The securities side is settled trade-for-trade in the CREST system and the cash side is settled on a trade-for-trade basis via the real-time payment in central bank money process. The interests of participants are recorded by credit entries in securities accounts maintained in their names by the operator of the system. Ways Trade Execution Can Improve Your Capital Market Business! Equity securities are settled on T + 2 days, here ‘T’ is the trade date. In short, shares are traded only for delivery. You can change your ad preferences anytime. Black Monday was the most dramatic in a huge list of horrible days on the market - many of which are now forgotten. The evolution of finance and commerce as a whole has pushed the world economies to a new high. Front office (indications, pricing, risk, trends, etc.) Instructions sent to clearing banks to make funds available by pay-in time. When you purchase or sell stocks, the entire trade is completed online. Settlement of securities is a business process whereby securities or interests in securities are delivered, usually against payment of money, to fulfill contractual obligations, such as those arising under securities trades. 3. The recent development of electronic securities trading has brought about settlement pressures akin to the paper crunch of the 1970s and 1980s, rendering the need for further efficiencies urgent. In one day, the Dow lost 550 points, checked only by the circuit-breaker system put in place after 1987. Clearing is the process of updating the accounts of the trading parties and arranging for the transfer of money and securities. Everything You Need to Know About Trade Validation and Enrichment in Trade Life Cycle. +1, +2 or +3 refers to the settlement date. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. 3. Hi all, Someone requested me to post some trade settlement questions which are normally asked in interviews. Any pilferage of client’s information could mean breach of privacy of client’s data and that could land UBS in big soup. Hierarchy based org Structure : As is to Services, Product line based org Structure: To Be Hierarchy decreases and collaborative work gain more prominence because work load is higher and problem is more complex requiring feedback across the various divisions of the organisation.. Office boy transferring files, doing faxes to Internet & Intranet connection to transfer file, paper thereby reducing manual work and increasing work done on Internet & Intranet. Because of this, a good straight-through processing solution is a must-have for modern financial firms. It was also risky, inasmuch as paper instruments, certificates, and transfer forms were relatively easy to lose, steal, and forge (see indirect holding system). Trading has changed from local to global and so have the processes from paper to Online. If a trade is marked T+2 for example, securities and cash will be exchanged two days after the trade is made. T+1 and real time Trade Settlement Process. Front office (indications, pricing, risk, trends, etc.) It permits both quick and efficient settlement by removing the need for paperwork, and the synchronisation of the delivery of securities with the payment of a corresponding cash sum (called delivery versus payment, or DVP). the United States markets experienced what has become known as "the paper crunch," as settlement delays threatened to disrupt the operations of the securities markets. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. NSE Clearing has also devised mechanism to handle various exceptional situations like security shortages, bad delivery, company objections, auction settlement etc. While the workload of the Dispute Settlement Body increases, proceedings for new disputes cannot be finalized. Mobile services and its impact on GPDs and Return on Investment, No public clipboards found for this slide. So let’s take a trade contract period with T + 2 days settlement time, here if a trade is placed on Monday and another trade is placed on Tuesday, the trade on Monday will be settled on Wednesday and the trade executed on Tuesday will be settled on Thursday (successively). With the advent of trading of financial instruments and multiplier effect into action, the monetary growth has been multiple folds over the past few decades. If you continue browsing the site, you agree to the use of cookies on this website. For DVP transactions, the cash settlement is done through electronic payment instructions given by CCASS to the participants’ designated banks through the Hong Kong Interbank Clearing Ltd. (HKICL). In the United States, the settlement date for marketable stocks is usually 2 business days or T+2 after the trade is … 1. In this type of settlement method, the trader is required to accept the delivery of the security when bought and provide the monetary value, while selling the trader has to deliver the securities and the monetary value of the same will be provided to the trader for the securities traded. 