Hello, everyone, and welcome to this exciting session where we're going to talk about everything new in Windows Server 2025. And what we're going to talk about here is all the incremental improvements and differences between what you know in Windows Server 2022 today and to what's in the next release. So my name is Elden Christensen, I'm leading the Windows Server 2025 release. So in this, we're going to talk about some new innovation coming around hot patching. We're going to talk about Active Directory, Storage, Hyper-V, Networking, Containers, File Services. We're going to cover the full gamut of everything in Windows Server. Alright, so let's start out by talking about hot patching. Hot patching allows you to install security patches without a reboot. So today, as you know, every patch Tuesday, we release patches for your Windows systems. And what hot patching allows you to do is to apply those updates without requiring a reboot. This is accomplished by modifying the in-memory code and we don't actually have to restart the process.  And this is one of those kind of features that really gets customers excited. And so we actually introduced hot patching first with just the Azure Edition in Windows Server 2022. The really exciting thing in Windows Server 25 is that we're bringing hot patching to be available on every edition of Windows Server. So running on top of VMware, running on Hyper-V, running in any other cloud that you want to run it to, AWS, you can do that. It can be running on physical, on your physical hardware.  Absolutely do that now. Through Arc Enablement, so you can Arc Enable your Windows Server standard or data center edition. So Windows Server 25 and apply hot patching. It's available as a monthly subscription. And then again, and then it will also be available in Azure Edition as it has been at no additional cost when you're running Azure Edition on top of Azure or Azure IaaS or on top of Azure Stack HCI. So what is this hot patching? How does this kind of work?  So as you're all aware, like we have our regular servicing, our patch Tuesday updates. They're available, you know, the second Tuesday of every month, you know, so every month we release these updates. They include security and quality updates and then you apply them, reboot your server and you kind of get into this monthly rhythm. If you would like to, there will be a new option with 25 to basically opt into hot patch servicing. And so basically what will happen here is that if you can then opt in and then you can get on effectively call it like the hot patching train. And so when you're hot patching, then you will, you will do the baseline to call it January. And then when you go to patch for February, you just take a hot patch so it doesn't require reboot. And then March would be a hot patch again, no reboot. And then and then in April again, so it would be, you know, once a quarter, we do what's called the baseline and the baseline would be applying the normal patch Tuesday updates. So then that would require reboot. So this gets you from monthly updates to basically quarterly updates. So you're going to take four updates, four reboots a year opposed to 12 reboots a year. So that's kind of the value prop and differences. And so that just kind of continues, right? So you'll basically go baseline, then hot patch, hot patch baseline, hot patch, hot patch baseline. And we're focused on the security updates. And there's some dot net right now is not hot patchable. So there's some things which aren't hot patchable, but we're just getting started on this and we are innovating. We are growing. We are expanding. So you should see hot patching is just going to get more and more exciting. So let me give you another example. So one thing is just not rebooting is is interesting in itself and not taking downtime. But let's talk about we had some kind of really success story with how Xbox has been using hot patching. So, you know, obviously, Xbox is is huge and just kind of as an example, they did a little rollout on a subset of systems with 1000 servers running 18 different services, a whole bunch of different workloads. Before hot patching, it took them three weeks to roll out hot patches across the across all the different and required downtime. And they had to do that 12 outages a year. So they had the schedule maintenance and it took them three weeks to roll out every one. Now with hot patching, they did all 1000 servers and patched them with critical security updates and under 48 hours. So the other thing is that not only are hot patches not require a reboot, the important thing I want to point out here is that they are also much faster to install because they're just modifying in memory code. And so it's actually a very, very fast install. And so that's the other thing is that one, you don't take a reboot. And secondly, if you do want to schedule a maintenance window, it'll be very fast and very short and you can very quickly get your fleet updated when you get like a critical security update and you need to get it rolled out. So that's hot patching. Now, let's talk about what's new in Active Directory. So first off, there's a ton of security improvements in Active Directory in Windows Server 2025. There's, you know, support for TLS 1.3. There's a bunch of new encryption enhancements. There's, we're, you know, setting decryptions by default. And so there's just a whole bunch of security improvements. So one of the things is that you should think about is that if you're a heavy AD user, getting to 25 is going to provide a lot of value in getting you to the most get current and get secure. Another thing we have in 25 is that we've also expanded from a scalability perspective to have a 32K page sizes. So on a domain controller in the past, we had 8K pages, right? And so that limited the kind of from a scalability perspective, how large these could be. So now with Windows Server 25, we now support 32K page sizes, which significantly increases the amount of data that we can hold on individual in scalability for Active Directory. Now this does require a functional level update, and I want to talk about that in a little bit here. Another improvement that we've done around kind of perf and scale for Active Directory is it's now NUMA Aware. And so that's going to also take advantage of all the CPUs and really help Active Directory be more scalable on your domain controller. So again, getting to Server 25 is going to bring you a lot of security. It's going to bring you scalability improvements. It's going to bring you not only in NUMA Awareness and taking advantage of all those CPU cores, but it's also going to also bring the increased page sizes. Another change in Active Directory is that we're going to have a priority boost. So imagine you deploy a new domain controller and you want that to synchronize faster. Maybe you're on site, you're deploying the domain controller, and you are not going to get back on a plane and fly home or drive back home from that remote facility or remote branch office until you know everything's synchronized and looking good. So you can actually go and set a prioritization boost to an individual specific link that's going to help it synchronize faster. And so I talked about we are going to have a new functional level, so both a new domain functional level and a new forest level, and these will be required for these new features like being able to move from 8K sizes to 32. And actually we will, even if you introduce a Windows Server 25 domain controller, it will operate in the down level functional level. Obviously it's how domain functional levels have worked historically. So it will operate in a down level functional level, and then you can then update it once you get them all to the Windows Server 25 state, then the new features will unlock. So another thing I want to talk about is just kind of on our path to deprecate NTLM. We have a bunch of improvements. So this is an Active Directory specific, but this is just kind of related. So with Active Directory, one of the big key things you get is being able to do Kerberos authentication. Now for local accounts, historically that's used NTLM. So now we have the Kerberos key distribution service is now built into Windows. So we call that local KDC. So we have a local KDC that will authenticate local users. So we're no longer using NTLM. We'll now do Kerberos authentication for local user accounts. And then we have IA Kerberos, which is just we're doing Kerberos authentication negotiation across many more scenarios. And so you're going to see far fewer instances where we're really kind of working to remove NTLM dependencies throughout the stack and being able to modernize and be more secure on Kerberos. All right, so let's talk about storage. So one huge improvement we have in Windows Server 25 is around optimizing NVMe. And so this will really accelerate your mission critical workloads. It's going to improve performance, lower your CPUs, and you don't have to do anything. You just upgrade to Windows Server 25. You're going to get this new optimized NVMe driver. And you're going to notice that your hardware is going to operate significantly faster in your app. So let's just take a look at what this looks like. So if I do a little demo here, and on the left, you see I've got Windows Server 2022 and it's got 1.1 million IOPS. So that's what we did. We just ran a disc speed test. And on the right, you're going to see that we're getting significantly better performance. So all we did was we took the same hardware. We had Windows Server 2022 on it, we ran disc speed, then we put Server 25 on it, we ran disc speed. And you can see that we got a 70% performance improvement through these optimizations we've made in the storage stack. So this is just a crude value that should excite you that if NVMe is important to everyone these days, that you're going to want to get to Windows Server 25 to get these storage improvements. There's also a bunch of value that Windows Server 25 accrues value. So from Azure Stack HCI and other things. So we build actually features into, so Windows, it's a common kernel which is shared across many different products that we ship. So for Azure Stack HCI, you see features is on a faster release cadence, right? They're in an annual release cadence where we would ship features such as our EFS, you know, optimized Ddupe and compression, which is really good for like active workloads. The old Ddupe we had for was really good for static data. So great for like file servers, but not so good for like active running workloads like virtual machines. So we had a new Ddupe which showed up first in Azure Stack HCI because it's an annual release cadence and Windows Server is on a every two to three years release cadence for an LTSC release. And so eventually every when those LTSC we scoop up all that value and ship it through Windows Server.  