Monthly Archives: June 2015
Established in 2013, The IIAC Investment Industry Hall of Fame serves to honour excellence, integrity and leadership in Canada’s investment industry. The IIAC is proud to announce the names of the 2015 inductees:
Peter M. Brown – Founder and former Chairman & CEO, Canaccord Financial Inc.
Frederick M. Ketchen – Former Director of Equity Trading, ScotiaMcLeod
Donald A. Leslie – Former President & CEO, Canadian Investor Protection Fund
Charles M. Winograd – Former Chairman & CEO, RBC Capital Markets; current Chairman, TMX Group
Jalynn H. Bennett – … Continue reading
On June 4-5, 2015, I participated in the International Capital Market Association (ICMA) Annual General Meeting and Conference in Amsterdam—perhaps the foremost venue to understand the leading edge trends in global and European credit markets and the direction of regulatory reform. The bond market liquidity drought dominated the conversations. Finding buyers in the market when investors look to sell has gotten more difficult, resulting in greater day-to-day volatility and wider bid-ask spreads. Even the U.S. Treasury bond market—one of the most liquid markets in the world—is not immune to turbulence.
There are a number of factors behind this liquidity crunch, … Continue reading
The IIAC submitted comments to the Ontario Securities Commission (OSC) on the proposed changes to the way in which unsolicited or hostile corporate take-over bids are carried out in Canada. The proposed changes to the rules aim to level the playing field between bidders and target boards and to provide additional protection to the existing shareholders of the target company. The IIAC supports the OSC’s objectives, but we have a concern about the extent of time bids must remain open.
In Canada, a company’s board of directors cannot reject a hostile bid without first giving shareholders … Continue reading
Greg Woynarski, Managing Director and Global Head of Origination, Scotiabank Global Banking and Markets, Scotia Capital Inc., was elected the 2015-2016 Chair of the Board of Directors of the Investment Industry Association of Canada (IIAC) at its AGM in Toronto on June 10, 2015.
John Chambers, Chief Executive Officer, FirstEnergy Capital Corp., was elected First Vice Chair.
“The IIAC provides leadership for the Canadian securities industry with a commitment to a vibrant, prosperous investment industry driven by strong and efficient capital markets,” said Greg Woynarski. He added: “Over the years, we have had a great impact on … Continue reading
The IIAC has submitted comments to the Investment Industry Regulatory Organization of Canada (IIROC) on the proposed guidance requiring Canadian exchanges and alternative trading systems to establish specific price thresholds that, when breached, would trigger a halt in trading in the event a particular stock experiences rapid and unexplained price movement over a short period of time.
The IIAC generally supports the principles of the guidance, but voiced significant concern with the requirement that dealers tailor their individual order flow so as to avoid exceeding the marketplace threshold for a particular security.
In our view, … Continue reading
In Memoriam: Stuart Ross Sherwood made an incredible contribution to the local and national investment communities. Ross enjoyed an illustrious 44-year career at the investment firm of Odlum Brown Limited, which included six years as the firm’s President and CEO. Other roles he had held include Director of the Canadian Securities Institute and the Canadian Investor Protection Fund; Governor of the Vancouver Stock Exchange; and Chairman of the Pacific District Investment Dealers Association. He also served on numerous boards, including the Sauder School of Business at UBC.
We, at the IIAC, are deeply saddened by his passing. … Continue reading
The IIAC is committed to assisting our members in their efforts to be cyber-resilient. The new cybersecurity section of our website contains information, tools and links to resources intended to assist firms in developing and maintaining their cybersecurity plans. For more information, please visit the IIAC’s Cybersecurity Resource Centre or click here to access Tessie Sanci’s article on investmentexecutive.com.
Participants heard from our keynote speaker, Michael Calce (aka Mafiaboy), who, at age 15, caused $1.2 billion in damages by bringing down the websites of Amazon, CNN, Dell, E*Trade, eBay, and Yahoo!. His actions – which were eventually stopped following a major RCMP/FBI sting operation – incited panic from Silicon Valley to the White House.
Topics of discussion at the conference included:
Establishing a Governance and Risk Management Framework to Promote … Continue reading
Ian Russell’s latest Letter from the President entitled “Saving the Canadian Venture Markets Before It’s Too Late” is now available.
In it, he writes: “We must tackle the underlying causes of deteriorating liquidity and financing in venture markets soon, or run the risk of losing the best source of capital to grow small and medium-sized Canadian businesses into globally competitive enterprises that drive job creation, innovation and economic growth.”
Coverage of Russell’s Letter includes this article on Advisor.ca.