{"product_id":"snb-five-forces-analysis","title":"Schweizerische Nationalbank 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\u003eDon't Miss the Bigger Picture\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eSchweizerische Nationalbank operates within a tightly regulated, low-margin banking ecosystem where buyer power and regulatory pressure shape strategic choices, while barriers to entry and substitute financial technologies gradually shift competitive dynamics.\u003c\/p\u003e\n\u003cp\u003eThis brief snapshot only scratches the surface. Unlock the full Porter's Five Forces Analysis to explore Schweizerische Nationalbank’s competitive dynamics, market pressures, and strategic advantages in detail.\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\u003eSpecialized Human Capital and Economic Expertise\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe SNB depends on PhD economists, financial analysts, and data scientists for core monetary research, and faces wage pressure as global banks and IMF\/ECB recruit similar profiles; in 2024 Swiss median salary for senior economists hit ~CHF 160k and top data scientists often exceed CHF 180k, so by late 2025 this specialized labor gives suppliers strong bargaining power requiring competitive pay and retention bonuses to avoid talent loss.\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\u003eTechnology and Cybersecurity Infrastructure Providers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe SNB runs the Swiss Interbank Clearing system and relies on niche tech vendors for secure, high-speed payments; switching costs exceed CHF hundreds of millions and could disrupt liquidity, giving suppliers strong leverage.\u003c\/p\u003e\n\u003cp\u003eOngoing cybersecurity partnerships are essential: in 2024 Switzerland reported a 21% rise in financial-sector cyber incidents, so elite vendors with rare sovereign-data skills command premium contracts and influence.\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\u003eGold and Foreign Exchange Market Liquidity\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eTo manage CHF 800+ billion in foreign reserves (Dec 2025 IMF data) and about 1,040 tonnes of gold (SNB 2024 report), the SNB trades with global bullion dealers and major central banks; it is a large participant but a price taker in deep FX and gold markets.\u003c\/p\u003e\n\u003cp\u003eGlobal liquidity, driven by supply from miners, ETF flows (e.g., 2024 global gold ETFs +120 t) and FX order books, sets prices and limits SNB’s ability to impose bespoke terms on counterparties.\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\u003ePhysical Banknote Production and Security Features\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe SNB depends on a handful of specialized suppliers for security paper, high-security inks, and anti-counterfeit tech; global market estimates show fewer than 10 major firms dominate these niches as of 2025, giving suppliers measurable leverage.\u003c\/p\u003e\n\u003cp\u003eSupply-chain disruption would directly affect SNB’s ability to issue cash—Switzerland held CHF 83.5 billion in banknotes in circulation at end‑2024—so timely procurement is critical.\u003c\/p\u003e\n\u003cp\u003eLimited alternative manufacturers and long qualification cycles (often 12–24 months) increase supplier bargaining power and procurement risk for the SNB.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eFewer than 10 global high-security suppliers (2025)\u003c\/li\u003e\n\u003cli\u003eCHF 83.5bn banknotes in circulation (end‑2024)\u003c\/li\u003e\n\u003cli\u003eQualification lead time: 12–24 months\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\u003eEnergy Requirements for Data Centers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eThe SNB’s energy-intensive data centers and offices are critical to Swiss financial stability, consuming an estimated 50–80 GWh annually (industry estimate) and making operational costs sensitive to European wholesale price swings through 2025; this gives utility providers moderate bargaining power over the SNB’s OPEX.\u003c\/p\u003e\n\u003cp\u003eAlthough the SNB can cut exposure via energy-efficiency upgrades and on-site renewables, it remains reliant on the national grid for the 24\/7 reliability required for clearing and settlement, limiting supplier substitution.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eEstimated annual consumption 50–80 GWh\u003c\/li\u003e\n\u003cli\u003eEuropean wholesale price volatility through 2025 raises OPEX\u003c\/li\u003e\n\u003cli\u003eModerate supplier power due to grid dependence\u003c\/li\u003e\n\u003cli\u003eEfficiency and renewables mitigate but don’t eliminate risk\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 dominate: scarce security vendors, costly talent, CHF83.5bn cash, high switching costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eSuppliers hold strong power: specialized talent (senior economist median CHF160k in 2024), \u003cbr\u003efewer than 10 security-paper vendors, 12–24 month qualification, CHF83.5bn cash in circulation (end‑2024), and niche cyber\/payment vendors with high switching costs; utilities exert moderate power (50–80 GWh\/yr). \u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eItem\u003c\/th\u003e\n\u003cth\u003e2024–25\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eSenior economist pay\u003c\/td\u003e\n\u003ctd\u003e~CHF160k\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBanknotes\u003c\/td\u003e\n\u003ctd\u003eCHF83.5bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSecurity vendors\u003c\/td\u003e\n\u003ctd\u003e\u0026lt;10 firms\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eData center use\u003c\/td\u003e\n\u003ctd\u003e50–80 GWh\/yr\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 Porter's Five Forces analysis for Schweizerische Nationalbank highlighting competitive pressures from domestic and international financial institutions, bargaining dynamics with depositors and counterparties, threat of regulatory and technological substitutes, and barriers that sustain central bank incumbency.