{"id":33758,"date":"2016-10-13T00:58:10","date_gmt":"2016-10-13T05:58:10","guid":{"rendered":"http:\/\/prefblog.com\/?p=33758"},"modified":"2016-10-13T00:58:10","modified_gmt":"2016-10-13T05:58:10","slug":"october-12-2016","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=33758","title":{"rendered":"October 12, 2016"},"content":{"rendered":"

Bloomberg has a nice article about a firm that’s eating the banks’ lunch<\/a>:<\/p>\n

XTX Markets Ltd. has emerged as a foreign-exchange powerhouse, relying on programmers and mathematicians to fuel its rise into the global top five earlier this year. Now, after becoming a formidable player in currencies, XTX has its sights set on growing in stocks, commodities and bonds markets.<\/p>\n

But in a world where the difference between profit and loss can be tiny fractions of a second, XTX says it relies more on smarts than speed. Instead of building microwave networks to ferret out prices a microsecond before anyone else, XTX uses mathematical models that are tuned with massive data sets. It says its technology has computing power comparable to some of the world\u2019s top supercomputers.
…<\/b>
A challenge for XTX is finding and recruiting talent to create its intellectual fuel for trading. The competition to lure the world\u2019s top mathematicians and technologists isn\u2019t just against Wall Street and other computerized traders, as XTX is now also up against tech giants like Google.<\/p>\n

Forget MBAs, XTX is looking for uncommon traits like \u201cextreme quantitative skills and a good understanding of technology,\u201d said Amrolia, 53, who has a Ph.D. in mathematics from the University of Oxford.<\/p><\/blockquote>\n\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>\n-0.6670 %<\/td>\n1,707.9<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.6670 %<\/td>\n3,120.0<\/td>\n<\/tr>\n
Floater<\/td>\n4.38 %<\/td>\n4.52 %<\/td>\n44,411<\/td>\n16.39<\/td>\n4<\/td>\n-0.6670 %<\/td>\n1,798.1<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0398 %<\/td>\n2,893.8<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.84 %<\/td>\n4.56 %<\/td>\n46,074<\/td>\n2.12<\/td>\n6<\/td>\n0.0398 %<\/td>\n3,455.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0398 %<\/td>\n2,696.4<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.36 %<\/td>\n4.77 %<\/td>\n72,494<\/td>\n2.08<\/td>\n23<\/td>\n0.0275 %<\/td>\n2,689.9<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.14 %<\/td>\n5.10 %<\/td>\n102,466<\/td>\n15.28<\/td>\n15<\/td>\n-0.0708 %<\/td>\n2,902.4<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.95 %<\/td>\n4.36 %<\/td>\n150,521<\/td>\n6.89<\/td>\n92<\/td>\n0.1700 %<\/td>\n2,053.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.03 %<\/td>\n4.88 %<\/td>\n111,363<\/td>\n0.46<\/td>\n32<\/td>\n-0.1451 %<\/td>\n2,796.2<\/td>\n<\/tr>\n
FloatingReset<\/td>\n3.00 %<\/td>\n4.26 %<\/td>\n39,107<\/td>\n4.97<\/td>\n12<\/td>\n0.0617 %<\/td>\n2,220.8<\/td>\n<\/tr>\n<\/table>\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.A<\/td>\nFloater<\/td>\n-1.67 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-12
\nMaturity Price : 11.75
\nEvaluated at bid price : 11.75
\nBid-YTW : 4.07 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n-1.64 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-12
\nMaturity Price : 11.98
\nEvaluated at bid price : 11.98
\nBid-YTW : 4.30 %<\/td>\n<\/tr>\n
FTS.PR.K<\/td>\nFixedReset<\/td>\n-1.30 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-12
\nMaturity Price : 17.45
\nEvaluated at bid price : 17.45
\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset<\/td>\n1.06 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-12
\nMaturity Price : 19.95
\nEvaluated at bid price : 19.95
\nBid-YTW : 4.73 %<\/td>\n<\/tr>\n
BAM.PF.E<\/td>\nFixedReset<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-12
\nMaturity Price : 18.75
\nEvaluated at bid price : 18.75
\nBid-YTW : 4.72 %<\/td>\n<\/tr>\n
PWF.PR.P<\/td>\nFixedReset<\/td>\n1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-12
\nMaturity Price : 13.31
\nEvaluated at bid price : 13.31
\nBid-YTW : 4.39 %<\/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.T<\/td>\nFixedReset<\/td>\n144,750<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-12
\nMaturity Price : 15.34
\nEvaluated at bid price : 15.34
\nBid-YTW : 5.09 %<\/td>\n<\/tr>\n
RY.PR.H<\/td>\nFixedReset<\/td>\n140,940<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-12
\nMaturity Price : 18.88
\nEvaluated at bid price : 18.88
\nBid-YTW : 4.21 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n116,637<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-12
\nMaturity Price : 23.48
\nEvaluated at bid price : 23.95
\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset<\/td>\n116,408<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.43
\nBid-YTW : 7.90 %<\/td>\n<\/tr>\n
TRP.PR.D<\/td>\nFixedReset<\/td>\n109,071<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-12
\nMaturity Price : 17.71
\nEvaluated at bid price : 17.71
\nBid-YTW : 4.58 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset<\/td>\n94,760<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-12
\nMaturity Price : 19.07
\nEvaluated at bid price : 19.07
\nBid-YTW : 5.28 %<\/td>\n<\/tr>\n
There were 62 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
SLF.PR.H<\/td>\nFixedReset<\/td>\nQuote: 16.26 – 16.52
\nSpot Rate : 0.2600
\nAverage : 0.1798<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.26
\nBid-YTW : 8.97 %<\/td>\n<\/tr>\n

IAG.PR.A<\/td>\nDeemed-Retractible<\/td>\nQuote: 23.09 – 23.49
\nSpot Rate : 0.4000
\nAverage : 0.3263<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.09
\nBid-YTW : 5.83 %<\/td>\n<\/tr>\n

FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\nQuote: 24.40 – 24.80
\nSpot Rate : 0.4000
\nAverage : 0.3338<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-12
\nMaturity Price : 24.15
\nEvaluated at bid price : 24.40
\nBid-YTW : 5.07 %<\/td>\n<\/tr>\n

FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\nQuote: 23.95 – 24.18
\nSpot Rate : 0.2300
\nAverage : 0.1639<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-12
\nMaturity Price : 23.48
\nEvaluated at bid price : 23.95
\nBid-YTW : 5.00 %<\/td>\n<\/tr>\n

GWO.PR.F<\/td>\nDeemed-Retractible<\/td>\nQuote: 25.58 – 25.80
\nSpot Rate : 0.2200
\nAverage : 0.1671<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-11-11
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.58
\nBid-YTW : -18.75 %<\/td>\n<\/tr>\n

PVS.PR.C<\/td>\nSplitShare<\/td>\nQuote: 25.15 – 25.35
\nSpot Rate : 0.2000
\nAverage : 0.1492<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2017-12-10
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.15
\nBid-YTW : 4.76 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Bloomberg has a nice article about a firm that’s eating the banks’ lunch: XTX Markets Ltd. has emerged as a foreign-exchange powerhouse, relying on programmers and mathematicians to fuel its rise into the global top …<\/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-33758","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33758","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=33758"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33758\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33758"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33758"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33758"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}