{"id":24841,"date":"2014-04-02T22:16:04","date_gmt":"2014-04-03T03:16:04","guid":{"rendered":"http:\/\/prefblog.com\/?p=24841"},"modified":"2014-04-02T22:16:04","modified_gmt":"2014-04-03T03:16:04","slug":"april-2-2014","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=24841","title":{"rendered":"April 2, 2014"},"content":{"rendered":"<p>The latest news on the <a href=\"http:\/\/www.thestar.com\/business\/personal_finance\/2014\/04\/01\/canadian_is_hero_of_us_book_on_trading_roseman.html\">High Frequency Trading media frenzy<\/a> is amusing:<\/p>\n<blockquote><p>Brad Katsuyama, a young Canadian working at RBC Capital Markets in New York, is the hero of [Michael] Lewis\u2019s book [Flash Boys: A Wall Street Revolt]. He creates a tool called Thor, which is designed to protect investors from the rest of Wall Street.<\/p>\n<p>When RBC, a smaller player in the U.S. market, couldn\u2019t get traction with the tool, Katsuyama left to set up his own stock exchange IEX Group.<\/p><\/blockquote>\n<p>As it happens, I discussed Thor in the market report of <a href=\"http:\/\/prefblog.com\/?p=20553\">December 13, 2012<\/a>:<\/p>\n<blockquote><p>And look what passes for brilliant innovation among the old-money crowd! As mentioned on <a href=\"http:\/\/www.prefblog.com\/?p=17786\">2012-2-8<\/a>, <a href=\"http:\/\/www.institutionalinvestor.com\/Article\/2971794\/Investors\/RBC-Takes-On-High-Frequency-Predators.html?ArticleId=2971794&#038;LS=EMS610309\">RBC received a good dose of breathless adoration<\/a> for it&#8217;s THOR execution product. And what does THOR do, one might ask? According to the <a href=\"https:\/\/www.rbccm.com\/about\/file-669600.pdf\">product sheet<\/a>:<\/p>\n<blockquote><p>Latency normalization is an important factor in securing liquidity and obtaining best execution.<br \/>\n\u2022 THOR\u2019s synchronization logic compensates for timing differentials across North America, minimizing cancellation windows for high-frequency trading algorithms; this significantly reduces information leakage, leading to higher fill rates.<\/p><\/blockquote>\n<p>So the programme staggers the sending times to minimize the difference in the exchange&#8217;s receiving times, thereby minimizing the window in which the Evil HFT Layerer can cancel his misdirecting order. May I be excused for thinking that this idea is a teensy-weeny little bit obvious? As well as resulting from a simple reverse-engineering investigation, rather than breaking new ground?<\/p><\/blockquote>\n<p>Is there anything quite so revealing of the intellectual bankruptcy of HFT opponents and their hangers-on as this? OK, so Katsuyama &#8211; or his team, whatever &#8211; developed an approach to compensate for differential latency. OK, fine, sounds like it&#8217;s probably a good thing (although we now learn that RBC &#8216;couldn&#8217;t get traction&#8217; with the tool), but honestly, is this really all that impressive? It&#8217;s nothing original, just reverse-engineering a trading strategy that is eating your lunch in a very, very simple manner and coming up with compensation. Just another day at the office &#8230; but very impressive to the old money club, enough to make him a &#8220;hero&#8221;.<\/p>\n<p>There was an <a href=\"http:\/\/www.fdic.gov\/news\/news\/financial\/2014\/fil14011.html?source=govdelivery&#038;utm_medium=email&#038;utm_source=govdelivery\">interesting letter circulated by the FDIC today<\/a>:<\/p>\n<blockquote><p>Highlights:<\/p>\n<ul>\n<li>DDoS attacks are continuing against financial institutions&#8217; public-facing Web sites.\n<li>Financial institutions that experience DDoS attacks may face a variety of risks, including operational and reputation risks.\n<li>DDoS attacks may be a diversionary tactic by criminals attempting to commit fraud.\n<li>Financial institutions are expected to address DDoS readiness as part of their ongoing business continuity and disaster recovery plans and to take certain specific steps, as appropriate, to detect and mitigate such attacks.