Board of Studies -Financial Markets , University of Mumbai 1 | P a g e
University of Mumbai
Revised Syllabus
of Courses of
B.Com. (Financial Markets)
Programme
Second Year
Semester V and V I
Under Credit, Grading and Semester System
With effect from Academic Year - 2017 -2018
Board of Studies -Financial Markets
Board of Studies -Financial Markets , University of Mumbai 2 | P a g e
T.Y.B.Com. (Financial Markets)
(To be implemented from Academic Year - 2017 -2018)
No. of
Courses Semester V Credits No. of
Courses Semester VI Credits
5.1 Marketing in financial
Services 3 6.1 Venture Capital & Private
Equity 3
5.2 Technical Analysis 3 6.2 Mutual Fund Management 3
5.3 Financial derivatives 3 6.3 Risk Management 3
5.4 Organizational Behaviour 3 6.4 Strategic Corporate Finance 3
5.5 Corporate Accounting 3 6.5 Corporate Restructuring 3
5.6 Project -1 3 6.6 Project-2 3
Total Credits 18 Total Credits 18
Board of Studies -Financial Markets , University of Mumbai 3 | P a g e
5.1.Marketing in Financial Services
1 Foundation of services marketing – Introduction – The services concept –
Service Industry – Nature of Service, Characteristics of Services,
Classification of Services – Importance of Services Marketing – The Growth
in Services – Global and Indian Scenario, Retail Financial Services:
Investment Services – Insurance Services, Credit Services – Dimensions and
drivers, Institutional Financial Service, Distinctive Character istics of Services
_ Four I’s of Services – Intangibility, Inconsistency, Inseparability and
Inventory, Managing Service Encounters.
2 Services Market Segmentation – Positioning and Differentiation of Services,
Promotion and Communication – Designing and Managing Service
Processes, Constructing and Service Environment – Managing People for
Service Advantage – Service Quality and Productivity – Customer
Relationship Management Customer Loyalty.
3 Issues in Marketing of Services – Extended Services Market ing Mix : Going
Beyond the 4 Ps. (7Ps of Services Marketing). Service Delivery Process –
Service Blueprints - Service Mapping – Managing Employees for service
orientation. Distribution Strategies of Services – Challenges in Distribution
of Services. Pe rsonal Selling – Advertising and Sales Promotion in Service
Industry.
4 Customer Satisfaction & Service Quality in Service Marketing – Service
Encounter – Role of HR & Internal Marketing – Monitoring and Measuring
customer satisfaction, GAP Model – Handl ing complaints effectively –
Service Failure – Recovery, Use of Internet in Service Marketing, Role of IT
in marketing Financial Services, Ethics in Marketing, New trends in
marketing, Marketing in 21st Century, Marketing through social networking
chan nels
Marketing Financial Services: Arthur Meidam: Macmillan
Marketing Financial Services: Christine Ennew, Trevor Watkins Mike Wright:
Routledge
The Essence of Services Marketing.: Payne, Adrian: Prentice Hall of India Private
Limited,
Customer Service Meaning and Measurement: La Londe, B.J. and Zinszer, P.H:
National Council of Physical Distribution Management ( NCPDM.)
Financial Services Marketing: Harrison, Tina: Pearson Education.
Board of Studies -Financial Markets , University of Mumbai 4 | P a g e
5.2.Technical Analysis
Sr. No. Modules / Units
1 Introduction to Technical Analysis
Technical analysis, Basic assumptions, Strengths and Weakness; Dow
theory, Charts, Candlestick charts analysis with one two and three candles
like hammer, hanging man, shooting star, bearish and bullish harami;
Pattern Study - Support and resistance, Head and shoulders, Double top
and double bottom and Gap theory.
2 Major Indicators and Oscillators
Stochastic , RSI, Williams %R, MFI, Bollinger bands, Moving Averages,
MACD
3 Major Theories in TA
Dow Theory and Eliot Wave Theory
4 Risk Management, Trading Psychology and Trading Strategies
Risk Management – Need, techniques, uses of stop loss, qualities of
successful traders, golden rules of traders, do's and don'ts in trading, Rules
to stop losing money, Choosing the right market t o trade, Importance of
discipline in trading; Day trading, Advantages of day trading, Risks
associated with trading, Strategies for day trading, Momentum trading
strategies.
