{"component": "clause", "props": {"groups": [{"samples": [{"hash": "gCtyjziCiTk", "uri": "/contracts/gCtyjziCiTk#late-trading", "label": "Sales Agreement (Virtus Equity Trust)", "score": 23.5681037903, "published": true}, {"hash": "arw1z8lki4x", "uri": "/contracts/arw1z8lki4x#late-trading", "label": "Sales Agreement (Virtus Insight Trust)", "score": 23.3189601898, "published": true}, {"hash": "9PzP7gT0IJ5", "uri": "/contracts/9PzP7gT0IJ5#late-trading", "label": "Sales Agreement (Virtus Equity Trust)", "score": 22.5633125305, "published": true}], "snippet": "You will accept no orders for the purchase and redemption of Fund shares after 4:00 p.m. Eastern time on any Business Day. For the purposes hereof, a \u201cBusiness Day\u201d shall mean any day on which the New York Stock Exchange is open for trading and on which a Fund calculates its net asset value pursuant to the rules of the Securities and Exchange Commission (hereinafter, the \u201cSEC\u201d), as amended from time to time, subject to such terms and conditions as may be set forth in the registration statements for the Funds as filed with the SEC, as the same shall be amended from time to time.", "size": 46, "snippet_links": [{"key": "no-orders", "type": "clause", "offset": [16, 25]}, {"key": "purchase-and-redemption-of-fund-shares", "type": "clause", "offset": [34, 72]}, {"key": "eastern-time", "type": "clause", "offset": [89, 101]}, {"key": "business-day", "type": "definition", "offset": [109, 121]}, {"key": "for-the-purposes", "type": "clause", "offset": [123, 139]}, {"key": "the-new-york-stock-exchange", "type": "clause", "offset": [193, 220]}, {"key": "net-asset-value", "type": "definition", "offset": [276, 291]}, {"key": "rules-of", "type": "definition", "offset": [308, 316]}, {"key": "the-securities-and-exchange-commission", "type": "clause", "offset": [317, 355]}, {"key": "as-amended", "type": "definition", "offset": [382, 392]}, {"key": "from-time-to-time", "type": "clause", "offset": [393, 410]}, {"key": "subject-to", "type": "definition", "offset": [412, 422]}, {"key": "terms-and-conditions", "type": "definition", "offset": [428, 448]}, {"key": "registration-statements", "type": "definition", "offset": [476, 499]}, {"key": "the-funds", "type": "clause", "offset": [504, 513]}], "hash": "8156a963b1f14e957f89df805b19dd28", "id": 1}, {"samples": [{"hash": "gMMdyhNFZUa", "uri": "/contracts/gMMdyhNFZUa#late-trading", "label": "Fund Agreement (Nationwide Variable Account)", "score": 31.3148536682, "published": true}, {"hash": "jPzEyUJM1x8", "uri": "/contracts/jPzEyUJM1x8#late-trading", "label": "Fund Agreement (Nationwide Variable Account)", "score": 20.3169059753, "published": true}], "snippet": "Nationwide certifies that it is, and at all times during the term of this Agreement shall be, following all relevant rules and regulations, as well as internal policies and procedures, regarding \u201cforward pricing\u201d and the handling of mutual fund orders on a timely basis. As evidence of its compliance, Nationwide shall at its own election provide one of the following upon Company\u2019s request, provided such election adequately addresses the concerns of the Company:", "size": 2, "snippet_links": [{"key": "at-all-times", "type": "definition", "offset": [37, 49]}, {"key": "during-the-term-of-this-agreement", "type": "clause", "offset": [50, 83]}, {"key": "rules-and-regulations", "type": "definition", "offset": [117, 138]}, {"key": "internal-policies-and-procedures", "type": "clause", "offset": [151, 183]}, {"key": "forward-pricing", "type": "clause", "offset": [196, 211]}, {"key": "fund-orders", "type": "clause", "offset": [240, 251]}, {"key": "evidence-of", "type": "definition", "offset": [274, 285]}, {"key": "provide-one", "type": "clause", "offset": [339, 350]}, {"key": "of-the-company", "type": "clause", "offset": [449, 463]}], "hash": "311df44be54ebc949e6f2c2d68aff358", "id": 2}, {"samples": [{"hash": "8NfrQPcKCfV", "uri": "/contracts/8NfrQPcKCfV#late-trading", "label": "Trust Agreement & Prospectus", "score": 34.4510886869, "published": true}, {"hash": "bTPQA2OMk2H", "uri": "/contracts/bTPQA2OMk2H#late-trading", "label": "Trust Agreement & Prospectus", "score": 31.6039791107, "published": true}], "snippet": "Under Late Trading the acceptance of a