This is US data, but more evidence that the western world is regulating itself to death:
Consumers pay about 21 percent more in fees for basic checking accounts than they did six years ago, according to a study released today.
An average consumer may pay about $7.72 a month in a combination of monthly and automated teller machine fees this year compared with about $6.36 in 2006, according to the study by Pleasanton, California-based Javelin Strategy & Research, which looked at fees on basic checking accounts offered by 30 financial institutions.
Fees have increased as regulations have curtailed some of banks’ related revenue sources, Javelin said. Rules requiring banks to get consumers’ consent for overdraft protection, and limiting what banks may charge merchants on debit transactions, have cost the industry about $12.2 billion annually, according to the study.
It was a good solid day for the Canadian preferred share market, with PerpetualPremiums gaining 10bp, FixedResets up 4bp and DeemedRetractibles winning 24bp. Good volatility, with Floaters notable among the losers and SLF dominating the winners. Volume was average.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| 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 | -1.6149 % | 2,350.0 |
| FixedFloater | 4.52 % | 3.90 % | 38,323 | 17.47 | 1 | 0.0000 % | 3,447.0 |
| Floater | 2.84 % | 3.05 % | 53,316 | 19.55 | 3 | -1.6149 % | 2,537.4 |
| OpRet | 4.87 % | 2.84 % | 54,528 | 1.28 | 6 | 0.4602 % | 2,514.7 |
| SplitShare | 5.31 % | 0.30 % | 88,160 | 0.78 | 4 | 0.0651 % | 2,662.8 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.4602 % | 2,299.5 |
| Perpetual-Premium | 5.37 % | 2.84 % | 114,763 | 0.17 | 28 | 0.1000 % | 2,211.7 |
| Perpetual-Discount | 5.08 % | 4.98 % | 196,824 | 15.43 | 4 | -0.0728 % | 2,432.0 |
| FixedReset | 5.05 % | 2.84 % | 213,914 | 2.31 | 66 | 0.0362 % | 2,382.0 |
| Deemed-Retractible | 4.93 % | 3.80 % | 239,858 | 2.93 | 46 | 0.2410 % | 2,308.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| PWF.PR.A | Floater | -3.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-03-01 Maturity Price : 20.95 Evaluated at bid price : 20.95 Bid-YTW : 2.52 % |
| IAG.PR.A | Deemed-Retractible | -1.69 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.27 Bid-YTW : 5.49 % |
| BAM.PR.X | FixedReset | -1.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-03-01 Maturity Price : 23.07 Evaluated at bid price : 24.80 Bid-YTW : 3.48 % |
| BAM.PR.K | Floater | -1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2042-03-01 Maturity Price : 17.11 Evaluated at bid price : 17.11 Bid-YTW : 3.10 % |
| IAG.PR.E | Deemed-Retractible | -1.09 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-12-31 Maturity Price : 26.00 Evaluated at bid price : 26.26 Bid-YTW : 5.23 % |
| SLF.PR.B | Deemed-Retractible | 1.04 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.20 Bid-YTW : 5.35 % |
| BAM.PR.J | OpRet | 1.15 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2014-03-31 Maturity Price : 26.00 Evaluated at bid price : 27.30 Bid-YTW : 3.13 % |
| GWO.PR.M | Deemed-Retractible | 1.22 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2015-03-31 Maturity Price : 26.00 Evaluated at bid price : 26.33 Bid-YTW : 4.99 % |
| SLF.PR.A | Deemed-Retractible | 1.46 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.26 Bid-YTW : 5.27 % |
| SLF.PR.D | Deemed-Retractible | 1.61 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.37 Bid-YTW : 5.43 % |
| FTS.PR.E | OpRet | 1.68 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2013-06-01 Maturity Price : 25.75 Evaluated at bid price : 27.20 Bid-YTW : 0.25 % |
| SLF.PR.E | Deemed-Retractible | 1.69 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.50 Bid-YTW : 5.42 % |
| SLF.PR.C | Deemed-Retractible | 1.74 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 23.41 Bid-YTW : 5.41 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| PWF.PR.R | Perpetual-Premium | 147,851 | Recent new issue. YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-30 Maturity Price : 25.00 Evaluated at bid price : 25.57 Bid-YTW : 5.23 % |
| POW.PR.G | Perpetual-Premium | 140,285 | Recent new issue. YTW SCENARIO Maturity Type : Call Maturity Date : 2021-04-15 Maturity Price : 25.00 Evaluated at bid price : 25.65 Bid-YTW : 5.28 % |
| BNS.PR.Z | FixedReset | 139,079 | RBC crossed 99,900 at 25.16. YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 25.16 Bid-YTW : 3.10 % |
| BNS.PR.M | Deemed-Retractible | 97,742 | RBC crossed 50,000 at 25.75. YTW SCENARIO Maturity Type : Call Maturity Date : 2016-07-27 Maturity Price : 25.00 Evaluated at bid price : 25.74 Bid-YTW : 3.87 % |
| PWF.PR.M | FixedReset | 54,350 | Nesbitt crossed 50,000 at 26.44. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-01-31 Maturity Price : 25.00 Evaluated at bid price : 26.41 Bid-YTW : 3.22 % |
| RY.PR.L | FixedReset | 42,400 | Desjardins crossed 38,200 at 26.40. YTW SCENARIO Maturity Type : Call Maturity Date : 2014-02-24 Maturity Price : 25.00 Evaluated at bid price : 26.50 Bid-YTW : 2.54 % |
| There were 33 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BAM.PR.G | FixedFloater | Quote: 21.00 – 24.00 Spot Rate : 3.0000 Average : 1.6553 YTW SCENARIO |
| PWF.PR.A | Floater | Quote: 20.95 – 22.00 Spot Rate : 1.0500 Average : 0.7450 YTW SCENARIO |
| IAG.PR.A | Deemed-Retractible | Quote: 23.27 – 24.00 Spot Rate : 0.7300 Average : 0.5207 YTW SCENARIO |
| GWO.PR.N | FixedReset | Quote: 24.39 – 24.80 Spot Rate : 0.4100 Average : 0.2517 YTW SCENARIO |
| TCA.PR.X | Perpetual-Premium | Quote: 52.30 – 52.80 Spot Rate : 0.5000 Average : 0.3728 YTW SCENARIO |
| ELF.PR.G | Perpetual-Discount | Quote: 23.05 – 23.45 Spot Rate : 0.4000 Average : 0.2851 YTW SCENARIO |