{"id":5908,"date":"2009-03-16T12:02:34","date_gmt":"2009-03-16T16:02:34","guid":{"rendered":"http:\/\/www.prefblog.com\/?p=5908"},"modified":"2009-03-16T12:02:34","modified_gmt":"2009-03-16T16:02:34","slug":"iiac-releases-4q08-industry-report","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=5908","title":{"rendered":"IIAC Releases 4Q08 Industry Report"},"content":{"rendered":"<p>The Investment Industry Association of Canada has released its <a href=\"http:\/\/www.iiac.ca\/Upload\/Q4_08%20SIP.pdf\">Securities Industry Performance Report, 4Q08<\/a> with the highlights:<\/p>\n<blockquote>\n<ul>\n<li>Operating revenues and profits fall 7% and 46% respectively from previous quarter and 15% and 39% from 2007.\n<li>Margin borrowing hits five year low as client debt margin outstanding falls to $8.8 billion at year end\n<li>Investment banking revenues drops back 33% for the year.<\/blockquote>\n<p>I found the commentary regarding proprietary trading to be of most interest:<\/p>\n<blockquote><p>Mixed results were witnessed in the principal trading business\u2013 while fixed-income desks experienced recent high revenue, their equity counterparts suffered a recent record low. Bond traders were successful in re-balancing inventory positions in advance of changing credit market conditions and were able to earn trading profits in 2008. Equity trading however suffered trading losses of $11 million on the year, the worst showing since 1990.<\/p><\/blockquote>\n<p>That&#8217;s the danger of day-trading. It&#8217;s immensely profitable through the cycle &#8211; but you have to have the capital to survive a bad year &#8230; or two.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Investment Industry Association of Canada has released its Securities Industry Performance Report, 4Q08 with the highlights: Operating revenues and profits fall 7% and 46% respectively from previous quarter and 15% and 39% from 2007. &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-5908","post","type-post","status-publish","format-standard","hentry","category-interesting-external-papers"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5908","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=5908"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/5908\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5908"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5908"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5908"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}