subscription, conversion or re- demption order means one which is received after the cut-off time and its execution at the price based on the net asset value valid on that day. An investor can gain an advantage through Late Trading with the knowledge of events or information which is revealed after the application closing time but is not yet reflected in the price according to which the investor's order is charged. This investor therefore has an advantage against investors who have adhered to the official cut-off time. The advantage of this inves- tor is even greater if he combiners Late Trading with Market Timing. Under Market Timing the arbitration process is that by which an investor, for a short term, systematically Subscribes to, sells back or converts shares of the same UCITS or share class and uses the time difference and/or problems or weaknesses of the system in calculating the net asset value of the UCITS or the share class. The management company must ensure that domestic sales agencies are obliged vis-a-vis the management company to observe the Duty of Care laws of the Principality of Liechtenstein and the related Duty of Care reg- ulation, as well as the FMA guidelines in the current version. If the domestic sales agencies accept money from investors, being subject to due diligence, they are obliged to identify the subscriber, to determine the economic beneficiary, to create a profile of the business relationship and to observe all valid local regulations to prevent money-laundering. Furthermore the sales agencies and their outlets must also observe all regulations to prevent money-laundering and the financing of terrorism that are in force in the relevant countries of sale.", "size": 2, "snippet_links": [{"key": "acceptance-of-a", "type": "definition", "offset": [23, 38]}, {"key": "off-time", "type": "clause", "offset": [128, 136]}, {"key": "the-price", "type": "clause", "offset": [158, 167]}, {"key": "based-on", "type": "definition", "offset": [168, 176]}, {"key": "net-asset-value", "type": "definition", "offset": [181, 196]}, {"key": "an-investor", "type": "definition", "offset": [216, 227]}, {"key": "knowledge-of", "type": "definition", "offset": [280, 292]}, {"key": "information-which", "type": "clause", "offset": [303, 320]}, {"key": "the-application", "type": "clause", "offset": [339, 354]}, {"key": "closing-time", "type": "clause", "offset": [355, 367]}, {"key": "according-to", "type": "definition", "offset": [406, 418]}, {"key": "the-investor", "type": "definition", "offset": [425, 437]}, {"key": "the-official", "type": "clause", "offset": [537, 549]}, {"key": "market-timing", "type": "definition", "offset": [647, 660]}, {"key": "the-arbitration-process", "type": "clause", "offset": [682, 705]}, {"key": "short-term", "type": "clause", "offset": [742, 752]}, {"key": "shares-of", "type": "clause", "offset": [807, 816]}, {"key": "share-class", "type": "clause", "offset": [835, 846]}, {"key": "the-system", "type": "definition", "offset": [909, 919]}, {"key": "calculating-the", "type": "clause", "offset": [923, 938]}, {"key": "the-ucits", "type": "clause", "offset": [958, 967]}, {"key": "the-share", "type": "clause", "offset": [971, 980]}, {"key": "the-management-company", "type": "definition", "offset": [988, 1010]}, {"key": "sales-agencies", "type": "clause", "offset": [1037, 1051]}, {"key": "duty-of-care", "type": "clause", "offset": [1112, 1124]}, {"key": "principality-of-liechtenstein", "type": "definition", "offset": [1137, 1166]}, {"key": "current-version", "type": "clause", "offset": [1247, 1262]}, {"key": "subject-to", "type": "definition", "offset": [1330, 1340]}, {"key": "due-diligence", "type": "definition", "offset": [1341, 1354]}, {"key": "the-subscriber", "type": "definition", "offset": [1385, 1399]}, {"key": "determine-the", "type": "clause", "offset": [1404, 1417]}, {"key": "business-relationship", "type": "definition", "offset": [1467, 1488]}, {"key": "local-regulations", "type": "definition", "offset": [1514, 1531]}, {"key": "the-sales", "type": "definition", "offset": [1573, 1582]}, {"key": "financing-of-terrorism", "type": "clause", "offset": [1680, 1702]}, {"key": "in-force", "type": "definition", "offset": [1712, 1720]}, {"key": "relevant-countries", "type": "definition", "offset": [1728, 