{"id":19884,"date":"2012-10-03T02:01:23","date_gmt":"2012-10-03T06:01:23","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=19884"},"modified":"2012-10-03T02:01:23","modified_gmt":"2012-10-03T06:01:23","slug":"october-2-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=19884","title":{"rendered":"October 2, 2012"},"content":{"rendered":"

Just when you thought smart-phone malware had reached a limit…<\/a>:<\/p>\n

As smartphones become more pervasive, they are increasingly targeted by malware. At the same time, each new generation of smartphone features increasingly powerful onboard sensor suites. A new strain of `sensor malware’ has been developing that leverages these sensors to steal information from the physical environment | e.g., researchers have recently demonstrated how malware can `listen’ for spoken credit card numbers through the microphone, or `feel’ keystroke vibrations using the accelerometer. Yet the possibilities of what malware can `see’ through a camera have been understudied.<\/p>\n

This paper introduces a novel `visual malware’ called PlaceRaider, which allows remote attackers to engage in remote reconnaissance and what we call virtual theft.” Through completely opportunistic use of the phone’s camera and other sensors, PlaceRaider constructs rich, three dimensional models of indoor environments. Remote burglars can thus `download’ the physical space, study the environment carefully, and steal virtual objects from the environment (such as \ffinancial documents, information on computer monitors, and personally identifiable information). Through two human subject studies we demonstrate the effectiveness of using mobile devices as powerful surveillance and virtual theft platforms, and we suggest several possible defenses against visual malware.<\/p><\/blockquote>\n

This is the source of all concern about high frequency trading<\/a>:<\/p>\n

Wall Street banks\u2019 equities-trading units aren\u2019t getting much relief from the strongest stock rally since 2009, as sinking volume and already thin margins threaten to make their annual performance the worst in six years.<\/p>\n

Third-quarter equities-trading revenue probably fell 14 percent from the same period in 2011, the fifth straight drop of more than 8 percent, according to estimates by Kian Abouhossein, a JPMorgan Chase & Co. (JPM) analyst. Full-year revenue at the five largest U.S. investment banks may be the lowest since 2006, UBS (UBSN) AG\u2019s Brennan Hawken wrote in a Sept. 19 note to clients.<\/p>\n

Equities trading, which generated $40 billion for the nine largest global investment banks last year, has been an attractive business because capital requirements aren\u2019t as strict as those threatening fixed-income returns. Lower volumes have damped that optimism as investors remain skeptical about the global economy, which may lead to job cuts.
…<\/b>
Banks\u2019 revenue also is reduced by the continued move to electronic trading, which accounts for as much as 70 percent of transactions on the Nasdaq Stock Market and generates lower margins than voice orders. Institutions pay an average of 2.05 cents per share for orders that require handling compared with 1.08 cents for those entered through algorithms, according to Tabb Group LLC. <\/p><\/blockquote>\n

It sounds like an oxymoron, but there’s excitment in the indexing world<\/a>:<\/p>\n

MSCI Inc. (MSCI) fell the most on record after being dropped as benchmark provider for 22 index funds by Vanguard Group Inc., the largest U.S. mutual-fund company.<\/p>\n

MSCI declined 27 percent to close at $26.21 in New York, the most since it went public in November of 2007, after Vanguard said funds with about $537 billion in assets will replace New York-based MSCI to cut costs for fund shareholders.<\/p>\n

Vanguard will adopt benchmarks from FTSE Group for six international stock index funds, and benchmarks developed by the University of Chicago\u2019s Center for Research in Security Prices for 16 U.S. equity and balanced funds. The defection puts pressure on MSCI to lower the licensing fees it charges to BlackRock\u2019s IShares unit, the biggest ETF provider, according to David Nadig, director of research at San Francisco-based ETF research firm IndexUniverse LLC.
…<\/b>
Separately, MSCI disclosed in a regulatory filing today that it received a so-called \u201cWells Notice\u201d from the U.S. Securities and Exchange Commission, informing the company it will recommend public administrative proceedings for violations of the Investment Advisers Act. A Wells Notice typically gives recipients a chance to dissuade investigators from recommending the agency authorize enforcement action.<\/p>\n

The company said in March that an employee had provided information about clients\u2019 proxy voting to a proxy solicitor in violation of its policies, according to the filing.
…<\/b>
BlackRock uses MSCI indexes to guide 197 ETFs with $162 billion in assets, Melissa Garville, a spokeswoman, said in an e-mail.<\/p><\/blockquote>\n

