Marsh & McLennan Companies (MRSH)
Marsh & McLennan Companies on one page: short interest, daily short volume, fails to deliver, planned sales, large holders, 13F holders, financials, earnings dates and insider trades. Listed on NYSE, classified by the SEC as insurance agents, brokers & service.
6.3M
Short interest
settlement 2026-09-30
1.9
Days to cover
-0.9 days vs prior
52.0%
Short share of volume
2026-10-09
21
Fails to deliver
settlement 2026-08-26
Thu 15 Oct
Next earnings
estimated date
-$8.2M
Insider flow, 90 days
0 buys, 6 sells
As of 2026-10-09.
Short interest
FINRA, twice a month. The newest 18 settlements in the table, 18 in the chart. JSONAs of 30 September 2026, short interest in MRSH is 6,348,883 shares, down 271,858 shares over the last month. Over the last 18 readings it ranged from 4,911,245 shares (15 January 2026) to 7,498,602 shares (31 July 2026). At the reported average volume of 3.4M shares a day that is 1.9 days to cover.
Embed this chart.The embed keeps its attribution line.
<iframe src="https://xoomar.com/embed/stocks/mrsh" width="100%" height="440" style="border:0;max-width:100%" loading="lazy" title="XOOMAR chart"></iframe>
| Settlement | Shares short | Change | Avg daily volume | Days to cover |
|---|---|---|---|---|
| 2026-09-30 | 6,348,883 | +8.2% | 3,399,870 | 1.87 |
| 2026-09-15 | 5,868,686 | -11.4% | 2,120,597 | 2.77 |
| 2026-08-31 | 6,620,741 | -10.3% | 2,095,297 | 3.16 |
| 2026-08-14 | 7,383,513 | -1.5% | 1,707,422 | 4.32 |
| 2026-07-31 | 7,498,602 | +11.3% | 3,112,356 | 2.41 |
| 2026-07-15 | 6,737,059 | -0.0% | 2,286,044 | 2.95 |
| 2026-06-30 | 6,738,340 | -7.7% | 2,914,990 | 2.31 |
| 2026-06-15 | 7,297,462 | -0.4% | 2,650,512 | 2.75 |
| 2026-05-29 | 7,324,954 | +5.5% | 2,830,946 | 2.59 |
| 2026-05-15 | 6,944,657 | +18.5% | 2,925,773 | 2.37 |
| 2026-04-30 | 5,860,635 | -1.1% | 3,272,455 | 1.79 |
| 2026-04-15 | 5,928,410 | +4.6% | 2,357,103 | 2.52 |
| 2026-03-31 | 5,666,577 | +3.5% | 3,794,641 | 1.49 |
| 2026-03-13 | 5,472,091 | +4.2% | 2,530,388 | 2.16 |
| 2026-02-27 | 5,253,958 | -5.8% | 3,177,552 | 1.65 |
| 2026-02-13 | 5,578,918 | -19.6% | 3,837,562 | 1.45 |
| 2026-01-30 | 6,941,853 | +41.4% | 3,315,725 | 2.09 |
| 2026-01-15 | 4,911,245 | -0.9% | 2,238,100 | 2.19 |
Daily short volume
FINRA Reg SHO, the last 30 sessions. JSONAs of 9 October 2026, the short share of MRSH volume is 52.0%, down 11.7 points over the last five sessions. Over the last 30 readings it ranged from 11.1% (2 September 2026) to 65.0% (7 October 2026). The latest reading is 18.3 points above the 30-session average of 33.7%, on 915K shares reported.