Reference Books
Technical Analysis of Stock Trend; Robert D Edwards, Visiosn Boo k
Technical Analysis Explained; Martin J Pring; McGraw Hill
Handbook of Technical Analysis, Darell R Jobman; Probus
Technical Analysis of Stocks , options; William Eng, Probus
Technical Analysis, Jack D Schwager, John Wiley & Sons
Board of Studies -Financial Markets , University of Mumbai 5 | P a g e
5.3 Financial Derivati ves
Sr. No. Modules / Units
1 Introduction to Derivatives
Definition – Types - Participants and Functions - Development of Exchange
traded derivatives - Global derivatives markets - Exchange traded vs OTC
derivatives markets - Derivatives trading in India - L.C.Gupta committee - J.C.
varma committee - Requirements for a successful derivatives markets
2 Futures and options - introduction
Futures: Introduction - Future terminology - Key features of futures
contracts - Future vs. Forwards - Pay off for futures - Equit y futures - Equity
futures in India -Index futures - Stock futures - Future trading strategies -
Hedging - Speculation - Arbitrage - Spread trading.
Options: Introduction - Option terminology - Types - Options pay off - Equity
options contracts in India -Index Options – Stock options - Options trading
strategies - Hedging - Speculation - Arbitrage - Straddle - Strangles - Strips and
Straps – Spread trading
3 Pricing of Future Options
The cost of carry models for stock and index futures - cash price and future
price, arbitrage opportunity
Factors affecting options pricing - Option pricing models - Binominal pricing
model - The black and Scholes model –Pricing of Index options .
Sensitivity of option premia (Delta, Gamma, Lambda, Theta, Rho)
4 Trading Clearing and Settlement of Opt ions and Futures
Futures and Options trading system - Trader workstations - contract
specification - specification for stock and index eligibility for trading
charges
Clearing entities and their role - clear ing mechanism –adjustment for
corporate actions - open position calculation
Margining and settlement mechanism - Risk management - SPAN –
Mechanics of SPAN - Overall portfolio margin requirements.
Reference Books
FINANCIAL DERIVATIVES THEORY, CONCEPTS AND PROBLEMS Gupta S.L., PHI, Delhi
FINANCIAL DERIVATIVES : S S S Kumar:
DERIVATIVES and Risk Management Basics, Cengage Learning, Delhi. Stulz M. Rene,
RISK MANAGEMENT & DERIVATIVES, Cengage Learning, New Delhi.
Fundamentals of Financial Derivatives : Prafulla Kumar Swain : Himalaya Publishing
Board of Studies -Financial Markets , University of Mumbai 6 | P a g e
5.4.Organisa tional Behaviour
Sr. No. Modules / Units
1 Introduction to Organisation Behaviour
• Organisational Behaviour - Organisational Behaviour Multidiscipline -
Different model of Organisational Behaviour - Individual behaviour is
studied through Perception - Perso nality - Values - Attitudes - Job
satisfaction - Motivation - Learning
• Understanding self studied through - Perception and Personality
• Under standing self studied through - Values and Attitudes
2 Understanding Others: Interpersonal relationships
• Conflict Mana gement –Nature of Conflict - Level of Conflict - Source of
Conflict - Effects of Conflict - Process of Conflict - Stages of Conflict - Conflict
Handling Orientations
• Power and Organisational Politics -Sources of Power -Organisational
Politics - Influence and Politi cal Power
3 Group Behaviour and Group Dynamics
• Group Behaviour , Informal Groups – Group Dynamics - Types of Groups -
Nature and effects of Informal groups -Benefits of Informal groups -Formal
groups –Monitoring informal organisation - Identifying and Rewardi ng
Informal leader -Key Roles of Informal leader –Are there Multiple informal
leaders? Formal Groups - Potential Outcomes of Informal Group Processes
4 Stress Management, Change and Team Building
• Stress Management and Counselling - How it Comes About –How it Affects