We introduced compression now across all the different additions of Windows Server. And then we introduced for an Azure Stack HCI, you probably saw thinly provisioned spaces show up first, stretch cluster support of storage spaces. And now that's all accruing into Windows Server 2025. All right. Speaking of clustering, let's talk a little bit about clustering. So some changes in clustering for Server 25. So one, we make a bunch of reliability and performance improvements for cluster where updating cluster where updating is the orchestration tool that you can use to apply updates across all the nodes in your cluster. One of the things we've done is that now cluster we're updating will actually do OS upgrades. So you can actually cluster we're updating. So now I'm going to talk about a little bit. We have the ability to update Windows Server through Windows Update. That's a completely new thing. You're probably used to it on your Windows 11 devices. You just go into Windows Update. It says, Hey, there's a new version of Windows available. Do you want to upgrade and you just hit upgrade? It pulls it down over the internet. It reboots and then boom, you're up and running on the new version. We have brought all that simplicity to Windows Server 25. And you can orchestrate that on a cluster through cluster where updating. So in cluster where updating, you can say go upgrade the OS on my nodes. It will go through Windows Update, pull down the OS update. It will it will pause the node, drain the VMs. It will apply the OS update. It will reboot the node and it will roll through all the nodes. And at the end, you just need to, once you've verified everything's up and running, you just update the cluster function level. So that's wonderful. And so workgroup clusters is another thing. So we introduced workgroup clusters a couple of releases ago. Was it 16, 19? And that's ability for clusters to work without being joined to a domain, to an active directory domain. But one of the things that didn't work was the ability to do a live migration. So now live migration works without having domain dependencies. We're also using certificates to do authentication for live migration. And so that really lights up the whole scenario end to end, that if you want to deploy a Hyper-V cluster outside a DMZ at a remote branch office, maybe where it's not going to have a local domain controller, could lose access to a domain controller, you want to put it in some remote branch office in a retail store or something like that. Now live migration will work without requiring a domain controller. We also support GPUP live migration on failover clusters. That's going to copy the state on the graphics card from one, just like you're copying in-memory state of a virtual machine from one to another one. And then we also support stretch clusters between two sites with storage replica. All right, so let's move on and talk about Hyper-V. So first off, I just want to say Hyper-V is a critical foundational technology for Microsoft. We use it everywhere. Hyper-V is used as the foundation for Azure. Azure is built on Hyper-V. The Azure Stack family, whether you want to talk about Azure Stack HCI, Azure Stack Hub, they're all built on top of Hyper-V. Windows Server has Hyper-V. Windows Client has Hyper-V. Our container story is built on top of Hyper-V. And a lot of our platform security features actually take advantage of technologies in Hyper-V. And Xbox actually uses Hyper-V. I don't know if you knew that, but when you're playing games, you're running on top of Hyper-V. And so Hyper-V is critical to Microsoft as a whole.  That couldn't be a more ridiculous statement because Hyper-V is the foundation for everything critical to Microsoft. And so I just want to clearly establish that that Hyper-V is in Windows Server. It's not going away. We embrace customers running virtual machines on-prem, meeting where you're at. So as the leader of Windows Server, I'm here to tell you that you should not have any doubts. All right, let's keep going on some feature set stuff. So one I want to talk about, GPUP is now in Windows Server 25. That allows you to take a GPU and share it across multiple virtual machines. And we also support live migration of GPUP, that you can live migrate these VMs from one node to another and they're shared across it. We also support GPU pools where you can discreetly assign a GPU to an individual virtual machine. So let's say for example you have a VM that's running some ML workload and you want to assign an entire GPU to it and you want to have that dedicated GPU, you can absolutely do that. So you can do GPUP where you're sharing GPUs across different virtual machines or you can make sense for like a VDI or an RDS Remote Desktop Services type deployment. Where GPU pools might be for you have an ML app that requires some dedicated resources. We have improved in Windows Server 25 the dynamic processor compatibility. So we had dynamic processor compatibility and what that means is that let's imagine you have a cluster and you've added different servers to it that have different CPU capabilities. In the past we would say we have a bunch of different servers with different CPU capabilities and then we would reduce the functional set of the processor capabilities and we would do it to a pretty extreme measure that would really significantly reduce the performance of the virtual machine. And so as a result of that people always tried to avoid mixing and matching different hardware in the same cluster because it would really impact the performance. But now in server 25 we have completely redone dynamic processor compatibility. It's much more granular and looks at all the different capabilities between the different processors and then it's just reducing just the subset of capabilities which are not capable. So again it's significantly improved than what it was in the past. Another thing we have in 25 is that we've got some increased scalability for virtual machines 240 terabytes of RAM and most importantly what's new is the 204048 virtual processors. I don't know if people are going to be doing that big but if you want to there it is. And again I just want to do a reminder always use Gen2 VMs. A these large capabilities are only capable with Gen2 VMs. You want to use a UEFI BIOS. You want all the modern attributes that bring Gen2. So always use Gen2 VMs as my is just a reminder here. Alright with that let's talk about networking.  One we have a network ATC which allows you to do very simple deployment and configuration across the nodes in a cluster. So it really simplifies the configuration of SDN across the nodes in the cluster. We also have network HUD kind of a heads up display which provides alerting and remediation of networking issues on your clusters. We now support multi-site for if you want to do a stretch cluster of SDN. We have a bunch of performance improvements. So a whole bunch of networking improvements coming to Windows Server 25. Let's talk about containers. So we have a bunch of flexibility in the sense that you can now upgrade the container. You can now upgrade the host without having to upgrade container. So they don't have to be in perfect lock steps that brings a lot of flexibility. And we have a faster release cadence with the Windows Server annual channel for those who want greater agility. There's some image size reductions that are going to help optimize the image. And we have some FODs, some features on demand that improve the AppCompat for Nano. So if you've been thinking about Nano, you've got some AppCompat issues. We have these FODs you can now install that will increase the binary surface and give you better AppCompat for Nano.  All right, let's talk about file services. So Quik is a secure and reliable transport built on UDP. We actually introduced SMB over Quik first in Windows Server 22 but only in Azure Edition. One big thing is that we now support Quik across all editions, Standard, Data Center and Azure Edition. And really it enables SMB for telecommuters, mobile devices, doesn't require a VPN, runs over port 443, it's always encrypted, it does TLS 1.3 authentication, so it's secure, secure communication over the internet. Let me show you a little demo. Let's see what this looks like. All right, so you're just going to go, I'm just going to show a little demo here. So I go to a file share, I'm here in a file server, I'm going to open a doc. This is what you've been doing for 20 years, right? You get a file server in your local land, you connect to it of course. So it's a demo put together by Ned Pyle who is the PM for SMB and of course no demo of Ned's would be complete without his dogs.  So I'm just virtually walking down to a remote coffee shop. So what if I go do that same scenario, right? So I'm going to go ahead and try to open that file, there's my link to my file server, whack, whack, win, blah, blah, blah, blah, blah. And of course you know this doesn't work, right? If you're not on the local land, then you're not going to get access to your file server, you're not going to get access to your files. So now in Windows Server 25, I can go in and into this is in Windows Admin Center and I can go in and I can configure quick. And so I can define some aliases that I want to connect to and I can select, I'm going to select the names that want to be able to respond to those names. I'm going to change that to enabled for quick. It's over, you can see over port 443, I just hit enable. And now you can see it's enabled SMB over quick is enabled. It's all ahead to do. I just went in there. Now I'm going to try to open that same file. I'm at my coffee shop, right? And it will try to connect and there's my file, right? So it initially, and now you can see I'm running over quick. So I'm in my coffee shop, connected over quick. I didn't have to do any changes to the client. I just did a server side change to enable quick and your Win 11 client will communicate over quick to the server. So that's pretty powerful. But we did a bunch of security improvements for SMB as well. And so we have SMB signing is enabled by default. I want to pop. I want to highlight that as a potential app compat risk. So we are taking a different mindset with Windows Server 25, which is being secure by default. In the past, we always were, you know, more reluctant and always weaned on the side of ensuring compatibility, a little bit of a mindset change that we've taken with 25 is being secure by default. Again, you can go turn this off, but we're going to be secure by default out of the box. So when you just click next, next, next, it's going to be secure and you can sleep well at night. So signing is enabled by default now, which stops relay attack, tax the mills and phishing. We have an authentication rate limiter that limits password retry attempts by two seconds. That significantly slows down brute force attacks, takes them from taking seconds to do brute force attacks to days. And so that's going to give you an opportunity of visibility when brute force attacks are happening and really slow down that vulnerabilities. We did a bunch of hardening of the SMB firewall rules. We don't open SMA ports as we used to. And we have some granular controls of the SMB dialects and disabling NTLM, which is all new. So let's talk about the modern server experience. So I want to talk about Wing Get really quick. Actually, I'm just going to jump right in the demo because it's just so cool. What Wing Get does is I'm going to describe it as the store for Windows Server, right? It allows you to discover and install and upgrade apps. You know what? Scene is believing if you haven't used Wing Get yet. All right. So I'm going to open a terminal session and I'm going to do a Wing Get search and let's look for everything Microsoft. And so it comes back and you can see there is a lot already published and that you can install off of Wing Get. We've got .NET, we've got PowerShell, which is actually, I think, the most interesting for IT admins is that now you can install PowerShell 7 through Wing Get. And I think that's actually the most interesting one. But just as an example here, we're going to do a search and we're going to install, well, a super critical app. It's belonging to my server. Let's look for sticky notes. Oh, there's sticky notes. So we'll just do this kind of for fun. We're going to install Wing Get install and then we're going to do sticky notes. And that's it. I just do Wing Get install sticky notes and it's installing it on my Windows Server. So now let's do another search, another common tool. Everybody loves this internals tools, right? So I want to be able to install. So I can do a Wing Get. I can search. I can find all our SysInternal tools. But let's do an install. Let's install actually doing, with the syntax, you can pass it multiple times. So this is installing Process Monitor, Process Explorer, TCP Viewer. These are tools you might want on your Windows Server. So now that's all it was. So now you can see I launch Process Monitor. So super simple, right? Process Explorer, go back to my command prompt. And there's Process Explorer. So that was just a really clean, simple way. You don't have to go search the internet now. Go find these tools to be able to install them. Effectively think of this as the store for, I like to think of it as the store for Windows