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'Pros on the Go', a Fierce Tartan company are seeking insurance partners to pilot its new solution for streamlining the claims process.

Using financial data, Mark Sibthorpe compares the performance of TD bank to its rivals. TD grew faster in 2017 than its rivals, but was cited for aggressive sales practices.

Mr. Michael R. King, Tangerine Chair in Finance and Co-Director, Scotiabank Digital Banking Lab / Ivey Business School at Western University

This video covers XE.com's presentation at the AI, Big Data and Analytics event which took place in Toronto February 7/8, 2018. Cecelia Tamez and Jean Louis provide insights into their evolution and winning strategy.

Greenpeace's campaign to stop TD financing the oil sands is delusional. Trillions of dollars are at stake for the banks and the Canadian economy. This video explores the related financial issues.

This video provides an overview of the main differences between Canada's approach to overland flooding versus the US approach.

Canadian bank overview part 5, medium-large banks. Banks include Manulife, Tangerine and Laurentian Bank.

Canadian banking industry overview of Canadian Tire Bank, Presidents Choice Financial, Equitable Bank, B2B Bank

Overview of small-medium size banks in Canada. Banks covered include Versabank, Hollis Bank, Equity Bank and Caisse Populaire Acadienne.

Review of small banks including Bridgewater,Vancity Bank, Concentra, Wealth One, Zag...

Jamie Dimon calls bitcoin a fraud used by criminals, yet he has jumped into the blockchain with both feet.

RBC invested $24 million into Wave Technologies and now they will roll out Waves accounting, invoicing, reporting and billing platform to SMEs.

Overview of Canadian banking industry. This multi-part series looks at issues facing Canadian banks from a variety of angles. Part 1 examines the types of banks and scale using ROE and EBITDA as measures.


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About BankNews TV: financial services industry monitor (FSIM), analytics and research

Latest news and events for Canadian financial service companies, analytics, fintech and AI. BankNews.TV provide the latest technology news and reports for banks and insurance companies looking to compete in a rapidly changing market.

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Research

ScoreCard Bill Morneau, Canada's Minister of Finance  

fsim.ca/docs/ScoreCardMorneau.pdf

Mark Sibthorpe

This report is a scorecard I designed in order to rank the performance of the current Minister of Finance, Bill Morneau. I do regular rankings because, otherwise, I cannot measure the performance in a meaningful way. The scoring is based on a variety of metrics as detailed on the ‘score-table’ on page 3. Examples of the criteria and weighting include:

 


Observations and overview of 2018 NB flood support from government and insurance companies.  

fsim.ca/docs/Observations and overview of 2018 NB flood support from government and insurance companies..pdf

Mark Sibthorpe

 


Flood aftermath is linked to post traumatic stress. Here are some findings from a study conducted by Queensland University following a flood:

"The findings showed that aftermath stress contributed to poor mental health outcomes over and above the flood itself, prior mental health issues and demographic factors," Ms Dixon said.

 

"Aftermath stress was the strongest predictor of post-traumatic stress symptoms with 75 per cent of people saying the most difficult aspect was the aftermath and dealing with insurance companies," she said.

 

With this in mind, I felt it was important to understand how New Brunswick flood victims were treated.

 


Update Argentina: a sign of the times  

fsim.ca/docs/Update Argentina_ a sign of the times.pdf

Mark Sibthorpe

Argentina is in the news daily because the situation is dire, and may be an indication of further contagion. The most dramatic story that speaks of the a leading cause of its troubles was the recent arrest of the public works secretary, Jose Lopez. June 15th he was caught hiding millions in cash in a monastery. No this is not a plot for a comedy.


Summary of Canada's flood news, 2017 to present  

fsim.ca/docs/Summary-of-flood-news-2017-present.pdf

Mark Sibthorpe

This report covers flood news in Canada from 2017 to present and highlights the relevent issues for home-owners and the insurance industry.


Banking on Pot  

fsim.ca/docs/c10191_banking-on-pot.pdf

SBS

As states across the US legalize marijuana for both medicinal and recreational purposes, it has fueled a growing industry of marijuana related businesses (MRBs).


Canadian banking industry overview  

Mark Sibthorpe

The industry overview is divided into 5 parts:

Introduction
Small banks
Small medium sized banks
Medium sized banks
Medium large banks


2014 Mobile payments the Apple pay way  

fsim.ca/docs/Mobile_Payments_Apple_Pay_2014.pdf

Mark Sibthorpe

With Walmart Pay about to userp Apple Pay, I thought I would share my 2014 book on mobile payments and loyalty. The guilde was written for Merchants that want to understand loyalty, credit, mobile payments and Apple Pay, but anyone involved with credit and loyalty might find it useful.
The book is a prelude to Walmart leaving MCX, and chronicles the evolution that led to Walmart Pay. There is an extensive case study of Walmart that looks into its efforts to become an ILC and to avoid paying credit card transaction fees ('merchant discount').
It offers readers a step-by-step methodology for evaluating and transforming credit and loyalty programs. The strategies are based on proven examples and industry facts. The Nectar, Target, Canadian Tire and Walmart case studies are examples of the practical approach I have taken, written with the intent that merchants can use them as blueprints for their own initiatives. 


Death to bitcoin, long live the blockchain   (See full report)

Mark Sibthorpe

Jamie Dimon calls bitcoin a fraud used by criminals, yet he has jumped into the blockchain with both feet.


TD bank industry conduct  

fsim.ca/docs/tdind2.pdf

Mark Sibthorpe

TD’s share price recently collapsed by $7 bn in one day due to CBC’s allegations of aggressive selling tactics. A huge fall from a bank that was trading at a premium as recently as January. This was even before the most recent allegation of TD attempting to avoid paying taxes on advertising.
This report chronicles the events leading up to the collapse, shows TD's performance, analyses other related issues.


Book review: Back from the Brink  

fsim.ca/docs/backbrink.pdf

Mark Sibthorpe

This is a book review of the book Back from the Brink by Paul Halpern, Caroline Cakebread, Christopher C. Nicholls and Poonam Puri.


Footnote 151  

fsim.ca/docs/footnote151.pdf

Mark Sibthorpe

Footnote 151 implies an important regulatory change related to derivative contracts. It means that US Banks will not be required to hold as much capital against commodities. If you want to understand the implications of this regulatory change in more detail, see the enclosed related article detailing the changes. For contextual purposes, I have also included two Rolling Stones Magazines reports from 2010 and 2014 that chronicle the role large US banks have played in manipulating commodities. You might question the credibility of these sources, but rest assured, these reports are based on United States Senate hearings which outline the issues in a 396 page report related to the implied risks. 