| Date | Short volume | Total volume | Short share | Exempt |
|---|---|---|---|---|
| 2026-10-09 | 476K | 915K | 52.0% | 1,660 |
| 2026-10-08 | 812K | 1.6M | 52.2% | 4,537 |
| 2026-10-07 | 817K | 1.3M | 65.0% | 2,085 |
| 2026-10-06 | 343K | 717K | 47.8% | 4,929 |
| 2026-10-05 | 597K | 993K | 60.1% | 2,097 |
| 2026-10-02 | 662K | 1.0M | 63.7% | 1,493 |
| 2026-10-01 | 448K | 921K | 48.6% | 0 |
| 2026-09-30 | 600K | 1.1M | 52.8% | 54 |
| 2026-09-29 | 816K | 1.7M | 49.2% | 1,765 |
| 2026-09-28 | 315K | 748K | 42.1% | 751 |
| 2026-09-25 | 539K | 1.2M | 44.0% | 1,052 |
| 2026-09-24 | 251K | 754K | 33.3% | 0 |
| 2026-09-23 | 359K | 993K | 36.1% | 420 |
| 2026-09-22 | 327K | 1.3M | 25.9% | 2,052 |
| 2026-09-21 | 285K | 933K | 30.5% | 805 |
| 2026-09-18 | 353K | 1.4M | 24.5% | 41 |
| 2026-09-17 | 200K | 1.1M | 17.8% | 46 |
| 2026-09-16 | 163K | 1.0M | 15.7% | 115 |
| 2026-09-15 | 141K | 811K | 17.4% | 1,413 |
| 2026-09-14 | 116K | 783K | 14.8% | 29 |
| 2026-09-11 | 75K | 541K | 13.9% | 0 |
| 2026-09-10 | 142K | 813K | 17.5% | 26 |
| 2026-09-09 | 188K | 734K | 25.6% | 1 |
| 2026-09-08 | 194K | 864K | 22.4% | 31 |
| 2026-09-04 | 123K | 421K | 29.3% | 0 |
| 2026-09-03 | 93K | 684K | 13.6% | 701 |
| 2026-09-02 | 77K | 696K | 11.1% | 49 |
| 2026-09-01 | 108K | 969K | 11.2% | 440 |
| 2026-08-31 | 231K | 712K | 32.4% | 0 |
| 2026-08-28 | 243K | 604K | 40.3% | 0 |
Fails to deliver
SEC, the last 30 settlement dates with a fail. JSONAs of 26 August 2026, the fails-to-deliver balance in MRSH is 21 shares, down 579 shares over the last settlement date. Over the last 30 readings it ranged from 1 share (17 July 2026) to 50,292 shares (30 March 2026). The latest reading sits at the bottom of that range.
| Settlement | Shares failed | Price | Value |
|---|---|---|---|
| 2026-08-26 | 21 | $193.40 | $4K |
| 2026-08-24 | 600 | $192.01 | $115K |
| 2026-08-19 | 92 | $186.37 | $17K |
| 2026-08-12 | 2 | $191.25 | $383 |
| 2026-07-20 | 1,156 | $182.18 | $211K |
| 2026-07-17 | 1 | $182.15 | $182 |
| 2026-07-02 | 218 | $172.14 | $38K |
| 2026-07-01 | 123 | $166.67 | $21K |
| 2026-06-30 | 199 | $166.71 | $33K |
| 2026-06-29 | 313 | $169.03 | $53K |
| 2026-06-12 | 3,299 | $168.15 | $555K |
| 2026-06-04 | 20 | $157.32 | $3K |
| 2026-05-26 | 2,637 | $164.11 | $433K |
| 2026-05-19 | 244 | $165.98 | $40K |
| 2026-05-14 | 1,923 | $159.14 | $306K |
| 2026-05-08 | 77 | $166.03 | $13K |
| 2026-04-30 | 21,286 | $170.83 | $3.6M |
| 2026-04-29 | 95 | $170.82 | $16K |
| 2026-04-24 | 332 | $174.01 | $58K |
| 2026-04-23 | 375 | $175.50 | $66K |
| 2026-04-22 | 13,164 | $179.00 | $2.4M |
| 2026-04-15 | 3 | $172.85 | $519 |
| 2026-04-14 | 8,756 | $173.55 | $1.5M |
| 2026-04-10 | 1,100 | $173.14 | $190K |
| 2026-04-09 | 1,580 | $175.81 | $278K |
| 2026-04-08 | 8,921 | $172.66 | $1.5M |
| 2026-03-30 | 50,292 | $169.17 | $8.5M |
| 2026-03-26 | 25,763 | $174.20 | $4.5M |
| 2026-03-25 | 49 | $173.10 | $8K |
| 2026-03-24 | 23 | $173.87 | $4K |
Insider trades
SEC Form 4, newest first. JSONInsiders at MRSH reported 6 open-market sells worth $8.2M in the last 90 days and no open-market buys. Latest filing: Doyle John Q (President and CEO) on 2026-09-02.