Server. And in a very scalable way, you see that I was able to go install three apps at the same time and stack them all up and install them all at the same time. So you could say you got a bunch of different things you want to install. You could install them all at the same time. But it's more than just simple things like doing sticky notes and some basic system internal tools. Let's install SQL Server. So here you can see SQL is out on Winget and we're installing SQL Server right now. That's going through the installation process. We'll give it just another minute here. And it's still going. And there we go. Completed. So there you go. I just installed SQL Server through Winget on my Windows Server. And now let's grab that log file and maybe there is a user sticky notes. We're going to go. We can paste that in the sticky notes. So there you go. There's a user sticky notes on my server. So, all right. So now let's talk about upgrades. So one of the things that I alluded to before was OS upgrades through Windows updates. So as you are used to on your Windows client devices, you run Windows update and you click, and it says, hey, there is an OS update available, a new version. This is some pre-release kind of stop screenshots here. So kind of ignore that. But on my left is Windows Server 22 and it says, hey, there's an OS update available. Do you want to upgrade? And you just say, download and install like you would on your Windows client and it will pull down Windows Server 25. It will install it. You reboot your up on the new version. It's that simple. You, in the past, it was so hard and friction-full to present the media into the VM, especially like if you're running on Azure. It was super hard to upgrade the OS versions. Now, if you've got like a Windows Server running on Azure and an IaaS VM, you just get to upgrade and you're up and running on the new version. This is also fully controllable through Group Policy. So if you want to prevent your junior admins, if like you haven't approved running to Windows Server 25, yet you can have Group Policies to control these Windows updates just the same as on client. So if you don't want people, junior admins running around, upgrading all your servers to 25 because you haven't approved it at the corporate level yet. We also have some ARC integration wizards to make it really simple to set up ARC. In the past, it was very hard. All PowerShell, command line syntax, very complex. Now it's super easy. We've modernized a lot of things on Windows Server. We've got Bluetooth support now. So if you want a Bluetooth keyboards and mice that you want to use with Windows Server, again, that just kind of seems silly in a modern day that we didn't support that. We have Wi-Fi support. So if you have a Windows Server sitting in a branch office, you know, like back in some manager's office or like at a retail store and you want to have Wi-Fi support. And then another thing we're going to have in Server 25 is a new subscription-based purchasing model. So in the past, Windows Server has always been sold as a perpetual license. You buy it. You get a key and you own it for 10 years or you own it as a perpetual license, excuse me, and it's supported for 10 years. But you own it as a perpetual license. We are now introducing it in a subscription model. We have other products available in subscription models such as Azure Stack HCI and SQL Server 2022 also introduced it. And they're all built through Azure Commerce.  So we now have Windows Server that'll be available as that. But don't worry, all the ways we've sold Windows Server for the last, you know, 20 years are not going away. So you can still buy perpetual licenses through all the ways you've been doing in the past, whether you've got your software assurance customer and enterprise agreement or volume licensing or whatever you have done in the past. And if you like that, it's still there, not going away. But this is just a new flexible option. All right. And with that, that's kind of the top level overview, kind of a speed run of everything new in Windows Server 25. I encourage, please go download the Windows Server Insiders. All these features are there. Go try them out. We love your feedback. We have a Windows Server Insider community where you can post feedback. All right. And with that, thank you and have a good day.


Pursuant to Chapter 20 of the Acts of 2021 and extended again by Chapter 2 of the Acts of 2023, this meeting will be conducted by a remote means. Members of the public who wish to access the meeting may do so in the following manner by emailing Steve McCarthy at McCarthy asset Amherst m a dot gov that's m c c a r t h y s at Amherst m a dot gov. No in person attendance of members of the public will be permitted, but every effort will be made to ensure the public can adequately access the proceedings in real time via technological means. In the event that we are unable to do so for reasons of economic hardship and despite best efforts, we will post on the Amherst website and audio or video recording transcript, or other comprehensive record of proceedings as soon as possible after the meeting. At that done, I'll call the meeting to order at five o'clock three p.m. and take a quick attendance. Hallie here, Gaston here, and I'm here. So that's three here with two absent. So we can begin and with our new adult use marijuana. And this meeting were just guest on has sent around or Steve send around something from Gaston on issues. Covering the agreements so I don't know if anyone guest on did you want to just kind of quickly. Sure happy to so great thanks. What I wanted to do was just kind of get a baseline of understanding of what these agreements have addressed that is potentially relevant for a license. So that's, I went through all the agreements and just try to basically name. And then include a sample clause from one of the agreements that that speak spoke to that issue. And so, I mean, Steve, can you share your understanding of what is going to happen to these agreements to kind of see where, where our room for action comes up. I believe the town manager is open to either paring them down to the minimum legal level or getting rid of them if there's a license that replaces it. Okay, okay. So I, I guess that maybe we can just look at the items on the list and share our thinking about which ones of these are most are the kind of thing that we would want to get into potentially. I, one quick question. Um, could we get a list of, I know it would be very confidential, what the payments have been to the town for each vendor because I'm just wondering like what the town is getting. You don't know if we were to set a set fee to like we do alcohol licenses, what that might be. I believe it's public so I can get that for you. Although I think this came up and then the one our licenses, I forget which one it is, but we are, you know, the, the municipal licensing is supposed to, you know, correlate to the reasonable costs incurred by doing that licensing. It's not just supposed to be set arbitrarily, but I do believe I can get that information for you. Well, so, so in these, in this case the, the, the, if we're talking about those community fees and they, and you'll see that they, they've been referred to with different names, but they're calculated based on a percentage. And I don't have the document in front of me because I'm driving but it's 3% 3% is it 3% of revenues, or I imagine revenues right. Gross revenue. Gross revenue. Yeah. So, I guess what if I'm based on Steve's comment what that suggests to me is that that should not be part of the license because we don't have the authority to, to charge a fee like that right. So that, that that would be something that should remain in a separate agreement with the town. If I'm on if, is that how you interpret this Steve. And I think there was a change in the state law recently, the state law changed concerning host community agreements and I think it required much stricter accounting and kind of, you know, kind of a description of how the costs are incurred. And I think at the beginning it was just that 3% flat fee but now I believe there's pretty strict limits based on you know what you know specifically articulable costs directly related to that so I think a lot of towns have seen their host community agreement revenue go down significantly with with that change. Oh, wow. Okay. So, in other words, that's the same principle that we're subject to is being extended to this income that the towns have been getting. More or less yeah so it's seeing a very significant drop in revenue because really there are not in most towns are really aren't that many articulable costs related to it. Okay, so. So, I mean, yes, certainly the numbers that would be useful for for for all for any, any, in any case, but it that that may not be where we can do very much. So, but but I guess the other side of it is depending on what we think is important. There might be costs involved in doing the kind of regulation that we think would be would be valuable. Certainly yeah. But I can try to get the pre and post change revenues coming in. I'm just curious, you know, what their pain compared to the spoke or something like that. It used to be very significant. I think this town still has Amherst those still have a significant amount of money from earlier HCA revenues that were earmarked for specific things but there hasn't really been much ability to find out what to do with it so. It's my understanding. Okay. Um, is it also would it also be relevant to get reports from public safety about what impact. If there has been any to the town. Yeah, can you do that that would be nice to have. So, so, from what I understand what we were just talking about the 3% of gross revenue fee has not changed in Amherst yet, or it is going to. It may still be in the host community agreements but I believe the state law change overrode that. So this whatever is in, okay, it's not relevant. Okay, any more. Yeah, I think that changed last fall or winter. Okay, so can we find out what that is. Yes, I can find out what the pre and post change revenues were. That would be great pre and post change revenues. Okay, so pre and post change revenues, public safety reports. Okay, so we want that information. And what else. Well, I mean, you know, besides collecting revenue these host community agreements did address a number of issues that seem pertinent to licensing and that I think are in the spirit of some of the ideas that that Doug was developing. And there's there's this commitment to hiring people who live in Amherst, and who, and to sourcing from vendors based in Amherst and, and then there's reporting requirements that I think are designed in part to pick up on that information that if that's one of the objectives of our of our licensing. Then, then we, I think can probably beef that up, although I think there's probably going to be some limits on, I don't think we can make like a requirement that they hire in town and so I'm not sure. I'm not sure how the policy lever works like I'm not sure how we. What's the nature of our capacity to push for that. Right. How would we get that info Steve is that does that a lawyer. What info what what the board could do. Yeah, if we if we can require these companies to hire in town. Yeah, that would be a good question for the lawyer. All right, so let's make a list of questions we want for the lawyer. So, questions. Hiring. So employment requirements. Interestingly, I, I didn't see that any of these agreements addressed, like the diversity of people hired or vendors so that I think that's an area that. There's an area potentially to, to look into. Okay. Yes, that is. So is that another that would be another lawyer question for time counseling. What can we, what can we do in the regulations and the license for that. So just say, employ that sort of like falls into employment requirements, right. What would you envision for that guest on like quotas or. Yeah, well, yeah, right. Exactly. I mean, how, what, what would it, how would that be. How would that be framed. I mean, I, I, the language