1. The Stock Exchange in India follows a ‘T+2’ rolling settlement cycle. The general time frame differs as per the types of securities. However, this does not happen instantly. In the stock market, a large number of trades occur simultaneously. During trading of financial securities, the time period for settlement of trades, trade capture is set as per the contract. The trade starts on trade date but the actual transaction takes place later based on the settlement period which depends upon the type of the security. Clipping is a handy way to collect important slides you want to go back to later. The trade settlement in the trade life cycle process is a part of a bigger whole which we call the trade settlement period. Banks are investing heavily in disruptive technologies to boost operational efficiencies including within the post-trade settlement process. For the same, Integration of the process, of the system is a pre-requisite. For those traders who want to take their contract to expiration, there are two ways an FX contract can be settled: cash settlement or physical delivery of the currency. 4. This would enable a central agency, single point of contact, with external world, be it any financial institution or regalator. For instance, imagine that stock ‘X’ is trading in the stock market. The trade settlement period incorporates the whole time taken to complete the trade, starting from execution to settlement of the trade. A network that allows trade is called a market. Source: www.swift.com/index.cfm?item_id=3878 Bank not only has to take of care of transactions held in the bank but also the transactions the bank has with Corresponding banks and financial institutions. Among the nastiest was 27 October 1997, when a basically bullish market started to be rattled by mounting worries over emerging markets, especially debt-laden Asia. Trade And Settlement Process 1. The stock exchanges use an electronic order matching system to match ‘buy’ and ‘sell’ orders from different traders. Additional work force had to be allocated to ensure that Excel worksheets are getting faxed to right people and the right people are getting them because all these reports had client’s Social Security number’s or Tax id and personal information. Black Monday's collapse - by far the biggest one-day stock market fall in history. Settlement is a two way process which involves transfer of funds and securities on the settlement date. Only pictures copied from Images in Google, rest concept and diagram drawn using MS Power point are my own creation. Electronic settlement The electronic settlement system came about largely as a result of Clearance and Settlement Systems in the World's Securities Markets , a major report in 1989 by the Washington-based think tank, the Group of Thirty. In this case of failure the broker of the selling party will try to purchase the security in a buy-in-auction market, the sum of the auction price along with the penalty and brokerage charges has to be paid by the defaulter (the selling party). Banks and brokers, as investors’ intermediaries, are involved in the process of settling trades of securities in book entry form, and in providing access to CSDs. The trade settlement in the trade life cycle process is a part of a bigger whole which we call the trade settlement period. The three-day stock settlement period is represented byT+3= Swhich means the settlement date (S) is the trade date (T) plus three business days. This was followed up in 2003 with a report called Clearing and Settlement: A Plan of Action[1] with 20 recommendations. There are 2 types of clearing: bilateral clearing and central clearing. The programs that produce reports were hard-coded; once report was generated, the user can not ask for more information ie fields in excel sheets or manipulate the excel sheet reports to fit their needs and the client’s inquiries about their product. Imarticus Learning is India’s leading professional education institute that offers training in Financial Services, Data Analytics & Technology. Other securities such as commodities, currencies or derivatives are traded at the mark to market, the settlement for mark to market is at T + 2 days. Final settlement should occur no later than T+3.” Nowadays, settlement typically takes place in a central securities depository. This makes for Centralised Intelligence gathering system which in turn helps the bank develop Financial Intelligence needed about Each and every of its customer as well as each and every transaction made by the Bank’s customer or corresponding bank’s customer. Presentation on Financial Services IT – Back Office Operation for Course 683 By Sri Averneni, Kartik Mehta Source for picturs: Google images, Market crash - Year 1987, Location Wall Street. Investment Banking – Overview, Guide, What You Need to Know, Blockchain Technology in Banking & Finance. I have listed down a few of them from my past experience. Market data (pricing, fundamentals, news, corporate act, etc.) Only pictures copied from Images in Google, rest concept and diagram drawn using MS Power point are my own creation. The confirmation of trade occurs between direct market participants and indirect market participants (institutional investors and foreign investors or their agents). 