| Date | Insider | Title | Type | Shares | Price | Value | Owned after |
|---|---|---|---|---|---|---|---|
| 2026-09-02 | Doyle John Q | President and CEO | Sell | 17K | $188.51 | $3.1M | 117K |
| 2026-09-02 | Doyle John Q | President and CEO | Option exercise | 17K | $73.19 | $1.2M | 133K |
| 2026-09-02 | Brennan Katherine | SVP and General Counsel | Sell | 1K | $187.90 | $225K | 7K |
| 2026-09-02 | Brennan Katherine | SVP and General Counsel | Option exercise | 1K | $83.05 | $99K | 9K |
| 2026-08-15 | MILLS STEVEN A | Director | Grant | 194 | $188.44 | $37K | 6K |
| 2026-08-15 | BROUSSARD BRUCE D | Director | Grant | 192 | $188.44 | $36K | 2K |
| 2026-08-06 | Jones John Jude | Chief Marketing Officer | Sell | 7K | $191.96 | $1.2M | 1K |
| 2026-07-29 | Beswick Paul | SVP, Chief Information Officer | Sell | 713 | $198.00 | $141K | 16K |
| 2026-07-28 | South Martin | Chief Client Officer | Sell | 7K | $189.99 | $1.3M | 17K |
| 2026-07-23 | Yates Lloyd M | Director | Sell | 12K | $175.65 | $2.1M | 12K |
| 2026-06-02 | Doyle John Q | President and CEO | Sell | 17K | $161.71 | $2.7M | 117K |
| 2026-06-02 | Doyle John Q | President and CEO | Option exercise | 17K | $73.19 | $1.2M | 133K |
| 2026-06-01 | MILLS STEVEN A | Director | Grant | 1K | $159.28 | $215K | 6K |
| 2026-06-01 | Hartmann Judith | Director | Grant | 1K | $159.28 | $215K | 4K |
| 2026-06-01 | Harrison Peter | Director | Tax withholding | 103 | $159.28 | $16K | 1K |
| 2026-06-01 | Harrison Peter | Director | Grant | 1K | $159.28 | $215K | 1K |
| 2026-06-01 | HANWAY H EDWARD | Director | Grant | 1K | $159.28 | $215K | 37K |
| 2026-06-01 | BROUSSARD BRUCE D | Director | Grant | 1K | $159.28 | $215K | 1K |
| 2026-05-15 | MILLS STEVEN A | Director | Grant | 264 | $160.60 | $42K | 4K |
| 2026-03-15 | Tomlinson Patrick | President and CEO, Mercer | Tax withholding | 627 | $172.15 | $108K | 4K |
| 2026-03-15 | Tomlinson Patrick | President and CEO, Mercer | Option exercise | 1K | $0.00 | $0 | 5K |
| 2026-03-11 | Jones John Jude | Chief Marketing Officer | Sell | 2K | $173.61 | $410K | 8K |
| 2026-03-04 | Doyle John Q | President and CEO | Option exercise | 17K | $0.00 | $0 | 133K |
| 2026-03-04 | Doyle John Q | President and CEO | Sell | 17K | $183.30 | $3.1M | 117K |
| 2026-03-03 | Studer Nicholas Mark | President and CEO of OWG | Sell | 4K | $184.03 | $706K | 33K |
| 2026-02-28 | MCGIVNEY MARK C | Chief Financial Officer | Tax withholding | 9K | $186.74 | $1.7M | 42K |
| 2026-02-28 | MCGIVNEY MARK C | Chief Financial Officer | Option exercise | 18K | $0.00 | $0 | 52K |
| 2026-02-28 | Mills Stacy | Vice President and Controller | Tax withholding | 1K | $186.74 | $238K | 4K |
| 2026-02-28 | Mills Stacy | Vice President and Controller | Option exercise | 3K | $0.00 | $0 | 5K |
| 2026-02-28 | South Martin | President & CEO, Marsh Risk | Tax withholding | 8K | $186.74 | $1.5M | 24K |
| 2026-02-28 | South Martin | President & CEO, Marsh Risk | Option exercise | 14K | $0.00 | $0 | 32K |
| 2026-02-28 | Studer Nicholas Mark | President and CEO of OWG | Option exercise | 8K | $0.00 | $0 | 36K |
| 2026-02-28 | Tomlinson Patrick | President and CEO, Mercer | Tax withholding | 1K | $186.74 | $213K | 4K |
| 2026-02-28 | Tomlinson Patrick | President and CEO, Mercer | Option exercise | 2K | $0.00 | $0 | 5K |