1746]}], "hash": "8fffabd72c865ed87d6d4b1c2c858a9e", "id": 3}, {"samples": [{"hash": "d5iuaNn1GRD", "uri": "/contracts/d5iuaNn1GRD#late-trading", "label": "Participant Administrative Services Agreement (SBL Variable Annuity Account Xiv)", "score": 22.3264884949, "published": true}, {"hash": "3h3TY1xy5ux", "uri": "/contracts/3h3TY1xy5ux#late-trading", "label": "Participant Administrative Services Agreement (SBL Variable Annuity Account Xiv)", "score": 21.327173233, "published": true}], "snippet": "Service Provider certifies that it is, and at all times during the term of this Agreement shall be, following all relevant rules and regulations, as well as internal policies and procedures, regarding \u201cforward pricing\u201d and the handling of mutual fund orders on a timely basis. As evidence of its compliance, Service Provider shall:\n(a) permit Janus Services or its agent to audit its operations, as well as any books and records preserved in connection with its provision of services under this Agreement; or\n(b) provide annual certification to Janus Services that it is following all relevant rules, regulations, and internal policies and procedures regarding \u201cforward pricing\u201d and the handling of mutual fund orders on a timely basis.", "size": 2, "snippet_links": [{"key": "service-provider", "type": "definition", "offset": [0, 16]}, {"key": "at-all-times", "type": "definition", "offset": [43, 55]}, {"key": "during-the-term-of-this-agreement", "type": "clause", "offset": [56, 89]}, {"key": "rules-and-regulations", "type": "definition", "offset": [123, 144]}, {"key": "internal-policies-and-procedures", "type": "clause", "offset": [157, 189]}, {"key": "forward-pricing", "type": "clause", "offset": [202, 217]}, {"key": "fund-orders", "type": "clause", "offset": [246, 257]}, {"key": "evidence-of", "type": "definition", "offset": [280, 291]}, {"key": "provider-shall", "type": "clause", "offset": [316, 330]}, {"key": "books-and-records", "type": "clause", "offset": [411, 428]}, {"key": "in-connection-with", "type": "clause", "offset": [439, 457]}, {"key": "services-under-this-agreement", "type": "clause", "offset": [475, 504]}, {"key": "annual-certification", "type": "definition", "offset": [521, 541]}], "hash": "614052d16f04a870e892adb1e607ea0a", "id": 4}, {"samples": [{"hash": "iZMSoBSzf8I", "uri": "/contracts/iZMSoBSzf8I#late-trading", "label": "Trust Agreement", "score": 30.8528022766, "published": true}, {"hash": "4YW3dW3PU6s", "uri": "/contracts/4YW3dW3PU6s#late-trading", "label": "Trust Agreement", "score": 24.0444908142, "published": true}], "snippet": "Late trading is understood to mean the acceptance of a subscription, ex- change, or repurchase request received after the acceptance deadline for such orders (cut-off time) of the respective day for execution at the price that is based on the applicable net asset value on that day. Late trading al- lows investors to benefit from their awareness of events or information pub- lished after the acceptance deadline for orders but that are not yet factored into the price at which the investor's order is executed. Thus, such investors have an advantage over investors who complied with the official deadline. Such investors stand to gain even more if they can combine late trading with market timing.", "size": 2, "snippet_links": [{"key": "acceptance-of-a", "type": "definition", "offset": [39, 54]}, {"key": "request-received", "type": "definition", "offset": [95, 111]}, {"key": "acceptance-deadline", "type": "clause", "offset": [122, 141]}, {"key": "off-time", "type": "clause", "offset": [163, 171]}, {"key": "the-price", "type": "clause", "offset": [212, 221]}, {"key": "based-on", "type": "definition", "offset": [230, 238]}, {"key": "the-applicable", "type": "clause", "offset": [239, 253]}, {"key": "net-asset-value", "type": "definition", "offset": [254, 269]}, {"key": "events-or-information", "type": "definition", "offset": [350, 371]}, {"key": "the-investor", "type": "definition", "offset": [479, 491]}, {"key": "the-official", "type": "clause", "offset": [585, 597]}, {"key": "market-timing", "type": "definition", "offset": [685, 698]}], "hash": "3dea6aa446365920ac01e16c50a985dd", "id": 5}, {"samples": [{"hash": "94XR0YxTNm9", "uri": "/contracts/94XR0YxTNm9#late-trading", "label": "Retail