDATA[NASDAQ OMX]]></category>
		<category><![CDATA[NYSE Liffe Europe]]></category>
		<category><![CDATA[Philippe Carre]]></category>
		<category><![CDATA[SunGard Global Network]]></category>
		<category><![CDATA[SunGard trading]]></category>
		<category><![CDATA[TOM MTF]]></category>

		<guid isPermaLink="false">http://blogs.sungard.com/ten/?p=3263</guid>
		<description><![CDATA[This blog post was originally published on DerivSource.

The news that NASDAQ OMX is investing into Dutch alternative venue TOM MTF proves once again how much the European trading landscape has changed recently, with the focus increasingly shifting from equities to derivatives, given the paucity of trading volumes in equities and unsustainability of a lot of the venues that appeared on the scene after MiFID. ]]></description>
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		<title>2 + 2 = 5: The Value of Exchange Alliances</title>
		<link>http://blogs.sungard.com/ten/networks/2-2-5-the-value-of-exchange-alliances/</link>
		<comments>http://blogs.sungard.com/ten/networks/2-2-5-the-value-of-exchange-alliances/#comments</comments>
		<pubDate>Tue, 20 Nov 2012 18:15:28 +0000</pubDate>
		<dc:creator>Philippe Carré - global head of connectivity, SunGard’s global trading business</dc:creator>
		<dc:contributor>pcarre</dc:contributor>				<category><![CDATA[Capital Markets]]></category>
		<category><![CDATA[Global Markets]]></category>
		<category><![CDATA[Global Trading]]></category>
		<category><![CDATA[Networks]]></category>
		<category><![CDATA[ASEAN]]></category>
		<category><![CDATA[CEESEG]]></category>
		<category><![CDATA[global trading technology]]></category>
		<category><![CDATA[Middle East exchanges]]></category>
		<category><![CDATA[Middle East trading]]></category>
		<category><![CDATA[MILA]]></category>
		<category><![CDATA[Philippe Carre]]></category>
		<category><![CDATA[stock exchange alliances]]></category>
		<category><![CDATA[SunGard Capital Markets]]></category>
		<category><![CDATA[SunGard Global Network]]></category>
		<category><![CDATA[SunGard Valdi]]></category>

		<guid isPermaLink="false">http://blogs.sungard.com/ten/?p=3142</guid>
		<description><![CDATA[A version of this article originally appeared in The National.

Last month, the Stock Exchange of Thailand joined the ASEAN Trading Link, an alliance comprising three exchanges from across southeast Asia. Russian exchanges Micex and RTS completed their tie-up in December 2011 to form the Moscow Exchange. More recently, the Tokyo Stock Exchange and Osaka Securities Exchange announced their imminent merger, expected to complete on 1 January 2013. These events have brought the debate regarding consolidating the Middle East’s own exchanges into sharper focus. Trading across multiple markets is commonplace across the globe, but this practice is yet to become a reality here. Why?]]></description>
		<wfw:commentRss>http://blogs.sungard.com/ten/networks/2-2-5-the-value-of-exchange-alliances/feed/</wfw:commentRss>
		<slash:comments>7</slash:comments>
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		<title>Trading in the Middle East: Turning a Corner?</title>
		<link>http://blogs.sungard.com/ten/networks/trading-in-the-middle-east-turning-a-corner/</link>
		<comments>http://blogs.sungard.com/ten/networks/trading-in-the-middle-east-turning-a-corner/#comments</comments>
		<pubDate>Thu, 11 Oct 2012 13:32:48 +0000</pubDate>
		<dc:creator>Philippe Carré - global head of connectivity, SunGard’s global trading business</dc:creator>
		<dc:contributor>pcarre</dc:contributor>				<category><![CDATA[Capital Markets]]></category>
		<category><![CDATA[Global Trading]]></category>
		<category><![CDATA[Networks]]></category>
		<category><![CDATA[Risk & Reg Reform]]></category>
		<category><![CDATA[Egypt trading]]></category>
		<category><![CDATA[GCC financial markets]]></category>
		<category><![CDATA[GCC trading]]></category>
		<category><![CDATA[Middle East market growth]]></category>
		<category><![CDATA[Middle East markets]]></category>
		<category><![CDATA[Middle East trading]]></category>
		<category><![CDATA[Philippe Carre]]></category>
		<category><![CDATA[Qatar trading]]></category>
		<category><![CDATA[Saudi Arabia trading]]></category>
		<category><![CDATA[SunGard City Day]]></category>
		<category><![CDATA[SunGard Dubai]]></category>