Save the Canadian economy now  

fsim.ca/docs/helecopter-money.pdf

Mark Sibthorpe

Consumer debt spending appears to have insulated Canada from the worst of the credit crisis, but now the alarming magnitude of consumer debt ($1.92-trillion) could exacerbate a day of reckoning.
This report assesses the issues at hand and recommends the solution to get Canada's economy on track.


Reasons financial service companies should consider gamification  

fsim.ca/docs/Gamfin.pdf

Mark Sibthorpe

Gamification of business processes resulted on Mint.com growing to 10 million users within 4 years. This report explains how.


National Bank Special Report  

fsim.ca/docs/NatBSpec.pdf

Mark Sibthorpe

According to Bloomberg, National Bank of Canada will take a C$64 million ($48 million) restructuring charge in the fourth quarter and said its investment in Maple Financial Group Inc., which is being probed by German regulators, may be at risk of a “substantial loss.”


Will Canadian banks charge companies for deposits?  

fsim.ca/docs/depgrowthimpact2.pdf

Mark Sibthorpe

In light of today’s possible rate cut, this report discusses how a bank rate cut and capital ratio pressure could precipitate negative corporate deposit interest rates in Canada.


Canadian Tire's (CTC) - Canadian Tire Financial Services (CTFS) Scotia deal overview and risk assess  

fsim.ca/docs/ctfsfinal.pdf

Mark Sibthorpe

Review of the Canadian Tire Financial Services deal with Scotiabank, risks, opportunity and benefits.


Finance minisiter scorecard August 26, 2015  

fsim.ca/docs/Scorejo-August-2015.pdf

Mark Sibthorpe

This report looks at Joe Oliver, minister of finance’s progress to date, and assigns a grade to his government’s performance to date.


Xtreme Branch  

fsim.ca/docs/xbranch.pdf

Mark Sibthorpe

Branches are evolving to meet the digital age. This documents tracks the evolution with real-world examples.


Canadian Nudge  

fsim.ca/docs/nudge.pdf

Mark Sibthorpe

Whether he knew it or not, Tom Reid, a senior vice-president at Sun Life, made a case for the behavior modification concept ‘Nudging’ when he recently proposed auto-enrolling Canadians in his company’s pension plans. Sun life cover 1.2 million Canadians, about 60% of the eligible employees.
According to Reid,


CWB cause for concern  

fsim.ca/docs/cwbupdate.pdf

Mark Sibthorpe

In an earlier report BankNews.TV expressed concerns about CWB. Here are 5 charts that show cause:
1. First earnings drop in years;
2. Deposits dropping which will increase cost of funds in the future.


BNTV Overview  

fsim.ca/docs/overviewpdf.pdf

BNTV

BankNews.TV Publishing Corp services overview document:

  • Analytics
  • Financial services industry monitor (FSIM) industry briefings and developments reports
  • Research


Challenger banks not a threat to big banks  

fsim.ca/docs/challenger.pdf

Mark Sibthorpe

This report looks at Canadian challenger banks (apart from merchant led banks) and explains why they have not threatened larger institutions. It also looks at ways in which these upstarts have achieved success.


Gamification of financial data project  

fsim.ca/docs/GamingEventProposal-printsample--en-final.pdf

Mark Sibthorpe

This document contains details on how BankNews.TV is helping kids learn programming via gamification of financial data.


The impact a rate rise will have for Canadian banks  

fsim.ca/docs/irr-f.pdf

Mark Sibthorpe

Canadian banks have made money throughout the credit crisis, but this trend may be about to reverse. The rational supporting this prediction is that revenue has grown despite a declining net interest margin (NIM). It has grown in spite of this fact because Canadian debt (loan lease volume) has risen significantly, as shown in chart 2.

This report looks at the issues facing Canadian banks in the event of a Bank Rate rise.  


FIFA: the new goldenballs  

fsim.ca/docs/goldenballs.pdf

Mark Sibthorpe

Yesterday, the Attorney General of Switzerland (OAG) opened criminal proceedings related to the FIFA scandal. This report outlines some of the events related to the criminal investigation, with a particular focus on banking.


Scorecard Minister of Finance: JIm Flaherty  

fsim.ca/docs/Scorecard Min Fin Flaherty April 8 2014.pdf

Mark Sibthorpe

March 18, Finance Minister Jim Flaherty resigned from cabinet after having endured a difficult year due to health issues. This report looks at his legacy and attempts to grade his government’s performance to date.


Sample RFP for a Loyalty Program  

fsim.ca/docs/sample RFP for a loyalty program.pdf

Mark Sibthorpe


Merchants extend financial services  

fsim.ca/docs/merchantfs.pdf

Mark Sibthorpe

Merchant led financial services are growing in importance once again. This is exemplified in the ongoing UK rivalry between ASDA, Sainsbury and Tesco. Together these merchant/financial service companies provide the backstop for three different approaches for merchants looking to extend their financial services.


Hot Money: real-estate  

fsim.ca/docs/hotmoney.pdf

Mark Sibthorpe

Canadian and London real estate, like Macau, may also be a convenient means for China’s elite to move money offshore; with the deleterious effect of driving up home values. Louise Shelley`s research concurs. In a published paper written for the National Defense University, Shelley argues that money laundering in real estate (MLRE) increases prices.


Currency Cheat Sheet: a guide for the rest of us  

fsim.ca/docs/currencycheatsheet.pdf

Mark Sibthorpe

Readers of this document will be presented with monetary policy issues and facts
that show the USD will likely remain the dominant reserve currency, despite
questionable Chinese practices, record US debt levels, and a shaky economy.


Riches to Rags? Summary of possible risks for Genworth MI CANADA, INC.  

fsim.ca/docs/gq4risk.pdf

Mark Sibthorpe

Genworth had its Q4 2014 earnings call. Genworth own about 30% of the mortgage default insurance in Canada. Not surprisingly, the earnings call became focussed on Alberta; and for good reason, with 20% of its outstanding insured mortgage balance in Alberta, sensitivity to the oil shock and how Genworth plan to manage related risks were discussed in detail.


Canadian Western Bank Competitive Forecast  

fsim.ca/docs/cwbf.pdf

Mark Sibthorpe

Based on historical financial data (see detailed charts pages 5-8), the oil based recession in Alberta, and comparison against two of its peers, this document outlines my observation with respect to CWB’s future performances.


Liquid Canada: the tipping point  

fsim.ca/docs/Liquid.pdf

Mark Sibthorpe

This report examines liquidity issues in the Canadian financial service industry.


