November 17, 2022

So apparently, the Powers That Be are annoyed at brokers encouraging stupid trading:

Gamification is the practice of incentivizing users to trade more frequently or in larger amounts by adding game-like features to trading platforms. Competitive features such as leaderboards, which display the names of users who do the most trades per day, or images of badges or bursts of confetti that reward a first trade in a margin account or a family referral, are encouraging investors to trade more often.

As well, the OSC found investors who were shown lists of “top-traded” or “most popular” stocks were 14 per cent more likely to buy and sell the company shares that they are nudged toward. Top-stock lists promote “herding” behaviour – where a person follows what others are doing rather than deciding independently.

Herding can result in “significantly poorer” returns for investors, the report said, citing a separate study that showed an average 20-day return of minus 4.7 per cent for top stocks purchased each day. That’s because herding increases trading frequency, and can shift investors into higher-risk securities.

I’ll take this initiative seriously when they start cracking down on brokers encouraging stop-loss orders and making market orders the default.

HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices

Values are provisional and are finalized monthly
Index Mean
Current
Yield
(at bid)
Median
YTW
Median
Average
Trading
Value
Median
Mod Dur
(YTW)
Issues Day’s Perf. Index Value
Ratchet 0.00 % 0.00 % 0 0.00 0 -0.4544 % 2,316.1
FixedFloater 0.00 % 0.00 % 0 0.00 0 -0.4544 % 4,442.3
Floater 8.64 % 8.84 % 45,926 10.46 2 -0.4544 % 2,560.1
OpRet 0.00 % 0.00 % 0 0.00 0 0.1371 % 3,328.6
SplitShare 5.11 % 7.28 % 41,622 2.82 8 0.1371 % 3,975.1
Interest-Bearing 0.00 % 0.00 % 0 0.00 0 0.1371 % 3,101.5
Perpetual-Premium 0.00 % 0.00 % 0 0.00 0 -0.2214 % 2,571.3
Perpetual-Discount 6.62 % 6.76 % 81,947 12.87 34 -0.2214 % 2,803.9
FixedReset Disc 5.53 % 7.71 % 86,654 11.97 63 -0.1992 % 2,179.0
Insurance Straight 6.55 % 6.75 % 83,944 12.81 18 -0.5151 % 2,749.8
FloatingReset 9.21 % 9.83 % 41,052 9.59 2 0.2894 % 2,531.6
FixedReset Prem 6.70 % 6.47 % 411,177 4.21 1 0.4768 % 2,353.8
FixedReset Bank Non 0.00 % 0.00 % 0 0.00 0 -0.1992 % 2,227.4
FixedReset Ins Non 5.42 % 7.73 % 43,840 12.03 14 0.3935 % 2,319.4
Performance Highlights
Issue Index Change Notes
TD.PF.D FixedReset Disc -5.41 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 8.05 %
NA.PR.S FixedReset Disc -2.49 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 17.21
Evaluated at bid price : 17.21
Bid-YTW : 8.17 %
FTS.PR.K FixedReset Disc -1.82 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 16.20
Evaluated at bid price : 16.20
Bid-YTW : 8.19 %
BAM.PF.C Perpetual-Discount -1.77 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 17.80
Evaluated at bid price : 17.80
Bid-YTW : 6.94 %
BIP.PR.F FixedReset Disc -1.75 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 19.70
Evaluated at bid price : 19.70
Bid-YTW : 7.97 %
GWO.PR.N FixedReset Ins Non -1.58 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 12.44
Evaluated at bid price : 12.44
Bid-YTW : 8.05 %
SLF.PR.C Insurance Straight -1.55 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 17.73
Evaluated at bid price : 17.73
Bid-YTW : 6.39 %
BAM.PF.G FixedReset Disc -1.50 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 15.76
Evaluated at bid price : 15.76
Bid-YTW : 9.03 %
IFC.PR.K Perpetual-Discount -1.47 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 20.10
Evaluated at bid price : 20.10
Bid-YTW : 6.65 %
BAM.PR.N Perpetual-Discount -1.45 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 17.65
Evaluated at bid price : 17.65
Bid-YTW : 6.86 %
ELF.PR.H Perpetual-Discount -1.44 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 20.51
Evaluated at bid price : 20.51
Bid-YTW : 6.80 %
SLF.PR.D Insurance Straight -1.39 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 17.74
Evaluated at bid price : 17.74
Bid-YTW : 6.38 %
CCS.PR.C Insurance Straight -1.32 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 19.45
Evaluated at bid price : 19.45
Bid-YTW : 6.54 %
BAM.PF.D Perpetual-Discount -1.26 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 18.02
Evaluated at bid price : 18.02
Bid-YTW : 6.93 %
GWO.PR.L Insurance Straight -1.17 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 21.15
Evaluated at bid price : 21.15
Bid-YTW : 6.80 %
BAM.PR.M Perpetual-Discount -1.11 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 6.82 %
TRP.PR.B FixedReset Disc -1.06 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 11.18
Evaluated at bid price : 11.18
Bid-YTW : 9.15 %
MFC.PR.M FixedReset Ins Non 1.02 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 17.90
Evaluated at bid price : 17.90
Bid-YTW : 7.73 %
PWF.PR.Z Perpetual-Discount 1.09 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 19.41
Evaluated at bid price : 19.41
Bid-YTW : 6.71 %
MFC.PR.F FixedReset Ins Non 1.33 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 12.95
Evaluated at bid price : 12.95
Bid-YTW : 8.13 %
GWO.PR.M Insurance Straight 1.34 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 21.66
Evaluated at bid price : 21.91
Bid-YTW : 6.73 %
BMO.PR.W FixedReset Disc 1.43 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 7.56 %
BAM.PF.I FixedReset Disc 1.48 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 21.67
Evaluated at bid price : 22.00
Bid-YTW : 7.66 %
SLF.PR.H FixedReset Ins Non 2.00 % YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 15.33
Evaluated at bid price : 15.33
Bid-YTW : 7.99 %
PVS.PR.G SplitShare 2.15 % YTW SCENARIO
Maturity Type : Option Certainty
Maturity Date : 2026-02-28
Maturity Price : 25.00
Evaluated at bid price : 23.75
Bid-YTW : 7.00 %
Volume Highlights
Issue Index Shares
Traded
Notes
TRP.PR.D FixedReset Disc 59,025 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 15.73
Evaluated at bid price : 15.73
Bid-YTW : 8.92 %
BAM.PF.D Perpetual-Discount 55,062 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 18.02
Evaluated at bid price : 18.02
Bid-YTW : 6.93 %
BMO.PR.W FixedReset Disc 51,800 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 17.75
Evaluated at bid price : 17.75
Bid-YTW : 7.56 %
NA.PR.E FixedReset Disc 44,050 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 20.30
Evaluated at bid price : 20.30
Bid-YTW : 7.34 %
TD.PF.A FixedReset Disc 34,338 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 17.16
Evaluated at bid price : 17.16
Bid-YTW : 7.85 %
POW.PR.D Perpetual-Discount 28,000 YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 19.00
Evaluated at bid price : 19.00
Bid-YTW : 6.68 %
There were 19 other index-included issues trading in excess of 10,000 shares.
Wide Spread Highlights
Issue Index Quote Data and Yield Notes
SLF.PR.H FixedReset Ins Non Quote: 15.33 – 23.50
Spot Rate : 8.1700
Average : 4.4507