\n<li>The attached statement includes references to guidance and publications to assist institutions in mitigating the risks from DDoS attacks.<\/ul>\n<p>Suggested Distribution:<\/p>\n<ul>\n<li>FDIC-Supervised Banks (Commercial and Savings)<\/ul>\n<\/blockquote>\n<p>The <a href=\"https:\/\/www.ffiec.gov\/press\/PDF\/FFIEC%20DDoS%20Joint%20Statement.pdf\">attached statement<\/a> states:<\/p>\n<blockquote><p>In the latter half of 2012, an increased number of DDoS attacks were launched against financial institutions by politically motivated groups. These DDoS attacks continued periodically and increased in sophistication and intensity. These attacks caused slow website response times, intermittently prevented customers from accessing institutions\u2019 public websites, and adversely affected back-office operations. In other cases, DDoS attacks served as a diversionary tactic by criminals attempting to commit fraud using stolen customer or bank employee credentials to initiate fraudulent wire or automated clearinghouse transfers.<br \/><b>&#8230;<\/b><br \/>In addition to the FFIEC guidance, several other publications are available to help organizations mitigate the risks from DDoS attacks. The Department of Homeland Security\u2019s National Cybersecurity and Communications Integration Center published a DDoS Quick Guide on January 29, 2014. This Quick Guide provides useful information on attack possibilities and traffic types and should be shared with an institution\u2019s IT department and the institution\u2019s online banking service provider, if applicable. The Quick Guide is available at <a href-\"www.uscert.gov\/sites\/default\/files\/publications\/DDoS%20Quick%20Guide.pdf\">www.uscert.<br \/>\ngov\/sites\/default\/files\/publications\/DDoS%20Quick%20Guide.pdf<\/a><\/p><\/blockquote>\n<p>Ooh! That looks interesting! A guide on DDos issued by Homeland Security! I <a href=\"http:\/\/www.us-cert.gov\/sites\/default\/files\/publications\/DDoS%20Quick%20Guide.pdf\">bet that&#8217;s rigorous<\/a>!<\/p>\n<blockquote><p><b>References<\/b><br \/>\nhttp:\/\/www.prolexic.com\/knowledge-center-dos-and-ddos-glossary.html<br \/>\nhttp:\/\/www.cso.com.au\/article\/443802\/ssl_ddos_attacks_-_growing_trend\/<br \/>\nhttp:\/\/jncie.files.wordpress.com\/2008\/09\/801003_protecting-the-network-from-denial-of-service-floods.pdf<br \/>\nhttp:\/\/en.wikipedia.org\/wiki\/MAC_flooding<br \/>\nhttp:\/\/www.ibrahimhasan.com\/content\/understanding-and-protecting-against-mac-address-flooding<br \/>\nhttps:\/\/www.owasp.org\/images\/4\/43\/Layer_7_DDOS.pdf<br \/>\nhttp:\/\/softwareandnetworks.wordpress.com\/<br \/>\nhttps:\/\/www.kb.cert.org\/CERT_WEB\/services\/vul-notes-cert.nsf\/b38c0892d481f5d385256d4b005d34ea\/e0bf4978a23a358385257179006cb1d8?OpenDocument<br \/>\nhttp:\/\/class10e.com\/Microsoft\/what-layer-in-the-osi-model-is-responsible-for-logging-on-and-off\/<br \/>\nwww.books.google.com\/books?isbn=1118141350<br \/>\nhttp:\/\/www.wisegeek.com what-is-mac-flooding.htm<br \/>\nhttp:\/\/quizlet.com\/14023507\/lesson-2-defining-networks-with-the-osi-model-flash-cards\/<br \/>\nhttp:\/\/www.cisco.edu.mn\/CCNA_R&#038;S_%28Switched_Networks%29\/course\/module2\/2.2.2.3\/2.2.2.3.html<br \/>\nhttp:\/\/www.linuxforu.com\/2011\/11\/cyber-attacks-explained-dos-and-ddos\/<br \/>\nhttp:\/\/www.prolexic.com\/knowledge-center-dos-and-ddos-glossary.html<br \/>\nhttp:\/\/learnfromtheleader.com\/Downloads\/SRS\/TSFADP.pdf<br \/>\nhttp:\/\/zuhairmirza-informative.blogspot.com\/2013\/04\/dos-and-ddos-glossary-of-terms-part-2.html<br \/>\nhttp:\/\/webcyber.co.uk\/?p=128<br \/>\nhttps:\/\/www.cisco.com\/web\/ME\/exposaudi2009\/assets\/docs\/layer2_attacks_and_mitigation_t.pdf<br \/>\nhttp:\/\/www.prolexic.com\/knowledge-center-dos-and-ddos-glossary.html<br \/>\nhttp:\/\/www.ddosattacks.biz\/ddos-101\/glossary\/proxy\/<br \/>\nhttp:\/\/www.prolexic.com\/news-events-pr-end-of-quarter-ddos-attacks-itsok.html<br \/>\nhttp:\/\/www.us-cert.gov\/ncas\/alerts\/TA13-088A<\/p><\/blockquote>\n<p>Blogs? <i>Wikipedia<\/i>? Gimme a break, please. This is a high-school essay. I&#8217;m all in favour of government instruction books containing links to authoritative sources, but not &#8230; blogs. Not &#8230; Wikipedia. Couldn&#8217;t they have got somebody who really knew his stuff to write something with real references?