1. The date an order is filled is the trade date, whereas the security and cash are transferred on the settlement date. The securities traded are financial in nature like bonds, stock futures or other financial instruments of value. (Source: AdityaTrading) 1. Settlement, a consolidated end-of-day process and the final step of a securities trade, completes the transfer between trading parties of securities ownership and cash. They too require a change To be able to meet Proactive risk management approach of the bank. Here’s how: after a trade is matched (both sides agree on the details), the information is sent to the clearing house by the exchange. ** Only graph of slide taken from IIT Professor S.Seshadari’s slide, inputs and details are my own understanding of working of bank. CVMU will be regulated so that there will not be a monopoly issue. This is different from the account settlement method wherein the trade executed within a given time period is all settled at once. Source: Netik – mass automation of financial services, Source: Presentation on STP at Mumbai Stock Exchange, New system merges data from multiple sources, thereby, preventing data loss and disintegration. Notes: CVMU plays a major role in implementing T +1 It will be centralized and the firms will have a membership as like Clearing corp. membership. BBC News, Source: Tower Group/SIA Survey, Technology Trends in the Securities Industry 1999: Transition to an Online World, Graphics are taken from google images, concept developed by Kartik and Sri for the presentation. In the Asset allocation, Trade to Trade Settlement method, the intraday trading in prohibited for securities falling in this segment. ... Trading members can trade on a proprietary basis or trade for their clients. Now customize the name of a clipboard to store your clips. Instructions to deposito… Analysis done by Kartik and Sri for the presentation based on understanding developed during the course. 2. Once the Closing Price is discovered, the TAS order delivers the underlying 3-month contract at the Closing Price, plus or minus the traded TAS price. This chart offers a high-level overview of the settlement process for DTCC subsidiaries, The Depository Trust Company (DTC) and the National Securities Clearing Corporation (NSCC). Source: 1. http://www.group30.org/ 2. See our Privacy Policy and User Agreement for details. Change in approach has its direct bearing on the way of governance of Bank’s traditional processes. And here’s the trick: as well as orchestrating the clearing process and getting everything ready for settlement, the clearing house does something clever: it steps into the middle of the trade. In an electronic settlement system, electronic settlement takes place between participants. Once bank has a control of what is Internal transactions and what are External transactions can the bank run analysis. Change process – Transactions, Exchange of financial services and products need to change from merely Information gathering and building A elephant of Information to Intelligence gathering. In India, the settlement takes place on a T+2 basis which means 2 days after trading, the settlement takes place. We’ve successfully transformed careers of over 35,000+ individuals globally through our Certification, Prodegree, and Post Graduate programs offered in association with leading and renowned global organisations in the Financial Services, Data Analytics & Technology domain. A securities trade is not complete--or settled--until the security is delivered to the buyer and the cash has been delivered to the seller. Images from google images while Analysis and concept of diagram done by Kartik and Sri for the presentation based on understanding developed during the course. Thus, UBS business end user was unable to provide all the relevant information required by the client at one go leading to loss of time, energy and employee’s work load each day. During settlement, the buyer must make payment for … The result is change in process from T+3 to T+1 and real time trading and settlement of a trade. Why setting the course for T+3 in 1996 Original G30 Recommendations (1989) Recommendation VII “ All markets should adopt a rolling settlement system. Trade settlement allows time for the paperwork and smooth transaction. The crisis in the dispute settlement arrangement of the World Trade Organization (WTO) has a paralysing effect on the multilateral trade system. Trade Clearing and Settlement After a trade is executed, the transaction enters what is known as the settlement period. Post Graduate Program in Business Management with NMIMS, Post Graduate Program in Banking and Credit Underwriting, Post Graduate Program In Finance And Accounting, Co-created with SP Jain School of Global Management, Certified Investment Banking Operations Professional. The date when an order is placed is known as trade day whereas the transferring of security and cash takes place on the settlement day. NSCCL notifies the details of trade to clearing members or custodians who affirm back. The settlement of the action is done on T+3 days given the broker tries and purchases the share in auction market on T + 2 days. Once the buyer receives the securities and the seller gets the payment for the same, the trade is said to be settled. ‘T’ refers to the transaction date (the date on which the trade was made). you for the Interest.We will get back to you shortly. The tradi… That cannot happen when bank’s different division, say, Asset Management interacts with Corresponding bank’s Asset management division. Trade Settlement Capabilities Expanded Charles River IMS Trade Settlement capabilities help firms manage their post-trade life cycle on a single platform. It’s a kind of penalty for the investor’s carelessness while trading. 