{"id":15970,"date":"2011-08-12T20:05:57","date_gmt":"2011-08-13T00:05:57","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=15970"},"modified":"2011-08-12T20:05:57","modified_gmt":"2011-08-13T00:05:57","slug":"august-12-2011","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=15970","title":{"rendered":"August 12, 2011"},"content":{"rendered":"

There’s more information about the attack on the Hong Kong Exchange website<\/a>:<\/p>\n

Hong Kong Exchanges & Clearing Ltd. said it will find new ways of publicizing earnings and other corporate events after hackers jammed its public news website.<\/p>\n

The bourse, acting to safeguard communications from listed companies, will use e-mails and newspaper advertisements to back up its central online system, Chief Executive Officer Charles Li said at a press briefing. Trading in HSBC Holdings Plc (HSBA), Cathay Pacific Airways Ltd. (293) and five other stocks was halted on Aug. 10 and access to filings was disrupted again yesterday amid a \u201csustained and systematic\u201d attack, Li said.
…<\/b>
The assault was a so-called distributed denial of service attack aimed at preventing access to the exchange\u2019s public news feed by overwhelming its capacity to handle website traffic, Li said. Should the hackers change strategies, Li said the bourse may not be able to defend the website and its backup online bulletin board.<\/p><\/blockquote>\n

I mentioned a paper regarding defense against DDOS attacks on March 7<\/a>.<\/p>\n

The sudden cessation of US MMF fund lending to European banks after the Lehman bankruptcy caused a crisis in itself. This time the process is more selective and graceful<\/a>, but will the result be the same?<\/p>\n

The six largest U.S. money market funds have eliminated their lending to Italian and Spanish banks, reduced investments in French banks and are favoring Swiss securities for their $511 billion of assets.<\/p>\n

Holdings of European bank certificates of deposit, repurchase agreements and commercial paper reported by the six largest funds managed by JPMorgan Chase & Co. (JPM), Fidelity Investments, Federated Investors Inc. (FII), Blackrock Inc. (BLK) and the Vanguard Group Inc. show they are shunning euro-region banks, according to data compiled by Bloomberg.<\/p>\n

European bank shares tumbled to the lowest since March 2009 on Aug. 10, led by Paris-based Societe Generale SA, amid concern that France\u2019s creditworthiness was in doubt. U.S. prime money funds have reduced European debt holdings by $38 billion to $340 billion in July, according to an Aug. 9 report by JPMorgan.<\/p><\/blockquote>\n

Dealbreaker<\/i> has a good piece on the semi-European short selling ban<\/a>.<\/p>\n

Regulators gone wild! An agency of the US Government is investigating as to whether the downgrade of US Government was done properly<\/a>:<\/p>\n

The Securities and Exchange Commission is reviewing the method Standard & Poor\u2019s used to cut the U.S.\u2019s credit rating and whether the firm properly protected the confidential decision, according to a person with direct knowledge of the matter.<\/p>\n

SEC inspectors are examining S&P\u2019s policies for conducting such analyses and whether those procedures were followed when the New York-based firm downgraded the U.S.\u2019s credit rating Aug. 5, said the person, who declined to be identified because the inquiry isn\u2019t public.<\/p><\/blockquote>\n

Free speech? Of course there’s free speech! Just fill out these forms and sit here for a while we check out what you said.<\/p>\n

Not to be outdone, French are checking out whether trading in SocGen was done properly<\/a>:<\/p>\n

France\u2019s stock market regulator opened an investigation into speculation that affected trading in shares of Societe Generale (GLE) SA, said the agency\u2019s president, Jean-Pierre Jouyet.<\/p>\n

Societe Generale, France\u2019s second-largest bank, on Aug. 10 denied \u201call market rumors\u201d and asked France\u2019s Autorite des Marches Financiers to open a probe. Speculation that France\u2019s creditworthiness was in doubt sent the shares tumbling 15 percent that day.<\/p>\n

\u201cWe\u2019re investigating the unfounded rumors that hit specific stocks this week,\u201d Jouyet said in an interview on RTL Radio today. \u201cI can tell you that the secretary general of the AMF, Thierry Francq, has opened an investigation into the rumors that affected Societe Generale.\u201d<\/p><\/blockquote>\n

