{"id":20536,"date":"2012-12-11T23:44:42","date_gmt":"2012-12-12T03:44:42","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=20536"},"modified":"2012-12-11T23:44:42","modified_gmt":"2012-12-12T03:44:42","slug":"december-11-2012","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=20536","title":{"rendered":"December 11, 2012"},"content":{"rendered":"

What’s going on with Northern Securities, IIROC and Penson<\/a>?:<\/p>\n

9. NSI advised IIROC Staff that it was considering the following three options to address the pending wind down of Penson:
\ni. Retain a new carrying broker;
\nii. Enter into an omnibus arrangement with an existing carrying broker or self-clearing firm and administer certain back office functions itself;
\niii. Enter into a business amalgamation or a sale.<\/p>\n

10. On November 23, 2012, IIROC Staff advised NSI that NSI\u2019s failure to enter into a new introducing-carrying arrangement or to demonstrate progress toward an alternative arrangement would soon result in such financial and operating difficulty for NSI that NSI cannot be permitted to continue to operate without risk of imminent harm to NSI\u2019s clients.<\/p>\n

11. IIROC Staff also advised NSI that if it did not enter into a binding agreement for either a new introducing-carrying arrangement or a business combination with a self-clearing Dealer Member by December 7, 2012, then IIROC Staff would proceed to an expedited hearing to seek appropriate remedies from an IIROC Hearing Panel.<\/p><\/blockquote>\n

It was a mixed day for the Canadian preferred share market, with PerpetualPremiums gaining 6bp, FixedResets down 3bp and DeemedRetractibles off 2bp. Volatility was low. Volume was heavy.<\/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>\n0.0133 %<\/td>\n2,478.3<\/td>\n<\/tr>\n
FixedFloater<\/td>\n4.13 %<\/td>\n3.48 %<\/td>\n28,122<\/td>\n18.30<\/td>\n1<\/td>\n-0.4762 %<\/td>\n3,894.0<\/td>\n<\/tr>\n
Floater<\/td>\n2.79 %<\/td>\n3.01 %<\/td>\n56,494<\/td>\n19.63<\/td>\n4<\/td>\n0.0133 %<\/td>\n2,675.9<\/td>\n<\/tr>\n
OpRet<\/td>\n4.60 %<\/td>\n1.03 %<\/td>\n35,270<\/td>\n0.48<\/td>\n4<\/td>\n0.0569 %<\/td>\n2,598.3<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.65 %<\/td>\n4.72 %<\/td>\n64,652<\/td>\n4.41<\/td>\n2<\/td>\n0.3247 %<\/td>\n2,863.1<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0569 %<\/td>\n2,375.9<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.25 %<\/td>\n1.83 %<\/td>\n74,102<\/td>\n0.38<\/td>\n30<\/td>\n0.0601 %<\/td>\n2,319.8<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n4.83 %<\/td>\n4.87 %<\/td>\n132,848<\/td>\n15.61<\/td>\n4<\/td>\n0.0304 %<\/td>\n2,631.0<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.94 %<\/td>\n2.95 %<\/td>\n219,461<\/td>\n4.34<\/td>\n77<\/td>\n-0.0298 %<\/td>\n2,448.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.91 %<\/td>\n2.52 %<\/td>\n119,262<\/td>\n0.45<\/td>\n46<\/td>\n-0.0152 %<\/td>\n2,406.6<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
TRP.PR.C<\/td>\nFixedReset<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-12-11
\nMaturity Price : 23.57
\nEvaluated at bid price : 25.67
\nBid-YTW : 2.79 %<\/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
ENB.PR.T<\/td>\nFixedReset<\/td>\n249,620<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-12-11
\nMaturity Price : 23.10
\nEvaluated at bid price : 25.02
\nBid-YTW : 3.70 %<\/td>\n<\/tr>\n
MFC.PR.J<\/td>\nFixedReset<\/td>\n140,025<\/td>\nRecent new issue<\/a>.
\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.11
\nBid-YTW : 3.91 %<\/td>\n<\/tr>\n
TD.PR.O<\/td>\nDeemed-Retractible<\/td>\n106,124<\/td>\nNesbitt crossed 100,000 at 25.85.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-01-10
\nMaturity Price : 25.50
\nEvaluated at bid price : 25.83
\nBid-YTW : -4.40 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset<\/td>\n103,159<\/td>\nTD crossed 73,600 at 25.24; Nesbitt bought 10,000 from National at 25.25.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-12-11
\nMaturity Price : 23.28
\nEvaluated at bid price : 25.24
\nBid-YTW : 3.57 %<\/td>\n<\/tr>\n
POW.PR.G<\/td>\nPerpetual-Premium<\/td>\n101,380<\/td>\nNesbitt crossed 100,000 at 27.15.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-04-15
\nMaturity Price : 25.25
\nEvaluated at bid price : 27.02
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n
TD.PR.I<\/td>\nFixedReset<\/td>\n78,652<\/td>\nRBC crossed 67,600 at 26.85.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-07-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.84
\nBid-YTW : 2.11 %<\/td>\n<\/tr>\n
There were 43 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
BAM.PR.K<\/td>\nFloater<\/td>\nQuote: 17.50 – 18.10
\nSpot Rate : 0.6000
\nAverage : 0.3548<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-12-11
\nMaturity Price : 17.50
\nEvaluated at bid price : 17.50
\nBid-YTW : 3.03 %<\/td>\n<\/tr>\n

TRP.PR.C<\/td>\nFixedReset<\/td>\nQuote: 25.67 – 25.99
\nSpot Rate : 0.3200
\nAverage : 0.1784<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-12-11
\nMaturity Price : 23.57
\nEvaluated at bid price : 25.67
\nBid-YTW : 2.79 %<\/td>\n<\/tr>\n

PWF.PR.M<\/td>\nFixedReset<\/td>\nQuote: 26.03 – 26.36
\nSpot Rate : 0.3300
\nAverage : 0.2250<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2014-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.03
\nBid-YTW : 2.91 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset<\/td>\nQuote: 25.12 – 25.35
\nSpot Rate : 0.2300
\nAverage : 0.1665<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2042-12-11
\nMaturity Price : 23.40
\nEvaluated at bid price : 25.12
\nBid-YTW : 2.95 %<\/td>\n<\/tr>\n

BMO.PR.K<\/td>\nDeemed-Retractible<\/td>\nQuote: 26.16 – 26.27
\nSpot Rate : 0.1100
\nAverage : 0.0707<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-01-10
\nMaturity Price : 26.00
\nEvaluated at bid price : 26.16
\nBid-YTW : 0.25 %<\/td>\n<\/tr>\n

POW.PR.C<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.51 – 25.65
\nSpot Rate : 0.1400
\nAverage : 0.1052<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2013-01-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.51
\nBid-YTW : -7.73 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

What’s going on with Northern Securities, IIROC and Penson?: 9. NSI advised IIROC Staff that it was considering the following three options to address the pending wind down of Penson: i. Retain a new carrying …<\/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-20536","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/20536","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=20536"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/20536\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20536"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20536"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20536"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}