Here’s a phrase you don’t see very often: hard-working traders!
A proposal to shorten trading hours on Europe’s stock exchanges could help to boost liquidity and would have far-reaching benefits for the industry’s hard-working traders.
But a proposed 90 minute reduction in the trading day could also drive some business away from Europe’s main stock exchanges into so-called dark pools, trading venues which are less transparent and which regulators have been trying to curb.
Banks and fund managers on Thursday have proposed shortening the trading day in Europe to 7 hours from current 8-1/2 — one of the longest in the world.
I don’t understand why exchanges ever close in this day and age, frankly.
Ontario is going to review the Securities Act:
The fall statement acknowledged that the Securities Act is “outdated, and should support modern capital markets.”
“Ontario will undertake measures to create a modernized securities regulatory framework that is responsive to innovation and changes in a rapidly evolving marketplace,” the statement said. “Accordingly, the government will establish a securities modernization task force.”
…
The Securities Act requires that the Minister of Finance appoint an advisory committee to review securities legislation every five years. However, the most recent such review finished in March 2003, when a committee chaired by Purdy Crawford released a comprehensive report.The act also requires that the finance minister and the OSC review their memorandum of understanding (MOU), which sets out both parties’ respective roles and responsibilities, every five years. The parties have not formally reviewed the current MOU since November 2009.
U.S. Treasury yields surged to more than three-month highs on Thursday, exaggerated by technical factors, as reports that a U.S.-China agreement to roll back trade tariffs boosted global economic growth expectations.
Tariffs imposed during the months-long bilateral trade war will be phased out, the Chinese commerce ministry said on Thursday, without specifying a timetable.
| 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 | 0.7084 % | 1,988.1 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.7084 % | 3,648.0 |
| Floater | 6.08 % | 6.24 % | 46,889 | 13.50 | 4 | 0.7084 % | 2,102.4 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1405 % | 3,397.5 |
| SplitShare | 4.64 % | 4.56 % | 51,807 | 3.88 | 7 | 0.1405 % | 4,057.3 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1405 % | 3,165.7 |
| Perpetual-Premium | 5.56 % | -18.51 % | 51,709 | 0.09 | 10 | 0.0353 % | 3,034.6 |
| Perpetual-Discount | 5.33 % | 5.43 % | 70,749 | 14.75 | 25 | -0.1421 % | 3,240.1 |
| FixedReset Disc | 5.58 % | 5.72 % | 175,955 | 14.30 | 66 | 0.7753 % | 2,107.8 |
| Deemed-Retractible | 5.17 % | 5.64 % | 64,298 | 7.80 | 27 | 0.0861 % | 3,191.1 |
| FloatingReset | 6.13 % | 6.69 % | 93,310 | 12.88 | 2 | 1.2213 % | 2,500.1 |
| FixedReset Prem | 5.11 % | 3.78 % | 153,368 | 1.63 | 20 | 0.1444 % | 2,622.9 |
| FixedReset Bank Non | 1.96 % | 4.10 % | 89,570 | 2.16 | 3 | 0.0000 % | 2,695.7 |
| FixedReset Ins Non | 5.40 % | 8.24 % | 112,549 | 7.79 | 22 | 0.4364 % | 2,143.0 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BAM.PR.M | Perpetual-Discount | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 21.31 Evaluated at bid price : 21.31 Bid-YTW : 5.65 % |
| CU.PR.D | Perpetual-Discount | -1.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 22.72 Evaluated at bid price : 23.00 Bid-YTW : 5.32 % |
| TRP.PR.G | FixedReset Disc | 1.01 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 17.95 Evaluated at bid price : 17.95 Bid-YTW : 6.33 % |
| NA.PR.G | FixedReset Disc | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 19.55 Evaluated at bid price : 19.55 Bid-YTW : 5.74 % |
| RY.PR.J | FixedReset Disc | 1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 5.79 % |
| BNS.PR.I | FixedReset Disc | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 5.51 % |
| NA.PR.W | FixedReset Disc | 1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 16.22 Evaluated at bid price : 16.22 Bid-YTW : 5.87 % |
| BAM.PF.E | FixedReset Disc | 1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 16.66 Evaluated at bid price : 16.66 Bid-YTW : 6.25 % |
| BAM.PF.B | FixedReset Disc | 1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 5.92 % |
| SLF.PR.H | FixedReset Ins Non | 1.11 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.35 Bid-YTW : 8.79 % |
| RY.PR.M | FixedReset Disc | 1.12 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 18.06 Evaluated at bid price : 18.06 Bid-YTW : 5.74 % |
| CU.PR.C | FixedReset Disc | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 16.99 Evaluated at bid price : 16.99 Bid-YTW : 5.69 % |
| MFC.PR.N | FixedReset Ins Non | 1.15 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 16.70 Bid-YTW : 8.99 % |