that these agreements now have for hiring Amherst residents and sourcing from Amherst base vendors are just hordatory, right. And so I'm not sure that that, that, that we could or, or, or should do anything different than that. You know, it's been one of the bigger political issues in, in granting the dispensary rights, the effort to try to have minority owned businesses. And it's, you know, they've had very mixed success doing that. Okay. So what would you envision the board altering that because I know there's been a lot of trouble at the state level. But I don't think the board is envisioning like a limited number of licenses, right. There is limits built into zoning but the licensing would not be limited like, like alcohol so do you envision. So there couldn't really be preference because there wouldn't really be conflicts what would you envision guest on preference among. I mean, I was still, I was still thinking just in terms of adding to the principle of hiring locally. So, the principle of of trying to hire diversely as a as a goal is is what that's that's what I was having in mind just now. Okay, I can add that to the other question. Yeah, yeah. So sort of basically what we're allowed to what language we're allowed to use in the regulations and license surrounding employment. Who you can employ, is that correct. Like we'd like to do the diversity thing, but just figure out what we're allowed to do. We would like to do policy wise and we're also trying to understand what we can do. Right. And, you know, what we want to do policy wise is, is we can I think start getting start trying to identify the areas and then talk about it further when we've got the full board. Okay. Oh, Steve, is it possible to get from public safety kind of statistics of adult use marijuana versus alcohol. Just of terms of problems. Yeah, problems.  Yes, I can certainly do that. So no one with a liquor license pays a community impact fee right. No, all that stuff was kind of created. That was created for precedent for the for marijuana. Yeah. Okay. All right. So hiring tone residents, local vendors. And that kind of, let's see. Sorry, go ahead, Helen. It's just interesting the annual report. You don't get any of that from barbers or restaurants kind of. No, reserve number. You know, so that's an interesting thing to add. Yes. Yeah, it was created for, excuse me. Yes. There was a lot of stuff that was created for, for marijuana, you know, the host community agreements that never existed with alcohol. And I think there's a lot of concerns that time about what the impacts may be and things like that. And it could be a good time to review some of those and see if they're really still necessary. Yeah, I think, yeah. I mean, do you have the, I mean, just Paul or town council want to do away with the community host agreements and just go straight to a license. Paul is open to that. And so I guess we'll have to see, you know, there's another question for the lawyer if they can be entirely done away with her if they there are some statutory thing but in that case he'd be intent with kind of making those the de minimis meeting the statutory requirements and putting all the real regulation into licensing. Because I am impacts like, you know, the 3% versus a set fee, if he could do as part of the license of percentage. Well, I understand that the 3% is dead is my interpretation because that's the, the revenues of the business has no obvious correlation to the expense of to the town of regulating. In that case, a set fee might be, or is what we have to do. It seems it's it that's what I'm interpreting it. Are you seeing it the same way Steve. Yeah, that's would be my interpretation. You know, if we're going down this list, the, the, the reporting stuff is interesting but I'd say we kind of come back to that, based on what you know basically what we think is important that's what we're going to want them to report on to share as well as I never brought it up on the screen. You'll see that. What I what the, the manager stuff we're kind of used to that. And I don't think we have something that says it in the same words but I think we understand that if we wanted to we could call a manager to come to us.  I thought that the marketing stuff was really interesting. And, and, and did seem to me like the kind of thing that we, we might wish to weigh in on although I haven't been aware of any marketing for the dispensaries apart from their physical locations I don't know about well and emails. I don't know about you all. No, I haven't seen anything. Yeah I haven't seen anything. But I do think the marketing is very interesting. It's also the town public health educational efforts. Company agrees to provide staff to participate in a reasonable number of town sponsored educational programs. I wonder if any if a single such program has been organized. Yeah, I think there's been some in the schools but I, if I remember correctly there's kind of a real lack of anything like that. Anything like that with any real demonstrated value. So wait, so that how am I reading this stuff said they're supposed to provide programs to the schools or they're supposed to take part in programs, which educate the staff of these places. I think it's that that's what the host community impacts funds were supposed to go to our year mark for. Oh, okay. Okay. Okay, can we find out if there have been any, any of these Steve. Yeah, I can. Okay, that would be good. And let's see tone. It's, I mean, it's what the other thing that's interesting to me is just thinking about ideas about what might be relevant for alcohol that that we haven't been doing. Yes. Well, I think the name manager and a time frame for replacing a manager that departs is something are pretty. And also some set violation ranges kind of to give guidance amount in any sort of violation for any of these dispensaries. Not to my knowledge now. Okay, so yeah, that's a good point. And make sure that we're like what we have we have change of manager we have violation. I mean we'd use the same when they came to apply for the license we'd use the sort of the same procedure I'm assuming right. Makes sense. Yeah. Yeah. Okay. So, like, like it's very nice to kind of kind of go through all these and this is really great but if we were kind of just set up a series of meetings like I'm thinking about the next time we meet. Like what do we want to start working on first, do we want to start working on like the guest on you says you know the principles behind it, or do you think it's better to talk about the mechanics or. Okay, so I mean my, I guess what I would suggest is that what we can, what we can do today is identify what we think is potentially interesting here for an irrelevant for a license. It's been, we've started creating our list of questions, and then we should, you know, try to make try to make sure Doug can be at the next meeting of, you know, I guess in two weeks. And then we can we can kind of debrief Doug, and then try to kind of weave it in with the ideas that he had come up with and see where that ends up. Like what are the, what's the list of points that we think a license should cover based on what these agreements have been doing. And what other things Doug had been thinking of and kind of start from there that's so I guess if for today we, we can be prepared at the start of the next meeting to say, we think XYZ and J points from these agreements are things that we should definitely consider, including in a license. And hear from Doug and Dylan hopefully and, and then kind of consolidate with the stuff that that Doug was thinking about, and then have one list of items to be talking through and figuring out where we where we stand from a policy point of review and, and then I guess, at that point we can send off a list of questions to the attorney I think you know today we can write them down but maybe it's premature to send them until we have a more exhaustive list and talk to the other members of the team. Okay, so all right. So we know we're interested in some some kind of something surrounding employment policies right. So we know, I think we should consider I think we should definitely talk about that and because that that was something pretty standard and all of these agreements. Right. So even if what we're saying is that we don't think we should get into that. That's kind of a policy decision that I think we should actively make. Okay, all right. So we have. I think that's good. I think the, the town, the public health educational efforts, I think our, we should definitely consider. And to like the impact payments. I guess we're going to figure out exactly what they are and whether or not we, like how much we're getting from them this year. What else. Well the, the other items on here are our, I guess, things that I would put under the umbrella of public safety we've got kind of police related and fire department related. And this town, town diversion. I understand what time diversion means the dispensary cannabis ending up in other people's hands I take it that that's what they're talking about right. I believe so yeah. Yeah. Public safety, those public safety matters are I think are definitely important in a license and so we've got starting points in these agreements is how I'm seeing it. Okay. And, and, Mary, and just to kind of follow through on your question about process. I think that when as a board we've been able to say, you know what, we think these are the eight or 10 things that should be in a license, then we would want to get these dispensaries to, to give us feedback and the public at large. I would think right. Oh yeah, definitely. So we want to keep that. Okay. Okay. Good, good. So, is there anything else in here that we want to talk about right now in this list. I mean, we have our so we have we have the. So Steve, you're going to get the stats on public safety. Yep, I'll look for the public safety diversion diversion education programs funded and the pre and post change and the host community agreement revenues. Great. Thank you. And we're going to hold off on questions the lawyer until we talk to everybody else. And we have a more comprehensive list, correct. I think that makes sense. Yeah. Okay. I have a quick question just given Doug's new job. And I think I won't be here at next meeting. Okay colleges massage but um, if there's a time on a regularly scheduled meeting that it's light that might be a yeah. Yeah, I, yeah, I agree maybe that I wonder if we can get this on the next agenda. Just the debrief part anyway. Yeah, well, certainly on that and related issue. I could really just leave it on the standard agendas to the time being and if we get to it if there's no updates and there's no update and also I have spoken to some people about a subcommittee and I believe that would be possible and the big advantage of that would be this no form requirements. So, I will get some more firm information about how to set that up but we could potentially start doing that. I think we have two weeks from now. I think the board will have to take a vote to establish that but that'll ease the pressure a little bit. Okay, great. That would be really good. Well, maybe we could just take a minute to think about if the items on this list make us think of anything else. Or thinking about how we regulate alcohol sales is there something else that we would want to, you know, get on the discussion list. So this is all, I mean, this is, you're talking about like an off premises, because there's no, obviously there's no, yeah, yeah, right, right. So, because I'm just thinking, so we don't because we like for a short term we required, we need to know who the district, right the distributor is, but we don't know where this is coming from necessarily. I mean, do we know the same for, we don't know the same for off premises right, Steve, like, no, yeah, we just it just kind of, all right. Well, they mean they have to go through this whole state regulated I mean that's got stuff controlled by the ABCC ABCC anyway. And in this case, there was also the CCC kind of covering all of these stuff, these things do