\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\u003eClear one-sheet Porter's Five Forces for the Schweizerische Nationalbank—quickly assess competitive pressures on monetary policy, interbank dynamics, and currency stability for faster, board-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\u003eCommercial Banks and Financial Intermediaries\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eDomestic commercial banks like UBS and Credit Suisse are primary customers for SNB liquidity facilities and sight deposits; in 2024 Swiss sight deposits at the SNB averaged about CHF 420 billion, so banks’ behaviour strongly shapes monetary transmission.\u003c\/p\u003e\n\u003cp\u003eIf banks with large market shares don’t pass on policy rates, SNB price-stability goals weaken; empirical 2023–24 pass-through estimates for Switzerland showed only ~60–75% transmission to retail lending rates within 12 months, raising policy friction.\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\u003eThe Swiss Federal Government and Cantons\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eThe Swiss Confederation and the Cantons are unique SNB customers, relying on it for banking services and the distribution of annual profits—SNB paid CHF 3.5 billion to the Confederation and CHF 3.1 billion to cantons in 2024. Their leverage stems from the legal and political framework that defines profit-distribution agreements and oversight. Political pressure for higher dividends creates tension, forcing the SNB to balance its price-stability mandate with fiscal expectations. If pressure rises, the SNB may face credibility and independence risks.\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\u003eThe General Public and Cash Users\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eThe Swiss public and cash users exert meaningful bargaining power as primary end-users of physical banknotes, with cash still used in about 60% of point-of-sale transactions in 2024 according to Swiss National Bank data. Public confidence in the Swiss franc underpins its value and the SNB’s ability to manage money supply and inflation targeting (CPI 2024: 1.4%). If trust erodes and currency preference shifts to foreign currency or crypto, capital flight and rapid cash hoarding could destabilize monetary policy and financial stability.\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\u003eInstitutional Investors and Global Safe Haven Seekers\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cpglobal investors holding chf assets wield strong bargaining power their mass flows in crises lift the franc forcing snb to counteract avoid overvaluation. safe-haven demand drove up vs eur and fx reserves rose by end-2024 reflecting interventions. regularly buys foreign eases policy dampen strength competing directly with global capital allocators.\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eSafe-haven inflows: ~7% franc rise vs EUR (2022)\u003c\/li\u003e\n\u003cli\u003eSNB FX reserves: CHF 971bn (end-2024)\u003c\/li\u003e\n\u003cli\u003eIntervention tool: foreign asset purchases, policy easing\u003c\/li\u003e\n\u003cli\u003eResult: persistent pressure to prevent overvaluation\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/pglobal\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\u003eInternational Organizations and Foreign Central Banks\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eThe SNB serves ~80 foreign central banks and international orgs holding Swiss franc reserves; their need for immediate liquidity and capital preservation makes them highly price- and service-sensitive, since a coordinated shift would affect SNB reserves and FX interventions.\u003c\/p\u003e\n\u003cp\u003eIn 2025 SNB sight deposits from non-residents exceeded CHF 200bn, so maintaining price stability, settlement security, and transparent reserve reporting is critical to retain these institutional customers.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003e~80 institutional customers\u003c\/li\u003e\n\u003cli\u003eNon-resident sight deposits \u0026gt;CHF 200bn (2025)\u003c\/li\u003e\n\u003cli\u003eHigh liquidity\/security demands\u003c\/li\u003e\n\u003cli\u003eCollective divestment moves SNB balance sheet\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\u003eConcentrated deposits and FX reserves force SNB interventions to defend price stability\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eBanks, public, cantons, global investors and ~80 foreign central banks exert strong bargaining power over the SNB via sight deposits (Swiss banks’ sight deposits ~CHF 420bn in 2024; non-resident sight deposits \u0026gt;CHF 200bn in 2025), FX reserves (CHF 971bn end‑2024), and cash usage (~60% POS cash 2024); these concentrations force SNB interventions to protect price stability (CPI 2024: 1.4%) and independence.\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\u003eBanks’ sight deposits (2024)\u003c\/td\u003e\n\u003ctd\u003eCHF 420bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNon-resident sight deposits (2025)\u003c\/td\u003e\n\u003ctd\u003e\u0026gt;CHF 200bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFX reserves (end‑2024)\u003c\/td\u003e\n\u003ctd\u003eCHF 971bn\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCash POS use (2024)\u003c\/td\u003e\n\u003ctd\u003e~60%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eCPI (2024)\u003c\/td\u003e\n\u003ctd\u003e1.4%\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;\"\u003eWhat You See Is What You Get\u003c\/span\u003e\u003cbr\u003eSchweizerische Nationalbank Porter's Five Forces Analysis\u003c\/h2\u003e\n\u003cp\u003eThis preview shows the exact Schweizerische Nationalbank Porter's Five Forces analysis you'll receive after purchase—no placeholders, no mockups. The document displayed is fully formatted, professionally written, and ready for immediate use. Once you complete your purchase, you’ll get instant access to this same file for download and application. What you see is what you get.\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":56746848256377,"sku":"snb-five-forces-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0911\/3554\/1625\/files\/snb-five-forces-analysis.png?v=1772192430","url":"https:\/\/matrixbcg.com\/products\/snb-five-forces-analysis","provider":"MatrixBCG","version":"1.0","type":"link"}