<\/p>\n<p>We might have an <a href=\"http:\/\/www.sec.gov\/News\/Speech\/Detail\/Speech\/1370541390232#.UzySgchzbIU\">entertaining turf battle in the States<\/a>:<\/p>\n<blockquote><p>Recently, however, the Commission\u2019s authority in the mutual fund industry\u2014an industry in which the SEC has capably served as the primary regulator for almost 75 years\u2014has been undercut by the activities of the Financial Stability Oversight Council (\u201cFSOC\u201d) and its research arm, the Treasury Department\u2019s Office of Financial Research (\u201cOFR\u201d).<br \/><b>&#8230;<\/b><br \/>However, rather than continuing to discuss the merits of the research and analysis\u2014or lack thereof\u2014in <a href=\"http:\/\/www.treasury.gov\/initiatives\/ofr\/research\/Documents\/OFR_AMFS_FINAL.pdf\">OFR\u2019s report<\/a>, I would simply note that there needs to be a mechanism by which the full Commission, not just the Chair and SEC staff, provide meaningful input and coordinate with the leadership of FSOC and OFR. The Dodd-Frank Act envisions such coordination; for instance, the Dodd-Frank Act contemplates that federal agencies, including the Commission, would assist OFR on its work upon request. I do not think that assistance should be limited to one representative of the Commission, or limited to the SEC\u2019s staff. Clearly, the expertise and judgment that the securities laws imbues in the presidentially appointed, Senate-confirmed Commissioners is undercut when there is an end-run around the Commissioners tasked with running the SEC.<\/p>\n<p>Let me be clear, the work of FSOC and OFR to identify and mitigate systemic risk is important. However, there is real danger in that work being compromised if the full five-member Commission is cut out of the process. The SEC and our fellow regulators should assist FSOC\u2019s efforts in a thorough and objective manner. My interest is in making sure that the full expertise and judgment of the Commission\u2014and all the Commissioners\u2014is being utilized, and that our authority and expertise are not being undercut. For the protection of our economy, financial regulators across the U.S. federal government have to work together to address risks and threats to the stability of our financial markets.<\/p>\n<p>Before leaving the subject of the OFR report, I note that just last Friday, the Department of the Treasury announced that FSOC will hold a conference in May on the asset management industry and its activities. While I welcome the effort to better understand the asset management industry, this does not address the issues arising from the criticisms of the OFR report\u2019s quality, research, and analysis, or the issues that arise when the SEC\u2019s decision makers are excluded from the process. FSOC and OFR should acknowledge the Commission\u2019s\u2014and, in particular, the Commissioners\u2019\u2014role as the primary regulator of the asset management industry.<\/p><\/blockquote>\n<p>There are <a href=\"http:\/\/o.canada.com\/technology\/top-10-astronomy-events-for-2014\/\">two lunar eclipses this year<\/a> &#8211; April 15 and October 8. Mark your calendars!<\/p>\n<p>It was a fine day for the Canadian preferred share market, with PerpetualDiscounts winning 23bp, FixedResets up 11bp and DeemedRetractibles gaining 7bp. Volatility was minimal. Volume was below average.