Please Do NOT distribute this presentation Systematic strategies Sphera Systematic presents: How to select an Algo-trading machine ? Evaluation from A to Z Buky Carmeli - CEO Buky@spherafund. com Cell: +972(54)930 -6157 / 21 Ha’arba’ah st. Tel Aviv, Israel 1 Sphera Systematic Strategies Management Ltd Systematic Trading – Where Technology Makes Your Profit
Please Do NOT distribute this presentation Systematic strategies Sphera Systematic presents: How to select an Algo-trading machine ? Evaluation from A to Z Buky Carmeli - CEO Buky@spherafund. com Cell: +972(54)930 -6157 / 21 Ha’arba’ah st. Tel Aviv, Israel 2 Sphera Systematic Strategies Management Ltd Systematic Trading – Where Technology Makes Your Profit 01
Please Do NOT distribute this presentation Systematic strategies In this presentation… Buky Carmeli - CEO Buky@spherafund. com Cell: +972(54)930 -6157 / 21 Ha’arba’ah st. Tel Aviv, Israel 3 Sphera Systematic Strategies Management Ltd Systematic Trading – Where Technology Makes Your Profit
Please Do NOT distribute this presentation In this presentation Systematic strategies o Glossary: “algo-trading”, “quantitative-trading” “systematic-trading”, does it really matter? o Algo-trading machine: disciplines challenges communicating with and multi- o “Black-box” evaluation of a given “algo-trading” machine o Sphera algo-trading innovation program o Conclusion Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 4 02
Please Do NOT distribute this presentation Systematic strategies About Sphera group Buky Carmeli - CEO Buky@spherafund. com Cell: +972(54)930 -6157 / 21 Ha’arba’ah st. Tel Aviv, Israel 5 Sphera Systematic Strategies Management Ltd Systematic Trading – Where Technology Makes Your Profit
Please Do NOT distribute this presentation About Sphera Systematic strategies o Over the past 11 years, Sphera increased its AUM, almost a year by year, from $70 M (2004) to $850 M (2015); Capital was raised from various investors, institutional, family offices & individuals (see graph) o Over the said period, Sphera performed significantly better than Tel. Aviv-100 companies index and MSCI World index (see graph below) $850 M o In 2013, one of our funds, Sphera Global in the Israeli ($500 M by now) o There are Hundreds of Millions of USDs Healthcare, market, seeking wasunique, solid. Bloomberg Capital™ alternatives; Sphera has a long for ranked by and stable financial as one of the top 25 mid-size hedge funds, to many institutional, family offices and individuals term access world wide o Our goal: Creating and marketing new investment vehicles: systematic -machine(s)-based fund(s) Sphera <space> bar now in order to You may hit the Systematic bar now. Management Ltdcontinue You may hit the<space> Strategies in order to read more Systematic Trading – Where Technology Makes Your Profit 6 03
Please Do NOT distribute this presentation Systematic strategies Glossary Buky Carmeli - CEO Buky@spherafund. com Cell: +972(54)930 -6157 / 21 Ha’arba’ah st. Tel Aviv, Israel 7 Sphera Systematic Strategies Management Ltd Systematic Trading – Where Technology Makes Your Profit
Please Do NOT distribute this presentation Glossary Systematic strategies o “Algo-trading” = “Algorithmic trading”; A trading machine that generates trading signals (i. e. , decisions: “buy”, “sell”, “short”, “cover”, “add more”, “reduce”, “drop” etc. ) based on a well predefined set of rules and criteria; In many cases, “algo-machine” means also that orders are sent, tracked and handled automatically (no middle man) o “Quant-trading” = “Quantitative trading”; An “algo” machine that generates its trading signals based on quantified parameters which in many cases are meaningless for traditional economics o “Systematic-trading” = all kinds and types of trading machines which generate their trading signals based on a well predefined set of rules and criteria; no discretionary decision is allowed ! Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 8 04
Please Do NOT distribute this presentation Systematic strategies f entals o undam F The algo-trading machines Buky Carmeli - CEO Buky@spherafund. com Cell: +972(54)930 -6157 / 21 Ha’arba’ah st. Tel Aviv, Israel 9 Sphera Systematic Strategies Management Ltd Systematic Trading – Where Technology Makes Your Profit
