So, how about the industry reactions to the Pacific trade deal, eh?:
The Comprehensive and Progressive Agreement for Trans-Pacific Partnership, which Trade Minister François-Philippe Champagne announced on Tuesday, will benefit Canada’s agricultural sector, chiefly beef and pork producers, which are being granted market access to the once-sheltered Japanese market – access that rivals in Australia already enjoy.
But Canada’s dairy farmers, the head of the country’s largest private-sector union and a major portion of the Canadian auto industry say the new deal makes major concessions to foreign competitors that will cost jobs in Canada without yielding sufficient reciprocal benefits.
…
Key sectors of the auto industry in Canada oppose the new agreement.
…
Auto-parts makers say the TPP would open them up to more intense competition from low-cost countries such as Vietnam and Malaysia. The Detroit Three auto makers say it will eliminate tariffs on Japan-made vehicles entering the Canadian market while not removing existing non-tariff barriers in Japan.
So confident exporters love it and coddled parasites hate it? I like this deal already!
Clare O’Hara of the Globe continues the whitewashing of the Canadian discount brokerages negligence:
Online discount brokerages at Canada’s Big Six banks are continuing to see a surge in trading volumes and new account openings amid the investor frenzy centred on cannabis and cryptocurrency-related stocks.
The increased activity has been testing the limits of what some of the brokerages can handle during peak periods in the North American trading day.
Royal Bank of Canada’s RBC Direct Investing experienced outages on Tuesday morning that blocked some investors from accessing their online trading accounts for approximately an hour.
Meanwhile, Toronto-Dominion Bank has had to postpone a new online system for opening accounts, forcing investors to visit branches in person and endure at least a one-week waiting period.
…
Officials for other online brokerages at Bank of Montreal, National Bank of Canada, Canadian Imperial Bank of Commerce and Bank of Nova Scotia have all confirmed they also have been seeing higher-than-normal trading volumes.For some of them, account opening requests have been running more than three times the average rates of 2017.
…
Scotiabank confirmed it has seen an increase of account openings of more than three times the daily average of last year, as well as almost double the trading volume than expected for this month.BMO InvestorLine has seen its traffic volume increase steadily each month since September; since November, it has a 26-per-cent increase in new accounts, according to the bank.
I don’t give a rat’s putootie about “double the trading volume expected for this month.” I have two questions instead: How was the expectation developed? And mainly, how does that expectation compare with what might be reasonably expected during an actual market break?
I also don’t give a rat’s putootie about account openings of “three times the average rates of 2017”. 2017 was a nothing year. Nothing significant happened. Who cares about 2017? What might the account opening rate be during an actual market break?
These clowns have had a mild stress test and failed miserably.
| 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 | 0.3712 % | 2,891.7 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3712 % | 5,306.1 |
| Floater | 3.44 % | 3.57 % | 43,525 | 18.36 | 4 | 0.3712 % | 3,057.9 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1163 % | 3,165.6 |
| SplitShare | 4.64 % | 4.11 % | 66,526 | 3.38 | 5 | 0.1163 % | 3,780.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1163 % | 2,949.6 |
| Perpetual-Premium | 5.37 % | -1.13 % | 67,476 | 0.09 | 18 | 0.0656 % | 2,865.9 |
| Perpetual-Discount | 5.30 % | 5.29 % | 69,172 | 14.98 | 16 | -0.0963 % | 3,001.6 |
| FixedReset | 4.20 % | 4.47 % | 147,433 | 3.89 | 101 | 0.2177 % | 2,537.3 |
| Deemed-Retractible | 5.06 % | 5.48 % | 83,606 | 5.82 | 28 | 0.0547 % | 2,956.3 |
| FloatingReset | 3.04 % | 2.96 % | 40,932 | 3.78 | 10 | 0.0694 % | 2,771.2 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| PWF.PR.Z | Perpetual-Discount | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-01-25 Maturity Price : 23.99 Evaluated at bid price : 24.36 Bid-YTW : 5.29 % |
| MFC.PR.M | FixedReset | 1.00 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.24 Bid-YTW : 4.86 % |
| SLF.PR.H | FixedReset | 1.04 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.24 Bid-YTW : 5.43 % |
| BAM.PR.B | Floater | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-01-25 Maturity Price : 17.03 Evaluated at bid price : 17.03 Bid-YTW : 3.57 % |
| MFC.PR.J | FixedReset | 1.18 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.79 Bid-YTW : 4.88 % |
| TRP.PR.H | FloatingReset | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-01-25 Maturity Price : 17.25 Evaluated at bid price : 17.25 Bid-YTW : 3.61 % |
| IFC.PR.C | FixedReset | 1.91 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-09-30 Maturity Price : 25.00 Evaluated at bid price : 23.96 Bid-YTW : 4.66 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| TD.PF.A | FixedReset | 308,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-01-25 Maturity Price : 23.49 Evaluated at bid price : 23.86 Bid-YTW : 4.43 % |
| BNS.PR.G | FixedReset | 208,500 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-07-25 Maturity Price : 25.00 Evaluated at bid price : 26.72 Bid-YTW : 3.41 % |
| BAM.PR.Z | FixedReset | 132,393 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-01-25 Maturity Price : 23.11 Evaluated at bid price : 24.85 Bid-YTW : 4.89 % |
| RY.PR.Q | FixedReset | 107,957 | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-05-24 Maturity Price : 25.00 Evaluated at bid price : 26.56 Bid-YTW : 3.38 % |
| BNS.PR.Q | FixedReset | 102,700 | YTW SCENARIO Maturity Type : Call Maturity Date : 2018-10-25 Maturity Price : 25.00 Evaluated at bid price : 24.99 Bid-YTW : 3.68 % |
| BMO.PR.S | FixedReset | 102,635 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2048-01-25 Maturity Price : 24.00 Evaluated at bid price : 24.40 Bid-YTW : 4.48 % |
| There were 24 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BAM.PF.J | FixedReset | Quote: 25.50 – 26.39 Spot Rate : 0.8900 Average : 0.5165 YTW SCENARIO |
| BAM.PR.N | Perpetual-Discount | Quote: 21.84 – 22.23 Spot Rate : 0.3900 Average : 0.2462 YTW SCENARIO |
| BAM.PF.E | FixedReset | Quote: 24.10 – 24.45 Spot Rate : 0.3500 Average : 0.2277 YTW SCENARIO |
| PWF.PR.Z | Perpetual-Discount | Quote: 24.36 – 24.75 Spot Rate : 0.3900 Average : 0.2683 YTW SCENARIO |
| BMO.PR.Q | FixedReset | Quote: 22.81 – 23.07 Spot Rate : 0.2600 Average : 0.1664 YTW SCENARIO |
| BAM.PF.H | FixedReset | Quote: 26.24 – 26.50 Spot Rate : 0.2600 Average : 0.1813 YTW SCENARIO |