Various Elements of Job Performance - Extreme Product of Stress - Stress
and Job Performance -Approaches to Stress Management -Characteristic of
Counselling -Types of Counselling
• Change and its Effects - Nature of Change – Effect of Change – Response to
Change – Resistance to change – Reasons for Resistance to Change -
Transformation al Leadership and Change -What are Elements of
Transformational Leadership - Three stage model of changes Process
• Team and Team Building - Modern organisation - Outcomes of Mode rn
Organisation - Team work – Task team - Difference Between Groups and
Teams - Life cycle of Team –Major Factors for Effective Teams - Team
Building - Need for Team building - Team Building Process - Skills Useful in
Team Building
Reference books
Organisati onal Behaviour: Ashwathappa K : Himalaya Publishing
Organisational Behaviour: Jit S Chandran : Vikas Publishing House
Organisational Behaviour: Fred Luthans: Mc Graw Hill
Organisational Behaviour : Robbings, Stephen: Pearson
Organisational Behaviour: P C P ardeshi : Everest
Organisational Behaviour: L M Prasad: S Chand
Board of Studies -Financial Markets , University of Mumbai 7 | P a g e
5.5.Corporate Accounting
Sr. No. Modules / Units
1 Redemption of Preference shares and redemption of debentures
Redemption of Preference Shares
Company Law / Legal Provisions for redem ption
Sources of redemption including divisible profits and proceeds of fresh issue of
shares ) Premium on redemption from security premium and profits of company
Capital Redemption Reserve Account - creation and use
Redemption of Debentures (Including p urchase or buy back of own debentures)
By payment from sources including out of capital and/ or out of profits
Debenture redemption reserve and debenture redemption sinking fund
excluding insurance policy
By conversion into new class of shares or debentu res with options including at
par, premium and discount
Purchase/ buy back of own debentures for immediate cancellation or holding
including ex and cum interest for purchase/ sale price (excluding brokerage
thereon)
2 Ascertainment and treatment of prof it prior to incorporation
Principles for ascertainment
Preparation of separate, combined and columnar profit and loss a/c including different
basis of allocation of expenses / incomes
3 Amalgamation of Companies (w.r.t. AS 14) (Excluding Intercompan y Holdings)
In the nature of merger and purchase with corresponding accounting treatments
of pooling of interests and purchase methods respectively
Computation and meaning of purchase consideration
Problems based on purchase method of accounting only
4 Capital Reduction and Internal Reconstruction
Need for reconstruction and Company Law provisions
Distinction between internal and external reconstructions
Methods including alteration of share capital, variation of share holder rights, sub
division , consolidation, surrender and reissue/cancellation, reduction of share capital,
with relevant legal provisions and accounting treatments for same
Reference Books
Introduction to Corporate Accounting: P C Tulsian: S Chand
Corporate Accounting: Rajsekara n V : Pearson
Corporate Accounting : S N Maheshwari: Vikas Publishing House
Corporate Accounting M C Shukla, T S Grewal and S C Gupta: S Chand
Advanced Accountancy: R L Gupta : S Chand
Board of Studies -Financial Markets , University of Mumbai 8 | P a g e
B.Com . (Financial Markets) Programme
Under Choice Based Credit, Grading and Semester System
Course Structure
(To be impl emented from Academic Year - 2017 -2018)
Sem ester VI
No. of
Courses Semester VI Credits
1 Venture Capital & Private Equity 3
2 Mutual Fund Management 3
3 Risk Management 3
4 Strategic Corporate Finance 3
5 Corporate Restructuring 4
6 Project -2 4
Total Credits 20
Board of Studies -Financial Markets , University of Mumbai 9 | P a g e
Revised Syllabus of Courses of B.Com. ( Financial Markets )
Progra mme at Semester VI