		<guid isPermaLink="false">http://blogs.sungard.com/ten/?p=3009</guid>
		<description><![CDATA[Trading in the region will eventually become more attractive and accessible to overseas investors, but the panelists in Dubai implied that regulators were understandably quite cautious at present. Of more concern was the diversity of regulatory regimes throughout the region.]]></description>
		<wfw:commentRss>http://blogs.sungard.com/ten/networks/trading-in-the-middle-east-turning-a-corner/feed/</wfw:commentRss>
		<slash:comments>2</slash:comments>
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		<title>ASEAN Today, Africa Tomorrow?</title>
		<link>http://blogs.sungard.com/ten/networks/asean-today-africa-tomorrow/</link>
		<comments>http://blogs.sungard.com/ten/networks/asean-today-africa-tomorrow/#comments</comments>
		<pubDate>Fri, 21 Sep 2012 14:45:45 +0000</pubDate>
		<dc:creator>Philippe Carré - global head of connectivity, SunGard’s global trading business</dc:creator>
		<dc:contributor>pcarre</dc:contributor>				<category><![CDATA[Capital Markets]]></category>
		<category><![CDATA[Global Markets]]></category>
		<category><![CDATA[Global Trading]]></category>
		<category><![CDATA[Networks]]></category>
		<category><![CDATA[ASEAN trading link]]></category>
		<category><![CDATA[Bursa Malaysia]]></category>
		<category><![CDATA[exchange merger]]></category>
		<category><![CDATA[Philippe Carre]]></category>
		<category><![CDATA[SGN]]></category>
		<category><![CDATA[Singapore Exchange]]></category>
		<category><![CDATA[stock exchanges]]></category>
		<category><![CDATA[Valdi]]></category>

		<guid isPermaLink="false">http://blogs.sungard.com/ten/?p=2976</guid>
		<description><![CDATA[This blog post originally appeared on TabbFORUM.

The ASEAN link went live this week, linking Singapore Exchange and Bursa Malaysia members and traders, completing a project started five years ago.  Perhaps it was only natural that Asia should pick up on one of the latest developments in capital markets: interconnectedness.]]></description>
		<wfw:commentRss>http://blogs.sungard.com/ten/networks/asean-today-africa-tomorrow/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
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		<title>Chinese metals</title>
		<link>http://blogs.sungard.com/ten/capital-markets/chinese-metals/</link>
		<comments>http://blogs.sungard.com/ten/capital-markets/chinese-metals/#comments</comments>
		<pubDate>Tue, 19 Jun 2012 18:24:11 +0000</pubDate>
		<dc:creator>Philippe Carré - global head of connectivity, SunGard’s global trading business</dc:creator>
		<dc:contributor>pcarre</dc:contributor>				<category><![CDATA[Capital Markets]]></category>
		<category><![CDATA[China]]></category>
		<category><![CDATA[HKEx]]></category>
		<category><![CDATA[Hong Kong]]></category>

		<guid isPermaLink="false">http://blogs.sungard.com/ten/?p=2619</guid>
		<description><![CDATA[Cross-border M&#038;A among exchanges has proved difficult lately. The latest attempt, the purchase of the London Metal Exchange by Hong Kong Exchanges and Clearing, might actually go through - but with what result?

