Here’s a sign of the times:
Many Wall Street traders are concerned about being replaced by machines in the future, but at one Goldman Sachs Group Inc. unit it’s already happened.
“Equity trading: 15-20 years ago we had 500 people making markets in stocks. Today we have three,” Goldman Sachs President David Solomon said Monday at the Milken Institute Global Conference in Beverly Hills, California.
Solomon said the introduction of more technology into the trading business has made it more efficient for clients, while also introducing new risks. For Goldman Sachs, it has changed the mix of its workforce, as the bank has 9,000 engineers on staff and more employees are focused on regulation.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3257 % | 2,934.6 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3257 % | 5,384.9 |
| Floater | 3.41 % | 3.64 % | 88,944 | 18.18 | 4 | 0.3257 % | 3,103.4 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1189 % | 3,151.5 |
| SplitShare | 4.61 % | 4.76 % | 77,388 | 5.06 | 5 | -0.1189 % | 3,763.5 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1189 % | 2,936.4 |
| Perpetual-Premium | 5.57 % | -1.38 % | 77,366 | 0.09 | 11 | -0.0288 % | 2,867.8 |
| Perpetual-Discount | 5.41 % | 5.43 % | 68,080 | 14.76 | 24 | 0.0847 % | 2,940.1 |
| FixedReset | 4.33 % | 4.75 % | 165,449 | 5.72 | 103 | -0.0128 % | 2,511.0 |
| Deemed-Retractible | 5.15 % | 5.67 % | 85,764 | 5.62 | 28 | -0.0903 % | 2,938.9 |
| FloatingReset | 3.06 % | 3.33 % | 29,066 | 3.55 | 10 | 0.1126 % | 2,762.6 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| IAG.PR.A | Deemed-Retractible | -1.18 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 21.77 Bid-YTW : 7.15 % |
| GWO.PR.N | FixedReset | -1.01 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.60 Bid-YTW : 7.90 % |
| TRP.PR.B | FixedReset | 1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-30 Maturity Price : 16.58 Evaluated at bid price : 16.58 Bid-YTW : 4.94 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| VNR.PR.A | FixedReset | 76,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-30 Maturity Price : 23.01 Evaluated at bid price : 24.46 Bid-YTW : 4.91 % |
| TRP.PR.A | FixedReset | 51,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-30 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 5.12 % |
| BNS.PR.Z | FixedReset | 38,024 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.31 Bid-YTW : 4.40 % |
| NA.PR.E | FixedReset | 35,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-04-30 Maturity Price : 22.98 Evaluated at bid price : 24.50 Bid-YTW : 4.68 % |
| CM.PR.R | FixedReset | 26,624 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-07-31 Maturity Price : 25.00 Evaluated at bid price : 25.12 Bid-YTW : 4.30 % |
| GWO.PR.M | Deemed-Retractible | 25,800 | YTW SCENARIO Maturity Type : Call Maturity Date : 2018-05-30 Maturity Price : 25.25 Evaluated at bid price : 26.05 Bid-YTW : -25.02 % |
| There were 17 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| MFC.PR.L | FixedReset | Quote: 22.81 – 23.95 Spot Rate : 1.1400 Average : 0.6643 YTW SCENARIO |
| MFC.PR.K | FixedReset | Quote: 22.75 – 23.30 Spot Rate : 0.5500 Average : 0.3978 YTW SCENARIO |
| PVS.PR.B | SplitShare | Quote: 25.18 – 25.62 Spot Rate : 0.4400 Average : 0.2955 YTW SCENARIO |
| CCS.PR.C | Deemed-Retractible | Quote: 23.02 – 23.64 Spot Rate : 0.6200 Average : 0.4973 YTW SCENARIO |
| MFC.PR.C | Deemed-Retractible | Quote: 21.00 – 21.26 Spot Rate : 0.2600 Average : 0.1609 YTW SCENARIO |
| HSE.PR.C | FixedReset | Quote: 24.40 – 24.64 Spot Rate : 0.2400 Average : 0.1542 YTW SCENARIO |