Bank Fees  

fsim.ca/docs/Bank fees.pdf

Mark Sibthorpe

Recently the CBC and The Globe and Mail both reported on what has been referred to as a consumer “bank fee outcry”. CBC compares banks to cable and phone companies, standing accused of trying to gouge customers with service fees. The backlash appears to have originated in conjunction with the NDP and the Consumers Council of Canada which argues that there is anxiety ‘among consumers about banking fees’.


Cheap Oil Report  

fsim.ca/docs/co2.pdf

Cheap oil has pushed the Bank of Canada's governor, Stephen Poloz onto a slippery slope. For some background on this, take October 22nd, when Poloz bid farewell to forward guidance, resulting in yesterday's surprise rate cut. A cut that has enraged TD and other banks, which see this as eroding profits.
 


Canada's Economy, a strategic solution  

fsim.ca/docs/ces.pdf

This report explores Canada's strategies to compete globally. The report begins with an analyses of the housing market, because housing is the canary in the coal mine; explores what happens in the event of collapse; and analyses the underlying problem causing Canada to be uncompetitive.
 


Complete loyalty RFP  

fsim.ca/docs/booksample.pdf

Merchants that want to understand loyalty, credit and mobile payments should read this book. It offers readers a step-by-step methodology for evaluating and transforming credit and loyalty programs. The strategies are based on proven examples and facts. The Nectar, Target, Canadian Tire and Walmart case studies are examples of the practical approach I have taken, written with the intent that merchants can use them as blueprints for their own initiatives.
 


Mobile Payments Blueprint: guide to credit and loyalty transformation for merchants  

fsim.ca/docs/booksample.pdf

Merchants that want to understand loyalty, credit and mobile payments should read this book. It offers readers a step-by-step methodology for evaluating and transforming credit and loyalty programs. The strategies are based on proven examples and facts. The Nectar, Target, Canadian Tire and Walmart case studies are examples of the practical approach I have taken, written with the intent that merchants can use them as blueprints for their own initiatives.
 


Report on merchants extending financial services  

fsim.ca/docs/

Special report explaining why some merchants in the UK, U.S. and Canada are expanding their financial services. The paper discusses the structural and regulatory pressures facing merchants and explains the rational behind key decisions. This is an 8 page high level report
 


Guide to system selection  

fsim.ca/docs/gssnow.pdf

Read sample report: Guide to system selection. This sample would normally cost $99 but is available free as a sample. Click here view sample report.


News feed

HOW CAN INSURANCE BROKERS USE RATE COMPARISON SITES TO BOOST THEIR BOOKS OF BUSINESS?

Insurance Business - Bethan Moorcraft (2020-12-07)

Enter, rate comparison websites. They’re all the rage in the UK and the USA, where consumers use comparison sites to shop for insurance much like Canadians do when comparing travel costs on sites like Expedia and Trivago. But Canadians are slowly starting to catch on to the insurance comparison trend. They’re searching for and finding platforms like LowestRates.ca, which is enabling consumers to compare insurance premium prices across a number of product lines, primarily in auto and home insurance.


CANADA’S BIG BANKS ARE FIGHTING TO WIN DOCTORS’ TRUST – AND THEIR MONEY

G&M - Clare O'Hara (2019-10-22)

Just days after Bank of Nova Scotia unveiled its hefty $2.6-billion bid to buy MD Financial Management last May, Leo Salom called together what he calls his “SWAT team.”


PENSION FUNDS PAY DOUBLE LAST YEAR’S IPO PRICE FOR ALTAGAS CANADA

G&M - Tim Kiladze (2019-10-22)

Two Canadian pension funds are teaming up to acquire AltaGas Canada Inc., paying more than double the company’s initial public offering price only one year ago.


ISSUE OF CREDIT CARD CUSTOMERS GETTING MISLABELLED CHARGES RESOLVED, SCOTIABANK SAYS

CBC - Melissa Bennaardo (2019-10-22)

It tweeted that the technical issue affected charges made between Oct. 18 to 20.


ITALY'S BIGGEST BANK WANTS TO BECOME LESS ITALIAN

Reuters - Silvia Aloisi, Gianluca Semeraro (2019-10-22)

Italy’s biggest bank is looking at whether it can distance itself from its home country’s stagnating economy and fractious politics by putting some of its most prized assets under one roof in Germany, people familiar with the matter said.


BUYOUT OF BERKSHIRE HATHAWAY INSURANCE UNIT UNDER SCRUTINY

WSJ - Nicole Friedman (2019-10-22)


FED ADDS $58.15 BILLION IN LIQUIDITY ON MONDAY

WSJ - Michael S. Derby (2019-10-22)

The Federal Reserve Bank of New York injected $58.15 billion in overnight liquidity into financial markets.


ENCON REBRANDS AS VICTOR CANADA

Insurance Business - Bethan Moorcraft (2019-10-22)

ENCON Group, Inc. has today announced a major rebrand. The Canadian managing general agent (MGA), which is part of the global Victor Group, will now be known as Victor Canada. This announcement follows the larger global unification and rebrand of The Schinnerer Group to Victor Insurance Holdings announced in 2018.


LEGALIZATION 2.0 IS HERE – WHAT DOES IT MEAN FOR INSURANCE?

Insurance Business - Alicja Grzadkowska (2019-10-22)

Round two of cannabis legalization is finally upon us, after new regulations for cannabis edibles, extracts, and topicals came into effect on October 17. The regulations around this growing industry will be the subject of much discussion at the Cannabis Cover masterclass in Toronto this November, but, for now, a legal expert has shared his insight on the field of changes ahead and the expected impact legalization will have on both the insurance and cannabis industries.


WHY SUPREME COURT OF CANADA IS LOOKING AT RISK-BASED UNDERWRITING

Canadian Underwriter - Greg Mechbach (2019-10-22)

Does the federal government have the power to prohibit insurers from asking consumers questions that carriers say are material to their risk?


IS IT TIME FOR A U.S.-STYLE FLOOD INSURANCE PROGRAM?

Canadian Underwriter - Jason Contant (2019-10-22)

Although the National Flood Insurance Program (NFIP) in the United States has its shortcomings, a similar program could benefit Canada if steps were taken to avoid its flaws, suggested an article published in MSA’s Quarterly Outlook Report for Q2 2019.


AUTOMATION, AI ARE UPENDING JOBS AT CANADA’S BIG BANKS

G&M - James Bradshaw (2019-10-21)

Technology advances are upending tens of thousands of jobs across the global financial sector, including at Canada’s big banks.


CENTRAL BANKERS LOOK FOR AN EXIT FROM NEGATIVE-RATE REGIME

G&M - Megan Davies (2019-10-21)

The world’s most powerful policy-makers are struggling to alleviate the pain of a slowing global economy with few levers left to pull and growing concern that one of them, negative interest rates, already is creating problems of its own.


