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 |
| MFC.PR.G | FixedReset Ins Non | Quote: 20.81 – 22.00 Spot Rate : 1.1900 Average : 0.7154 YTW SCENARIO |
| SLF.PR.A | Deemed-Retractible | Quote: 20.60 – 21.71 Spot Rate : 1.1100 Average : 0.6405 YTW SCENARIO |
| NA.PR.E | FixedReset Disc | Quote: 20.25 – 21.25 Spot Rate : 1.0000 Average : 0.5715 YTW SCENARIO |
| IFC.PR.A | FixedReset Ins Non | Quote: 15.97 – 16.94 Spot Rate : 0.9700 Average : 0.5630 YTW SCENARIO |
| MFC.PR.M | FixedReset Ins Non | Quote: 19.41 – 20.44 Spot Rate : 1.0300 Average : 0.6323 YTW SCENARIO |
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.
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.
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.
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.