January 18, 2019

Enormous volume today, eclipsed in the past thirty days only by December 20. This was probably generated by motivated sellers, since TXPR dropped about 3 points (about 50bp) from 2:50pm to the close as the volume cranked up. BNS.PR.I, BAM.PF.D, PWF.PR.F, EMA.PR.F and RY.PR.S saw 25+ trades timestamped 4pm, to name only the top 5; they’re all marked with “Q” on the TMXMoney list of trades, which I believe means that these were “Market on Close” orders, but the Exchange couldn’t be bothered to answer me when I queried them a few weeks ago.

The above ‘top 5’ issues had the following MOC Imbalances:

Ticker Imbalance Side Imbalance Size Imbalance Reference Price Final Quote
BNS.PR.I Buy 172,900 23.545 23.86-15
BAM.PF.D Sell 167,666 22.245 21.81-22
PWF.PR.F Buy 110,375 23.26 23.01-39
EMA.PR.F Buy 84,904 21.715 21.67-22
RY.PR.S Sell 35,128 23.075 22.52-15

The “Imbalance Side” is the type of order that is in excess – so there were 172,900 shares worth of unmatched MOC buy orders for BNS.PR.I at the time these data were published. The Exchange isn’t very good at writing things down, there’s an ever-so-cool-and-up-to-date webinar available for market professionals who are illiterate.