Please Do NOT distribute this presentation It’s all about a formula… Systematic strategies o An algo-machine can be described as a collection of formulas; For example, F 1 takes a set of input parameters and under certain conditions generates a trade signal … F 1(P 1, P 2, …. Pn) Buy o Where P 1, P 2, …. Pn are various independent input parameters; For example P 1=Price per share; P 2=Volume acceleration; P 3=High/Low… Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 10 05
Please Do NOT distribute this presentation It’s all about a formula… Systematic strategies o An algo-machine can be described as a collection of formulas; For example, F 1 takes a set of input parameters and under certain conditions generates a trade signal … P 1 P 2 P 3 F 1(P 1, P 2, …. Pn) F 2(P 1, P 2, …. Pn) Algo-trading F 3(P 1 machine n) , P 2, …. P F 4(P 1, P 2, …. Pn) Pn o … not that simple ! Buy Sell Short Cover Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 11 06
Please Do NOT distribute this presentation How to create a secret ? Systematic strategies o Historical data o Clean of errors and glitches o Clean of gaps in price and volume o Sufficient resolution o Cost of data o Independent parameters o As many as possible o Learning set and Training set o Define “learning” and “training” o Long enough but not too long o Steady state 10: 51 10: 52 10: 53 10: 54 10: 55 10: 56 10: 57 10: 58 10: 59 11: 00 11: 01 11: 02 11: 03 11: 04 11: 05 11: 06 11: 07 Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 24. 05 24. 07 24. 08 24. 06 24. 05 24. 03 24. 02 24. 04 23. 90 24. 08 24. 09 24. 10 24. 11 24. 13 24. 14 24. 13 24. 12 12 07
Please Do NOT distribute this presentation How to create a secret ? Systematic strategies o Historical data o Clean of errors and glitches o Clean of gaps in time, price or volume o Sufficient resolution o Cost of data o Independent parameters o As many as possible o Learning set and Training set o Define “learning” and “training” o Long enough but not too long o Steady state 10: 51 10: 52 10: 53 10: 55 10: 56 10: 57 10: 58 10: 59 11: 00 11: 01 11: 02 11: 03 11: 04 11: 05 11: 06 11: 07 11: 08 Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 24. 05 24. 07 24. 08 24. 05 24. 03 24. 02 24. 04 23. 90 24. 08 00. 00 24. 11 24. 13 24. 14 24. 13 24. 12 24. 11 13 07
Please Do NOT distribute this presentation How to create a secret ? Systematic strategies o Historical data o Clean of errors and glitches o Clean of gaps in time, price or volume o Sufficient resolution o Cost of data o Independent parameters o As many as possible o Learning set and Training set o Define “learning” and “training” o Long enough but not too long o Steady state 10: 51 10: 52 10: 53 10: 54 10: 55 10: 56 10: 57 10: 58 10: 59 11: 00 11: 02 11: 03 11: 04 11: 05 11: 06 11: 07 11: 08 Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 24. 05 24. 07 24. 08 24. 05 24. 03 24. 02 24. 04 24. 05 24. 06 24. 08 24. 10 24. 11 24. 13 24. 14 24. 13 24. 12 24. 11 14 07
Please Do NOT distribute this presentation How to create a secret ? Systematic strategies o Historical data o Clean of errors and glitches o Clean of gaps in time, price or volume o Sufficient resolution o Cost of data o Independent parameters o As many as possible o Learning set and Training set o Define “learning” and “training” o Long enough but not too long o Steady state 10: 51 10: 52 10: 53 10: 54 10: 55 10: 56 10: 57 10: 58 10: 59 11: 00 11: 02 11: 03 11: 04 11: 05 11: 06 11: 07 11: 08 Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 24. 05 24. 07 24. 08 24. 05 24. 03 24. 02 24. 04 24. 05 24. 06 24. 08 24. 10 24. 11 24. 13 24. 14 24. 13 24. 12 24. 11 15 07
Please Do NOT distribute this presentation How to create a secret ? Systematic strategies o Historical data o Clean of errors and glitches o Clean of gaps in time price or volume o Sufficient resolution o Cost of data o Independent parameters o As many as possible o Learning set and Training set o F 1(P 1, P 2, …. Pn) Define “learning” and “training” Action o Long enough but not too long Lack of parameters or relying on correlated parameters will yield destructive results ! o Steady state Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 16 07
Please Do NOT distribute this presentation How to create a secret ? Systematic strategies o Historical data o Clean of errors and glitches Learning o Clean of gaps in time price or volume o Sufficient resolution o Cost of data o Independent parameters o As many as possible o Learning set and Training set(s) Training o Define “learning” and “training” Develop your secret(s); findings; for statistical pattern(s) o Long enough. Check your. Searchlongyour secret formula but not too Test Always use data that has never been used (seen) before o Steady state Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 17 07
