Monthly Archives: September 2014

Trading Before the Days of Broadband (and Teleregister)

Trading Before the Days of Broadband (and Teleregister)

Today’s traders are spoiled.  So says Business Insider which put together a visual history illustrating how Wall Street trading was done in the pre-Bloomberg terminal era.  It’s a fascinating collection and shows traders using read bid-ask spreads off of chalkboards and historical data off of miles of ticker tape.

This is a favourite:  Circa late 19th century, telegraph wires (many of which would have connected tickers) created a virtual canopy above downtown Manhattan.

 

 

 

 

 

 

 

We’d love to know if a Canadian equivalent exists.

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Industry Talent Shortages in the US: Is Canada Next?

Industry Talent Shortages in the US: Is Canada Next?

An interesting discussion regarding talent shortages took place recently at the Deals and Deal Makers Summit in California.  According to Mark Tibergien, chief executive officer of Pershing Advisor Solutions, approximately 3,000 – 4,000 investment advisors are leaving the industry each year without being replaced. 

This, he says, is an “acute problem” for the industry, pushing compensation costs up and profits down. 

The full story, including the perspectives of some industry recruiters, is available here

It would be interesting to know if a similar trend is taking place in Canada.  Share your experiences here.

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IRS Warns Financial Institutions of Scams Designed to Steal FATCA-Related Account Data

IRS Warns Financial Institutions of Scams Designed to Steal FATCA-Related Account Data

Earlier this week, the Internal Revenue Service (IRS) issued a fraud alert for international financial institutions complying with the Foreign Account Tax Compliance Act (FATCA). Scam artists posing as the IRS have fraudulently solicited financial institutions seeking account holder identity and financial account information. 

The IRS does not require financial institutions to provide specific account holder identity information or financial account information over the phone or by fax or email. Further, the IRS does not solicit FATCA registration passwords or similar confidential account access information. 

“Tax scams using the IRS name can take many forms and they are not … Continue reading

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Throwback Thursday

Throwback Thursday

This entry is courtesy of Barry Ritholtz in September 2014 and LIFE Magazine in September 1958:

LIFE Magazine highlights a strange new phenomenon: The public is investing in the stock market as never before. “On the average,” LIFE reported, “500,000 new customers a year have been getting into the market and 8.6 million Americans now own some kind of common or preferred stock…To an extent which our founding fathers could never have foreseen, we live today under a genuine people’s capitalism, in which the stock market has become everybody’s business.” The Dow Jones Industrial Average is around 500, but a … Continue reading

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IIAC on 2014: What’s Happened and What’s in Store

IIAC on 2014: What’s Happened and What’s in Store

Released this morning, Ian Russell’s latest Letter from the President is already generating a lot of attention.  In it, Russell examines how Canada’s investment dealers have fared so far in 2014 and what’s in store for them through to the end of the year.  For the most part, it’s good news. 

Highlights:

The first half of this year was marked by a solid rebound in industry-wide revenue and profits. Improved market and business conditions have enabled all industry groupings – integrated firms, retail boutiques and institutional boutiques – to improve earnings performance. Specific stats can be found on … Continue reading

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The IIAC Launches Small and Independent Dealers Section on IIAC.ca

The IIAC Launches Small and Independent Dealers Section on IIAC.ca

A new go-to resources section tailored to meet the unique needs of Small and Independent Dealers (SAIDs) 

In addition to the general business and regulatory pressures facing all IIAC members, SAIDs are often subject to different or enhanced challenges specific to their niche. Understanding the importance of this sector, the IIAC expends considerable time and effort assisting firms operationally, and advocating on their behalf. 

For more information on the IIAC’s SAID-specific advocacy efforts, and to access SAID-specific tools, stats, resources, publications, media commentary and more, please visit the new SAID section on iiac.ca.

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Ontario Government RFP for Investment Dealer Services: Reminder – Deadline to Submit a Proposal is September 25

Ontario Government RFP for Investment Dealer Services: Reminder – Deadline to Submit a Proposal is September 25

The Public Guardian and Trustee for Ontario (OPGT) recently issued the following Request for Proposal:

The Public Guardian and Trustee for Ontario (OPGT) requires the services of an investment dealer to manage the registered and other investment accounts of clients that must be held with an investment dealer. Currently the OPGT has almost 12,000 clients, with 5,600 of these clients holding approximately 7,000 accounts at investment dealers.

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Additional Costs for Air Travel

Additional Costs for Air Travel

Here’s the headline from Air Canada’s news release issued earlier today: Air Canada Aligns Domestic First Checked Bag Policy with Other Canadian Carriers.   

Reality check: Canada’s three major airlines are now all charging travellers a fee for the first piece of checked luggage on economy fares within Canada and to the U.S. 

The airliner’s announcement comes three days after a similar move by WestJet and four months after Porter became the first to start charging passengers. 

The new fee ranges between $25 and $29.50, depending on provincial taxes. 

Air Canada’s news release is available here and West Jet’s is … Continue reading

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FP’s 102 Finance People You Should be Following on Twitter

FP’s 102 Finance People You Should be Following on Twitter

Many thanks to the Financial Post’s Business Insider for compiling a list of the best financial Tweeters.  According to BI, “these are people we follow all day, and if you’re going to get serious about using this awesome tool, you should follow them too”.

With 20.3 million followers, the list kicks off with Pawel Morski, a London-based fund manager.  His handle is @Pawelmorski.

The complete list is available here.

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Support Team IIAC in the JDRF Ride for Diabetes Research!

Support Team IIAC in the JDRF Ride for Diabetes Research!

On September 19th, the IIAC will be participating once again in the Wealth Management Challenge at the JDRF Ride for Diabetes Research.  Since its inception, the IIAC has been raising money by riding bikes – and having fun – to help improve the lives of more than 300,000 Canadians living with type 1 diabetes (T1D).  This year, we are celebrating the JDRF’s 40th birthday and our team is looking forward to breaking all of our previous fundraising records!  Please support us by visiting our team page and making a fast and simple online donation!  For more information, … Continue reading

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