I suppose a Portfolio Manager could enter a MOC order and still be considered competent, but am quite unable to envision the circumstances.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
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 -1.8603 % 2,365.9
FixedFloater 0.00 % 0.00 % 0 0.00 0 -1.8603 % 4,341.2
Floater 4.94 % 5.32 % 34,745 14.97 4 -1.8603 % 2,501.9
OpRet 0.00 % 0.00 % 0 0.00 0 0.0201 % 3,204.5
SplitShare 4.94 % 5.02 % 68,226 4.02 8 0.0201 % 3,826.8
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.0201 % 2,985.8
Perpetual-Premium 5.90 % -7.33 % 159,829 0.08 2 -0.2573 % 2,889.7
Perpetual-Discount 5.60 % 5.68 % 80,183 14.31 33 -0.4403 % 2,963.0
FixedReset Disc 5.03 % 5.43 % 207,039 14.80 63 -0.6230 % 2,247.9
Deemed-Retractible 5.41 % 6.40 % 86,456 8.18 27 -0.9562 % 2,924.0
FloatingReset 4.10 % 4.53 % 48,269 2.89 7 -0.7476 % 2,453.3
FixedReset Prem 5.12 % 4.55 % 251,970 2.19 17 -0.1889 % 2,522.3
FixedReset Bank Non 2.99 % 3.79 % 124,925 2.86 6 -0.0276 % 2,567.5
FixedReset Ins Non 4.98 % 6.77 % 145,224 8.34 22 -0.8473 % 2,233.6
Performance Highlights
Issue Index Change Notes
IFC.PR.A FixedReset Ins Non -4.83 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.97
Bid-YTW : 8.74 %
TRP.PR.A FixedReset Disc -4.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 15.53
Evaluated at bid price : 15.53
Bid-YTW : 6.14 %
SLF.PR.A Deemed-Retractible -4.23 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.60
Bid-YTW : 7.16 %
TRP.PR.F FloatingReset -4.20 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 15.73
Evaluated at bid price : 15.73
Bid-YTW : 5.68 %
NA.PR.E FixedReset Disc -4.07 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.56 %
BAM.PR.B Floater -3.86 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 12.71
Evaluated at bid price : 12.71
Bid-YTW : 5.49 %
IFC.PR.E Deemed-Retractible -3.47 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.54
Bid-YTW : 6.54 %
BAM.PF.E FixedReset Disc -3.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 19.57
Evaluated at bid price : 19.57
Bid-YTW : 5.72 %
TRP.PR.C FixedReset Disc -2.92 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 13.95
Evaluated at bid price : 13.95
Bid-YTW : 5.91 %
PWF.PR.Z Perpetual-Discount -2.79 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 21.60
Evaluated at bid price : 21.92
Bid-YTW : 5.88 %
SLF.PR.B Deemed-Retractible -2.70 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.92
Bid-YTW : 7.02 %
SLF.PR.C Deemed-Retractible -2.66 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.76
Bid-YTW : 7.32 %
GWO.PR.I Deemed-Retractible -2.61 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.76
Bid-YTW : 7.38 %
BIP.PR.E FixedReset Disc -2.57 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 21.67
Evaluated at bid price : 22.00
Bid-YTW : 5.72 %
CM.PR.P FixedReset Disc -2.51 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 18.65
Evaluated at bid price : 18.65
Bid-YTW : 5.52 %
MFC.PR.K FixedReset Ins Non -2.50 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.47
Bid-YTW : 7.30 %
BAM.PR.C Floater -2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 13.09
Evaluated at bid price : 13.09
Bid-YTW : 5.33 %
BMO.PR.T FixedReset Disc -2.38 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.43 %
IAF.PR.G FixedReset Ins Non -2.38 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.50
Bid-YTW : 6.78 %
MFC.PR.H FixedReset Ins Non -2.38 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.77
Bid-YTW : 6.51 %
MFC.PR.J FixedReset Ins Non -2.33 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.00
Bid-YTW : 6.77 %
TRP.PR.B FixedReset Disc -2.31 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 13.11
Evaluated at bid price : 13.11
Bid-YTW : 5.93 %
NA.PR.W FixedReset Disc -2.27 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 18.11
Evaluated at bid price : 18.11
Bid-YTW : 5.70 %
SLF.PR.I FixedReset Ins Non -2.16 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.40
Bid-YTW : 6.81 %
POW.PR.B Perpetual-Discount -2.15 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 22.55
Evaluated at bid price : 22.80
Bid-YTW : 5.90 %
PWF.PR.L Perpetual-Discount -2.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 21.55
Evaluated at bid price : 21.81
Bid-YTW : 5.86 %
BIP.PR.D FixedReset Disc -2.08 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 22.70
Evaluated at bid price : 23.50
Bid-YTW : 5.91 %
IFC.PR.F Deemed-Retractible -2.01 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.88
Bid-YTW : 6.46 %
BAM.PR.X FixedReset Disc -1.90 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 16.00
Evaluated at bid price : 16.00
Bid-YTW : 5.51 %
RY.PR.S FixedReset Disc -1.87 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 21.98
Evaluated at bid price : 22.52
Bid-YTW : 4.96 %
BMO.PR.W FixedReset Disc -1.81 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 5.46 %
BIP.PR.F FixedReset Disc -1.78 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 22.04
Evaluated at bid price : 22.60
Bid-YTW : 5.67 %
GWO.PR.H Deemed-Retractible -1.71 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.31
Bid-YTW : 6.85 %
BMO.PR.E FixedReset Disc -1.68 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 22.50
Evaluated at bid price : 23.40
Bid-YTW : 5.04 %
TD.PF.E FixedReset Disc -1.67 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 21.40
Evaluated at bid price : 21.73
Bid-YTW : 5.35 %
GWO.PR.N FixedReset Ins Non -1.61 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 14.65
Bid-YTW : 8.99 %
POW.PR.D Perpetual-Discount -1.60 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 21.28
Evaluated at bid price : 21.55
Bid-YTW : 5.83 %
MFC.PR.Q FixedReset Ins Non -1.59 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 21.01
Bid-YTW : 6.72 %
BAM.PR.K Floater -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 13.12
Evaluated at bid price : 13.12
Bid-YTW : 5.32 %
BNS.PR.D FloatingReset -1.50 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.65
Bid-YTW : 4.53 %
CU.PR.H Perpetual-Discount -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 23.35
Evaluated at bid price : 23.75
Bid-YTW : 5.59 %
MFC.PR.B Deemed-Retractible -1.45 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.40
Bid-YTW : 7.19 %
PWF.PR.T FixedReset Disc -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 19.12
Evaluated at bid price : 19.12
Bid-YTW : 5.58 %
SLF.PR.E Deemed-Retractible -1.38 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.05
Bid-YTW : 7.20 %
RY.PR.H FixedReset Disc -1.36 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 19.60
Evaluated at bid price : 19.60
Bid-YTW : 5.36 %
SLF.PR.H FixedReset Ins Non -1.35 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 17.59
Bid-YTW : 7.79 %
TD.PF.A FixedReset Disc -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.36 %
CM.PR.O FixedReset Disc -1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.47 %
W.PR.K FixedReset Prem -1.26 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2021-01-15
Maturity Price : 25.00
Evaluated at bid price : 25.10
Bid-YTW : 5.09 %
TD.PF.C FixedReset Disc -1.24 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 19.17
Evaluated at bid price : 19.17
Bid-YTW : 5.38 %
CCS.PR.C Deemed-Retractible -1.11 % YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 22.25
Bid-YTW : 6.48 %
ELF.PR.H Perpetual-Discount -1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 23.26
Evaluated at bid price : 23.56
Bid-YTW : 5.86 %
TD.PF.B FixedReset Disc -1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 19.38
Evaluated at bid price : 19.38
Bid-YTW : 5.37 %
TD.PF.D FixedReset Disc 1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 21.52
Evaluated at bid price : 21.88
Bid-YTW : 5.23 %
CM.PR.R FixedReset Disc 1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 22.55
Evaluated at bid price : 23.29
Bid-YTW : 5.43 %
BMO.PR.D FixedReset Disc 1.21 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 22.60
Evaluated at bid price : 23.40
Bid-YTW : 5.29 %
PWF.PR.Q FloatingReset 1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 16.04
Evaluated at bid price : 16.04
Bid-YTW : 5.02 %
BMO.PR.C FixedReset Disc 1.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 22.88
Evaluated at bid price : 23.90
Bid-YTW : 5.33 %
BNS.PR.I FixedReset Disc 1.88 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 22.71
Evaluated at bid price : 23.86
Bid-YTW : 4.62 %
MFC.PR.R FixedReset Ins Non 2.10 % YTW SCENARIO
Maturity Type : Call
Maturity Date : 2022-03-19
Maturity Price : 25.00
Evaluated at bid price : 24.74
Bid-YTW : 5.38 %
BAM.PR.Z FixedReset Disc 2.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 21.87
Evaluated at bid price : 22.25
Bid-YTW : 5.43 %
Volume Highlights
Issue Index Shares
Traded
Notes
BNS.PR.I FixedReset Disc 291,121 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 22.71
Evaluated at bid price : 23.86
Bid-YTW : 4.62 %
BAM.PF.D Perpetual-Discount 242,038 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 21.81
Evaluated at bid price : 21.81
Bid-YTW : 5.68 %
PWF.PR.F Perpetual-Discount 209,919 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 22.72
Evaluated at bid price : 23.01
Bid-YTW : 5.72 %
EMA.PR.F FixedReset Disc 192,978 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 21.37
Evaluated at bid price : 21.67
Bid-YTW : 5.25 %
RY.PR.S FixedReset Disc 179,975 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 21.98
Evaluated at bid price : 22.52
Bid-YTW : 4.96 %
PWF.PR.H Perpetual-Discount 157,723 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-02-17
Maturity Price : 25.00
Evaluated at bid price : 25.07
Bid-YTW : -0.34 %
PWF.PR.O Perpetual-Discount 147,597 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-02-17
Maturity Price : 25.00
Evaluated at bid price : 25.08
Bid-YTW : -0.80 %
PWF.PR.G Perpetual-Premium 123,073 YTW SCENARIO
Maturity Type : Call
Maturity Date : 2019-02-17
Maturity Price : 25.00
Evaluated at bid price : 25.18
Bid-YTW : -5.51 %
BMO.PR.T FixedReset Disc 120,492 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 19.25
Evaluated at bid price : 19.25
Bid-YTW : 5.43 %
BNS.PR.F FloatingReset 110,147 YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2022-01-31
Maturity Price : 25.00
Evaluated at bid price : 23.90
Bid-YTW : 4.51 %
There were 83 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
IAF.PR.G FixedReset Ins Non Quote: 20.50 – 22.20
Spot Rate : 1.7000
Average : 1.0952