so. Okay, all right. But I mean it'll be just thinking about alcohol and this is maybe slightly I've talked about it'll be interesting to hear what the results are of the public safety impact verse of marijuana versus alcohol. Everything I've heard is that it's been basically nil. Yeah. Although, I don't know how much there is for off premises licenses either in Amherst anyway. Right. And but I can get data to confirm that. Okay. The only thing I've heard are some neighbors who twice have had to take their dogs to get to the vet after they've consumed babysitters stashes. Oh my gosh. It's not really human impact. Right. Let me just let stuff around they cashed it or they had it in their bag. The dog. Two big colleagues can reach a lot. Oh my gosh. So, I mean there is left their bag out or somebody put it down for a second or Yeah, she was dog sitting and, you know, left her dog bag out. Oh, I think you meant this outside of store. Okay. Oh yeah. Oh no, out of house out of house. Sorry. Yeah. Community impact. Is there anything else that anyone's guessed on that you see or Halle that you see, or you can think of about the alcohol license that. I mean, do we require don't require like a on the license there's something like a background check or a history of employment is that required for this one. Not for the community agreement, but no. Okay. But I mean that is something we could potentially put in. I think Yeah, I mean it'd be good to get a kind of more in alignment in alignment with the alcohol regulations. Yeah, I agree. I think we're trying to kind of Frankenstein the alcohol regulations and these host community agreements and then just kind of giving it our policy spin. Yeah. And I don't have trying to think of what else from that alcohol license that we could use. I mean certainly if there's a hearing hearing process will include that. Yeah, I think that'll be the biggest thing and I think the biggest thing that this product that this adaptation can get us is, is the ability to kind of do that kind of you know, the response to two problems that occur the host community agreements aren't responsive at all. I mean their contracts they can't there's no provision to revoke them or have penalties or anything I think that'll be the biggest the biggest benefit and I think I think with the behindside a lot of what it was in the host community agreements will be kind of either duplicative of state regulations or unnecessary, you know, over caution at the time they were drafted. Okay. All right. So, let's say so that the history of employment hearing process violations fees stemming from violations. Anything else. Hi. We lost you. My phone like got onto some Wi-Fi couldn't connect to it for some reason but I was wondering, I know that there's very strict rules about like the medical versus the adult the adult use. Okay, and my question is whether we understand that that's all covered by state regulation and not something that we would need to get into. I mean, in other words, like the dispensaries that serve both medical and non medical customers have to have, you know, clear segregation of counters and stuff like that and my question is whether that's something that we could or would need to address. I'm not really experts about that stuff and I think it's covered by state law but I'm, that's a question I'm asking I guess. So, so do we, would we issue a license for a medical one or just for an adult use one. I think that's a question we could both ask the lawyers if we can require a license for the medical and then a policy issue of if we want to. Oh, okay. Yeah, that's a good question. Okay, I assume that in kind of displacing these host community agreements, we would have to be also covering the medical but I, but I am ignorant about that. Yeah, I don't know. Right. They're not a list. I believe they have to have host community agreements as well but that's another thing that we could take a look at and say is this is it really you know necessary to license them maybe maybe not. Okay. Or maybe different fee sketch fee structure different requirements I think that's, they're all good questions. Another item actually is is delivery. Right, which is, I guess, something that I'm not aware of any Amherst dispensaries doing. And I guess, I'm not aware of any liquor stores doing either. So I can answer that for the medical or then sorry the marijuana and what the state law prescribes is that the there is a special state license type for a delivery based service and they can just deliver. I don't want to say by right but with the license no matter where they're located they can deliver to anywhere. Any town that voted more than 50% yes for the referendum. And Amherst voted more than 50% yes so the Amherst could regulate the ones that are based in Amherst I don't believe there are any I think it's prohibited by zoning still, but they couldn't regulate just delivery operations going into Amherst. Okay, so, okay. So something in like Northampton or wherever. I would assume a lot of them are just going to kind of congregate and you know, the chickapee Worcester places places on highway interchanges and probably scale up pretty quickly I don't know exactly where that stands in terms of the business but that's why I would assume is it'll probably pretty quickly scale up but there isn't any located in Amherst anyway and the town I don't believe could regulate just just delivering to Amherst as opposed to based in Amherst. All right, that's good to know. So that's something we don't have to worry about right now. Unlike liquor stores I don't believe the dispensaries can just do that by virtue of their normal license I think they have to have that that additional license as well. Okay. Anything else here or from our standard off premises license that we may want to consider. I don't have anything else on my mind. Anything else. Okay, helly anything else. No, okay. I would maybe just touch on order. Yes, which could be a factor for the, you know, any kind of production facilities or research facilities maybe or this this micro businesses I believe there's a micro business that was licensed Amherst although I don't think it's, it's an operating company that hasn't had any work recently done to it. It may have just been kind of canceled but we haven't heard anything but I think that's something that could create a local impact that the state law wouldn't really cover and I don't know how you would objectively govern and control order surprise site visit or something but that's something that could affect a butters. Okay. Right. All right, the butters notice, notice. This could be good. Yeah, butters notices included. Okay. So we have a wall that's a lot of stuff that we've got. So we're going to put this on the agenda for next week. Is that right Steve. Yeah, I'll leave it as a standing item item. Okay. I'll look into establishing a subcommittee there might be a vote the board has to take at the next meeting. Okay, we'll look into how that's done. Okay. And then hopefully we'll bring Doug and Dylan up to speed at next week and then are we going to keep the meeting for. What are we on today from the eighth. We talk about it next week and decide. Yeah, yeah. And then because it would be the 23rd. Okay. And then we have a lot of things, ideas for the license pulled from this list and from the off premises alcohol, all this alcohol license and then we can go through Doug's list as you suggest Doug's draft regulations as you suggested Gaston. Okay. And just kind of figure it all out. So, so next week we'll bring Doug and Dylan up to speed correct. Yeah, start talking some more Steve you will get the statistics and we'll continue compiling a list for the lawyer does that sound good. And one other thing I would just put in your ear is, I think, you know, board should probably think about whether they want to do cover all potential license types with these regulations or just the ones that exist for now might be a bit much to chew off, you know, strafing up regulations for cafes and things like that in the first draft but at the very least, you know, we could make notes about what we think about that kind of regulation and maybe pass a first draft with just the existing license types but but make it expandable to cover other license types as well. Oh, I think so. Yeah, just the way it's just in the way it's structured and then also keep in mind there are other license types that are allowed like micro businesses and Okay, I know that one is for sure but I think there's dispensary medical micro business that are certainly allowed in Amherst and those may require different different touches. These are ABCC licenses, correct. So micro businesses. CCC but yeah, see oh sorry CCC CCC so micro business medical dispensary. Are those the only two are there others. There are, if you give me a second, I think they're all covered in our zoning by law. But I know there's, I'll just go to the list. So there's a medical marijuana treatment center. There is offsite medical marijuana dispensary recreational marijuana retailer, those the ones probably will have the focus of the focus of craft marijuana cultivator cooperative and marijuana cultivator. Those may be two separate but combined in our zoning by law independent marijuana testing laboratory marijuana product manufacturer marijuana micro business marijuana transporter marijuana research facility I want a social consumption operation or social club and delivery only retailer. Wow, okay. There's a list. That's a lot. Okay. Well, okay. And as of now delivery only retailer social consumption. And that's it are the two that are completely forbidden in Amherst for now and all the rest of them are allowable by special permit in various zones. Okay. All right. Yes, we should probably craft these to cover all potential license types and think about the social consumption and delivery, even if it doesn't seem likely to happen and Dylan did a lot of work on the club stuff so he'd be helpful with that. Yeah, I think it. Probably not likely in the short term but right say maybe inevitable in the longer term so yeah, the very least maybe we could set it up with you know general regulations for all all businesses and yeah, however, stricter or lenient that may be and then more detailed for for each of the sub categories. Right, maybe they might need specific right specific regulation. Well, we should prepare for all contingencies I suppose from. Okay, I would think probably just and yeah probably make sense to do the first draft of just, just the existing ones and then do this, you know work on the other ones after, after the first draft is passed and adopted but. All right, sounds great. Sounds good. I will also ask the lawyer what what the town council would have to do to authorize this. The authority for the license commission. Okay, that would be good. Thank you. Anything else on this any other questions. Or not. Now I do want to thank you Gaston for getting this document together. Yeah, this was great. It's really useful. Thank you. Okay, no, my pleasure. Steve, thanks for for taking the time. Okay. All right, so our first meeting on this topic is, I guess we're done unless anyone has anything else to say. Motion to adjourn. Before that second that I will just ask, would, would, would you like me to set up to put a agenda item on the next meeting to establish a subcommittee if that's possible. What do you guys think. Subcommittee. I, yeah, I mean, I, you know, I think that it's useful to have a committee of the whole so to speak to canvas ideas and figure out how we feel. And the next phase of work. A subcommittee can be more effective. Right. I think the big benefit will be I don't believe there's a three person form requirements. So, right. Okay, that would be great. All right, good. So let's do that. All right, so is there a second to adjourn. Thanks, Hallie. Take a vote guest on. I, Hallie. And I vote I that is three to zero with two absent were adjourned at 546 PM. Thanks everybody. Thank you Steve so much. Thanks. Thank you all very much. See you next week. Enjoy the smoke goes away. I'm seeing blue.