It was a very strong day for the Canadian preferred share market, with PerpetualDiscounts up 46bp, FixedResets gaining 32bp and DeemedRetractibles winning 58bp. Volatility was impressive on low volume.<\/p>\n\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>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.5470 %<\/td>\n2,176.0<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.5470 %<\/td>\n3,272.7<\/td>\n<\/tr>\n
Floater<\/td>\n2.79 %<\/td>\n2.59 %<\/td>\n32,157<\/td>\n20.79<\/td>\n4<\/td>\n0.5470 %<\/td>\n2,349.5<\/td>\n<\/tr>\n
OpRet<\/td>\n4.89 %<\/td>\n4.01 %<\/td>\n58,598<\/td>\n0.86<\/td>\n9<\/td>\n0.2937 %<\/td>\n2,440.1<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.36 %<\/td>\n6.20 %<\/td>\n59,759<\/td>\n2.58<\/td>\n4<\/td>\n1.2897 %<\/td>\n2,476.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2937 %<\/td>\n2,231.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.70 %<\/td>\n5.32 %<\/td>\n137,075<\/td>\n2.03<\/td>\n14<\/td>\n0.0255 %<\/td>\n2,093.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.43 %<\/td>\n5.49 %<\/td>\n114,231<\/td>\n14.66<\/td>\n16<\/td>\n0.4559 %<\/td>\n2,200.0<\/td>\n<\/tr>\n
FixedReset<\/td>\n5.18 %<\/td>\n3.30 %<\/td>\n222,505<\/td>\n2.78<\/td>\n59<\/td>\n0.3215 %<\/td>\n2,305.1<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.10 %<\/td>\n4.77 %<\/td>\n273,669<\/td>\n7.99<\/td>\n46<\/td>\n0.5759 %<\/td>\n2,161.9<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\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
CIU.PR.C<\/td>\nFixedReset<\/td>\n-2.46 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-08-12
\nMaturity Price : 22.68
\nEvaluated at bid price : 23.75
\nBid-YTW : 3.05 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n-1.10 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-08-12
\nMaturity Price : 23.34
\nEvaluated at bid price : 25.21
\nBid-YTW : 2.90 %<\/td>\n<\/tr>\n
PWF.PR.M<\/td>\nFixedReset<\/td>\n-1.02 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.28
\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n
RY.PR.A<\/td>\nDeemed-Retractible<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.50
\nBid-YTW : 4.70 %<\/td>\n<\/tr>\n
RY.PR.G<\/td>\nDeemed-Retractible<\/td>\n1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.51
\nBid-YTW : 4.75 %<\/td>\n<\/tr>\n
BNS.PR.K<\/td>\nDeemed-Retractible<\/td>\n1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-28
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.10
\nBid-YTW : 4.74 %<\/td>\n<\/tr>\n
IAG.PR.E<\/td>\nDeemed-Retractible<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2018-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.75
\nBid-YTW : 5.66 %<\/td>\n<\/tr>\n
RY.PR.F<\/td>\nDeemed-Retractible<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.49
\nBid-YTW : 4.71 %<\/td>\n<\/tr>\n
NA.PR.L<\/td>\nDeemed-Retractible<\/td>\n1.20 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.20
\nBid-YTW : 4.77 %<\/td>\n<\/tr>\n
RY.PR.D<\/td>\nDeemed-Retractible<\/td>\n1.24 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.54
\nBid-YTW : 4.73 %<\/td>\n<\/tr>\n
BAM.PR.J<\/td>\nOpRet<\/td>\n1.26 %<\/td>\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2018-03-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.60
\nBid-YTW : 4.41 %<\/td>\n<\/tr>\n
BAM.PR.R<\/td>\nFixedReset<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-08-12
\nMaturity Price : 23.31
\nEvaluated at bid price : 25.45
\nBid-YTW : 3.94 %<\/td>\n<\/tr>\n
BNA.PR.D<\/td>\nSplitShare<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2014-07-09
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.04
\nBid-YTW : 6.22 %<\/td>\n<\/tr>\n
MFC.PR.C<\/td>\nDeemed-Retractible<\/td>\n1.50 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.60
\nBid-YTW : 6.43 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n1.69 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-08-12
\nMaturity Price : 16.27
\nEvaluated at bid price : 16.27
\nBid-YTW : 3.25 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n1.71 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.03
\nBid-YTW : 6.35 %<\/td>\n<\/tr>\n
ELF.PR.G<\/td>\nPerpetual-Discount<\/td>\n1.86 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-08-12
\nMaturity Price : 20.21
\nEvaluated at bid price : 20.21
\nBid-YTW : 5.95 %<\/td>\n<\/tr>\n
BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\n2.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-08-12
\nMaturity Price : 21.66
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\n2.37 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-08-12
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.01
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n
BNA.PR.E<\/td>\nSplitShare<\/td>\n3.16 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2017-12-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.52
\nBid-YTW : 6.20 %<\/td>\n<\/tr>\n
IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\n3.31 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 22.47
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
RY.PR.Y<\/td>\nFixedReset<\/td>\n10.88 %<\/td>\nReversal of yesterday’s nonsense<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-11-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.20
\nBid-YTW : 3.21 %<\/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.H<\/td>\nFixedReset<\/td>\n285,750<\/td>\nNew issue settled today<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.70
\nBid-YTW : 3.90 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n90,050<\/td>\nRBC crossed 74,900 at 24.75.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.65
\nBid-YTW : 3.75 %<\/td>\n<\/tr>\n
MFC.PR.A<\/td>\nOpRet<\/td>\n80,275<\/td>\nRBC crossed 75,000 at 25.25.
\nYTW SCENARIO
\nMaturity Type : Soft Maturity
\nMaturity Date\t: 2015-12-18
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.26
\nBid-YTW : 4.01 %<\/td>\n<\/tr>\n
RY.PR.I<\/td>\nFixedReset<\/td>\n41,668<\/td>\nNesbitt crossed 35,000 at 26.00.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.95
\nBid-YTW : 3.33 %<\/td>\n<\/tr>\n
BNS.PR.X<\/td>\nFixedReset<\/td>\n41,300<\/td>\nDesjardins crossed 35,000 at 27.00.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-04-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.00
\nBid-YTW : 3.24 %<\/td>\n<\/tr>\n
BMO.PR.Q<\/td>\nFixedReset<\/td>\n34,671<\/td>\nNesbitt crossed 19,500 at 25.10.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.02
\nBid-YTW : 3.23 %<\/td>\n<\/tr>\n
There were 26 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\nQuote: 20.21 – 22.00
\nSpot Rate : 1.7900
\nAverage : 1.4018<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-08-12
\nMaturity Price : 20.21
\nEvaluated at bid price : 20.21
\nBid-YTW : 2.59 %<\/td>\n<\/tr>\n