Hong Kong Exchanges’ bid for the LME follows several failed exchange merger attempts of last year (NYSE Euronext/Deutsche Boerse, LSE/Toronto’s TMX, and Australia’s ASX/Singapore Exchange). The bid is not transformational, as there is very little synergy potential – it is mainly one party bringing its target acquisition closer to its (almost) primary market. The LME sets the price for the vast majority of the world’s base metals and HKEx stands at the gateway to China, the world’s largest consumer and producer.]]></description>
		<wfw:commentRss>http://blogs.sungard.com/ten/capital-markets/chinese-metals/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
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		<title>A l’Est, du Nouveau – Go east, again</title>
		<link>http://blogs.sungard.com/ten/capital-markets/a-l%e2%80%99est-du-nouveau-%e2%80%93-go-east-again/</link>
		<comments>http://blogs.sungard.com/ten/capital-markets/a-l%e2%80%99est-du-nouveau-%e2%80%93-go-east-again/#comments</comments>
		<pubDate>Tue, 27 Mar 2012 19:47:44 +0000</pubDate>
		<dc:creator>Philippe Carré - global head of connectivity, SunGard’s global trading business</dc:creator>
		<dc:contributor>pcarre</dc:contributor>				<category><![CDATA[Capital Markets]]></category>
		<category><![CDATA[Global Markets]]></category>
		<category><![CDATA[foreign exchange]]></category>
		<category><![CDATA[liquidity]]></category>
		<category><![CDATA[MICEX/RTS]]></category>
		<category><![CDATA[NYSE]]></category>
		<category><![CDATA[NYSE Euronext]]></category>
		<category><![CDATA[Warsaw Stock Exchange]]></category>

		<guid isPermaLink="false">http://blogs.sungard.com/ten/?p=2266</guid>
		<description><![CDATA[This blog post was originally published by the Financial Times.

It is impossible to discuss the financial markets of central and eastern Europe without highlighting the accomplishments of the Warsaw Stock Exchange. The recent adrenaline rush among the CEE’s other exchanges, desperate to transform themselves into serious players, can only be understood in the context of the WSE’s success in positioning itself as a regional champion.]]></description>
		<wfw:commentRss>http://blogs.sungard.com/ten/capital-markets/a-l%e2%80%99est-du-nouveau-%e2%80%93-go-east-again/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
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		<title>Are Latin American markets moving mainstream?</title>
		<link>http://blogs.sungard.com/ten/transparency/are-latin-american-markets-moving-mainstream/</link>
		<comments>http://blogs.sungard.com/ten/transparency/are-latin-american-markets-moving-mainstream/#comments</comments>
		<pubDate>Thu, 26 Jan 2012 15:10:07 +0000</pubDate>
		<dc:creator>Philippe Carré - global head of connectivity, SunGard’s global trading business</dc:creator>
		<dc:contributor>pcarre</dc:contributor>				<category><![CDATA[Capital Markets]]></category>
		<category><![CDATA[Transparency]]></category>
		<category><![CDATA[Brazil]]></category>
		<category><![CDATA[latam]]></category>
		<category><![CDATA[Latin America]]></category>

		<guid isPermaLink="false">http://blogs.sungard.com/ten/?p=1987</guid>
		<description><![CDATA[When people speak about Latin American markets, we know they tend to <a href="http://blogs.sungard.com/ten/efficiency/emerging-markets-in-latin-america-more-than-brazil/">think of Brazil first</a>. Of course, Brazil has opened the door to trading activity in the region and has been developing at a tremendous pace over the past few years, so that’s a natural response. However, as the region continues to boom, investors have been looking around, seeing many more opportunities across Latin America. <a href="http://tabbforum.com/videos/more-than-brazil">Beyond Brazil</a>, eyes are on <a href="http://blogs.sungard.com/ten/transparency/latin-america-more-than-brazil-taking-the-first-steps/">Mexico, Chile, Colombia, Peru and Argentina</a> – Latin American countries with surging economies that I believe will become much more mainstream within a few years.]]></description>
		<wfw:commentRss>http://blogs.sungard.com/ten/transparency/are-latin-american-markets-moving-mainstream/feed/</wfw:commentRss>
		<slash:comments>4</slash:comments>
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		<title>Latin America: More than Brazil, taking the first steps</title>
		<link>http://blogs.sungard.com/ten/transparency/latin-america-more-than-brazil-taking-the-first-steps/</link>
		<comments>http://blogs.sungard.com/ten/transparency/latin-america-more-than-brazil-taking-the-first-steps/#comments</comments>
		<pubDate>Wed, 07 Dec 2011 06:30:17 +0000</pubDate>
		<dc:creator>Philippe Carré - global head of connectivity, SunGard’s global trading business</dc:creator>
		<dc:contributor>pcarre</dc:contributor>				<category><![CDATA[Global Markets]]></category>
		<category><![CDATA[Global Trading]]></category>
		<category><![CDATA[Networks]]></category>
		<category><![CDATA[Transparency]]></category>
		<category><![CDATA[commodities]]></category>
		<category><![CDATA[derivatives]]></category>
		<category><![CDATA[Electronic Trading]]></category>
		<category><![CDATA[emerging markets]]></category>
		<category><![CDATA[equities]]></category>
		<category><![CDATA[High Frequency Trading]]></category>
		<category><![CDATA[IPOs]]></category>
		<category><![CDATA[market data]]></category>