with Effect from the Academic Year 201 7-2018
6.1.Venture Capital and Private Equity
Sr. No. Modules / Units
1 Conceptual understanding of Venture Capital and Private Equity
Venture Capital –Over View of Venture Capital - Definition - Features - Types –
Roles
Concept of PE and its characteristics - Definition - Difference between PE,VC
and Hedge Fun ds- Nature of PE Firm - Players in the PE market – Benefit of PE
Finance
PE Fund –Legal structure and terms - Private Equity Investments and
Finan cing- Private Equity Multiples and Prices - Private Equity Funds and
Private Equity Firms - Investment Feature and Consideration
2 Structure and Valuation approaches
Structure and Regulation of Venture Capital and Private Equity - Business
Cycle of PE –Structure of VC /PE firms - Limited Liability Partnerships - Routes
of VC /PE investments in India - Regulatory Aspects of VC /PE investments
Valuation approaches - Risk and Returns - Analysis of Funds - Conventional
Method - Revenue Multiplier Method
3 Strategies of Private Equity
Leverage Buyout -
Growth Capital -
Mezzanine Capital -
Distressed Debt -
other Strategies
Due Diligence - Procedure and Challenges - Due Diligence in Emerging PE
Market -Investing in Developing Market - Past Performance and Strategy
4 Exit stra tegies for Private Equity
Modes of exits in Indian Context and Challenges involved -
IPO-
Promoter Buyback
Sale to Other PE funds
Sale to other strategic Investor s
Stake Swap -
M & A’s
Open Market -
Secondary Market
Board of Studies -Financial Markets , University of Mumbai 10 | P a g e
Reference Books:
The Masters of Private Equity and Venture Capital: Robert Finkel: McGraw -Hill Education
Guide to Private Equity : CA Neha Bhuvania: Taxmann
Venture Capital, Private Equity, and the Financing of Entrepreneurship: Josh Lerner , Ann
Leamon , Felda Hardymon : Wiley
The Business of Venture Capital: Mahendra Ransinghani: Wiley Finance
Venture Capital Financing in India: J C Verma :Response Books
Board of Studies -Financial Markets , University of Mumbai 11 | P a g e
6.2. Mutual Fund Manag ement
Sr. No. Modules / Units
1 Mutual Fund Organization and Management
Introduction: Meaning of Mutual Fund, Structure in India, Sponsors, Trust,
Role of AMC, NFOs , Registrars, Agents,
Types of Mutual Fund schemes
Objectives of AMFI, Advantage of Mutual Funds , Systematic Investment Plan
(SIP), Systematic Transfer Plan (STP), Systematic Withdrawal Plan ( SWP)
2 Mutual Fund Products,
Mutual Fund Products and Features: Equity funds: Definition, Features of
Equity Funds, Index Fund, Large Cap Funds, Mid Cap Funds, Sectoral Funds,
Types of Equity Schemes, Arbitrage funds, Multi -cap Funds, Quant funds, P /
E Ratio funds, International Equities Fund, Growth Schemes.
Gold Exchange Trade Funds (ETFs): Introduction , Features, Working of ETFs,
Market Making with ETFs, Creation Units, Portfolio Deposit and Cash
Component
Debt Fund: Features, Interest Rate Risk, Credit Risk, Pricing of Debt
Instrument Sch emes, Fixed Maturity Plans, Capital Protect ion Funds , Gilt
Funds, Balanced Funds, MIPs ,Child Benefit Plans .
Liquid funds: Features, Floating rate scheme, Portfolio of liquids funds.
3 Investment and Performance Measurement
Fund Performance,
Measuring Return,
Measuring Risk,
Risk adjusted return,
Comparing Fund Performance with a reference, various stand ardized
performance systems,
Limitations of Performance measurement and evaluation.
4 Accounting and Taxation of Mutual Funds
Accounting: Net Asset Value (NAV) -Meaning -Computation - Factors affecting
NAV -Pricing of Units - Fees and Expenses - Investment Management and
Advisory Fees –Initial Expenses - Recurring Expenses - Total expenses -
Accounting policies.
Valuation -: Valuation of thinly traded securities - Valuation of Non trade
securities -Valuation and disclosure of illiquid securities.
Taxation: Divide nds- Capital Gains - Tax Rebate - Restrictions on Dividends
Stripping.
