{"id":11182,"date":"2010-06-10T18:48:15","date_gmt":"2010-06-10T22:48:15","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=11182"},"modified":"2010-06-10T18:48:15","modified_gmt":"2010-06-10T22:48:15","slug":"june-10-2010","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=11182","title":{"rendered":"June 10, 2010"},"content":{"rendered":"

Different crimes for different times<\/a>!<\/p>\n

Sergio Natera and Anna McElaney are scheduled to be sentenced in Hartford\u2019s federal court in August after pleading guilty to fraud. Their crime involved persuading lenders to approve the sale of homes for less than the balance owed –known as a short sale — without disclosing that there were better offers. They then flipped the houses for a profit.
…<\/b>
A prevalent scam involves a practice called \u201cflopping,\u201d [special inspector general for the Troubled Asset Relief Program Neil] Barofsky said. In that scheme, investors or home buyers hire brokers to assess a home for less than its market value and convince banks to accept a sale at that level. The buyer conceals from the lender that he has lined up a higher offer and then quickly resells the property for a profit, as in the Connecticut case.
…<\/b>
In the Connecticut case, Regions Bank in April 2008 agreed to a short sale of a Bridgeport house for $102,375, unaware that Natera and McElaney had a bidder willing to pay $132,500, according to the plea agreements. Eight weeks after the bank sold for a loss, the pair resold the house for a $30,125 gain.<\/p><\/blockquote>\n

The SEC wants to make competition illegal<\/a>:<\/p>\n

U.S. Securities and Exchange Commission Chairman Mary Schapiro said the agency may regulate the speed of stock orders in response to a surge in electronic trading and the May 6 plunge that wiped out $862 billion of market value in 20 minutes.<\/p>\n

The SEC needs \u201cto explore whether bids and orders should be regulated on speed so there is less incentive to engage in this microsecond arms race that might undermine long-term investors and the market\u2019s capital-formation function,\u201d she said at a conference in Montreal. \u201cThe markets have to serve that function for companies to raise money, create jobs and allow the economy to grow.\u201d<\/p><\/blockquote>\n

The basic trouble is that old,school, comfortable, well connected, incompetent portfolio managers are having their lunch eaten by High Frequency Traders – which are often brokerage firms, hedge funds, and individuals with, say $10-million to play with. Since they can’t compete on results, they’ll compete on regulation.<\/p>\n