It was a mixed day for the Canadian preferred share market, with PerpetualPremiums gaining 3bp, FixedResets down 8bp and DeemedRetractibles up 2bp. Volatility was muted. Volume was low.<\/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>\n0.2281 %<\/td>\n2,454.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.32 %<\/td>\n3.69 %<\/td>\n37,277<\/td>\n17.86<\/td>\n1<\/td>\n1.8981 %<\/td>\n3,688.4<\/td>\n<\/tr>\n
Floater<\/td>\n2.99 %<\/td>\n3.01 %<\/td>\n56,968<\/td>\n19.73<\/td>\n3<\/td>\n0.2281 %<\/td>\n2,650.4<\/td>\n<\/tr>\n
OpRet<\/td>\n4.64 %<\/td>\n2.64 %<\/td>\n57,298<\/td>\n0.70<\/td>\n4<\/td>\n0.2781 %<\/td>\n2,561.4<\/td>\n<\/tr>\n
SplitShare<\/td>\n5.44 %<\/td>\n4.95 %<\/td>\n72,786<\/td>\n4.55<\/td>\n3<\/td>\n0.0132 %<\/td>\n2,817.9<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.2781 %<\/td>\n2,342.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.28 %<\/td>\n2.43 %<\/td>\n90,220<\/td>\n0.39<\/td>\n27<\/td>\n0.0258 %<\/td>\n2,299.5<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.00 %<\/td>\n4.87 %<\/td>\n104,717<\/td>\n15.72<\/td>\n4<\/td>\n-0.2144 %<\/td>\n2,587.2<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.97 %<\/td>\n2.99 %<\/td>\n178,754<\/td>\n4.24<\/td>\n73<\/td>\n-0.0788 %<\/td>\n2,435.2<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.93 %<\/td>\n3.38 %<\/td>\n120,921<\/td>\n0.63<\/td>\n46<\/td>\n0.0212 %<\/td>\n2,378.9<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
SLF.PR.I<\/td>\nFixedReset<\/td>\n-1.36 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.30
\nBid-YTW : 3.97 %<\/td>\n<\/tr>\n
BAM.PR.G<\/td>\nFixedFloater<\/td>\n1.90 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-10-02
\nMaturity Price : 22.58
\nEvaluated at bid price : 22.01
\nBid-YTW : 3.69 %<\/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
BAM.PR.X<\/td>\nFixedReset<\/td>\n211,305<\/td>\nRBC bought blocks of 32,600 and 66,900 from Nesbitt at 25.15, then crossed 51,400 at the same price. National crossed 50,000 at the same price again.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-10-02
\nMaturity Price : 23.23
\nEvaluated at bid price : 25.14
\nBid-YTW : 3.24 %<\/td>\n<\/tr>\n
CU.PR.C<\/td>\nFixedReset<\/td>\n160,115<\/td>\nNesbitt crossed two blocks of 50,000 each, both at 26.10. RBC crossed 50,000 at the same price.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2017-06-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.05
\nBid-YTW : 3.12 %<\/td>\n<\/tr>\n
ENB.PR.P<\/td>\nFixedReset<\/td>\n123,965<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-10-02
\nMaturity Price : 23.12
\nEvaluated at bid price : 25.07
\nBid-YTW : 3.71 %<\/td>\n<\/tr>\n
IFC.PR.A<\/td>\nFixedReset<\/td>\n101,300<\/td>\nRBC crossed 98,700 at 25.45.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.54
\nBid-YTW : 3.47 %<\/td>\n<\/tr>\n
BAM.PF.B<\/td>\nFixedReset<\/td>\n59,460<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-10-02
\nMaturity Price : 23.13
\nEvaluated at bid price : 25.11
\nBid-YTW : 3.86 %<\/td>\n<\/tr>\n
BMO.PR.N<\/td>\nFixedReset<\/td>\n56,975<\/td>\nScotia crossed blocks of 23,400 and 29,500, both at 26.80.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.80
\nBid-YTW : 1.77 %<\/td>\n<\/tr>\n
There were 17 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
TRP.PR.A<\/td>\nFixedReset<\/td>\nQuote: 25.50 – 25.85
\nSpot Rate : 0.3500
\nAverage : 0.2418<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-10-02
\nMaturity Price : 23.69
\nEvaluated at bid price : 25.50
\nBid-YTW : 3.14 %<\/td>\n<\/tr>\n

TD.PR.I<\/td>\nFixedReset<\/td>\nQuote: 27.03 – 27.26
\nSpot Rate : 0.2300
\nAverage : 0.1487<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.03
\nBid-YTW : 2.31 %<\/td>\n<\/tr>\n

TCA.PR.Y<\/td>\nPerpetual-Premium<\/td>\nQuote: 51.90 – 52.25
\nSpot Rate : 0.3500
\nAverage : 0.2727<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-03-05
\nMaturity Price : 50.00
\nEvaluated at bid price : 51.90
\nBid-YTW : 2.54 %<\/td>\n<\/tr>\n

RY.PR.L<\/td>\nFixedReset<\/td>\nQuote: 26.10 – 26.33
\nSpot Rate : 0.2300
\nAverage : 0.1569<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-24
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.10
\nBid-YTW : 2.82 %<\/td>\n<\/tr>\n

IGM.PR.B<\/td>\nPerpetual-Premium<\/td>\nQuote: 26.30 – 26.90
\nSpot Rate : 0.6000
\nAverage : 0.5273<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-12-31
\nMaturity Price : 25.50
\nEvaluated at bid price : 26.30
\nBid-YTW : 4.87 %<\/td>\n<\/tr>\n

NA.PR.O<\/td>\nFixedReset<\/td>\nQuote: 27.05 – 27.25
\nSpot Rate : 0.2000
\nAverage : 0.1378<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-02-15
\nMaturity Price : 25.00
\nEvaluated at bid price : 27.05
\nBid-YTW : 1.20 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Just when you thought smart-phone malware had reached a limit…: As smartphones become more pervasive, they are increasingly targeted by malware. At the same time, each new generation of smartphone features increasingly powerful onboard sensor …<\/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-19884","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/19884","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=19884"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/19884\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}