<\/p>\n<p>PerpetualDiscounts now yield 5.48%, equivalent to 7.12% interest at the standard equivalency factor of 1.3x. <a href=\"http:\/\/www.canadianbondindices.com\/ltbi.asp\">Long corporates<\/a> now yield about 4.5%, so the pre-tax interest-equivalent spread (in this context, the &#8220;Seniority Spread&#8221;) is now about 260bp, unchanged from <a href=\"http:\/\/prefblog.com\/?p=24785\">March 26<\/a>.<\/p>\n<table border='1'>\n<tr>\n<td colspan='8'><strong>HIMIPref&trade; Preferred Indices<br \/>These values reflect the December 2008 revision of the HIMIPref&trade; Indices<\/strong><br \/>Values are provisional and are finalized monthly<\/td>\n<\/tr>\n<tr>\n<td>Index<\/td>\n<td>Mean<br \/>Current<br \/>Yield<br \/>(at bid)<\/td>\n<td>Median<br \/>YTW<\/td>\n<td>Median<br \/>Average<br \/>Trading<br \/>Value<\/td>\n<td>Median<br \/>Mod Dur<br \/>(YTW)<\/td>\n<td>Issues<\/td>\n<td>Day&#8217;s Perf.<\/td>\n<td>Index Value<\/td>\n<\/tr>\n<tr>\n<td>Ratchet<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>0.1407 %<\/td>\n<td>2,466.3<\/td>\n<\/tr>\n<tr>\n<td>FixedFloater<\/td>\n<td>4.69 %<\/td>\n<td>4.29 %<\/td>\n<td>36,508<\/td>\n<td>17.72<\/td>\n<td>1<\/td>\n<td>0.1978 %<\/td>\n<td>3,619.2<\/td>\n<\/tr>\n<tr>\n<td>Floater<\/td>\n<td>2.95 %<\/td>\n<td>3.06 %<\/td>\n<td>50,326<\/td>\n<td>19.62<\/td>\n<td>4<\/td>\n<td>0.1407 %<\/td>\n<td>2,662.9<\/td>\n<\/tr>\n<tr>\n<td>OpRet<\/td>\n<td>4.65 %<\/td>\n<td>-1.13 %<\/td>\n<td>95,476<\/td>\n<td>0.21<\/td>\n<td>3<\/td>\n<td>-0.0129 %<\/td>\n<td>2,688.3<\/td>\n<\/tr>\n<tr>\n<td>SplitShare<\/td>\n<td>4.80 %<\/td>\n<td>4.24 %<\/td>\n<td>65,275<\/td>\n<td>4.28<\/td>\n<td>5<\/td>\n<td>0.0159 %<\/td>\n<td>3,089.1<\/td>\n<\/tr>\n<tr>\n<td>Interest-Bearing<\/td>\n<td>0.00 %<\/td>\n<td>0.00 %<\/td>\n<td>0<\/td>\n<td>0.00<\/td>\n<td>0<\/td>\n<td>-0.0129 %<\/td>\n<td>2,458.2<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Premium<\/td>\n<td>5.54 %<\/td>\n<td>-4.40 %<\/td>\n<td>104,669<\/td>\n<td>0.09<\/td>\n<td>13<\/td>\n<td>0.1664 %<\/td>\n<td>2,373.6<\/td>\n<\/tr>\n<tr>\n<td>Perpetual-Discount<\/td>\n<td>5.45 %<\/td>\n<td>5.48 %<\/td>\n<td>126,421<\/td>\n<td>14.60<\/td>\n<td>23<\/td>\n<td>0.2262 %<\/td>\n<td>2,465.6<\/td>\n<\/tr>\n<tr>\n<td>FixedReset<\/td>\n<td>4.69 %<\/td>\n<td>3.68 %<\/td>\n<td>217,164<\/td>\n<td>4.31<\/td>\n<td>79<\/td>\n<td>0.1121 %<\/td>\n<td>2,520.1<\/td>\n<\/tr>\n<tr>\n<td>Deemed-Retractible<\/td>\n<td>5.04 %<\/td>\n<td>1.86 %<\/td>\n<td>156,213<\/td>\n<td>0.16<\/td>\n<td>42<\/td>\n<td>0.0721 %<\/td>\n<td>2,479.0<\/td>\n<\/tr>\n<tr>\n<td>FloatingReset<\/td>\n<td>2.63 %<\/td>\n<td>2.56 %<\/td>\n<td>191,702<\/td>\n<td>4.30<\/td>\n<td>5<\/td>\n<td>0.1123 %<\/td>\n<td>2,455.6<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Performance Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Change<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>-1.26 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-04-02<br \/>\nMaturity Price  : 23.08<br \/>\nEvaluated at bid price : 23.45<br \/>\nBid-YTW : 3.68 %<\/td>\n<\/tr>\n<tr>\n<td>ELF.PR.H<\/td>\n<td>Perpetual-Discount<\/td>\n<td>1.03 %<\/td>\n<td>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-04-02<br \/>\nMaturity Price  : 24.04<br \/>\nEvaluated at bid price : 24.45<br \/>\nBid-YTW : 5.63 %<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='4'><strong>Volume Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Shares<br \/>Traded<\/td>\n<td>Notes<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.Z<\/td>\n<td>FixedReset<\/td>\n<td>207,792<\/td>\n<td>Nesbitt crossed 175,500 at 24.15.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2022-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.21<br \/>\nBid-YTW : 3.66 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.A<\/td>\n<td>FloatingReset<\/td>\n<td>107,494<\/td>\n<td>Nesbitt crossed 100,000 at 25.26.