| 2026-02-28 | Klisura Dean Michael | President & CEO, Guy Carpenter | Tax withholding | 5K | $186.74 | $969K | 25K |
| 2026-02-28 | Klisura Dean Michael | President & CEO, Guy Carpenter | Option exercise | 9K | $0.00 | $0 | 30K |
| 2026-02-28 | Jones John Jude | Chief Marketing Officer | Tax withholding | 2K | $186.74 | $460K | 10K |
| 2026-02-28 | Jones John Jude | Chief Marketing Officer | Option exercise | 5K | $0.00 | $0 | 13K |
| 2026-02-28 | Fernandez Carmen | SVP, Chief People Officer | Tax withholding | 4K | $186.74 | $720K | 13K |
| 2026-02-28 | Fernandez Carmen | SVP, Chief People Officer | Option exercise | 7K | $0.00 | $0 | 17K |
| 2026-02-28 | Doyle John Q | President and CEO | Tax withholding | 30K | $186.74 | $5.7M | 117K |
| 2026-02-28 | Doyle John Q | President and CEO | Option exercise | 60K | $0.00 | $0 | 147K |
| 2026-02-28 | Brennan Katherine | SVP and General Counsel | Tax withholding | 4K | $186.74 | $720K | 7K |
| 2026-02-28 | Brennan Katherine | SVP and General Counsel | Option exercise | 7K | $0.00 | $0 | 11K |
| 2026-02-28 | Beswick Paul | SVP, Chief Information Officer | Tax withholding | 3K | $186.74 | $635K | 17K |
| 2026-02-28 | Beswick Paul | SVP, Chief Information Officer | Option exercise | 7K | $0.00 | $0 | 20K |
| 2026-02-15 | MILLS STEVEN A | Director | Grant | 244 | $173.51 | $42K | 4K |
Form 4 filings are due within two business days of the trade. Insiders sell for many reasons that say nothing about the company; open-market buys are rarer.
Planned sales (Form 144)
Newest first. JSON11 Form 144 notices on file for MRSH worth $18.9M at the prices reported; 6 in the last 90 days worth $8.2M. Latest: Doyle John Q filed on 2026-09-02 to sell 16,656 shares ($3.1M) from 2026-09-02.
| Filed | Seller | Shares | Market value | Of outstanding | Sale from | Broker |
|---|---|---|---|---|---|---|
| 2026-09-02 | Doyle John QOfficer, Director | 17K | $3.1M | 0.003% | 2026-09-02 | Fidelity Brokerage Services LLC |
| 2026-09-02 | Brennan KatherineOfficer | 1K | $225K | 0.000% | 2026-09-02 | Fidelity Brokerage Services LLC |
| 2026-08-06 | Jones John JudeOfficer | 7K | $1.2M | 0.001% | 2026-08-06 | Fidelity Brokerage Services LLC |
| 2026-07-29 | Beswick PaulOfficer | 713 | $141K | 0.000% | 2026-07-29 | Fidelity Brokerage Services LLC |
| 2026-07-28 | South MartinOfficer | 7K | $1.3M | 0.001% | 2026-07-28 | Fidelity Brokerage Services LLC |
| 2026-07-23 | Yates Lloyd MDirector | 12K | $2.1M | 0.003% | 2026-07-23 | Fidelity Brokerage Services LLC |
| 2026-06-02 | Doyle John QOfficer, Director | 17K | $2.7M | 0.003% | 2026-06-02 | Fidelity Brokerage Services LLC |
| 2026-03-11 | Jones John JudeOfficer | 2K | $410K | 0.000% | 2026-03-11 | Fidelity Brokerage Services LLC |
| 2026-03-04 | Doyle John QOfficer, Director | 17K | $3.1M | 0.003% | 2026-03-04 | Fidelity Brokerage Services LLC |
| 2026-03-03 | Studer Nicholas MarkOfficer | 4K | $706K | 0.001% | 2026-03-03 | Fidelity Brokerage Services LLC |
| 2025-12-01 | Doyle John QOfficer, Director | 21K | $3.8M | 0.004% | 2025-12-01 | Fidelity Brokerage Services LLC |
Large holders (13D and 13G)
One row per reporting person with its latest filing, newest first. JSON1 holder reports 5% or more of MRSH in its latest filing, on Schedule 13G (passive). The holder is Vanguard Capital Management at 7.5% of the class (36,418,783 shares), filed 2026-04-30 for an event on 2026-03-31.