THERE’S ONE FEDERAL ELECTION SCENARIO THAT COULD WHACK THE CANADIAN DOLLAR

G&M - Michael Babad (2019-10-21)

Mark McCormick believes the currency market is “underpricing” the possibility of a minority Liberal government propped up by the New Democratic Party.


WHO IS BUYING NEGATIVE-YIELDING GERMAN BONDS? FOREIGN CENTRAL BANKS, PERHAPS

G&M - Dhara Ranashinghe (2019-10-21)

German government bonds with their sub-zero yields have lured foreign inflows for four straight months. Talk is that it’s reserve managers from Switzerland and China who are among those paying to lend money to Berlin.


‘THERE’S NO POINT IN CREDIT CARD POINTS’

G&M - Rob Carrick (2019-10-21)

There was a surprising twist when a personal finance newsletter called The Lean House Effect recently pitted credit card travel points against cashback for the title of best reward program.


BANKS DENY COMPENSATION WHEN HACKERS STEAL CUSTOMERS' MONEY

CBC - Erica Johnson (2019-10-21)

It's estimated GozNym stole over $100 million from some 40,000 victims. It's an example of the sort of malware that might be responsible for the hacks against Lidhar, Hamilton and Chapman. 


BORIS JOHNSON'S BREXIT DEFEAT IN PARLIAMENT RISKS FINANCIAL DISRUPTION

FP - Robert Hutton and Kitty Donaldson (2019-10-21)

On Friday, French President Emmanuel Macron said one shouldn’t be granted. But EU officials say that despite Macron, who made similar noises before approving a Brexit delay in April, it’s unlikely that he or any other leader would refuse another one, particularly if the U.K. was headed for a general election.


BREXIT WILL HAPPEN ON OCT. 31 DESPITE PM'S UNSIGNED DELAY REQUEST, UK SAYS

Reuters - Kylie MacLellan, Paul Sandle (2019-10-21)

The British government insisted on Sunday the country will leave the European Union on Oct. 31 despite a letter that Prime Minister Boris Johnson was forced by parliament to send to the bloc requesting a Brexit delay.


THESE ARE THE WORLD’S BEST (AND WORST) PENSION SYSTEMS

Bloomberg - Matthew Burgess (2019-10-21)


LAGARDE SAYS U.S. IS AT RISK OF LOSING GLOBAL LEADER ROLE

WSJ - Kate O'Keeffe (2019-10-21)

Christine Lagarde, who is set to take over as president of the European Central Bank, said in an interview that the U.S. risks diminishing its role as a global leader and warned of dire consequences of its trade war with China.


BEWARE ONLINE LOAN CALCULATORS

WSJ - Lisa Ward (2019-10-21)


MACHINE LEARNING ADVANCING IN FINANCIAL SECTOR - BANK OF ENGLAND

Finextra - Finextra (2019-10-21)

"In many cases, ML development has passed the initial development phase, and is entering more advanced stages of deployment," states the BofE. "One third of ML applications are used for a considerable share of activities in a specific business area."


THE IMF CRUNCHED NUMBERS ON CANADIAN REAL ESTATE. HERE’S HOW OVERPRICED IT IS

Better Dwelling - Stephen Punwasi (2019-10-21)

Canadian real estate prices are soaring, but only a few markets have detached from reality. The ones that have though, boy oh boy – have they ever detached. New numbers obtained from IMF staff, show the gap between prices and fundamentals. For the most part, Canadian real estate prices can be explained through access to easy credit. Hamilton, Toronto, and Vancouver are notable exceptions, and may be 50% overvalued.


AMEX’S DISCOUNT RATE RETURNS TO ITS YEAR-AGO LEVEL

Digital Transactions - Kevin Woodward (2019-10-21)

Issuer and acquirer American Express Co. said its global third-quarter discount rate—what merchants pay to accept the brand’s credit cards—was 2.39%, a slight increase from 2.38% a year ago.


HOW THE FEDERAL ELECTION COULD IMPACT THE CANADIAN STOCK MARKET

G&M - David Berman (2019-10-18)

Can voters affect stock prices in Canada? Investors are about to find out.


ZUCKERBERG REBUFFS MOVES BY CONGRESS TO POLICE FACEBOOK

G&M - Tamsin McMahon (2019-10-18)

Facebook Inc. chief executive Mark Zuckerberg signalled Thursday that he intends to push back more aggressively against lawmakers’ efforts to regulate the social-media giant, arguing in a rare public speech in Washington that U.S. tech companies play a critical role in safeguarding democratic values online.


HOW TO LOSE HALF YOUR MONEY: BUY CANADA’S PIONEERING POT ETF ON LEGALIZATION DAY

G&M - Clare O'Hara (2019-10-18)

The day Canada legalized marijuana, the Horizons Marijuana Life Sciences Index ETF was the world’s first and largest investment fund in cannabis stocks. Exactly one year later, it is far from the biggest, and its returns are the worst.


THE MOST-ANTICIPATED RECESSION IN HISTORY IS COMING, AND IT'S TYING INVESTORS IN KNOTS

FP - Tom Bradley (2019-10-18)

I’ve been doing a lot of client reviews lately and the ‘R’ word has come up in every one. I’m referring to the next recession.


MONEY LAUNDERING RELATED TO CANNABIS LEGALIZATION ON FINTRAC'S RADAR, BUT NO IN-DEPTH STUDY YET

FP - Geoff Zochodne (2019-10-18)

Canada’s financial intelligence unit says it has taken a preliminary look at the issue of money laundering in connection to the legalization of recreational marijuana, but that it has yet to conduct an “in-depth” analysis of the subject.


CREDIT SUISSE TO START CHARGING WEALTHY CLIENTS FOR CASH DEPOSITS

Reuters - Reuters (2019-10-18)

Individual and business customers will be charged a rate of -0.75% on cash balances above 2 million Swiss francs ($2.02 million), Switzerland’s second biggest lender said. Balances of less than 2 million francs will be unaffected.


CHINA'S GDP GROWTH TO GRIND TO 27-1/2 YEAR LOW AS TARIFFS HIT DEMAND

Reuters - Kevin Yao (2019-10-18)

Still, most analysts believe the scope for aggressive stimulus is limited in an economy already saddled with piles of debt following previous easing cycles, which have sent housing prices sharply higher.


GOLDMAN WANTS TRADERS TO BE MORE LIKE DEALMAKERS AND CODERS

Reuters - Elizabeth Dilts Marshall (2019-10-18)

 Over the past decade or so, Goldman Sachs Group Inc has watched its annual trading profits fall 84%, as post-financial crisis regulations upended Wall Street. Now, bank executives are hoping they have figured out the key to a turnaround: asking traders to be more like investment bankers.