All right, very good morning. Hope everyone had a great weekend. It's Monday, the second of December. And so usual routine for the look ahead. Next couple of trading sessions, what have we got on the agenda? So I'm gonna run through this calendar shortly. But before I do, let's just have a look at the charts and the general open in UK and Europe this morning. You can see quite a distinct pattern here. Gold, as I'm speaking top right, is printing fresh session loads, testing down at the S1 down of a loss of $10 already this morning. The US 10 year bottom right down 15 ticks at session loads. Buns are down about 70 ticks and equity index futures are positive this morning. A little bit of a move lower initially, but just moving to the upside as I speak. So you've got stocks moving up and you can see here, if you're looking on the right hand side of my charts, given the mixed asset classes I've got represented here, you can see almost a perfect inverse correlation between stocks and bonds. So here, equities moving higher and then T-notes and gold moving lower. In summary, and gonna go into these in more details, you've had solid Chinese data over the weekend and overnight on the manufacturing activity. In fact, the number that came out was a three year, kind of the best number we've had in three years. We've also had some developments over in mainland Europe in Germany where the leftist duo have come out with a shock victory taking control of the SPD. And I'll go into the implications of what that means, but essentially a push potentially for way more fiscal public spending in Germany. And that's likely to fire up then German yields. So the bund under quite severe pressure this morning. So kind of a combination of those things elsewhere. You can see we've had a gap down in the cable chart as well. This comes after narrowing in the polls. There's been five released over the weekend, quite a large divergence between them. But the one that a lot of people are focusing on is the one out of the BMG and the conservative leaders now narrow to just six points. So you can see we've gapped down in the reopening of Sterling Futures and we've pretty much exed out the entire gain that was seen from that UGOV MRP poll that we had this time last week. Elsewhere WTI crude, it's up about a dollar actually this morning, which is a pretty decent move already. And we've reclaimed the $56 handle, but don't forget a lot of this is just a bit of a natural bounce from the pretty severe sell-off we had at the end of last week. You know, kind of a number of factors here. The expectation about whether or not there'll be any decisions from OPEC to further deepen their cuts. We had technical breaks. We had very illiquid trading conditions because of the Thanksgiving holiday and the lack of U.S. participation. So a number of factors there, prompting that aggressive sell-off and of course the production levels in the U.S. back to record highs as well. However, bit of a bounce and we've also had some comments out of Iraq over the weekend. They've been talking about the necessity for OPEC Plus to mull more cuts as changed a little bit the narrative going into the OPEC meeting that's happening later on this week. So that's the overall kind of sentiment set up for the charts. You've got slightly firmer equities, pressuring then fixed income markets and gold. So mild risk on given the Chinese data, given the domestic politics happening in Germany as well, which is having quite a big impact in European yields, particularly that of Germany, are in focus as well as the latest polls in the U.K. So let's jump straight into some of the headlines in our circle back to that calendar in a moment. Here is that Chinese data. So Chinese manufacturing expands at the fastest pace in three years. Improved data coming, of course, despite what has been falling business confidence with the ongoing U.S.-China trade talks. A separate official reading of manufacturing activity released on Saturday showed a return to growth for the first time in seven months. So remember, with the manufacturing PMIs, there's the Cation reading, which is this one, which is the private reading, and then you have the state reading, the official reading, and that came out on Saturday. So the official reading from the government, this is what it looks like. And as you can see, a move back above the psychologically important expansionary figure of 50. So we had been in contraction in Chinese manufacturing PMI for several months, not since going back to really March time of this year, have we been into this type of territory in a 50-plus region? So pretty decent bounce here, and that's helping lift some of the equity markets both overnight in the Asia-Pacific session and first thing this morning. However, it does come with one small caveat, and that is, of course, the biggest macro risk still remains that of the ongoing trade war. And this is a comment that came out overnight and something to be aware of. The actual detail here is a trade deal between the U.S. and China has now, quote, stalled because of Hong Kong legislation. According to a news website overnight, citing a source close to U.S. President Trump's negotiating team. You remember, there was a bit of shock that there was almost unanimous bipartisan support on Capitol Hill in Washington to back the pro-democracy protests that had been happening for several months in Hong Kong and Trump last week signed that into official legislation and apparently now some of the undisclosed sources, so not yet official comment, have said that basically this deal has stalled. Now, the reason why the market isn't just dropping on the back of this story is I think we were kind of of this opinion anyway last week stalled doesn't mean collapsed. And I think that's the way that I would interpret this news. Stalled might mean then that for the moment, this just prolongs the existing kind of impasse for a little bit longer, but of course the 15th of December will be the most nearest term milestone that something's got to give because that's when the next initiation of the around of renewed tariffs on the U.S. on China comes into effect. So something's got to give over the next two weeks, but as is the way of negotiation, I probably wouldn't expect that to happen or movement on let's say a temporary delayment and kind of kicking the can down the road as we've seen many times before as my base case scenario or view. That probably won't happen until perhaps December 13th, 14th type timeframe. This is what's happening in Germany just to give you a bit of an overview because it might not be something that you typically would follow that closely. So what we have here is these two. This is the leftist duo of Saskia Eskin and Norbert Walter Borgens. They won a shock victory to take control of the center left social Democrats, otherwise known as the SPD on Saturday. They defeated a centrist pair led by finance minister Olaf Scholz. So here you've got a leftist group now taking over from a centrist and these are very important because it forms then part of the coalition that runs the German government. Now Mr. Eskin has suggested he would be willing to stay in a pact with Angela Merkel, the German chancellor, but only if the CDU agreed to half a trillion euros in public spending on key infrastructure over the next decade. So very kind of reminiscent, I guess, of this kind of Jeremy Corbyn approach of substantial government spending. Now the main thing that this would have, of course, in terms of the way markets are reacting is implications for a country like Germany, which is traditionally always run a surplus, but if they start to borrow more money and start to really fire up their economy, of which has been somewhat depressed by the trade war, the uncertainty on Brexit and so on, then technically speaking, you would expect then yields to reflect that by moving higher, a very different situation to say the UK in terms of its current debt situation. And so, buns heavily down this morning, lower by about 75 ticks or so, and in sympathy then, as kind of read across into gilts and tea notes are down about 16 and a half ticks as well this morning. But that, I'd say, in combination with the Chinese data is helping exacerbate some of that yield movement this morning. Other things to have a look at. This is something of which I was talking about originally as soon as that Ugov MRP poll came out. I mean, I was quite forceful in my opinion that I thought that people were a little bit overestimating a poll that's two weeks out or more than two weeks out from the actual day of election. Definitely, I think polls, as we get closer towards the deadline, the D-day of the election on the 12th that could become more and more influential, but the base view is materializing of which is the polls are narrowing. And the latest one, well, let me just have a look here and you can see all of them in one shot. This is everything that came out over the weekend. So we got a bit of a split. The opinion poll for the observer had the Tories ahead by 15. The Delta poll, Tories ahead 13. Comrades in the Sunday Telegraph, Tories ahead 10. Ugov, Sunday Times, Tories ahead nine. And the BMG, which is the one, of course, to all the news agencies are latching on to, came out on Saturday and the Independent had the Tories ahead by six. So a couple of things to keep an eye out for this week. And that is more polls, of course, but we do have this happening. I did tweet this. This is the full kind of agenda for the NATO Leaders Summit happening at the Grove Hotel in Hertfordshire, starting a bit later on in the week. So Trump actually does arrive in Britain today. He's been silent so far in respect of that incident that happened on London Bridge in the city on Friday. But obviously a lot of people are gonna be watching what he has to say and also the relationship of which Boris Johnson has in particular focus on things like the NHS and future trade relationships. So that could be quite influential for how the public's perception is of Boris Johnson as we go through this event. So I believe the schedule, kind of the main events are that Trump and all the other leaders will be having a bit of a champagne reception at Buckingham Palace