| CM.PR.Q | FixedReset Disc | 1.17 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 18.12 Evaluated at bid price : 18.12 Bid-YTW : 5.97 % |
| SLF.PR.J | FloatingReset | 1.19 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.66 Bid-YTW : 10.52 % |
| HSE.PR.C | FixedReset Disc | 1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 17.00 Evaluated at bid price : 17.00 Bid-YTW : 6.98 % |
| NA.PR.E | FixedReset Disc | 1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 18.35 Evaluated at bid price : 18.35 Bid-YTW : 5.78 % |
| TRP.PR.F | FloatingReset | 1.26 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 13.69 Evaluated at bid price : 13.69 Bid-YTW : 6.69 % |
| BIP.PR.A | FixedReset Disc | 1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 19.65 Evaluated at bid price : 19.65 Bid-YTW : 6.56 % |
| PWF.PR.P | FixedReset Disc | 1.38 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 13.21 Evaluated at bid price : 13.21 Bid-YTW : 5.88 % |
| TRP.PR.D | FixedReset Disc | 1.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 16.27 Evaluated at bid price : 16.27 Bid-YTW : 6.07 % |
| TD.PF.E | FixedReset Disc | 1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 19.15 Evaluated at bid price : 19.15 Bid-YTW : 5.76 % |
| HSE.PR.E | FixedReset Disc | 1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 18.13 Evaluated at bid price : 18.13 Bid-YTW : 7.13 % |
| EMA.PR.F | FixedReset Disc | 1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 16.59 Evaluated at bid price : 16.59 Bid-YTW : 6.32 % |
| BMO.PR.Y | FixedReset Disc | 1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 19.10 Evaluated at bid price : 19.10 Bid-YTW : 5.56 % |
| HSE.PR.G | FixedReset Disc | 1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 18.05 Evaluated at bid price : 18.05 Bid-YTW : 7.10 % |
| RY.PR.S | FixedReset Disc | 1.69 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 19.22 Evaluated at bid price : 19.22 Bid-YTW : 5.40 % |
| BAM.PF.F | FixedReset Disc | 1.79 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 18.20 Evaluated at bid price : 18.20 Bid-YTW : 5.98 % |
| IFC.PR.A | FixedReset Ins Non | 1.99 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 14.85 Bid-YTW : 9.78 % |
| MFC.PR.F | FixedReset Ins Non | 2.01 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.20 Bid-YTW : 10.51 % |
| BAM.PR.X | FixedReset Disc | 2.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 13.75 Evaluated at bid price : 13.75 Bid-YTW : 5.98 % |
| SLF.PR.G | FixedReset Ins Non | 2.40 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2030-01-31 Maturity Price : 25.00 Evaluated at bid price : 13.67 Bid-YTW : 10.23 % |
| TRP.PR.E | FixedReset Disc | 2.43 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 6.07 % |
| TRP.PR.C | FixedReset Disc | 2.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 12.01 Evaluated at bid price : 12.01 Bid-YTW : 6.35 % |
| BAM.PR.K | Floater | 2.84 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 11.23 Evaluated at bid price : 11.23 Bid-YTW : 6.24 % |
| HSE.PR.A | FixedReset Disc | 4.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 11.66 Evaluated at bid price : 11.66 Bid-YTW : 6.92 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CU.PR.C | FixedReset Disc | 104,367 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 16.99 Evaluated at bid price : 16.99 Bid-YTW : 5.69 % |
| TD.PF.I | FixedReset Disc | 62,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 20.81 Evaluated at bid price : 20.81 Bid-YTW : 5.50 % |
| PWF.PR.P | FixedReset Disc | 41,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 13.21 Evaluated at bid price : 13.21 Bid-YTW : 5.88 % |
| TD.PF.J | FixedReset Disc | 34,255 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 19.25 Evaluated at bid price : 19.25 Bid-YTW : 5.67 % |
| BMO.PR.C | FixedReset Disc | 32,577 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 21.90 Evaluated at bid price : 22.14 Bid-YTW : 5.44 % |
| TRP.PR.C | FixedReset Disc | 32,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2049-11-07 Maturity Price : 12.01 Evaluated at bid price : 12.01 Bid-YTW : 6.35 % |
| There were 44 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| SLF.PR.H | FixedReset Ins Non | Quote: 16.35 – 16.95 Spot Rate : 0.6000 Average : 0.4010 YTW SCENARIO |
| MFC.PR.G | FixedReset Ins Non | Quote: 18.82 – 19.24 Spot Rate : 0.4200 Average : 0.2760 YTW SCENARIO |
| CU.PR.F | Perpetual-Discount | Quote: 21.25 – 21.74 Spot Rate : 0.4900 Average : 0.3677 YTW SCENARIO |
| BAM.PF.E | FixedReset Disc | Quote: 16.66 – 16.97 Spot Rate : 0.3100 Average : 0.1907 YTW SCENARIO |
| TD.PF.C | FixedReset Disc | Quote: 16.96 – 17.29 Spot Rate : 0.3300 Average : 0.2114 YTW SCENARIO |
| SLF.PR.G | FixedReset Ins Non | Quote: 13.67 – 14.06 Spot Rate : 0.3900 Average : 0.2728 YTW SCENARIO |