Board of Studies -Financial Markets , University of Mumbai 12 | P a g e
Indian Mutual Funds Handbook : Sundar Sankaran: Vision Books
Morningstar Guide to Mutual Funds: 5 -Star Strategies for Success : Christine Benz. : Wiley
Working of Mutual Fund Organisat ions in India: P Mohana Rao: Kanishka Publications
Mutual Funds in India: Amitabh Gupta: Anmol Publications
Bogle on Mutual Funds: New Perspectives for The Intelligent Investor: Jogn C Bogle: Wiley
Board of Studies -Financial Markets , University of Mumbai 13 | P a g e
6.3. Risk Management
Sr. No. Modules / Units
1 Introduction to Risk Management
The Concept of Risk , Identification of Risk faced by Organization
Risk and Uncertainty, Strategic and Operational Risks
Dynamic Nature of Risks
Business Risk
Financial Risk faced by Organization
Objectives of Risks Management
Process of Risk Management
2 Evaluation of Risk
Evaluation of Organization’s ability to bear them
Risk Measurement
Sources and Impact of Common Business Risk
Market , Credit , Liquidity , Technological , Legal
Environmental , Reputation , Country Risk
Identi fy and assess the impact upon the stakeholder involved in
Business Risk
Nature and Importance of Financial Risk, Evaluation of Financial Risk,
Evaluation of Alternative Risk Management Tools
Role of Risk Manager and Risk Committee in identifying and
managi ng risk
3 Foreign Exchange Risk
Forex Market
Identifying and Analyzing Forex Risk
Managing Forex Risk
4 Exchange Rate Risk
Interest Rate Market and Mathematics
Identifying and Analyzing Interest Rate Risk
Measuring Interest Rate Risk
Board of Studies -Financial Markets , University of Mumbai 14 | P a g e
The Essential s of Risk Management: Michel Crouhy , Dan Galai ,, Robert Mark :MC Graw Hill
Education
A Practical Guide to Risk Managem ent : Thomas S Koleman: Research Foundation of CFA
Institute
Risk Management – Concepts and Guidance: Carl Pritchard:CRC Press
Risk Management: Prof C K Roy: Vayu Education
Board of Studies -Financial Markets , University of Mumbai 15 | P a g e
6.4. Strategic Corporate Finance
Sr. No. Modules / Units
1 Strategic Corporate F inance
Introduction to Strategic Corporate Finance : Strategy Vs. Planning,
Significance of Strategy in Financial Decisions , Different Types of Financial
Strate gy for Shareholders, Wealth Maximization , Overall Corporate Value
Additi on and Economics Value Addition .
Strategic Cost Management: Traditional Costing Vs. Strategic Costing,
Relevant costs Vs Irrelevant costs, Different Types of Strategic costing and
their relevance - Traditional Costing Vs Activity Based Costing , Target
Costing, Life Cycle Costing, Quality Costing, Zero Based Budgeting, Strategic
Cost Reduction Techniques and value chain analysis.
2 Fund raising
Fundraising: Identification of different sources of capital, determination of
capital structure and factors affecting the capital struct ure, cost of capital
and cost saving strategy, production of a business plan, and financial
forecasts to enable potential funders to assess the proposition.
Alternate Sources of Financing - Different Approach es to and moels of
Infrastructure Projects Financ ing- Public Private Partnership (PPP) and its
relevance,
Dividend Vs Share Repurchase Policy , Problem of too much cash, Issue of
Stock Liquidity and Illiquidity.
3 Company Valuation
Company Valuation: An Overview of Valuation , Valuation Principles and
Practices more, the impact of “what if” scenarios, the key financial and
commercial factors affecting the business, Value enhancement tools
&techniques , the link between valuation and corporate finance.
Management Buyouts: Establishing feasibility of the buy-out, Negotiating
the main terms of the transaction with the vendor including price and
structure, developing the business plan funders, negotiations with potential
funders so that the most appropriate funding offers are selected.
Management Buy -ins: Ma nagement Buy -in/Buy -outs, Vendor -initiated buy -
outs/buy -ins.
Due Diligence: finance due diligence for both purchasers and financial
institutions
4 Credit Risk Management
Credit analysis
Default risk: Quantitative methodologies
Expected and unexpected lo ss
Board of Studies -Financial Markets , University of Mumbai 16 | P a g e
Credit VaR
Counterparty risk
Risk management choices, such as process control efforts, financial,
physical, and operational hedging, value based management
Strategic Corporate Finance : Tony Davies ,Tony Boczko ,Jean Chen : McGraw -Hill Higher Education
Strategic Corporate Finance : Pratap G Subramanyam: Snow White Publication
Strategic Corporate Finance : Jayant Varma : Vision Books
Strategic Corporate Finance : Samuel Weaver: Cengage L earning
Credit Risk Management”: Andrew Fight : Butterworth
Board of Studies -Financial Markets , University of Mumbai 17 | P a g e
6.5. Corporate Restructuring
Sr. No Modules /Units
1 Mergers and Acquisitions - introduction
Introduction to Mergers and Acquisitions, Mergers and Acquisitions - An
Overview: Various Forms of Corporate Restructuring - Restructuring:
Underlying Issues
Mergers and Acquisition Waves, Merger Movements in the US - Trends of
Mergers and Acquisitions in India - Growing need for Corporate Restructuring
in Recent times, India Inc begins M & A Innings - Hostile Takeovers
2 Mergers and acquisition - strategic aspect
Maximization of Organization Value and Mergers & Acquisitions, Definition of
Strategy - Process of Strategic Planning - Alternative Strategy Methodologies -
Approaches to Strategy Formulation – Formulating a Competitive Strategy -
Diversification Strategy - Internal Vs External Growth.