Fund Participation Agreement (Merrill Lynch Life Variable Annuity Separate Account D)", "score": 18.0, "published": true}], "snippet": "The Company certifies that it is, and at all times during the term of this Agreement shall be, following all relevant rules and regulations, as well as internal policies and procedures, regarding \"forward pricing\" and the handling of mutual fund orders on a timely basis. As evidence of its compliance, the Company shall: upon written request provide annual certification to the Distributor that it is following all relevant rules, regulations, and internal policies and procedures regarding \"forward pricing\" and the handling of mutual fund orders on a timely basis.", "size": 2, "snippet_links": [{"key": "at-all-times", "type": "definition", "offset": [38, 50]}, {"key": "during-the-term-of-this-agreement", "type": "clause", "offset": [51, 84]}, {"key": "rules-and-regulations", "type": "definition", "offset": [118, 139]}, {"key": "internal-policies-and-procedures", "type": "clause", "offset": [152, 184]}, {"key": "forward-pricing", "type": "clause", "offset": [197, 212]}, {"key": "fund-orders", "type": "clause", "offset": [241, 252]}, {"key": "evidence-of", "type": "definition", "offset": [275, 286]}, {"key": "the-company-shall", "type": "clause", "offset": [303, 320]}, {"key": "written-request", "type": "clause", "offset": [327, 342]}, {"key": "annual-certification", "type": "definition", "offset": [351, 371]}, {"key": "the-distributor", "type": "definition", "offset": [375, 390]}], "hash": "496c2b19f97665a22ad1f288be299f70", "id": 6}, {"samples": [{"hash": "kByKBvd5CZq", "uri": "/contracts/kByKBvd5CZq#late-trading", "label": "Trust Agreement", "score": 28.5908851624, "published": true}], "snippet": "The prospectus: Participation in the UCITS Late trading is understood to mean the acceptance of a subscription, ex- change, or repurchase request received after the acceptance deadline for such orders (cut-off time) of the respective day for execution at the price that is based on the applicable net asset value on that day. Late trading al- lows investors to benefit from their awareness of events or information pub- lished after the acceptance deadline for orders but that are not yet factored into the price at which the investor's order is executed. Thus, such investors have an advantage over investors who complied with the official deadline. Such investors stand to gain even more if they can combine late trading with market timing.", "size": 1, "snippet_links": [{"key": "the-prospectus", "type": "definition", "offset": [0, 14]}, {"key": "the-ucits", "type": "clause", "offset": [33, 42]}, {"key": "acceptance-of-a", "type": "definition", "offset": [82, 97]}, {"key": "request-received", "type": "definition", "offset": [138, 154]}, {"key": "acceptance-deadline", "type": "clause", "offset": [165, 184]}, {"key": "off-time", "type": "clause", "offset": [206, 214]}, {"key": "the-price", "type": "clause", "offset": [255, 264]}, {"key": "based-on", "type": "definition", "offset": [273, 281]}, {"key": "the-applicable", "type": "clause", "offset": [282, 296]}, {"key": "net-asset-value", "type": "definition", "offset": [297, 312]}, {"key": "events-or-information", "type": "definition", "offset": [393, 414]}, {"key": "the-investor", "type": "definition", "offset": [522, 534]}, {"key": "the-official", "type": "clause", "offset": [628, 640]}, {"key": "market-timing", "type": "definition", "offset": [728, 741]}], "hash": "26586620d7e40235d9afe29de6f4d9a9", "id": 7}, {"samples": [{"hash": "eyCxGGvMRlJ", "uri": "/contracts/eyCxGGvMRlJ#late-trading", "label": "Distribution Agreement (Janus Adviser Series)", "score": 18.0, "published": true}], "snippet": "Service Provider certifies that it is following all relevant rules and regulations, as well as internal policies and procedures, regarding \"forward pricing\" and the handling of mutual fund orders on a timely basis. As evidence of its compliance, Service Provider shall:\n(a) permit Janus Services, Distributor or their agents to audit its operations, as well as any books and records preserved in connection with its provision of services under this Agreement;\n(b) provide Janus Services or Distributor with the results