on Tuesday night, and then the actual event gets going on Tuesday and Wednesday. But there's a full agenda if you wanna have a look at it on my Twitter account. Other than that, the other thing I wanted to mention was this. We do have an OPEC meeting happening at the second half of this week. And you'll remember, Saudi Arabia, we're trying to put the pressure on the likes of non-OPEC members to start stepping up to the plate. So the existing deal, may I remind you then, is stipulating supply cuts of 1.2 million barrels per day for OPEC, but it expires, importantly, at the end of March 2020. So that deadline is approaching for the current deal. Now, officials will decide later this week whether these curbs need to be extended or possibly deepened. Analysts expect the current deal to be dragged out into the middle of 2020 or even beyond with certain countries pushing for greater compliance. I was reading this morning, I think Russia, of course, which is absolutely pivotal as the second largest producer of crude oil on the planet, but also the major player in the non-OPEC sides, OPEC+, I think they've not been compliant with their agreed supply cut level for the last several months. And so that's why Saudi have been ramping up the rhetoric at the end of last week as we covered in the briefings. The main comment that's come out this morning is from Iraq. Iraq have said the OPEC and its allies will consider deeper production cuts, although these comments come after the coalition has widely signalled reluctance to take such action. So don't forget, Iraq is a country which has suffered mightily under the stress of Islamic terrorism over the last decade. They have been the least compliant of nearly every oil producing nation because of that fact. So I think it is not surprising at all to hear such commentary out of Iraq. I'd say the consensus is that they might be hinting towards the current deal being rolled over. I think at the moment, it's lesser likely that they'll deepen the cut to fulfill the request of Iraq, even though there might be other countries that might be willing to do so. I don't think that Saudi and the others will agree, essentially. When is this happening? When is this all taking place? Well, here's the calendar. So the actual OPEC meeting, it's a two-day meeting. Day one is on Thursday, as you can see here. Day two then, when they have the official press conference will be on Friday. If you are trading crude oil and if you're a fairly new trader, don't forget that OPEC meetings, although the official press conference held by the Secretary General is not until the Friday afternoon, you will know quite definitively the outcome of that meeting even before the first meeting is held. Very different from a central bank in the way in which they communicate how organized and efficient they are and the way that they have hold their press conferences and closed door meetings. With OPEC, all the oil ministers will ascend on Vienna and you will already know all of the comments and decisions before, well before. And so therefore, prices will be reacting earlier in the week. And by Wednesday night, we'll pretty much have clarity on what the end decision will be. So do bear that in mind. Otherwise, just a quick review of the overall kind of feel for the calendar. So today you do have UK manufacturing PMI coming out a bit later. So we get the whole kind of manufacturing PMI update across the globe because later on this afternoon, we'll also get the ISM manufacturing PMI and don't forget the Americans back after their Thanksgiving holiday as well. So business as usual. We do have some central bank decisions happening this week. We've got the RBA. Now it'll be overnight tonight going to Tuesday. And then you've got the Bank of Canada as well happening on Wednesday. Both those expected to remain on hold in terms of their actual interest rate. Other things of significance. ECB President Christine Lagarde testifies the Parliament a bit later on today. You also have then the various different job indicators coming out of the US. So ADP on Wednesday. You get ISM non-manufacturing PMI on Wednesday as well as the service PMI in the UK. You've got US factory orders on Thursday. And then of course, first Friday of the month, US non-farm payrolls is happening on Friday just as a heads up. Don't forget to subscribe to our YouTube channel and we're going to be covering that Sam and I live for non-farm payrolls to hopefully be able to join us one 30 London time. And then if you saw the ITV debate last night for the build up for the UK general election, there's another debate, but really these are the two main contenders. You've got Boris Johnson going head to head against Jeremy Corbyn in the BBC leaders debate and that will be on Friday night. Okay, that is it from my side. Gonna hand you over to Sam. He can go over the charts and we'll be sending out the weekly strategy as per normal a bit later on this morning. Thanks very much. Yeah, hi guys. Hope everyone had a good weekend. Especially those in America for Thanksgiving and Happy Cyber Monday, of course today. We'll have a quick look over at some of the fixed income charts. The burden's coming under some pressure this morning as Zant was mentioning. And I'll just move this chart just to the right hand side. You can see the level we're trading at now is incredibly important. The low that we had back on the morning, pretty much exactly where we are the time we're trading now, but back on the 22nd, you can see since then price has just pushed higher, gone into a bit of a range. We broke down past that lower part of the range this morning and we're just testing that area now. So 170, 31, certainly a point to keep an eye on from a horizontal area of support. And even going back to previous days other than that 22nd, you can see the importance here again on the 13th and then both on the 5th and the 6th as an area of support. So historically over the month of November, that area was pretty important. And again, coming now into December. So keep a watch on that. Obviously down quite a fair bit today down already 71, 72. Just seeing a bit of a push higher in Euro stocks as well, which is a bit unusual, but to see the pace of this move, but just coming to the top end of that range. We'll come back to stocks in a moment, T-notes down as well under pressure. It's broken the key point from the 18th, which is also again quite a key level at the beginning of November. So keeping a watch on safe havens here and certainly the bonds and fixed income market are the ones that are really struggling here. T-notes would be looking down for the lower the 13th, which was the higher the 8th as a potential area of support, but a decent move lower in early trade. And that has dragged through a bit to your gold markets, which you can see had another go last week at the back end of last week, getting to that area support where we saw the breakdown through couldn't close above. And now we're back down to where we were in the beginning part of Friday's session. And just this whole area, just below where we're trading, let's call it 1460, is going to be very important, not just today, but for the week as well. A lot of areas where the buyer's taken over and we pushed on, and so a close below there, well, could get quite ugly, you would imagine, and you therefore get a test of what was the low of November looking at 1450 freeze, a 1460 very much a key level for gold. However, the last few times we have come to this point, we have pushed higher quite aggressively on a couple of occasions. So people watch on that stocks. This morning we pushed higher in very early trade and we've just done so again now. And you can see just that spike coming through. I don't know if there's necessarily been a comment over the wires, but yeah, decent start for equity markets there. Popping above their highs, Europe leading that way and we just made a new all-time high there in the S&P of 3157. What's going to stop this market at the moment? Doesn't seem too much perhaps. And that level we were talking about on, well, Wednesday, Thursday, Friday, the lower part of that range around 3141 has been incredible. So when looking at gold coming to that 1460 area, just be aware that even though it is coming down for the 4th, 5th, 6th time of asking, well, the importance you can see here of just how good a level support can be. So really waiting for that confirmation. Probably the best thing to go about here. So above the previous all-time high, just coming down to retest that now along with what was the previous high of the day in Asian Session Trade around 3154. So keep a watch on that. Relatively technical. It has to be said so far this morning, 3150, a break of that early trade retested not long ago has actually a good level of support. But stocks just spiking higher in early trade. The Euro has had a quick look. We had a big move lower yesterday, yesterday on Friday, only to come and test what was the first retest of the low of the 8th of October. And then that led to a decent push higher, almost the top end of the, well, yeah, there you go, top end of that new range. So if you're keeping a watch on this level for the week, one 1038 and a half, one 1040 to sort of cap resistance. And obviously that lower point where we did hit the low, the 8th at 109.90 around that point as well. So keep a watch on that lower timeframe, the pivot and just a bit above it will be significant with some good resistance there on Friday before the push through. So that coming in on the futures around one 1022 and with the pivot below it. We'd also still pay some attention to what was the original low that we had back on Friday morning. So around there, around one 1011. And of course you've got the handle just below the S1. So for Euro today, those would be the points we'd be keeping an eye on the top end of that range just above the pivot and then round one 1011. The pound this morning, gapping lower. We didn't quite feel that gap. So again, something to keep an eye on the lower part of the range today was also the lowest point of the sort of closing price that we saw on Friday, that coming in around 129.14. So keep a watch on that as well with any of these markets that are just