{"product_id":"macquarie-five-forces-analysis","title":"Macquarie Bank Porter's Five Forces Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eA Must-Have Tool for Decision-Makers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eMacquarie Bank faces diverse competitive pressures—from concentrated client bargaining and strong regulatory oversight to nimble fintech substitutes and moderate entry barriers—shaping its strategic choices and profitability; this snapshot highlights key dynamics but only scratches the surface. Unlock the full Porter's Five Forces Analysis to explore force-by-force ratings, visuals, and actionable insights to guide smarter investment and strategic decisions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eS\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003euppliers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eAccess to Global Wholesale Funding Markets\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe cost of capital is a key supplier input for Macquarie Group, set by global credit markets and interest rates; Macquarie’s average funding cost rose to about 2.6% in H2 2025 versus 1.9% in 2022, reflecting tighter markets. As of late 2025 the group uses diversified sources—wholesale term debt, securitisations, and deposits—holding A$98bn in liquidity buffers to support lending and investment. A one-notch credit-rating move or a global liquidity squeeze could sharply increase funding spreads, shifting bargaining power toward debt providers and institutional investors.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCompetition for Specialized Financial Talent\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eHighly skilled professionals in investment banking, asset management, and green energy transition form critical human capital for Macquarie, pushing wage bills up: Macquarie reported 2024 staff expenses of A$3.6bn, reflecting competition with global banks and private equity.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDependence on Technology and Cloud Infrastructure\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAs a digital-forward bank, Macquarie depends on a few dominant cloud providers and core finance software vendors, creating high supplier power because switching costs can exceed tens of millions and risk months of downtime.\u003c\/p\u003e\n\u003cp\u003eOperational continuity ties Macquarie to these vendors; for example, global hyperscalers held ~70% cloud IaaS market share in 2024, concentrating leverage.\u003c\/p\u003e\n\u003cp\u003eBy 2025, adoption of advanced AI models further centralises power among specialist providers who control proprietary models and data integrations.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eCentral Bank Policy and Regulatory Requirements\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eCentral banks supply liquidity and set capital rules; Macquarie felt this when the RBA\/Reserve Bank of Australia tightened policy in 2023–2024, raising wholesale funding costs and squeezing net interest margins by ~15–25bps for Australian banks.\u003c\/p\u003e\n\u003cp\u003eBasel III endgame rules (2019–2025 rollout) lifted CET1 and leverage buffers; Macquarie’s CET1 target rose to ~11.5% by 2025, increasing capital costs and reducing ROE.\u003c\/p\u003e\n\u003cp\u003eCompliance is mandatory, so regulators act like suppliers of constrained resources, forcing capital allocation shifts, higher funding costs, and lower transactional flexibility for Macquarie.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eRBA tightening 2023–24: +15–25bps NIM impact\u003c\/li\u003e\n\u003cli\u003eMacquarie CET1 target ~11.5% (2025)\u003c\/li\u003e\n\u003cli\u003eBasel III: higher capital\/funding costs\u003c\/li\u003e\n\u003cli\u003eRegulators control liquidity, so nondiscretionary influence\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eMarket Data and Information Service Providers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eFinancial market data providers (eg, Refinitiv, Bloomberg, S\u0026amp;P Global) are essential for Macquarie’s trading, research and advisory units; in 2024 global market data revenues reached ~US$32bn, concentrated among a few firms, giving them pricing power.\u003c\/p\u003e\n\u003cp\u003eMacquarie’s reliance on low-latency feeds and analytics makes negotiating lower fees hard without sacrificing execution quality or real-time intelligence; vendor switching risks latency loss and regulatory gaps.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eConcentrated supplier market: top 3 vendors \u0026gt;60% revenue share (2024)\u003c\/li\u003e\n\u003cli\u003eGlobal market-data market ~US$32bn (2024)\u003c\/li\u003e\n\u003cli\u003eHigh switching cost: integration, latency, compliance\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Suppliers-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSuppliers squeeze Macquarie via rising funding, staff, cloud costs and stricter capital\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSuppliers—funding markets, skilled staff, cloud and market-data vendors, and regulators—hold moderate-to-high bargaining power over Macquarie by raising funding costs (average funding ~2.6% H2 2025), staff expenses (A$3.6bn in 2024), concentrated cloud\/vendor shares (~70% top hyperscalers) and mandatory capital rules (CET1 target ~11.5% in 2025), making cost increases and switching costly.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eSupplier\u003c\/th\u003e\n\u003cth\u003eKey 2024–25 metric\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eFunding\u003c\/td\u003e\n\u003ctd\u003eFunding cost ~2.6% (H2 2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eStaff\u003c\/td\u003e\n\u003ctd\u003eStaff expense A$3.6bn (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCloud\u003c\/td\u003e\n\u003ctd\u003eTop hyperscalers ~70% IaaS (2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCapital rules\u003c\/td\u003e\n\u003ctd\u003eCET1 target ~11.5% (2025)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eTailored exclusively for Macquarie Bank, this Porter's Five Forces analysis uncovers key drivers of competition, customer and supplier influence, market entry risks, and disruptive threats shaping its profitability and strategic positioning.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eA concise, one-sheet Porter's Five Forces snapshot for Macquarie Bank—instantly highlights competitive pressures and strategic levers for boardroom-ready decisions.