| Filed | Form | Holder | Shares | Of class | Event |
|---|---|---|---|---|---|
| 2026-04-30 | 13G | Vanguard Capital Managementinvestment adviser | 36.4M | 7.5% | 2026-03-31 |
| 2026-03-27 | 13G/Ano. 10 | The Vanguard Groupinvestment adviser | 0 | 0.0% | 2026-03-13 |
13F holders
Tracked managers holding MRSH at their latest 13F. JSON7 of the 30 tracked managers held MRSH at their latest 13F, $659.5M in total at quarter-end prices. AQR Capital Management is the largest at $432.1M (0.2% of its portfolio) as of 2026-06-30. Over the prior quarter 3 added shares and 4 cut.
| Fund | Quarter | Shares | Value | Of portfolio | Change in shares |
|---|---|---|---|---|---|
| AQR Capital Management | 2026-06-30 | 2.6M | $432.1M | 0.15% | -1.1M |
| D. E. Shaw & Co. | 2026-06-30 | 840K | $139.9M | 0.07% | -890K |
| Citadel Advisors | 2026-06-30 | 231K | $38.5M | 0.00% | +94K |
| Two Sigma Investments | 2026-06-30 | 202K | $33.7M | 0.02% | -474K |
| Millennium Management | 2026-06-30 | 71K | $11.9M | 0.00% | -9K |
| Bridgewater Associates | 2026-06-30 | 18K | $3.0M | 0.01% | new |
| Fisher Asset Management | 2026-06-30 | 2K | $373K | 0.00% | +199 |
Only the 30 tracked managers on the funds hub; a 13F reports long positions in US listed stock at quarter end, 45 days late, and says nothing about shorts or positions sold since.
Financials
SEC XBRL, as filed. JSONIn Q2 FY 2026 (quarter ended 2026-06-30) Marsh & McLennan Companies reported revenue of $7.40B, up 6.2% from the same quarter a year earlier, and net income of $1.27B (2.63 diluted EPS). In FY 2025 it generated $5.29B of operating cash flow and spent $2.01B on buybacks and $1.70B on dividends. As of 2026-06-30, cash was $1.70B against $19.54B of debt.
- Cash
- $1.70B
- Debt
- $19.54B
- Total assets
- $59.68B
- Shares outstanding
- 477,211,268
Quarterly, last 8 quarters
| Quarter | Period end | Revenue | Net income | Margin | Diluted EPS |
|---|---|---|---|---|---|
| Q2 FY 2026 | 2026-06-30 | $7.40B | $1.27B | 17.1% | 2.63 |
| Q1 FY 2026 | 2026-03-31 | $7.60B | $1.15B | 15.1% | 2.36 |
| Q4 FY 2025derived | 2025-12-31 | $6.59B | $821.0M | 12.4% | n/a |
| Q3 FY 2025 | 2025-09-30 | $6.35B | $747.0M | 11.8% | 1.51 |
| Q2 FY 2025 | 2025-06-30 | $6.97B | $1.21B | 17.4% | 2.45 |
| Q1 FY 2025 | 2025-03-31 | $7.06B | $1.38B | 19.6% | 2.79 |
| Q4 FY 2024derived | 2024-12-31 | $6.07B | $788.0M | 13.0% | n/a |
| Q3 FY 2024 | 2024-09-30 | $5.70B | $747.0M | 13.1% | 1.51 |
Fiscal years, with buybacks and dividends
| Fiscal year | Ends | Revenue | Net income | Operating cash flow | Capex | Buybacks | Dividends |
|---|---|---|---|---|---|---|---|
| FY 2025 | 2025-12-31 | $26.98B | $4.16B | $5.29B | $291.0M | $2.01B | $1.70B |
| FY 2024 | 2024-12-31 | $24.46B | $4.06B | $4.30B | $316.0M | $900.0M | $1.51B |
| FY 2023 | 2023-12-31 | $22.74B | $3.76B | $4.26B | $416.0M | $1.15B | $1.30B |
| FY 2022 | 2022-12-31 | $20.72B | $3.05B | $3.46B | $470.0M | $1.95B | $1.14B |
| FY 2021 | 2021-12-31 | n/a | $3.14B | $3.52B | $406.0M | $1.16B | $1.03B |
Quarters are the three-month figures the company reports; a fourth quarter marked derived is the fiscal year less the three reported quarters, since companies report it only inside the 10-K. Fiscal years are the annual figures. Buybacks are the cash the company paid to repurchase its common stock in the year, not the amount authorized. Balance sheet lines are as of 2026-06-30; shares outstanding as of 2026-07-16 from the cover page.