3 Theories and process of mergers and acquisitions
Theories of Mergers, Efficiency Theories - Information and Signalling - Agency
Problems and Managerialism - Free Cash Flow Hypothesis – Market Power -
Taxes and their Impact on Merger Decisions - Hubris Hypothesis
Types of M&A, Mergers and Acquisitions, Different forms and Various T ypes of
Mergers
M&A Process, Merger and Acquisition Process - Participants in the Merger and
Acquisition process - Post merger Integration – Reasons for Failure of Mergers
and Acquisitions
4 Takeovers and leverages buyouts
Takeover Defences, Friendly vs. Hostile Takeovers - Alternative Takeover
Tactics - Preventive Anti - takeover Measures - Active Anti - takeover
Going Private Transactions, Methods of Going Private.
Leveraged Buy -outs, Elements of a typical LBO operation - Forms of LOB
Financing - Characteristics of an ideal Leveraged Buy -out Candidate - Sources of
Gains in LBOs - Management Buyouts - Management Buy ins - Leverage cash
outs.
Mergers, Acquisition and Corporate Restructuring: Prasad G Godbole : Vikas Publishing
Handbook on Mergers, amalgamation and take overs : ICSI
Mergers/Amalgamations, Takeovers, Joint Ventures, LLPs and Corporate Restructure: K. R. Sampath :
Snow White
Introduction to Mergers and Acquisitions: Kate Creighton, William J. Gole:
Board of Studies -Financial Markets , University of Mumbai 18 | P a g e
Question Paper Pattern
(Practical Courses)
Maximum Marks: 75
Questions to be set: 05
Duration: 2 1/2 Hrs.
All Questions are Compulsory Carrying 15 Marks each.
Question
No Particular Marks
Q-1
Objective Questions
A. Sub Questions to be asked 10 and to be answered any 08
B. Sub Questions to be asked 10 and to be answered any 07
(*Multiple choice / True or False / Match the columns/Fill in th e
blanks)
15 Marks
Q-2
Q-2
Full Length Practical Question
OR
Full Length Practical Question
15 Marks
15 Marks
Q-3
Q-3
Full Length Practical Question
OR
Full Length Practical Question
15 Marks
15 Marks
Q-4
Q-4
Full Length Practical Q uestion
OR
Full Length Practical Question
15 Marks
15 Marks
Q-5
Q-5
A) Theory questions
B) Theory questions
OR
Short Notes
To be asked 05
To be answered 03
08 Marks
07 Marks
15 Marks
Note:
Practical question of 15 marks may be divided into two su b questions of 7/8 and
10/5Marks. If the topic demands, instead of practical questions, appropriate theory
question may be asked.
Board of Studies -Financial Markets , University of Mumbai 19 | P a g e
Question Paper Pattern
(Theoretical Courses)
Maximum Marks: 75
Questions to be set: 05
Duration: 2 1/2 Hrs.
All Questions are Compulsory Carrying 15 Marks each.
Question
No Particular Marks
Q-1
Objective Questions
A) Sub Questions to be asked 10 and to be answered any 08
B) Sub Questions to be asked 10 and to be answered any 07
(*Multiple choice / True or False / Match the col umns/Fill in the
blanks)
15 Marks
Q-2
Q-2
Full Length Question
OR
Full Length Question
15 Marks
15 Marks
Q-3
Q-3
Full Length Question
OR
Full Length Question
15 Marks
15 Marks
Q-4
Q-4
Full Length Question
OR
Full Length Question
15 Marks
15 Marks
Q-5
Q-5
A) Theory questions
B) Theory questions
OR
Short Notes
To be asked 05
To be answered 03
08 Marks
07 Marks
15 Marks
Note:
Theory question of 15 marks may be divided into two sub questions of 7/8 and 10/5Marks.