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 15.33
Evaluated at bid price : 15.33
Bid-YTW : 7.99 %

RY.PR.O Perpetual-Discount Quote: 20.64 – 23.50
Spot Rate : 2.8600
Average : 2.2424

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 20.64
Evaluated at bid price : 20.64
Bid-YTW : 5.97 %

TD.PF.M FixedReset Disc Quote: 23.61 – 24.65
Spot Rate : 1.0400
Average : 0.6756

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 23.22
Evaluated at bid price : 23.61
Bid-YTW : 7.17 %

TD.PF.D FixedReset Disc Quote: 17.50 – 19.07
Spot Rate : 1.5700
Average : 1.3363

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 17.50
Evaluated at bid price : 17.50
Bid-YTW : 8.05 %

BAM.PR.K Floater Quote: 12.05 – 13.10
Spot Rate : 1.0500
Average : 0.8525

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 12.05
Evaluated at bid price : 12.05
Bid-YTW : 8.84 %

NA.PR.S FixedReset Disc Quote: 17.21 – 17.80
Spot Rate : 0.5900
Average : 0.3950

YTW SCENARIO
Maturity Type : Limit Maturity
Maturity Date : 2052-11-17
Maturity Price : 17.21
Evaluated at bid price : 17.21
Bid-YTW : 8.17 %

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