of a Statement on Auditing Standards No. 70 (SAS 70) review or similar report of independent auditors as soon as practicable following execution of this Agreement; or\n(c) provide annual certification to Janus Services or Distributor that it is following all relevant rules, regulations, and internal policies and procedures regarding \"forward pricing\" and the handling of mutual fund orders on a timely basis.", "size": 1, "snippet_links": [{"key": "service-provider", "type": "definition", "offset": [0, 16]}, {"key": "rules-and-regulations", "type": "definition", "offset": [61, 82]}, {"key": "internal-policies-and-procedures", "type": "clause", "offset": [95, 127]}, {"key": "forward-pricing", "type": "clause", "offset": [140, 155]}, {"key": "fund-orders", "type": "clause", "offset": [184, 195]}, {"key": "evidence-of", "type": "definition", "offset": [218, 229]}, {"key": "provider-shall", "type": "clause", "offset": [254, 268]}, {"key": "books-and-records", "type": "clause", "offset": [365, 382]}, {"key": "in-connection-with", "type": "clause", "offset": [393, 411]}, {"key": "services-under-this-agreement", "type": "clause", "offset": [429, 458]}, {"key": "auditing-standards", "type": "clause", "offset": [537, 555]}, {"key": "sas-70", "type": "definition", "offset": [564, 570]}, {"key": "report-of-independent-auditors", "type": "clause", "offset": [590, 620]}, {"key": "as-soon-as-practicable", "type": "definition", "offset": [621, 643]}, {"key": "execution-of-this-agreement", "type": "clause", "offset": [654, 681]}, {"key": "annual-certification", "type": "definition", "offset": [698, 718]}], "hash": "e9e88a7d9c22295db15bcc427689de24", "id": 8}, {"samples": [{"hash": "ksb6YlNjh6d", "uri": "/contracts/ksb6YlNjh6d#late-trading", "label": "Unit Trust Agreement", "score": 29.9292926788, "published": true}], "snippet": "Late trading is the acceptance of an application for subscriptions, conversions or redemptions received after the cut-off time for applications for that specific day provided that the execution of such application is at a price which is calculated and known at the time when this application is accepted. Late trading provides an investor with the possibility to benefit from the knowledge of events or information published after the cut- off time. Such investor therefore has an advantage over those investors who comply with the official cut- off time. This advantage is even more marked when the investor combines late trading with market timing. Market timing is an arbitrage transaction in which an investor systematically subscribes, redeems or converts Units of the same Sub-Fund and/or the same Unit Class on a short-term basis, thereby exploiting time differences and/or errors or weaknesses in the system for calculating the net value of a fund and/or Unit Class.", "size": 1, "snippet_links": [{"key": "acceptance-of-an-application", "type": "clause", "offset": [20, 48]}, {"key": "off-time", "type": "clause", "offset": [118, 126]}, {"key": "applications-for", "type": "clause", "offset": [131, 147]}, {"key": "provided-that", "type": "definition", "offset": [166, 179]}, {"key": "the-execution", "type": "clause", "offset": [180, 193]}, {"key": "at-the-time", "type": "definition", "offset": [258, 269]}, {"key": "an-investor", "type": "definition", "offset": [327, 338]}, {"key": "knowledge-of", "type": "definition", "offset": [380, 392]}, {"key": "events-or-information", "type": "definition", "offset": [393, 414]}, {"key": "such-investor", "type": "clause", "offset": [450, 463]}, {"key": "the-official", "type": "clause", "offset": [528, 540]}, {"key": "the-investor", "type": "definition", "offset": [596, 608]}, {"key": "market-timing", "type": "definition", "offset": [636, 649]}, {"key": "unit-class", "type": "definition", "offset": [804, 814]}, {"key": "the-system", "type": "definition", "offset": [905, 915]}, {"key": "net-value", "type": "definition", "offset": [936, 945]}], "hash": "c3b686783f96e667ceac35b8883e269c", "id": 9}, {"samples": [{"hash": "g2SkJ210Ldh", "uri": "/contracts/g2SkJ210Ldh#late-trading", "label": "Strategic Alliance Agreement (PHL Variable Accumulation Account II)", "score": 18.0, "published": true}], "snippet": "Any orders for the purchase and redemption of Phoenix Contract accumulation