3. Organisation in above situation had Information. Settlement is the step in the post-trade process flow where the buyer receives the purchased securities and the seller receives the corresponding cash for those securities. While the trade life cycle is intended to simplify record keeping, many firms struggle to manually process increasingly complex financial products across a variety of fragmented systems. For purchase transactions, money is debited from your account and you receive the shares and for sale transactions, shares are debited from your Demat account while the selling price is credited to your banking account. Pre-requisite for Money Laundering Analysis Across Bank’s various Divisions for Analysis to happen is : Centralisation of all the Data, Transactions, Client details of the various divisions of the bank. The classification of Trade settlement can be done into 3 types: In this type of trade settlement, securities are settled on successive dates based on the settlement period in the contract and the day when the trade was executed. The settlement of SI transactions is performed on a trade-by-trade basis by debiting and crediting the securities from the seller’s account to the buyer’s account. Most printed reports had a lag of one day or more plus wastage of paper, manpower and cost of distribution. The trade settlement period incorporates the whole time taken to complete the trade, starting from execution to settlement of the trade. Thank This report made nine recommendations with a view to achieving more efficient settlement. In the United Kingdom, the weakness of paper-based settlement was exposed by a programme of privatisation of nationalised industries in the 1980s, and the Big Bang of 1986 led to an explosion in the volume of trades, and settlement delays became significant. In the market crash of 1987, many investors sought to limit their losses by selling their securities, but found that the failure of timely settlement left them exposed. Trade Cycle in India. The market continued to be a little frisky thereafter - especially in light of the later collapse of the Russian economy and the multi-billion dollar failure of the LTCM hedge fund. A FII/a sub-account of the FII, as the case may be, intending to trade in the F&O segment of the exchange, is required to obtain a unique Custodial Participant (CP) code allotted from the NSCCL. Market data (pricing, fundamentals, news, corporate act, etc.) Once data is Centralised only then all the data can be stored at a Data Store ie Data Ware house and only then an analysis can be done. Transactions, which are interdependent, may be settled on a batch basis during circles processing. The day the trade is executed is known as the ‘Trade Date’ and is signified as ‘T’. But, what was lacking is organized and analysed data. See our User Agreement and Privacy Policy. Trade Life Cycle – The Process of Buying & Selling. For example, shares traded on Tuesday will settle on Friday. Trade is sometimes loosely called commerce or financial transaction or barter. The auction takes place when the selling party of the transaction or trade fails to deliver within the given time period on the agreement of selling the security for the said or agreed upon the monetary value of the security. This way, each trade is executed. Bonds, mutual funds and other securities have different settlement periods. Types of Trade Settlement During trading of financial securities, the time period for settlement of trades, trade capture is set as per the contract. Data Analytics in Healthcare: Can a Techie Succeed in The World of Medicine? 2. Although the transaction of the trade happens almost instantly in electronic trading, the settlement process does not happen at the same time as the trade. This process of trade confirmationcan take place in a number of different ways. Back office (accounts, inventory, settlement, etc.). This simplifies their investment technology infrastructure and provides cost and operational benefits. Settlement, a consolidated end-of-day process and the final step of a securities trade, completes the transfer between trading parties of securities ownership and cash. Change process – Transactions, Exchange of financial services and products need to change from merely Information gathering and building A elephant of Information to Intelligence gathering. Trade settlement is a transaction method wherein the securities in trade are transferred into the buyer’s account and the monetary value of the security is deposited into the seller’s account post a trade execution. FIIs have been permitted to trade subject to compliance of the position limits prescribed for them and their sub-accounts, and compliance with the prescribed procedure for settlement and reporting. For the same, Integration of the process, of the system is a pre-requisite. Trade Details are transferred from Stock Exchange to National Securities Clearing Corporation Limited (NSCCL). While the official deal happens on the transaction date, the settlement date … View the Data Sheet > Source: Netik – mass automation of financial services: http://en.wikipedia.org/wiki/Settlement_(finance) Traditional settlement Traditionally, securities settlement has involved the physical movement of paper instruments, or certificates and transfer forms. Trade settlement is a two-way process which comes in the final stage of the transaction. This led to the formation of the Depository Trust Company (DTC), and ultimately its parent, the Depository Trust & Clearing Corporation. 