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2018-04-25<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.26<br \/>\nBid-YTW : 2.46 %<\/td>\n<\/tr>\n<tr>\n<td>GWO.PR.P<\/td>\n<td>Deemed-Retractible<\/td>\n<td>83,660<\/td>\n<td>Desjardins crossed blocks of 15,000 and 65,000, both at 25.04.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.02<br \/>\nBid-YTW : 5.43 %<\/td>\n<\/tr>\n<tr>\n<td>IFC.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>82,871<\/td>\n<td>TD crossed 72,000 at 24.20. Nesbitt crossed 10,000 at the same price.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 24.03<br \/>\nBid-YTW : 4.19 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>64,534<\/td>\n<td>Desjardins crossed 62,700 at 24.25.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-04-02<br \/>\nMaturity Price  : 24.07<br \/>\nEvaluated at bid price : 24.33<br \/>\nBid-YTW : 5.48 %<\/td>\n<\/tr>\n<tr>\n<td>MFC.PR.C<\/td>\n<td>Deemed-Retractible<\/td>\n<td>54,256<\/td>\n<td>TD crossed 45,600 at 21.85.<br \/>\nYTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2025-01-31<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 21.80<br \/>\nBid-YTW : 6.19 %<\/td>\n<\/tr>\n<tr>\n<td colspan='4'>There were 27 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n<table border='1'>\n<tr>\n<td colspan='3'><strong>Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Issue<\/td>\n<td>Index<\/td>\n<td>Quote Data and Yield Notes<\/td>\n<\/tr>\n<tr>\n<td>TRP.PR.A<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 23.36 &#8211; 23.99<br \/>\nSpot Rate  :  0.6300<br \/>\nAverage  :  0.3711<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-04-02<br \/>\nMaturity Price  : 22.73<br \/>\nEvaluated at bid price : 23.36<br \/>\nBid-YTW : 3.89 %<\/td>\n<\/tr>\n<tr>\n<td>PWF.PR.P<\/td>\n<td>FixedReset<\/td>\n<td>Quote: 23.45 &#8211; 23.87<br \/>\nSpot Rate  :  0.4200<br \/>\nAverage  :  0.2614<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-04-02<br \/>\nMaturity Price  : 23.08<br \/>\nEvaluated at bid price : 23.45<br \/>\nBid-YTW : 3.68 %<\/td>\n<\/tr>\n<tr>\n<td>BNA.PR.E<\/td>\n<td>SplitShare<\/td>\n<td>Quote: 25.62 &#8211; 25.97<br \/>\nSpot Rate  :  0.3500<br \/>\nAverage  :  0.2238<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Hard Maturity<br \/>\nMaturity Date\t: 2017-12-10<br \/>\nMaturity Price  : 25.00<br \/>\nEvaluated at bid price : 25.62<br \/>\nBid-YTW : 4.24 %<\/td>\n<\/tr>\n<tr>\n<td>BNS.PR.L<\/td>\n<td>Deemed-Retractible<\/td>\n<td>Quote: 25.52 &#8211; 25.87<br \/>\nSpot Rate  :  0.3500<br \/>\nAverage  :  0.2403<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Call<br \/>\nMaturity Date\t: 2014-05-26<br \/>\nMaturity Price  : 25.50<br \/>\nEvaluated at bid price : 25.52<br \/>\nBid-YTW : 1.60 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.F<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 21.70 &#8211; 21.92<br \/>\nSpot Rate  :  0.2200<br \/>\nAverage  :  0.1424<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-04-02<br \/>\nMaturity Price  : 21.38<br \/>\nEvaluated at bid price : 21.70<br \/>\nBid-YTW : 5.23 %<\/td>\n<\/tr>\n<tr>\n<td>CU.PR.D<\/td>\n<td>Perpetual-Discount<\/td>\n<td>Quote: 23.72 &#8211; 24.04<br \/>\nSpot Rate  :  0.3200<br \/>\nAverage  :  0.2523<\/p>\n<p>YTW SCENARIO<br \/>\nMaturity Type   : Limit Maturity<br \/>\nMaturity Date\t: 2044-04-02<br \/>\nMaturity Price  : 23.37<br \/>\nEvaluated at bid price : 23.72<br \/>\nBid-YTW : 5.21 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>The latest news on the High Frequency Trading media frenzy is amusing: Brad Katsuyama, a young Canadian working at RBC Capital Markets in New York, is the hero of [Michael] Lewis\u2019s book [Flash Boys: A &hellip;<\/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-24841","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24841","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=24841"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/24841\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24841"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}