Please Do NOT distribute this presentation How to create a secret ? Systematic strategies o Historical data o Clean of errors and glitches L Learning T Training o Clean of gaps in time price or volume o Sufficient resolution o Cost of data o Independent parameters o As many as possible o Learning set and Training set(s) o Define “learning” and “training” o Long historical data (T >>> L) o Far history vs. near present o Over fitting Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 18 07
Please Do NOT distribute this presentation Go to market… Systematic strategies o Jump into cold water… market Get real time data from o Use broker in order to send & track orders Cost y ccurac A Delay ed Detail Market Data provider Cos Del t ay P 1, P 2, …Pn Algo machine Broker Buy, Sell, Short, Cover, Add, Reduce… Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 19 08
Please Do NOT distribute this presentation Go to market… Systematic strategies o The broker may divide the original order among various brokerage firms Broker Cost y ccurac A Delay ed Detail Broker Market Data provider Split rice Return p lity Availabi Algo machine P 1, P 2, …Pn Return price vs. Historical data Broker Buy, Sell, Short, Cover, Add, Reduce… You may hit the. Systematic Strategies Management Ltdcontinue Sphera <space> bar now in order to Systematic Trading – Where Technology Makes Your Profit 20 08
Please Do NOT distribute this presentation Go to market… Systematic strategies o Transparency? Please meet the “dark pool” technology Broker Cost y ccurac A Delay ed Detail Broker Market Data provider Cost one or every closed) Not f undis C-style ( OT P 1, P 2, …Pn Algo machine Broker Buy, Sell, Short, Cover, Add, Reduce… Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit Dark pool 21 08
Please Do NOT distribute this presentation Go to market… Systematic strategies o What do you mean by “market” ? Market Cost y ccurac A Delay ed Detail Market Data provider Market P 1, P 2, …Pn Algo machine Split rice Return p lity Availabi Market Broker Buy, Sell, Short, Cover, Add, Reduce… Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 22 08
Please Do NOT distribute this presentation Go to market… Systematic strategies o It’s not just about trading signals …. You need to know how to route your orders… Market Cost y ccurac A Delay ed Detail Market Broker Market Data provider Market P 1, P 2, …Pn Algo machine Broker Market Broker Execution algorithm Buy, Sell, Short, Cover, Add, Reduce… Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit Dark pool 23 08
Please Do NOT distribute this presentation Algo-machine performance Systematic strategies ROI vs. Investment ROI (%) • Commission • Extra payments • Indirect cost of operation Saturation Stabilization point • Split & Return price • % of filling • # of Opportunities Size of Investment 1 2 3 Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 24 09
Please Do NOT distribute this presentation Algo-machine performance Systematic strategies ROI vs. Investment ROI (%) • While area-1 is not profitable, area-3 is considered as “unstable area” • A stable algo-machine should “stay” in the “blue” area (the “working area”) Max. Investment Scalability Working area 1 2 Size of Investment 3 Sphera’s scope of interest: > $50 M Sphera’s investment policy: < 25% of AUM Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 25 09
Please Do NOT distribute this presentation Algo-machine performance Systematic strategies ROI vs. time ROI (%) ROI-Y Selected working point • If we work inside the “working area” we should be able to achieve a given ROI per a given investment; Well …. Investment-X Size of Investment 2 Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 26 09
Please Do NOT distribute this presentation Algo-machine performance Investment-X ROI vs. time ROI (%) ROI-Y Systematic strategies Market Algo machine Time • Observation: ROI decay over time • Explanation: The learning and training sets do not represent the current market situation • Solution: Built-in or external (forced) calibration Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 27 10
Please Do NOT distribute this presentation Another building block… Systematic strategies o It’s not just about trading signals …. You need to know how to route your orders… Market Cost y ccurac A Delay ed Detail Market Broker Market Data provider Market P 1, P 2, …Pn Algo machine Broker Market Broker Execution algorithm Calibration algorithm Buy, Sell, Short, Cover, Add, Reduce… Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit Dark pool 28 11