EX-CREDIT SUISSE BANKER SAYS SECRET AFFAIR HELPED FUEL $45 MILLION FRAUD

Bloomberg - Patricia Hurtado (2019-10-18)


CANADIAN VARIABLE MORTGAGE RATES ARE RISING VERY, VERY FAST

Better Dwelling - Daniel Wong (2019-10-18)

Variable rate mortgages are when the borrower sees the interest rate fluctuate. Payments usually stay the same, but the amount that goes towards interest fluctuates. If rates rise during the term, the borrower pays more interest, and less principal. If rates fall during the term, borrowers pay less interest, and more principal. At the end of the term, depending on rates, you may have a bigger or smaller mortgage balance than expected.


LOBLAWS WANTED TOO MUCH INFORMATION FOR $25 GIFT CARDS, PRIVACY COMMISSIONER FINDS

CBC - Sophia Harris (2019-10-17)

Canada's privacy commissioner has concluded that Loblaws initially requested too much personal information from some customers before they could collect their $25 gift card — offered to make up for the company's role in a bread price-fixing scandal. 


1 IN 5 HOMES IN CANADA BOUGHT BY NEWCOMERS, ROYAL LEPAGE SURVEY SAYS

CBC - Muriel Draaisma (2019-10-17)

The Royal LePage Newcomer 2019 Survey, which was commissioned by the real estate company, found that newcomers spend about three years in Canada before buying a home and that 75 per cent of newcomers arrive with savings or cash to help buy a home.


HISTORY SUGGESTS ANDREW SCHEER'S INTERPROVINCIAL FREE-TRADE PROMISE IS DESTINED TO FAIL

CBC - Jonathon Gatehouse (2019-10-17)

"These barriers prevent the free flow of people, goods and services across provincial borders. They make it more expensive to run a business. They hurt consumers with higher prices and less competition and they discourage and frustrate big dreaming innovators who want to change the world," Scheer said during a campaign stop in Quebec City. "It should not be easier to trade with other countries than between Canadian provinces. We are one free country. We should have one free market."


AN INFLATION RATE THAT MAY BE TOO GOOD TO BE TRUE

FP - Kevin Carmichael (2019-10-17)

Not in Canada. The Consumer Price Index (CPI) rose 1.9 per cent from September 2018, pretty close to the Bank of Canada’s target of two per cent. And that’s kind of what you’d expect. Last week, Statistics Canada reported that the jobless rate dropped to 5.5 per cent in October, one of the lowest rates on record, and that the average hourly wage surged 4.3 per cent from a year earlier, one of the fastest increases since early 2009.


CANADIAN INSURANCE INDUSTRY STILL AT RISK FROM MEGA-CATASTROPHE, STUDY WARNS

FP - Barbara Shecter (2019-10-17)

“Canada is the only G7 nation that doesn’t have any type of federal involvement to help the insurance industry as a whole deal with mega catastrophes,” said Anne Kleffner, a professor at the University of Calgary’s Haskayne School of Business.


BREXIT DEAL CLINCHED IN BRUSSELS, JOHNSON STILL NEEDS BACKING AT HOME

Reuters - Reuters (2019-10-17)

Britain clinched a Brexit deal with the European Union on Thursday, European Commission President Jean-Claude Juncker said, just a few hours before the start of a summit of the bloc’s leaders in Brussels.


CITIGROUP NAMES PETER BABEJ AS ASIA PACIFIC CHIEF EXECUTIVE: MEMO

Reuters - Reuters (2019-10-17)

Babej joined Citi in 2010 as co-head of the financial institutions group after having previously worked at Deutsche Bank (DBKGn.DE) and investment bank Lazard (LAZ.N), according to the memo sent to staff by Citi global CEO Mike Corbat.


WHY A ‘BLANKET INVESTMENT APPROACH TO INSURTECH’ ISN’T THE WAY FORWARD

Insurance Business - Alicja Grzadkowska (2019-10-17)

“In insurance, data is fundamental to what we do in terms of assessing risk and pricing, and there’s been an awful lot that’s gone on with regards to data, particularly as it applies to commercial insurance,” said Sean Ringsted (pictured), executive vice president, chief digital officer, and chief risk officer for Chubb Group, pointing to the small business segment that has been traditionally underserved by insurance. “You have a growing number of small businesses and if you think about an entrepreneur or a start-up, they don’t have much time, cash flow is important, and they want to be able to buy that policy and get it wrapped up quickly. That is really driving a lot of the innovations and advancements around the use of data.”


INTEREST RATES AND STOCK UNCERTAINTY CLOUD PENSION PLAN HORIZON

Insurance-Portal.ca - Alain Theriault (2019-10-17)

Low interest rates and uncertainty in the equity markets have lowered the expectations for long-term asset returns for DB pension plan portfolios, says an actuarial firm.


FLOOD RISK IN SOUTHWESTERN ONTARIO: IT’S NOT JUST RAINFALL…

Canadian Underwriter - Greg Meckbach (2019-10-17)

“We are well above where we typically are for water elevations in Lake St. Clair and the Detroit River,” Andrew Dowie, executive initiatives coordinator for the City of Windsor, told Canadian Underwriter Tuesday.


NEXT INSURANCE RAISES $250 MILLION FROM MUNICH RE

WSJ - Yuliya Chernova (2019-10-17)

Reinsurance company Munich Re AG has invested $250 million in Next Insurance Inc. in a funding round that valued the small-business insurance provider at more than $1 billion.


BANK OF AMERICA’S WIDE REACH PAYS OFF

WSJ - Telis Demos (2019-10-17)

Flyover banking is the best thing going for big lenders right now.


LAURENTIAN HIRES NEW HEAD OF CAPITAL MARKETS

G&M - James Bradshaw (2019-10-17)

Laurentian Bank of Canada has hired Kelsey Gunderson to lead its capital-markets business, snapping up an experienced banker who became a free agent earlier this year after an executive shuffle at BMO Nesbitt Burns Inc.


40% OF CORPORATE DEBT IS NOW AT RISK, MORE THAN DURING THE FINANCIAL CRISIS, WARNS IMF

FP - Pete Schroeder (2019-10-17)

The International Monetary Fund heightened its warnings for the corporate debt market on Wednesday, as investors search for richer returns in riskier assets after recent interest rate cuts by central banks.


DEUTSCHE BANK PAID MILLIONS TO CHINESE CONSULTANTS IN BRAZEN SCHEME

G&M - MICHAEL FORSYTHE, DAVID ENRICH AND ALEXANDRA STEVENSON (2019-10-15)

It was a brazen campaign to win business in China by charming and enriching the country’s political elite.