The pace of the rally in the Canadian preferred share market continued at a slower pace today, with PerpetualDiscounts up 18bp and FixedResets up 12bp.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n2.68 %<\/td>\n2.74 %<\/td>\n38,588<\/td>\n20.63<\/td>\n1<\/td>\n0.0000 %<\/td>\n2,093.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n5.24 %<\/td>\n3.34 %<\/td>\n27,850<\/td>\n19.85<\/td>\n1<\/td>\n-1.1429 %<\/td>\n3,055.4<\/td>\n<\/tr>\n
Floater<\/td>\n2.40 %<\/td>\n2.78 %<\/td>\n86,306<\/td>\n20.21<\/td>\n3<\/td>\n0.5893 %<\/td>\n2,245.8<\/td>\n<\/tr>\n
OpRet<\/td>\n4.88 %<\/td>\n3.86 %<\/td>\n93,375<\/td>\n0.94<\/td>\n11<\/td>\n-0.0565 %<\/td>\n2,316.5<\/td>\n<\/tr>\n
SplitShare<\/td>\n6.41 %<\/td>\n5.38 %<\/td>\n101,084<\/td>\n0.08<\/td>\n2<\/td>\n0.2437 %<\/td>\n2,163.4<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0565 %<\/td>\n2,118.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.1810 %<\/td>\n1,884.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n6.01 %<\/td>\n6.06 %<\/td>\n202,662<\/td>\n13.82<\/td>\n77<\/td>\n0.1810 %<\/td>\n1,784.1<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.43 %<\/td>\n4.03 %<\/td>\n401,304<\/td>\n3.51<\/td>\n45<\/td>\n0.1169 %<\/td>\n2,175.6<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
PWF.PR.G<\/td>\nPerpetual-Discount<\/td>\n-1.77 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-06-10
\nMaturity Price : 23.59
\nEvaluated at bid price : 23.85
\nBid-YTW : 6.27 %<\/td>\n<\/tr>\n
PWF.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.45 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-06-10
\nMaturity Price : 21.14
\nEvaluated at bid price : 21.14
\nBid-YTW : 6.31 %<\/td>\n<\/tr>\n
PWF.PR.J<\/td>\nOpRet<\/td>\n-1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2011-05-30
\nMaturity Price : 25.25
\nEvaluated at bid price : 25.54
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-06-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.76
\nBid-YTW : 3.34 %<\/td>\n<\/tr>\n
CU.PR.B<\/td>\nPerpetual-Discount<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-06-10
\nMaturity Price : 24.14
\nEvaluated at bid price : 24.51
\nBid-YTW : 6.16 %<\/td>\n<\/tr>\n
CM.PR.M<\/td>\nFixedReset<\/td>\n1.07 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.50
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n
TRI.PR.B<\/td>\nFloater<\/td>\n1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-06-10
\nMaturity Price : 22.71
\nEvaluated at bid price : 23.00
\nBid-YTW : 1.88 %<\/td>\n<\/tr>\n
PWF.PR.E<\/td>\nPerpetual-Discount<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-06-10
\nMaturity Price : 22.36
\nEvaluated at bid price : 22.83
\nBid-YTW : 6.09 %<\/td>\n<\/tr>\n
PWF.PR.O<\/td>\nPerpetual-Discount<\/td>\n1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-06-10
\nMaturity Price : 23.81
\nEvaluated at bid price : 24.00
\nBid-YTW : 6.13 %<\/td>\n<\/tr>\n
ELF.PR.F<\/td>\nPerpetual-Discount<\/td>\n2.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-06-10
\nMaturity Price : 19.85
\nEvaluated at bid price : 19.85
\nBid-YTW : 6.81 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
SLF.PR.F<\/td>\nFixedReset<\/td>\n77,600<\/td>\nTD crossed 75,000 at 24.93.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.91
\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n
RY.PR.R<\/td>\nFixedReset<\/td>\n55,700<\/td>\nDesjardins crossed 50,000 at 27.13.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-26
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.12
\nBid-YTW : 3.97 %<\/td>\n<\/tr>\n
RY.PR.A<\/td>\nPerpetual-Discount<\/td>\n55,345<\/td>\nRBC crossed 25,000 at 19.61.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-06-10
\nMaturity Price : 19.56
\nEvaluated at bid price : 19.56
\nBid-YTW : 5.75 %<\/td>\n<\/tr>\n
TD.PR.O<\/td>\nPerpetual-Discount<\/td>\n49,905<\/td>\nRBC crossed two blocks of 20,000 shares each at 21.09.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-06-10
\nMaturity Price : 21.05
\nEvaluated at bid price : 21.05
\nBid-YTW : 5.85 %<\/td>\n<\/tr>\n
BNS.PR.K<\/td>\nPerpetual-Discount<\/td>\n48,100<\/td>\nNational crossed 25,000 at 20.60.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2040-06-10
\nMaturity Price : 20.58
\nEvaluated at bid price : 20.58
\nBid-YTW : 5.92 %<\/td>\n<\/tr>\n
CM.PR.M<\/td>\nFixedReset<\/td>\n41,195<\/td>\nDesjardins crossed 14,800 at 27.53.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-08-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.50
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n
There were 30 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Different crimes for different times! Sergio Natera and Anna McElaney are scheduled to be sentenced in Hartford\u2019s federal court in August after pleading guilty to fraud. Their crime involved persuading lenders to approve the sale …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-11182","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/11182","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11182"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/11182\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11182"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11182"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11182"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}