		<guid isPermaLink="false">http://blogs.sungard.com/ten/?p=1918</guid>
		<description><![CDATA[Beyond mature markets, investors and trading firms looking for opportunities should keep in mind the potential an emerging market offers. By that benchmark, then, Colombia, Peru, Chile and Argentina should be high on peoples’ shopping lists as these countries have come a long way in improving their infrastructures and thus their links—both electronically and culturally—to the global investment community.

After decades of (relative) financial discipline coupled with steady advances toward democracy and market capitalism, Colombia, Peru, Chile and Argentina have emerged with strong economies and fairly youthful populations with rising incomes. Each country has a burgeoning middle class with a keen financial awareness. It’s telling that these four nations are becoming known for their growing strengths rather than old stereotypes.]]></description>
		<wfw:commentRss>http://blogs.sungard.com/ten/transparency/latin-america-more-than-brazil-taking-the-first-steps/feed/</wfw:commentRss>
		<slash:comments>10</slash:comments>
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		<title>Warsaw: Poland&#8217;s exchange to continue to flourish</title>
		<link>http://blogs.sungard.com/ten/efficiency/warsaw-polands-exchange-to-continue-to-flourish/</link>
		<comments>http://blogs.sungard.com/ten/efficiency/warsaw-polands-exchange-to-continue-to-flourish/#comments</comments>
		<pubDate>Fri, 02 Dec 2011 14:44:27 +0000</pubDate>
		<dc:creator>Philippe Carré - global head of connectivity, SunGard’s global trading business</dc:creator>
		<dc:contributor>pcarre</dc:contributor>				<category><![CDATA[Efficiency]]></category>
		<category><![CDATA[Global Trading]]></category>
		<category><![CDATA[Networks]]></category>
		<category><![CDATA[derivatives]]></category>
		<category><![CDATA[Warsaw Stock Exchange]]></category>

		<guid isPermaLink="false">http://blogs.sungard.com/ten/?p=1890</guid>
		<description><![CDATA[Last month I visited Warsaw to moderate a panel at the FOW Derivatives World CEE (Central and Eastern Europe) conference. As ever it was a pleasure to be in Poland but this time it was particularly interesting given recent developments in Polish and other CEE markets. The conference literature said that it returned to "to Poland for the fourth year to examine, in partnership with the Warsaw Stock Exchange, how the derivatives market in Central Eastern Europe is developing" but in truth it didn't require a lot of examination to receive the strong messages of regional growth and international investment.]]></description>
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		<slash:comments>5</slash:comments>
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		<title>Turkey, the rising eurasian tiger</title>
		<link>http://blogs.sungard.com/ten/efficiency/turkey-the-rising-eurasian-tiger/</link>
		<comments>http://blogs.sungard.com/ten/efficiency/turkey-the-rising-eurasian-tiger/#comments</comments>
		<pubDate>Fri, 11 Nov 2011 15:37:26 +0000</pubDate>
		<dc:creator>Philippe Carré - global head of connectivity, SunGard’s global trading business</dc:creator>
		<dc:contributor>pcarre</dc:contributor>				<category><![CDATA[Capital Markets]]></category>
		<category><![CDATA[Efficiency]]></category>
		<category><![CDATA[Global Markets]]></category>
		<category><![CDATA[Networks]]></category>
		<category><![CDATA[Algorithmic trading]]></category>
		<category><![CDATA[emerging markets]]></category>
		<category><![CDATA[High Frequency Trading]]></category>
		<category><![CDATA[SEC]]></category>
		<category><![CDATA[Turkish Exchange]]></category>

		<guid isPermaLink="false">http://blogs.sungard.com/ten/?p=1793</guid>
		<description><![CDATA[On a recent visit to Turkey it became clear to me how strongly the country has advanced recently in its drive to build bridges with Western markets, bolstering the view that Turkey is emerging as a regional leader.