BAM.PR.N<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.01 – 22.49
\nSpot Rate : 0.4800
\nAverage : 0.3143<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-08-12
\nMaturity Price : 21.75
\nEvaluated at bid price : 22.01
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n

GWO.PR.G<\/td>\nDeemed-Retractible<\/td>\nQuote: 24.37 – 24.80
\nSpot Rate : 0.4300
\nAverage : 0.3090<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.37
\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n

BAM.PR.K<\/td>\nFloater<\/td>\nQuote: 16.03 – 16.60
\nSpot Rate : 0.5700
\nAverage : 0.4557<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-08-12
\nMaturity Price : 16.03
\nEvaluated at bid price : 16.03
\nBid-YTW : 3.30 %<\/td>\n<\/tr>\n

BAM.PR.M<\/td>\nPerpetual-Discount<\/td>\nQuote: 22.00 – 22.34
\nSpot Rate : 0.3400
\nAverage : 0.2323<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-08-12
\nMaturity Price : 21.66
\nEvaluated at bid price : 22.00
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n

CIU.PR.C<\/td>\nFixedReset<\/td>\nQuote: 23.75 – 25.00
\nSpot Rate : 1.2500
\nAverage : 1.1638<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2041-08-12
\nMaturity Price : 22.68
\nEvaluated at bid price : 23.75
\nBid-YTW : 3.05 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

There’s more information about the attack on the Hong Kong Exchange website: Hong Kong Exchanges & Clearing Ltd. said it will find new ways of publicizing earnings and other corporate events after hackers jammed its …<\/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-15970","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/15970","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=15970"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/15970\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}