units and the corresponding Underlying Fund shares, whether or not in good order, that are accepted by Jefferson National after 4:00 p.m. Eastern time (or such earlier time as is required by the Underlying Fund) on any Business Day, shall be processed at prices calculated as of the next Business Day. For the purposes hereof, a \"Business Day\" shall mean any day on which the New York Stock Exchange is open for trading and on which an Underlying Fund calculates its net asset value pursuant to the rules of the SEC as amended from time to time, subject to such terms and conditions as may be set forth in the registration statement for the Underlying Fund as filed with the SEC, as the same shall be amended from time to time.", "size": 1, "snippet_links": [{"key": "purchase-and-redemption", "type": "clause", "offset": [19, 42]}, {"key": "accumulation-units", "type": "definition", "offset": [63, 81]}, {"key": "underlying-fund-shares", "type": "definition", "offset": [104, 126]}, {"key": "not-in-good-order", "type": "definition", "offset": [139, 156]}, {"key": "accepted-by", "type": "clause", "offset": [167, 178]}, {"key": "eastern-time", "type": "clause", "offset": [214, 226]}, {"key": "required-by", "type": "definition", "offset": [255, 266]}, {"key": "any-business", "type": "definition", "offset": [291, 303]}, {"key": "next-business-day", "type": "definition", "offset": [359, 376]}, {"key": "for-the-purposes", "type": "clause", "offset": [378, 394]}, {"key": "the-new-york-stock-exchange", "type": "clause", "offset": [448, 475]}, {"key": "net-asset-value", "type": "definition", "offset": [543, 558]}, {"key": "rules-of", "type": "definition", "offset": [575, 583]}, {"key": "the-sec", "type": "definition", "offset": [584, 591]}, {"key": "as-amended", "type": "definition", "offset": [592, 602]}, {"key": "from-time-to-time", "type": "clause", "offset": [603, 620]}, {"key": "subject-to", "type": "definition", "offset": [622, 632]}, {"key": "terms-and-conditions", "type": "definition", "offset": [638, 658]}, {"key": "the-registration-statement", "type": "clause", "offset": [682, 708]}], "hash": "4b17d0248858abf8c7255f14b72b597e", "id": 10}], "next_curs": "ClUST2oVc35sYXdpbnNpZGVyY29udHJhY3RzcjELEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhVsYXRlLXRyYWRpbmcjMDAwMDAwMGEMogECZW4YACAA", "clause": {"title": "Late Trading", "size": 62, "children": [], "parents": [["late-trading-and-market-timing", "Late trading and market timing"], ["negotiating-selling-agreements", "Negotiating Selling Agreements"], ["shareholder-information", "Shareholder Information"], ["definitions", "DEFINITIONS"], ["record-maintenance", "RECORD MAINTENANCE"]], "id": "late-trading", "related": [["trading", "Trading", "Trading"], ["shares-listed-on-trading-market", "Shares Listed on Trading Market", "Shares Listed on Trading Market"], ["principal-market-regulation", "PRINCIPAL MARKET REGULATION", "PRINCIPAL MARKET REGULATION"], ["trading-market", "Trading Market", "Trading Market"], ["change-in-board", "Change in Board", "Change in Board"]], "related_snippets": [], "updated": "2025-07-10T04:27:38+00:00", "also_ask": ["What safeguards should be included to prevent unauthorized late trading?", "How can late trading provisions be structured to minimize regulatory risk?", "What are the most common legal pitfalls in late trading clauses?", "How do late trading restrictions compare across key jurisdictions?", "What factors determine the enforceability of late trading prohibitions in court?"], "drafting_tip": "Specify prohibited late trading activities to prevent regulatory breaches; define exceptions clearly to avoid loopholes; require prompt reporting of violations to ensure timely enforcement.", "explanation": "The Late Trading clause prohibits the execution of trades in a fund or security after the official market close, ensuring that all transactions are processed based on prices set before the market closes. In practice, this means that orders submitted after the cutoff time are not accepted for same-day pricing and are instead processed on the next business day. This clause is essential for maintaining market fairness and integrity by preventing investors from exploiting after-hours information to gain an unfair advantage."}, "json": true, "cursor": ""}}