getting squeezed in always worth having on potential trend lines is to see how we would trade. So for the pound, you can see we're starting to get squeezed from both directions here. So we'd have that on maybe looking for a bigger move as well. While we did chop through it, I'd still have the 129 handle, the S1, the nice six ticks above that area support from Friday marked up as that could be along with this trend line now, quite a key level going into the middle part of the morning. And then obviously the American trade. Gapfield, keep a watch on that. And then this trend line as well for the pound. Polls are ultimately going to drive this market rather than data from either way. Quick look over at the Aussie dollar, just coming to test the top end of that, the top end of yesterday, Friday's trade. So keep a close eye on that. We have been in this down trending market. So whenever we get this, can we find any decent trend lines that are worth having on? You can argue we have broken that this morning, very choppy, it has to be said. And of course, the volume not likely to really be there. The R1 along with the highs that we had back on the 27th look quite a key level as well. So keeping a close watch on that. The Yen this morning coming under pressure as safe havens have done following that move in fixed income. So again, probably favoring this market really to continue its gradual grind lower. And if we put this onto the daily chart, you can see we're training at levels not seen since. Well, if we draw it up now since the second of May. So pretty key point actually, where we're trading here for the Yen. So definitely we'll be keeping a watch on that as well as this trend line which would come in. We put this back onto 60 minute bang on in today's S2. So the trends from the previous lows of the year, keep a watch on that, see how we trade around there for the Yen. Over at oil to wrap it. And we'll have a quick final look at the equity space. Oil just coming to test the top end of that pivot. I've seen a couple of comments from OPEC coming through. OPEC discussing deepening current oil cuts by at least 0.4 million barrels per day, at least until June as two sources saying that. So keep a watch on the pivot. A decent move lower in oil. It has to be said on Friday and in relatively low volume of course the Americans most away for a long weekend. We broke technically this trend where you can see starting on the 25th big move lower, coming down to 55 bucks on the dot. Also nearly testing the low of the 20th and we've had a dollar push already since then. Keep a watch on the pivot. But if we do get above that, of course with these kinds of moves, you know, gotta keep a watch on any of these previous lows that we've obviously broken through on Friday and they could act as a resistance point. Not the worst idea in the world to put a little fit on that as well to see how we're trading. The DAX, as you'd expect, the Eurostocks and Eurosequities pushing higher, worth keeping an eye just on that high of the day today. Top end of that range. We did break out in, well, the back end of a couple of weeks ago. However, we're still, you would have to say, in this overall choppy range, but that's not necessarily sure in where it wants to go. As usual, any questions, please do let us know. We'll get the weekly strategy out as soon as possible. Looking at some of these charts in a longer timeframe. Just keep a watch short-term right now on the 1460 foot gold, the previous all-time high for the S&P. Eurose got a few neat, nice levels just above where we're trading and the pound for that potential gap bill and oil around the pivot. Safe havens under pressure, the bund on a key point, and the yen and T-notes a bit further to go before some real support does come in. Hope you'll have a good trading day and even better week ahead.


Okay, now we start the same example like before, but now we start with the DMA. I start new project, I will set here the F4401 64 pin package, STM32F401RET, open the project and like before again we select the SPI1 in full duplex, it's okay, if we look here the PA5, PA6, PA7, everything is okay. The clock configuration again we can left here the 16 MHz, but now I will use here the maximum speed because the DMA is fast, then why not, I use the 8 MHz speed, I will check the DPI GPO that there is the high high skew rate, the high speed. Now I will enable the DMA, one DMA for transmit, second DMA for the receive, like before check that we have the correct directions from the PA file to memory and from memory to PA file and also here check the increment on the memory side, on the both devices, it's here, then it looks that it's okay, then I can here save my project.  Okay, my Atolic is already open, it's good, I here only close this project for my workspace and I will import U1 SPI3, okay, now it seems that I am where I want it to be. Okay, like before in UART we can look here in the definition that there is still the same all parameters which we want it, in the MSP section we have here the GPO initialization and also the DMA initialization for the transmit and receive, also with the linking and in the interrupt we have here also the interrupt. Handlers from the DMA, then this is perfect and what we need to do, we only create two buffers like before, one for the transmit, for the 10 bytes and I will initialize the bytes, 69 and the second buffer for the reception, I'm missing it here, for the reception for the 10 bytes, then it's okay, then here I only call the same function like before only with small differences, hl underscore SPI underscore transmit receive with the DMA, again I put the handle, it will be HSPI1, then the data will be buffer for transmit, then the buffer for reception and how many bytes I want to send is 10. In the last part again I need to search for the callbacks, then the callbacks will be in my drivers, in the source, callbacks from the SPI, not the DMA, be careful and I will search for the weak, I will search for the MSP, spin it, drain it, transmit complete and I have here transmit receive complete callback, this is the my callback which I want, I use here the same callback and I put my famous vial1 to see what will happen, if I really can get this with this speed the old data which I am sending. Here I will change also the project settings to disable the optimization, disable, I will save my main, I compile the application and now I can run the debugger, I think it's okay, I put my big point also here, I run the code and I save the code. I will stop with the reception, then I will check my RX buffer, that I see I receive the 60, 61, 62, 63, it seems okay and for the transmit I have the same values here. For a check I can reassure the microcontroller, for the beginning I hear disconnect my pin, from the loopback I start it again and I will check the reception, there are only zeros, then it seems that is working, with no problems. Then now you know how to handle USART and also with the DMAs and also the SPI in all different modes, you can decide which mode is best for you.


guys you got your tickets can you just flash them for us is this for oh is this for all the games or just for tomorrow's game yeah okay so have you come down from you're from Ghana tell me tell us tell me your name first please okay my name is Hyerson I will say you Hyerson do you live in India or are you visiting for the tournament yes I visit India yes are you looking forward to the tournament are you looking forward to the matches yes of course I have all the matches yeah so which one will you which one do you think will be the closest match of course it's Ghana Ghana USA Ghana USA yes okay what about you guys yeah which who are the players that you are looking forward to watching in in the game actually I'm there to watch yeah so Nigeria so Nigeria didn't make it to the tournament this time are you disappointed with that yeah yeah you're both from Nigeria yes okay okay yeah see the champion we can't give up yeah let's try meant to be there yeah yeah that's part of it but we like football we like to come and watch every time that's why you are here to get our tickets so that we can enjoy Ghana India tomorrow and all the matches you are still there and what's your name bro yeah my name is kinswere so tell me something there are four African teams in the tournament okay there are four teams from Africa in the tournament okay and Africa in like historically has done very well at the under 17 World Cup do you think this time again an African team will win sure definitely definitely i'm very optimistic about that yeah Ghana is going to top the team yeah and we are going to go with the cup back to Africa yeah thank you so guys at least one of you is holding tickets yeah you've got four for which game oh okay where are you guys from are you locals or so are you looking forward to the tournament very much yeah this is the first time India is participating in a World Cup and you know this tournament is really promising for us and we want India to achieve more and more laurels in football so we are really excited for this one who do you think has the best chance of winning this tournament are you are you all england fans so what do you think India's chances are what do you what do you hope that the team will do forget about chances right now our first thing is to you know get past the group stage which is really tough because columbia and gana are really good teams i think we will get a win against us in our opening game you think we'll win yes we'll win in India you as well yes first columbia's game is really tough and i don't know about gana that no but you know you know that the us is the only country that has participated in every edition of the under 17 world cup you still think india will beat them yeah because i think one friendly against india was is i don't know was it under 17 or not and i guess we had to draw or we won so i think because of that there is okay there's always an option okay any any message of good luck that you want to give to the indian team just want to say enjoy yourselves we won't get any under any pressure because this is our first world cup we'll get to learn a lot so just enjoy yourself and win the most of win all the matches