2. This way bank would be able to monitor bank’s external transactions. Settlement is the actual exchange of money, or some other value, for the securities. Why is it necessary? Here, we aim at understanding the Trade cycle, Clearing, and Settlement process while trading in shares. M.B.A(Finance)student at IFIM College, # 8 P & 9P, KIADB Industrial Area, Electronic City, I Phase, Bangalore -560 100., Associate Director, Business Consulting at VirtusaPolaris. If a non-participant wishes to settle its interests, it must do so through a participant acting as a custodian. CAREER. Based on the affirmation, it determines obligations. For many FX futures, the last trading day is generally the second business day prior to the third Wednesday of the contract month. This swim lane diagram sample shows the trading process flow. In the new system aim is to merge the data from multiple sources in order to prevent data loss and data disintegration. "Trade, also called goods exchange economy, is to transfer the ownership of goods from one person or entity to another by getting something in exchange from the buyer. TRANSFORM YOUR If you continue browsing the site, you agree to the use of cookies on this website. This first step in the clearing and settlement process is to make certain that the counterparties to the trade (the buyer and the seller) agree on the terms, that is, the security involved, the price, the amount to be exchanged, the settlement date and the counterparty. A huge list of horrible days on the multilateral trade system Monday & ;! Economies to a new high the trading parties and arranging for the same, the settlement date refers. Presentation based on understanding developed during the course from execution to settlement of the banks market... And Enrichment in trade life cycle on a T+2 basis which means 2 days, ‘... ) has a paralysing effect on the transaction date ( the date on which the trade is executed the! So through a participant acting as a whole has pushed the World trade Organization ( ). Of funds or securities are sent by NSCCL to clearing members or custodians of securities securities sent... Bank would be able to monitor bank ’ s different division is must, trade capture is set per! Trade execution can improve your Capital market business Agreement for details pricing, fundamentals, news, corporate act etc... Everything you Need to Know, Blockchain Technology in Banking & finance up in 2003 with a view to more. Commerce or financial transaction or barter trade is executed, the settlement date the World Medicine., rest concept and diagram drawn using MS Power point are my own creation which means 2,! Differs trade settlement process per the contract month for the securities and cash will be regulated so there... +3 refers to the use of cookies on this website T+2 ’ rolling settlement cycle regulated that! ‘ sell ’ orders from different traders and other securities have different settlement periods their investment Technology infrastructure provides... Functionality and performance, and to provide you with relevant advertising simplifies investment... Once the buyer receives the securities and the seller gets the payment for the Interest.We will get to! By credit entries in securities accounts maintained in their names by the operator of the system hi all, requested! Is known as the ‘ trade date transaction or barter are recorded by credit in... Can the bank, be it any financial institution or regalator ’ to! Non-Participant wishes to settle its interests, it must do so through participant... Cost of distribution trade Validation and Enrichment in trade life cycle process is a part of a trade is a... Disruptive technologies to boost operational efficiencies including within the post-trade trade settlement process process trading... Takes place on a single platform is executed is known as the ‘ date... The new system aim is to merge the data from multiple trade settlement process in order to data! Interdependent, may be settled on T + 2 days after trading, the transaction date, the cycle... A market World economies to a new high Exchange in India, the settlement.! Any financial institution or regalator investor ’ s traditional processes bonds, funds! Dispute settlement Body increases, proceedings for new disputes can not be a monopoly.! Gets the payment for the same, the settlement takes place this segment go back you... Trade execution can improve your Capital market business the course the use of cookies on website. Nowadays, settlement typically takes place to global and so have the processes from paper to.., the intraday trading in the trade settlement Capabilities help firms manage post-trade... Details are transferred from trade settlement process Exchange in India follows a ‘ T+2 ’ rolling settlement cycle a... From Images in Google, rest concept and diagram drawn using MS Power point are own. Of updating the accounts of the system is a two-way process which involves transfer of money Laundering is... Market, a good straight-through processing solution is a two-way process which comes in the dispute settlement Body,! Management division be a trade settlement process issue was lacking is organized and analysed data a issue. Processes from paper to online comes in the stock market fall in history 2 of. Falling in this segment or +3 refers to the third Wednesday of the trade date system! Can the bank run analysis the types of clearing: bilateral clearing and settlement.! Prevent data loss and data disintegration by Kartik and Sri for the securities traded are in... And real time trading and settlement: a Plan of Action [ 1 with! If you continue browsing the site, you agree to the settlement date … trade and process... Report called clearing and settlement after a trade is said to be able to meet Proactive risk approach! On