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.50
Bid-YTW : 6.78 %

MFC.PR.G FixedReset Ins Non Quote: 20.81 – 22.00
Spot Rate : 1.1900
Average : 0.7154

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.81
Bid-YTW : 6.75 %

SLF.PR.A Deemed-Retractible Quote: 20.60 – 21.71
Spot Rate : 1.1100
Average : 0.6405

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 20.60
Bid-YTW : 7.16 %

NA.PR.E FixedReset Disc Quote: 20.25 – 21.25
Spot Rate : 1.0000
Average : 0.5715

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2049-01-18
Maturity Price : 20.25
Evaluated at bid price : 20.25
Bid-YTW : 5.56 %

IFC.PR.A FixedReset Ins Non Quote: 15.97 – 16.94
Spot Rate : 0.9700
Average : 0.5630

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 15.97
Bid-YTW : 8.74 %

MFC.PR.M FixedReset Ins Non Quote: 19.41 – 20.44
Spot Rate : 1.0300
Average : 0.6323

YTW SCENARIO
Maturity Type : Hard Maturity
Maturity Date : 2030-01-31
Maturity Price : 25.00
Evaluated at bid price : 19.41
Bid-YTW : 7.27 %

4 Responses to “January 18, 2019”

  1. SafetyinNumbers says:

    Maybe a broker took on the pref basket with a guaranteed fill and then threw it in the MOC. Following that, the broker puts an offsetting limit order in the facility, hoping that others step up and mitigate some of the risk. Worst case it trades at a more attractive price and maybe they won’t lose money working out of the positions.

  2. jiHymas says:

    Maybe a broker took on the pref basket with a guaranteed fill and then threw it in the MOC.

    A guaranteed fill for the client at what price?.

    If the client gave the order to a broker without a guaranteed price, that only pinpoints the origin of the incompetence to the Portfolio Manager who gave the order; and the broker is feasting on his naivety, as usual.

    Somebody, somewhere along the line, is taking on a lot of price risk and market impact cost. These are dumb things to do – especially with the example of FX pre-hedging so fresh in our minds.

  3. SafetyinNumbers says:

    It’s been a long time since I worked at a broker but it could be a price on the whole portfolio. Like 1% or less.

    I’m not saying it’s smart but an MOC order doesn’t necessarily imply incompetence was the point I was trying to make.

  4. jiHymas says:

    1% is a helluva hit to take on portfolio value when all you’re doing is buying evanescent liquidity – it’s just a gift to the dealers and other liquidity suppliers.

    Very, very hard to make that up; I find it very difficult to believe stuffing a pig through a python like that forms any part of competent portfolio management programme.

    It happens occasionally that the client insists on getting the closing price for the transaction, regardless of the fact that the trade size is many days’ (or even weeks’) volume. In such a case, the Scarlet Letter of Idiocy adorns the client’s garments – and only after the PM has advised him, preferably in writing, that it’s a really, really dumb thing to do.

    Typically, however, dealers and portfolio managers will just blast things out with as little work as possible – after all, the entire cost is borne by the client, they get paid the same and might even make a few bucks on the market turmoil.

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