Category: Administration

Administration

Last Post For The Old Server

As many of you will know, my old server is retiring after seven years or so of sterling service.

A new server has been rented and is now hosting several sites, PrefInfo.com among them. I am now transferring the others.

This will probably involve PrefBlog being down for a while, for the period between propogation of the DNS change and the time when I upload the data to the new server – for reasons that I don’t understand and my simply reflect my lack of knowledge, I can’t install the PrefBlog software and data on the new machine until the DNS change has propogated.

So long, 70.86.75.42 ! It’s time for 184.172.98.210 to take over!

Administration

Server Problems

PrefLetter.com went down yesterday evening for about eight hours; this was fixed by updating the kernel of the operating system and rebooting. Other sites were unaffected.

All my websites went down this afternoon for a brief time; this was solved by rebooting the machine.

One technician has suggested updating the network card drivers; another appears to believe that rebooting is all that was required.

I am not sure just what exactly is going on, but there is a chance that these are the first steps towards a more serious problem. I am consulting with my server-farm operator as to next steps.

Administration

First Time Comments to be Held for Approval

In the post 100,100 Spam Comments Deleted from PrefBlog (which got a spam comment an hour ago), the suggestion was made that first-time comments be held for moderation. This proposal was seconded and passed unanimously.

Accordingly, first time comments will be held for moderation – I will approve almost anything that isn’t spam.

The spam has really slowed down in the New Year – only about 100 per day, down from the peak of about 500/day reached in early- to mid-December; but I’m making the change anyway.

Administration

100,100 Spam Comments Deleted from PrefBlog

One of the great curses of internet blogs is spam comments.

On PrefBlog, I have an ‘open comment’ policy – you have to sign in, but comments are posted immediately (they are not held for approval). If anybody wants to comment, I say, then what’s the big deal?

Many dubious characters take advantage of this and post links to their malware sites, scraper sites, ad-sites, you name it. There are various ‘bulk pinging’ sites on the net that makes this easy for script-kiddies. It’s annoying and if there’s too much spam on the site then Google et al. will assume that the site itself is spam – not something I want for PrefBlog.

So my blog software allows for the automatic checking of posted comments, blacklisting some and holding others for moderation, depending on whether it matches anything in a specified list of keywords. One of my daily tasks is to clean out the comments and update my keyword lists.

And today I reached a milestone: over 100,000 spam comments have been posted since PrefBlog began publishing. And today I’ve greatly reduced the size of the database by permanently deleting all comments marked as spam.

Other statistics of interest: 4,302 posts in 32 categories; 6,833 approved comments (mostly trackbacks, in which one post refers to another and leaves a track-back comment. I like this feature).

Administration

CANNEX Annuity Rate Data No Longer Available

CANNEX Annuity Rate Data, formerly published by Canadian Business is no longer being made freely available by any media source of which I am aware.

I have made inquiries and been told that:

Given that you are seeking to publicly distribute our rates, the fee is $550.00 / month.

Sorry, folks, I’m not paying that!

Accordingly, the link to “Annuity Rates” that used to be in the right-hand panel in the group “Quotes (Delayed)” has been deleted.

It’s too bad that Canadian insurance companies don’t compete on price, or all this information would be freely available on their websites. Many thanks to Assiduous Reader BM, who pointed out to me that the link given in my article The Annuity Decision no longer works.

Administration

Fed Up with Shoddy Market-Making!

The market-maker for BAM.PR.J did a really shitty job yesterday. According to information supplied by TMX DataLinx the quote at 14:51:59 was 25.66-26.69 and the spread stayed in the range of ninety-seven cents to a dollar six until the close – over an hour. It really is time that the Market Maker system was reformed, if the smiley-boys aren’t going to take it seriously.

In a nutshell, every TMX-listed security has a market maker. The Market Makers service odd-lots, take responsibility for the top-secret Minimum Guaranteed Fill function and agree to maintain a spread on their securities below a certain level. In return, they get a very nice privileges: they can elect to participate in trading on the passive side, taking a cut of up to 30% of the passive side’s fill on every trade [see comments]. This is deemed to be a fair trade-off, and I’m not about to say it isn’t.

But it can only a fair trade-off if the privileges are earned, and it can only be viewed as a fair trade-off if details of the Market-Maker’s execution of his side of the contract are viewable.

There are no details given of any kind of auction system whereby, for instance, a dealer willing to enforce a $0.25 spread can simply take the privileges away from an extant market maker only willing to enforce $0.50. There are no details given of the committments made. There are no details given on actual Market-Maker performance. The TMX claims to monitor Market Maker performance and remove privileges in the event of poor performance, but since no details are given the credibility of this claim is open to question.

I am sick and bloody tired of B-School snots at the TMX telling me not to worry my pretty little head about such complicated matters because the TMX is in charge and on the case. I am outraged that I was told that seven seconds at the close was a inconsequential period for a wide spread on SLF.PR.E at year-end, when it is well known that this is sufficient time to analyze and react to literally thousands of quotation changes. If the TMX is going to grant preferential trading privileges, over-riding the price-time priority they purport to consider holy, they should damn well prove that those preferential trading privileges have been won and earned in a competitive market place.

There’s not much I can do about this, but that’s never an excuse for doing nothing. Accordingly, from this day forward I will be publicizing the daily half-dozen highest excess spreads according to the “Last” quotes (with any luck, they will soon be the “Closing” quotes) available to me. Excess Spread is defined as the spot rate less the average spread as computed by HIMIPref™. Issues considered for inclusion in the list are, and will continue to be, restricted to those incorporated in the HIMIPref™ Preferred Share Indices.

The table for January 27 looks like this:

Wide Spread Highlights
Issue Index Quote Data Notes
BAM.PR.J OpRet Quote: 25.65 – 26.69
Spot Rate : 1.0400
Average : 0.6729
YTW SCENARIO
Maturity Type : Soft Maturity
Maturity Date : 2018-03-30
Maturity Price : 25.00
Evaluated at bid price : 25.65
Bid-YTW : 5.06 %
HSB.PR.D Perpetual-Discount Quote: 23.62 – 24.05
Spot Rate : 0.4300
Average : 0.2761
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2041-01-27
Maturity Price : 23.38
Evaluated at bid price : 23.62
Bid-YTW : 5.34 %
PWF.PR.M FixedReset Quote: 26.54 – 27.00
Spot Rate : 0.4600
Average : 0.3404
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2014-03-02
Maturity Price : 25.00
Evaluated at bid price : 26.54
Bid-YTW : 3.85 %
BAM.PR.G FixedFloater Quote: 22.70 – 23.20
Spot Rate : 0.5000
Average : 0.3971
YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2041-01-27
Maturity Price : 25.00
Evaluated at bid price : 22.70
Bid-YTW : 3.49 %
HSB.PR.E FixedReset Quote: 27.47 – 27.75
Spot Rate : 0.2800
Average : 0.1836
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2014-07-30
Maturity Price : 25.00
Evaluated at bid price : 27.47
Bid-YTW : 3.80 %
CM.PR.P Perpetual-Discount Quote: 25.18 – 25.56
Spot Rate : 0.3800
Average : 0.2909
YTW SCENARIO
Maturity Type : Call
Maturity Date : 2012-11-28
Maturity Price : 25.00
Evaluated at bid price : 25.18
Bid-YTW : 5.08 %