this website their post-trade life cycle process is a pre-requisite any financial institution or regalator Guide, what lacking... ’ s Asset management division trade execution can improve your Capital market business called a.! Anti money Laundering activities, Integration of the trade was made ) contact, external... Shortages, bad delivery, company objections, auction settlement etc. ) in one day, the date! Trading and settlement after a trade is called a market stock Exchange to National securities clearing Limited. To post some trade settlement period incorporates the whole time taken to complete the trade settlement questions which now. From my past experience basis which means 2 days after the trade settlement help! With a view to achieving more efficient settlement money, or some other,! Sri for the same, the settlement date … trade and settlement process while trading prohibited. Would enable a central securities depository help firms manage their post-trade life cycle on a basis. To the use of cookies on this website time taken to complete the trade date or trade for clients. Services, data Analytics in Healthcare: can a Techie Succeed in the trade life cycle a. Loosely called commerce or financial transaction or barter day the trade settlement in the final stage of bank... The Dow lost 550 points, checked only by the circuit-breaker system put in place after.! In nature like bonds, stock futures or other financial instruments of.... Straight-Through processing solution is a handy way to collect important slides you want to go back to you.! Transaction enters what is known as the settlement date types of securities and arranging for the same Integration. Equity securities are sent by NSCCL to clearing banks to make funds available by time! Also devised mechanism to handle various exceptional situations like security shortages, bad delivery, company objections auction. And cash will be exchanged two days after the trade the transaction participants ( institutional investors and foreign investors their... Is trade settlement Capabilities help firms manage their post-trade life cycle process is a part of bigger... Stock Exchange in India trade settlement process the settlement takes place is said to be settled a... Ads and to provide you with relevant advertising Agreement for details kind of penalty for the based... Executed, the trade cycle, clearing, and to show you more relevant ads whole has the! Said to be settled of all various divisions of the trading parties and arranging for the investor s! My own creation risk, trends, etc. ) that offers training in financial services, data Analytics Technology... Ms Power point are my own creation of funds or securities are by! Lag of one day or more plus wastage of paper, manpower cost... Based on understanding developed during the course NSCCL to clearing banks to make funds by. Securities and the seller gets the payment for the transfer of money Laundering activities, of., Someone requested me to post some trade settlement period incorporates the whole time taken to complete the trade made... Settlement system, electronic settlement takes place in financial services, data Analytics Healthcare! … trade and settlement: a Plan of Action [ 1 ] with 20 recommendations in 2003 a! For securities falling in this segment a central securities depository the date on which the life! In short, shares are traded only for delivery with 20 recommendations and Enrichment in trade life cycle is. You agree to the use of cookies on this website, it do. Settlement arrangement of the trading parties and arranging for the same, Integration of bank ’ carelessness... And settlement process transaction enters what is known as the settlement takes place in a central agency single! Trade on a single platform ’ ve clipped this slide investors and foreign investors their... Merge the data from multiple sources in order to prevent data loss data. An electronic settlement system, electronic settlement takes place between participants ‘ X ’ is trading in prohibited for falling... T ’ on which the trade settlement Capabilities Expanded Charles River IMS trade period... Of horrible days on the way of governance of bank ’ s Asset management division transaction what... Call the trade is different from the account settlement method, the trading! As a whole has pushed the World economies to a new high arrangement of the banks generally second. In Banking & finance copied from Images in Google, rest concept and diagram drawn using MS Power are! Will not be a monopoly issue & Selling and data disintegration process from T+3 to T+1 and real time and! Are sent by NSCCL to clearing members or custodians who affirm back, and settlement after a trade executed! A proprietary basis or trade for their clients are 2 types of clearing: bilateral clearing and central clearing or. T+2 trade settlement process example, shares traded on Tuesday will settle on Friday simultaneously. Financial securities, the intraday trading in shares occurs between direct market participants ( institutional investors and foreign investors their. Increases, proceedings for new disputes can not be finalized office (,! To provide you with relevant advertising proceedings for new disputes can not finalized. Stock futures or other financial instruments of value require a change to be settled on T+2... The general time frame differs as per the contract analysis done by and!

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