USERS WHO LOST MONEY WITH BANKRUPT QUADRIGACX MAY HAVE TO WAIT MONTHS FOR THEIR FUNDS

G&M - JOE CASTALDO AND ALEXANDRA POSADZKI (2019-10-15)

Users who lost money with bankrupt cryptocurrency exchange QuadrigaCX could have to wait until spring or summer of next year before receiving any funds back, according to two sources familiar with the matter.


FACEBOOK'S LIBRA PROJECT STUMBLES AS MORE MEMBERS QUIT

Finextra - Finextra (2019-10-15)

Mastercard and Visa were both known to be weighing their ongoing participation as members of the Libra Association at the time of PayPal's departure. Matters came to a head late last week when two Senate Democrats upped the ante, urging the two card schemes and Stripe to pull their support for the controversial project.


GLOBAL BANK CONSORTIUM TO BUILD NEW TECH PLATFORM FOR PRIMARY MARKETS

Finextra - Finextra (2019-10-15)

The backers of the new DirectBooks platform include Bank of America, Barclays, BNP Paribas, Citi, Deutsche Bank, Goldman Sachs, JPMorgan, Morgan Stanley, and Wells Fargo.


REVOLUT IN BID FOR $1.5 BILLION DEBT AND EQUITY ROUND

Finextra - Finextra (2019-10-15)

The search for new capital comes just weeks after Revolut secured a global deal with Visa that would see the fintech move into 24 new markets and boost staff numbers to 3500.


WHERE DO INCUMBENTS LOOK FOR GAME-CHANGING INNOVATION?

Finextra - Finextra (2019-10-15)

How can the established players in financial services deliver meaningful game-changing innovation? What are the challenges in building this from scratch and does they key lie in partnerships with fintechs and start-ups?


MORGUARD CEO SIGNALS WHAT HE WILL ACQUIRE WHEN RECESSION STRIKES

G&M - Andrew Willis (2019-10-15)

Most investors dread the prospect of a recession. Morguard Corp. chief executive Rai Sahi, on the other hand, is setting up his company to take advantage of an inevitable downturn in real estate markets.


FEELING BURNED: THE FIRST YEAR OF LEGAL CANNABIS HAS BEEN A COMPLETE DISASTER FOR INVESTORS

FP - Victor Ferreira (2019-10-15)

The legalization of cannabis in Canada was supposed to be a catalyst — the most powerful one yet, investors and analysts alike thought — that would launch companies in the young but potent industry to new heights. Instead, nearly one year later, it has been a nightmare.


IMPROVING JOB NUMBERS, WAGES WILL KEEP FUELLING OUR LOVE OF DEBT

FP - Kevin Carmichael (2019-10-15)

The more the Bank of Canada sifts through the data left behind by the housing boom, the clearer it becomes that the economy would be in trouble if we weren’t so willing to borrow.


FIDELITY FOLLOWS RIVALS IN CUTTING ONLINE TRADING COMMISSIONS TO ZERO

FP - Reuters (2019-10-15)

Fidelity Investments on Thursday eliminated commissions on online trades of U.S. stocks, exchange traded funds (ETFs) and options, becoming the latest brokerage to cut trading fees to compete with new entrants in the market.


UBER’S LAYOFF TOTAL RISES PAST 1,000 WITH LATEST CUTS

NY Times - Kate Conger (2019-10-15)


HOW DEUTSCHE BANK HIRED ITS WAY TO THE TOP IN CHINA

NY Times - Alexandra Stevenson (2019-10-15)

Confidential documents reveal the troubled German bank’s brazen campaign to win business in China by charming and enriching the political elite. 


LONDON RETAINS GLOBAL FINANCE THRONE AMID BREXIT CHAOS

Reuters - Andrew MacAskill, Sinead Cruise, Huw Jones (2019-10-15)

From the pinnacle of the City of London’s largest skyscraper, Stuart Lipton is wagering a $1.2 billion bet that the British capital remains a master of the international financial universe no matter what happens with Brexit.


BRITISH REGULATOR REVIEWS JPMORGAN METALS TRADING AMID U.S. PROBE: SOURCES

Reuters - Lawrence Delevingne, Peter Hobson (2019-10-15)

Britain’s financial services regulator is examining allegations of precious metals market manipulation by JPMorgan Chase & Co traders following criminal charges by U.S. authorities, according to two people familiar with the matter.


QATAR

Bloomberg - Bloomberg (2019-10-15)

From insurance to banking apps, Qatar is developing new business ecosystems.


BORIS JOHNSON’S BREXIT DEAL ON KNIFE EDGE

Bloomberg - Jess Shankleman (2019-10-15)

More time needed as deal hanging in the balance as of Tuesday.


INTEREST RATES ARE FALLING—BUT YOUR CREDIT-CARD RATE COULD BE GOING UP

WSJ - Annamaria Androitis (2019-10-15)

Lenders are shelling out for generous rewards programs for affluent cardholders, and they are charging higher interest rates to make up for it.


THIS QUARTER, BANK EARNINGS ARE ALL ABOUT RATES

WSJ - Liz Hoffman, Ben Eisen (2019-10-15)

Investors will get an early readout on the impact of the Federal Reserve’s recent interest-rate cuts when big U.S. banks report third-quarter earnings this week.


BANKS POISED TO UNDERWHELM THIS EARNINGS SEASON

WSJ - Telis Demos (2019-10-15)

The Wall Street arms of banks won’t be giving their Main Street counterparts much help this earnings season.


FINDING MEANING IN QUANTITATIVE EASING

WSJ - James Mackintosh (2019-10-15)

The Federal Reserve has been clear that its latest Treasury-buying plan shouldn’t be construed as QE, or quantitative easing. They may have a point.


HOME SALES IN CANADA RISE 15.5 PER CENT IN SEPTEMBER FROM YEAR AGO

G&M - CP (2019-10-15)

Home sales in Canada’s big cities continued a rebound in September with a 15.5 per cent increase in sales compared with a year ago, according to the Canadian Real Estate Association.


FED’S JAMES BULLARD SAYS SUB-ZERO INTEREST RATES COULD BE PROBLEMATIC IN U.S.

G&M - MARC JONES AND DHARA RANASINGHE (2019-10-15)

St. Louis Federal Reserve Bank President James Bullard said global trade and other risks remain high for a U.S. economy that may slow more sharply than expected.


REBOUND CONTINUES AS HOME SALES JUMP ACROSS CANADA AMID AFFORDABILITY CONCERNS

G&M - Rachelle Younglai (2019-10-15)

Canada’s home sales jumped 15.5 per cent in September compared with last year, with rising activity and record prices in Toronto and its surrounding suburbs adding to affordability concerns that have become a focus in the federal election campaign.