Please Do NOT distribute this presentation A full algo-machine Signals algorithm Generation of trading signals Execution algorithm Calibration algorithm Control of orders routing Decay detections & parametric calibration Allocation algorithm Budget allocation Systematic strategies Risk control algorithm Data collection system Recovery algorithm Leverage & hedging algorithm Collection of real time data Survival and recovery of orders Sphera Systematic Strategies in order to Ltd You may hit the <space> bar now. Management continue Systematic Trading – Where Technology Makes Your Profit 29 12
Please Do NOT distribute this presentation Systematic strategies Black-Box evaluation Buky Carmeli - CEO Buky@spherafund. com Cell: +972(54)930 -6157 / 21 Ha’arba’ah st. Tel Aviv, Israel 30 Sphera Systematic Strategies Management Ltd Systematic Trading – Where Technology Makes Your Profit
Please Do NOT distribute this presentation Black-box evaluation Systematic strategies o The challenge: evaluate future “behavior” of a given algotrading machine without using its secret formula… o The key data we need: log of real-money trades (easily provided by the brokerage firm) o Each log row describes a certain executed order: Date 05/11/11 Time 10: 33: 05 ABCD BUY $12. 05 Ticker Action Price 3000 Quantity $2. 50 Commission o Split orders will be reported in two separated rows: 05/11/11 Date 10: 33: 05 “ 10: 33: 06 05/11/11 Time ABCD BUY $12. 05 Ticker Action Price “ ABCD “ BUY $12. 07 Price 1800 Quantity $2. 50 Commission 1200 Quantity 0 Commission Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 31 13
Please Do NOT distribute this presentation Black-box evaluation o By report analysis, a trade-bytrade simulation, we can inspect critical parameters such as. . . Systematic strategies Date Time Ticker Action Price Quantity Commission Date Time Ticker Action Price Quantity Commission Date Time Ticker Action Price Quantity Commission Date Time Ticker Action Price Quantity Commission Date Time Ticker Action Price Quantity Commission Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 33 13
Please Do NOT distribute this presentation Black-box evaluation o By report analysis, a trade-bytrade simulation, we can inspect critical parameters such as. . . Maximum gain Winning trades, o Win/Lose ratio organized from max. gain to min. gain Systematic strategies Losing trades, organized from min. Maximum loss to max. loss # of L # of W Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 34 13
Please Do NOT distribute this presentation Black-box evaluation Systematic strategies o By report analysis, a trade-bytrade simulation, we can inspect critical parameters such as. . . o Win/Lose ratio 70% 70 % # of W # of L W area L area = > 1, < 2 >> 2 70% * W area 70% * L area >= 2 Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 35 13
Please Do NOT distribute this presentation Black-box evaluation o By report analysis, a trade-bytrade simulation, we can inspect critical parameters such as. . . o Budget utilization 70% Max. Investment 70% of trades 70 % o Win/Lose ratio Systematic strategies Investment Av. Investment o Leverage control Time Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 36 13
Please Do NOT distribute this presentation Black-box evaluation o By report analysis, a trade-bytrade simulation, we can inspect critical parameters PPS such as. . . Systematic strategies Av. Gain in $ o Win/Lose ratio o Budget utilization o Leverage control Volume Av. Loss in $ 70% o Price sensitivity 70% o Assets distribution Symbol Symbol 1 2 3 4 5 6 7 8 Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 13
Please Do NOT distribute this presentation Black-box evaluation o By report analysis, a trade-bytrade simulation, we can inspect critical parameters such as. . . Systematic strategies Investment Market Long Short o Win/Lose ratio Time o Budget utilization o Leverage control o Price sensitivity o Assets distribution o Exposure Level o Market correlation Trades 100% 50% Market Long Short Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit Time 38 13
Please Do NOT distribute this presentation Black-box evaluation Systematic strategies o By report analysis, a trade-bytrade simulation, we can inspect critical parameters such as. . . o Win/Lose ratio o Budget utilization ROI o Leverage control o Price sensitivity Window size o Assets distribution o Exposure Level o Market correlation 10% 50% 100% o Performance stability Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 39 13