What this page is
Marsh & McLennan Companies in the regulatory record
Regulators publish company data in separate files that never sit next to each other: FINRA's twice-monthly short interest, its daily short sale volume, the SEC's fails-to-deliver counts, and each insider's Form 4. A company page puts those series for one ticker on one URL, with planned sales, large holders, 13F holders and financials beside them, so the short position, the daily flow, the settlement fails and what insiders are doing can be read together.
Each section has its own history table, a one-line summary of the latest figures and its own JSON and CSV links, and says when its source last updated.
This page follows Marsh & McLennan Companies (MRSH), SEC CIK 62709, listed on NYSE, classified by the SEC as insurance agents, brokers & service. The cross-market tables live on the short interest and insider transactions hubs.
Source and updates
- Short interest
- FINRA consolidated short interestSource: FINRA.Twice a month, about eight business days after settlement. Latest 2026-09-30.JSON and CSV
- Daily short volume
- FINRA Reg SHO daily filesSource: FINRA.Every trading day, the morning after FINRA posts it. Latest 2026-10-09.JSON and CSV
- Fails to deliver
- SEC fails-to-deliver dataSource: SEC.Twice a month, a few weeks after the half month ends. Latest 2026-08-26.JSON and CSV
- Planned sales
- SEC EDGAR Form 144Source: SEC.New notices appear shortly after the SEC posts them; a notice is filed on or before the sale. Latest 2026-09-02.JSON and CSV
- Large holders
- SEC EDGAR Schedule 13D and 13GSource: SEC.New filings appear shortly after the SEC posts them. A 13D is due within five business days of crossing 5%; a 13G follows the passive schedule. Latest 2026-04-30.JSON and CSV
- 13F holders
- SEC EDGAR Form 13F-HRSource: SEC.Quarterly, filed within 45 days of quarter end; 30 tracked managers. Latest 2026-06-30.JSON and CSV
- Financials
- SEC EDGAR 10-K and 10-Q filingsSource: SEC.Weekly; values are as filed in the 10-Q and 10-K. Latest 2026-06-30.JSON and CSV
- Earnings dates
- SEC EDGAR 8-K filings (Item 2.02)Source: SEC.Twice a day. Reported dates come from the company's 8-K filings; the next date is marked as an estimate until the 8-K arrives. Latest 2026-07-21.JSON and CSV
- Insider trades
- SEC EDGAR Form 4Source: SEC.New filings appear shortly after the SEC posts them; they're due two business days after the trade. Latest 2026-09-02.JSON and CSV
- Company record
- EDGAR filing index for CIK 62709Ticker, name and exchange from the SEC's company list, refreshed weekly.
- Rate limits
- 10 requests a minute without a key, 30 with a free key from a free account.
How to read it
- Read the position against the flow: rising short interest with a high daily short share is new shorting; rising short interest with a normal short share is old shorts holding on.
- Insider buys next to a large short position are rare and stand out; insider sells next to one are common and mean little.
- Fails to deliver matter relative to the float, not in absolute shares; a million failed shares in a mega cap is noise.
Analysis of what the data shows, not advice. XOOMAR does not recommend buying, selling or holding anything.
Other companies the SEC classifies as insurance agents, brokers & service
Other company pages
Datasets
Frequently Asked Questions
How much of MRSH is sold short?
What is MRSH's daily short volume?
Does MRSH have fails to deliver?
Are MRSH insiders buying or selling?
Have MRSH insiders filed to sell?
Who owns 5% or more of MRSH?
What did MRSH report last quarter?
Which tracked 13F managers own MRSH?
Data on this page is provided for informational purposes only and is not financial advice. See our editorial policy.