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eC\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eustomers Bargaining Power\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eSophistication of Institutional and Corporate Clients\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eMacquarie’s institutional and corporate clients hold strong bargaining power because mandates often exceed $1bn and clients can choose among \u0026gt;20 global service providers, forcing competitive pricing and bespoke terms.\u003c\/p\u003e\n\u003cp\u003eClients demand tailored solutions and performance; Macquarie must innovate—its 2024 asset management fee compression averaged 15%—to keep mandates.\u003c\/p\u003e\n\u003cp\u003eHigh financial literacy lets buyers negotiate aggressively on advisory and management contracts, increasing pressure on margins and contract terms.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLow Switching Costs in Retail Banking\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eIn Australian retail banking, low switching costs—driven by open banking adoption and automated switching tools—let customers move deposits and loans quickly; by Dec 2025 open banking API transactions exceeded 120 million annually, easing comparisons and transfers. This trend pressures Macquarie Bank to keep net interest margins competitive—its 2024 domestic NIM was ~1.45%—and sustain service quality to prevent churn as customers chase higher rates and fees savings.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eDemand for ESG and Sustainable Investment Products\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eBy 2025, 72% of institutional investors and 58% of retail investors globally say they’ll reallocate capital for stronger ESG credentials; Macquarie Asset Management must match this or face outflows to greener rivals. Fund flows show ESG-labeled ETFs drew US$220bn in 2024, so customers can force Macquarie to shift portfolio weightings, divest certain sectors, and raise ESG reporting standards. Their capital choices thus directly shape Macquarie’s investment strategy and corporate behavior.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTransparency in Financial Product Pricing\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eTransparency in pricing—fueled by digital comparison tools and fee-disclosure rules—has cut information asymmetry between Macquarie Bank and clients, forcing clearer links between fees and outcomes; Morningstar and ASIC-style disclosures mean investors can compare fees and 3- and 5-year returns across peers within minutes.\u003c\/p\u003e\n\u003cp\u003eThis visibility limits Macquarie’s premium-pricing power unless it offers materially higher net-of-fee returns, exclusive market access, or demonstrable risk-adjusted alpha; funds charging \u0026gt;100 bps face tougher scrutiny versus industry median ~60–70 bps (2024 asset manager data).\u003c\/p\u003e\n\u003cp class=\"lst_crct\"\u003e\u003c\/p\u003e\n\u003cli\u003eDigital comparison tools: faster fee\/performance checks\u003c\/li\u003e\n\u003cli\u003eRegulatory fee disclosure: lowers info asymmetry\u003c\/li\u003e\n\u003cli\u003ePremium pricing sustainable only with clear alpha\u003c\/li\u003e\n\u003cli\u003eIndustry median fees ~60–70 bps (2024)\u003c\/li\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eConcentration of Large Infrastructure Partners\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eMacquarie’s work on large infrastructure deals often centers on a few government or corporate partners that control procurement and financing, giving them strong leverage over terms and risk sharing.\u003c\/p\u003e\n\u003cp\u003eThese partners can insist on lower margins, bespoke covenant terms, or government-backed guarantees; losing one major partner can cut Macquarie’s pipeline—Macquarie reported A$237bn of assets under management in 2025, with infrastructure a material share.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eFew buyers = high bargaining power\u003c\/li\u003e\n\u003cli\u003eCan force favorable financing or risk splits\u003c\/li\u003e\n\u003cli\u003eSingle-partner loss disrupts pipeline\u003c\/li\u003e\n\u003cli\u003eMacquarie AUM A$237bn (2025)\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/5FORCES-Content-Customers-Cart-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInstitutions' ESG-led bargaining slashes fees—Macquarie’s A$237bn pipeline at risk\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eInstitutional clients and project partners wield strong bargaining power—mandates often \u0026gt;$1bn, \u0026gt;20 global rivals, and 72% of institutions set ESG-driven reallocation rules—forcing fee cuts (asset-manager median 60–70 bps in 2024) and bespoke terms; Macquarie AUM A$237bn (2025) raises stakes as losing a major partner can hit its infrastructure pipeline.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eMacquarie AUM (2025)\u003c\/td\u003e\n\u003ctd\u003eA$237bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMandate size\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;A$1bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAsset mgr median fee (2024)\u003c\/td\u003e\n\u003ctd\u003e60–70 bps\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eInstitutions shifting for ESG (2025)\u003c\/td\u003e\n\u003ctd\u003e72%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eFull Version Awaits\u003c\/span\u003e\u003cbr\u003eMacquarie Bank Porter's Five Forces Analysis\u003c\/h2\u003e\n\u003cp\u003eThis preview shows the exact Macquarie Bank Porter's Five Forces analysis you'll receive immediately after purchase—no surprises, no placeholders.\u003c\/p\u003e\n\u003cp\u003eThe document displayed is the same professionally written, fully formatted file you'll be able to download and use the moment you buy.\u003c\/p\u003e\n\u003cp\u003eNo mockups or samples: this is the complete, ready-to-use analysis you will get instantly after payment.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"MatrixBCG","offers":[{"title":"Default Title","offer_id":56746715316601,"sku":"macquarie-five-forces-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/macquarie-five-forces-analysis.png?v=1772191216","url":"https:\/\/matrixbcg.com\/products\/macquarie-five-forces-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}