Please Do NOT distribute this presentation Black-box evaluation o The main objective of the estimate how wide is the maximum investment point this “blue line” moves from the “saturation point” Systematic strategies black box evaluation is to “blue” area, how “far” the is “located”, and how slow the “stability point” down to Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 40 14
Please Do NOT distribute this presentation Systematic strategies SSIP Sphera Systematic Innovation Program Buky Carmeli - CEO Buky@spherafund. com Cell: +972(54)930 -6157 / 21 Ha’arba’ah st. Tel Aviv, Israel 41 Sphera Systematic Strategies Management Ltd Systematic Trading – Where Technology Makes Your Profit
Please Do NOT distribute this presentation SSIP Systematic strategies Sphera Systematic Innovation Program • Sphera group is focusing on managing of hedge funds and financial products; NOT in developing of algo-trading machines • We are NOT a Venture Capital (VC) fund; Sphera Systematic is NOT willing to take any managerial position in any algo-trading venture; We have NO intention to invest in the algo-trading venture or take any kind of holdings of ownership • We are NOT interested in exploring the inside secrets or IP of the algo-trading machine • We ask for no exclusivity T… NO are e W Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 42 15
Please Do NOT distribute this presentation SSIP Systematic strategies Sphera Systematic Innovation Program • We are seeking for good financial products, i. e. , algotrading machines, that meet the following requirements: § Operational time: >= 12 months § Av. actual exposure: > $500 M @ Leverage < 1. 5 § Budget utilization: > 70% @ 80% of time § Potential capacity: > $50 M (potential or actual) § Potential Annual ROI : >= 8% - 10% @ $50 M § Max. monthly Draw-down: <= 4% § Av. monthly Draw-down: <= 2% § Win/Lose trades ratio: > 1, < 2 § Gain/Loss trades ratio: >> 2, > 2 @ 70% of trades § Best trade/Worst trade: > 3 Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 43 16
Please Do NOT distribute this presentation SSIP Systematic strategies Sphera Systematic Innovation Program • • • • • Investment committee Software tools doc Investment NDA Sign Due mutualmanager Diligence Add small amount Simulate trade by trade Fund manager Protect entrepreneur’s Questionnaire Analyze IPs etc. actual Best execution secrets, Hundreds of questions performance Cross Trading Persistency Reporting Consistency … more Sphera systematic NDA DDQ Report analysis Wet test Fund agreement Go… Sphera group Not less than 6 months Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 44 17
Please Do NOT distribute this presentation Systematic strategies Conclusion Buky Carmeli - CEO Buky@spherafund. com Cell: +972(54)930 -6157 / 21 Ha’arba’ah st. Tel Aviv, Israel 45 Sphera Systematic Strategies Management Ltd Systematic Trading – Where Technology Makes Your Profit
Please Do NOT distribute this presentation Conclusion Systematic strategies o “Algo-machine” is a very complicated machine; It requires deep understanding in wide range of areas: mathematics, statistics, computing, engineering, capital market structure, trading mechanism … and we didn’t mention yet funds raising, fund management and more; The founder must reflect strong personality o The “algo-trading” technology is NOT a replacement to traditional trading style; Its another way to utilize the modern technology in order to enhance the capital market liquidity and create more trading opportunities o Sphera group, the largest Israeli HF management group, will announce its first systematic-based financial product within a few months; Some building block of this product are Israeli ventures that have been explored over the past 6 -7 months Sphera <space> bar now in order to You may hit the. Systematic Strategies Management Ltdcontinue Systematic Trading – Where Technology Makes Your Profit 46 18
Please Do NOT distribute this presentation u o y k n a h T תודה למערכת "אנשים ומחשבים" ולבורסה לניירות ערך על שנרתמו לארגן את כנס האלגו-טריידינג הראשון בישראל; תודה מיוחדת ואישית בשם קבוצת "ספרה" לפלי הנמר, לנטלי, ליהודה ולטולי שפעלה במרץ וללא לאות לקיום כנס זה Buky Carmeli - CEO Buky@spherafund. com Cell: +972(54)930 -6157 / 21 Ha’arba’ah st. Tel Aviv, Israel 74
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