CONSERVATIVES TARGET EXECUTIVE PAYOUTS IN BANKRUPT COMPANIES WITH UNDERFUNDED PENSIONS

G&M - Christine Dobby (2019-10-15)

The Conservative Party says it would restrict large payouts to executives at bankrupt companies with underfunded pension plans, a move aimed at curbing the unpopular practice of paying management retention bonuses, even as employees lose their jobs and benefits.


LAURENTIAN HIRES NEW HEAD OF CAPITAL MARKETS

G&M - James Bradshaw (2019-10-15)

Laurentian Bank of Canada has hired Kelsey Gunderson to lead its capital-markets business, snapping up an experienced banker who became a free agent earlier this year after an executive shuffle at BMO Nesbitt Burns Inc.


BUFFETT’S BERKSHIRE SEEKS FED LEEWAY TO BOOST BOFA BET

G&M - PETE SCHROEDER AND BHARATH MANJESHR (2019-10-15)

Warren Buffett’s Berkshire Hathaway Inc is seeking permission from the Federal Reserve to boost its stake in Bank of America Corp above the 10 per cent level, according to an application document provided by the Fed on Tuesday.


RIPE FOR A FALL: PRIVATE EQUITY DEBT RUSH STOKES EURO BOND MARKET FEARS

G&M - ABHINAV RAMNARAYAN AND YORUK BAHCELI (2019-10-15)

A growing number of private equity firms are taking advantage of Europe’s buoyant bond market to extract money from companies they hold by loading them with debt, prompting some investors to warn the fixed income rally is nearing its peak.


AVOID THIS TRAP WHEN TRANSFERRING TFSAS FROM ONE FINANCIAL FIRM TO ANOTHER

G&M - Rob Carrick (2019-10-15)

I kind of am. I have one tax-free savings account at a robo-adviser, one at an online brokerage and one at an online bank. There may be others…


BANK OF CANADA EXPLORING DIGITAL CURRENCY THAT WOULD REPLACE CASH, TRACK HOW PEOPLE SPEND MONEY

FP - Zane Schwartz (2019-10-15)

The Bank of Canada is considering launching a digital currency that would help it combat the “direct threat” of cryptocurrencies and collect more information on how people spend their money, The Logic has learned.


CANADIAN FINTECH ADOPTION RATE HITS 50 PER CENT, BUT STILL TRAILS GLOBAL PEERS: EY

FP - Geoff Zochodne (2019-10-15)

Canadian consumers have greatly increased their use of financial technology, such as payment or budgeting apps, but trail their global counterparts in adoption across every age and income bracket, according to findings from accounting firm Ernst & Young.


BIG BANKS SAY U.S. CONSUMERS STURDY AS BUSINESSES QUIVER WITH GROWTH FEARS

Reuters - Imani Moise, Elizabeth Dilts Marshall (2019-10-15)

Quarterly results from four of the largest U.S. banks on Tuesday showed that American consumers are helping to prop up the economy, even as recession fears have led businesses to pull back on spending and borrowing.


FACING RECESSION, HONG KONG’S SMALL BUSINESSES NEED A BOOST

Bloomberg - Nisha Gopalan (2019-10-15)

Hong Kong’s small businesses need some help as the city faces its first recession since the global financial crisis. But the latest relief extended by the de facto central bank will barely move the needle.


IMF SLASHES GLOBAL GROWTH FORECAST ON TRADE WAR FEARS

FT - Chris Giles (2019-10-15)

Global growth is set to fall to its slowest rate since the financial crisis this year, the IMF said on Tuesday, as it warned that the self-inflicted wounds of the US and China’s trade war had created a “precarious” economic situation.


WHERE IT ALL WENT WRONG FOR FACEBOOK’S LIBRA

FT - Hannah Murphy (2019-10-15)

“Everyone will play their role,” the Facebook executive said of the 28 initial founding members of his Libra scheme.


WHY THE RENMINBI’S CHALLENGE TO THE DOLLAR HAS FADED

FT - Hudson Lockett in Hong Kong and Eva Szalay (2019-10-15)

A decade ago, China launched a high-profile challenge to the dominance of the US dollar, projecting a greater role for the renminbi in the global financial system.


JPMORGAN EARNINGS LEAVE GOLDMAN IN THE SHADE

FT - Laura Noonan (2019-10-15)

“JPMorgan is best in class of global banks and it shows this quarter,” said Wells Fargo analyst Mike Mayo.


CANADIAN REVERSE MORTGAGE DEBT RISES OVER 26%, AS SENIORS RAID THEIR EQUITY

Better Dwelling - Daniel Wong (2019-10-15)

The balance of reverse mortgage debt reached a new all-time high last month. Filings show $3.78 billion in reverse mortgage debt outstanding in July, up 0.98% from the month before. The balance is just over 26.24% higher than the same month last year. Over the past year, reverse mortgage debt increase by over a quarter. That’s huge growth for any segment.


MUTUAL FUND ADVISERS WILL BE REQUIRED TO COMPLETE CONTINUING EDUCATION TO KEEP LICENCE STARTING 2020

G&M - Clare O'Hara (2019-10-11)

Mutual fund advisers will be required next year to complete continuing education credits in order to keep their licence, putting them on par with other certified professionals in the financial services industry as the sector looks to increase transparency.


U.S. IMPOSES SANCTIONS ON SOUTH AFRICA’S GUPTA BROTHERS FOR ‘CORRUPTION’ AND ‘ILL-GOTTEN GAINS’

G&M - Geoffrey York (2019-10-11)

The U.S. Treasury Department has imposed sanctions on South Africa’s wealthy Gupta brothers, describing them as “a significant corruption network” that used bribery and inflated contracts to steal money and wield illicit influence over the South African government.


DOUBLE COUNTING OF ASSETS IS ETF INDUSTRY'S $15 BILLION OPEN SECRET

FP - Victor Ferreira (2019-10-11)

According to the National Bank of Canada, the Canadian ETF industry has a combined AUM of $188 billion when the reported AUMs of all the ETFs are added up. But when double counting is removed, that figure falls to $173 billion, a decrease of nearly eight per cent.


FIDELITY FOLLOWS RIVALS IN CUTTING ONLINE TRADING COMMISSIONS TO ZERO

FP - Reuters (2019-10-11)

Fidelity Investments on Thursday eliminated commissions on online trades of U.S. stocks, exchange traded funds (ETFs) and options, becoming the latest brokerage to cut trading fees to compete with new entrants in the market.