I was in Turkey for two trading-related conferences and meetings with SunGard’s clients there; I also wanted to see for myself how Turkey fits into the worldwide order of capital markets – and the picture is very interesting.]]></description>
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		<slash:comments>7</slash:comments>
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		<title>Trading in the Middle East: Spotlight on opportunities discussed at SunGard’s London City Day</title>
		<link>http://blogs.sungard.com/ten/efficiency/trading-in-the-middle-east-spotlight-on-opportunities-discussed-at-sungard%e2%80%99s-london-city-day/</link>
		<comments>http://blogs.sungard.com/ten/efficiency/trading-in-the-middle-east-spotlight-on-opportunities-discussed-at-sungard%e2%80%99s-london-city-day/#comments</comments>
		<pubDate>Fri, 05 Aug 2011 14:30:39 +0000</pubDate>
		<dc:creator>Philippe Carré - global head of connectivity, SunGard’s global trading business</dc:creator>
		<dc:contributor>pcarre</dc:contributor>				<category><![CDATA[Efficiency]]></category>
		<category><![CDATA[Global Markets]]></category>
		<category><![CDATA[Global Trading]]></category>
		<category><![CDATA[Networks]]></category>
		<category><![CDATA[Egypt]]></category>
		<category><![CDATA[emerging markets]]></category>
		<category><![CDATA[equity market]]></category>
		<category><![CDATA[Pan Africa]]></category>
		<category><![CDATA[post-trade]]></category>

		<guid isPermaLink="false">http://blogs.sungard.com/ten/?p=1402</guid>
		<description><![CDATA[One of the major themes of this year’s London City Day was ‘Capitalizing on Change’ and the Middle East and Africa have seen quite a bit of change in 2011. So it was not surprising that the session ‘New investment opportunities: Trading emerging markets in Egypt and the Pan Africa region,’ attracted so much interest.]]></description>
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		<title>Emerging markets in Latin America: More than Brazil</title>
		<link>http://blogs.sungard.com/ten/efficiency/emerging-markets-in-latin-america-more-than-brazil/</link>
		<comments>http://blogs.sungard.com/ten/efficiency/emerging-markets-in-latin-america-more-than-brazil/#comments</comments>
		<pubDate>Fri, 15 Jul 2011 18:07:15 +0000</pubDate>
		<dc:creator>Philippe Carré - global head of connectivity, SunGard’s global trading business</dc:creator>
		<dc:contributor>pcarre</dc:contributor>				<category><![CDATA[Efficiency]]></category>
		<category><![CDATA[Global Markets]]></category>
		<category><![CDATA[Global Trading]]></category>
		<category><![CDATA[Networks]]></category>
		<category><![CDATA[algorithm]]></category>
		<category><![CDATA[Electronic Trading]]></category>
		<category><![CDATA[Integrated Latin America Market]]></category>
		<category><![CDATA[liquidity]]></category>

		<guid isPermaLink="false">http://blogs.sungard.com/ten/?p=1299</guid>
		<description><![CDATA[A couple of years ago you wouldn’t have been far wrong in thinking “Brazil” every time you read ‘Latin America’ or ‘LatAm’. But today there are vibrant, expanding markets throughout Central and South America: LatAm is now much more than Brazil.

Obviously Brazil, the 4th largest emerging market according to a recent study by The Economist, is still the biggest story. You can’t ignore a market that has experienced 67% growth in market volumes in 2010. And of course Mexico’s Bolsa de Valores is also booming, but the most dramatic growth over the next couple of years, in my opinion, will come from Argentina and the different markets that comprise ‘MILA’: Chile, Colombia and Peru.]]></description>
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