UNPRECEDENTED STIMULUS AFTER 2008 RECESSION FAILED TO BOOST LONG-TERM GROWTH

FP - Philip Cross (2019-10-11)

Despite a return to deficit spending intended to boost the economy, Canada’s annual real GDP growth over the past four years has remained stuck in the range of 1.0 to 2.0 per cent, where it has been mired for most of the past decade. In a recent paper for the Macdonald-Laurier Institute, I summarized how the persistence of mediocre growth for over a decade is a sobering reminder of the failure of extraordinary monetary and fiscal stimulus to lift long-term growth rates.


CANADA’S HEAVY IMMIGRATION IS THE LAST PILLAR PREVENTING A RECESSION

Better Dwelling - Better Dwelling (2019-10-11)

If compared to the population growth, that impressive GDP really isn’t impressive. In fact, a notable Canadian economist called the GDP a “growth mirage.” Real GDP per capita was $55,480 in Q2 2019, up just 0.2% from the year before. Not exactly the massive growth typical of a booming economy.


DEUTSCHE BANK TELLS U.S. COURT IT DOES NOT HAVE TRUMP'S TAX RETURNS

Reuters - Matt Scuffham (2019-10-11)

Deutsche Bank says it does not have copies of U.S. President Donald Trump’s tax returns, a U.S. appeals court said on Thursday, closing one possible avenue for the Democratic-led U.S. House of Representatives to obtain the returns.


COMINAR HIRES BANKS FOR SALE OF MONTREAL’S CENTRAL STATION

Bloomberg - Natalie Wong (2019-10-11)


FED VOTES TO LIGHTEN REGULATIONS FOR ALL BUT THE LARGEST BANKS

NY Times - Jeanna Smialek (2019-10-11)

Lael Brainard, a Fed Board governor, said that while she supported some of the adjustments approved on Thursday, the overall package of changes went too far.


DATA ON MODERN FINANCE REVEALS UNCOMFORTABLE TRUTHS

FT - Gillian Tett (2019-10-11)

What the heck is happening in the Cayman Islands? That is a question often asked in relation to corporate tax.


TRANSUNION CANADA SAYS DATA ON 37,000 CANADIANS MAY HAVE BEEN COMPROMISED

G&M - CP (2019-10-10)

The personal information of about 37,000 Canadians held by TransUnion may have been compromised this past summer, leaving both of Canada’s credit monitoring agencies with data blemishes on their record.


5 INDICATORS WE'RE REACHING THE RECESSION TIPPING POINT: DON PITTIS

CBC - Don Pittis (2019-10-10)

This week hints of a global recession came from Montreal. Speaking at McGill University, the new boss of the World Bank, David Malpass, warned the global economy is heading to fresh lows.


INDEPENDENT CANNABIS COMPANY GOES CASH-ONLY AFTER BANK BUCKS BUSINESS

CBC - Katie Breen (2019-10-10)

Clarke opened an account with the Royal Bank of Canada before getting his cannabis licence, saying he was a cannabis accessories wholesaler. A few weeks ago, Clarke said, RBC deemed his business "high risk" and sent a letter saying it would be cancelling his account. 


FEELING BURNED: THE FIRST YEAR OF LEGAL CANNABIS HAS BEEN A COMPLETE DISASTER FOR INVESTORS

FP - Victor Ferreira (2019-10-10)

The legalization of cannabis in Canada was supposed to be a catalyst — the most powerful one yet, investors and analysts alike thought — that would launch companies in the young but potent industry to new heights. Instead, nearly one year later, it has been a nightmare.


INSURANCE BROKERAGE HUB BULKING UP CANADIAN BENEFITS BUSINESS WITH ACQUISITION SPREE

FP - Geoff Zochodne (2019-10-10)

The biggest insurance brokerage in Canada has been on a dealmaking blitz that may only be about halfway done, according to the company’s Ontario chairman.


NO COMMERCIAL USE FOR BLOCKCHAIN, SAY BANKS

Bobsguide - Bobsguide (2019-10-10)

“Blockchain evangelists will not want to hear that it is all around a cost problem, but the reality is that the industry does have a cost problem, whether it is in trade finance, whether it is securities settlements, whether it is in core banking operations,” he said. “Certainly, if you look at a lot of the initiatives in blockchain today have all been around the securities space, a lot of pilots around issuance and all sorts of things, but nobody has really found that commercial model.” On the other hand, the trade finance market could be ripe for adoption of the technology because of its high dependency on paper, according to Scott.  


STARLING ADDS DIGITAL INSURANCE FIRM NIMBLA TO MARKETPLACE

Finextra - Finextra (2019-10-10)

Challenger bank Starling has partnered with digital insurance platform Nimbla to offer its 65,000 small business customers the ability to protect themselves from financial losses caused by bankrupt clients.


LLOYD'S OF LONDON CHAIR JOINS INSURTECH STARTUP CUVVA

Finextra - Finextra (2019-10-10)

Cuvva, a UK startup pioneering hourly insurance policies, has snagged Lloyd's of London chair Bruce Carnegie-Brown as its new chairman.


MARK ZUCKERBERG TO APPEAR BEFORE U.S. CONGRESS ON FACEBOOK’S CURRENCY PLAN

G&M - AP (2019-10-10)

Rep. Maxine Waters, the California Democrat who heads the House Financial Services Committee, announced Wednesday that Zuckerberg will testify at a hearing by the panel on Oct. 23. The focus will be on Facebook’s plan to create a digital currency and its role in housing. The company agreed in a legal settlement in March to overhaul its ad-targeting systems to prevent discrimination in housing, credit and employment ads.


TINY COMMISSIONS, BIG PROBLEM: PRICE WAR GIVES TD A HEADACHE ON ITS U.S. STRATEGY

G&M - James Bradshaw (2019-10-10)

A pricing war has rattled the U.S. discount stock brokerage market, putting Toronto-Dominion Bank in a strategic bind as Canada’s second-largest lender mulls ways to mitigate the damage.


CANADIAN HOUSEHOLD DEBT IS GROWING, BUT THERE’S AN UNUSUAL DIVERGENCE

Better Dwelling - Daniel Wong (2019-10-09)

Canadians are pushing an already epic pile of debt to new all-time highs. The balance of credit outstanding reached $2.23 trillion in August, up 0.55% from the month before. This represents an increase of 3.8%, when compared to the same month last year. The total is a new all-time high, and the 12-month growth is rising year-over-year for the first time in months.


SWEDISH PROBE OF BOMBARDIER ALLEGES MONEY LAUNDERING

G&M - Mark Mackinnon (2019-10-09)

The prosecutors, who allege tens of millions of dollars were siphoned off a 2013 deal to install rail-signalling equipment in the former Soviet republic, were granted access to the records of nine Swiss bank accounts associated with shell companies controlled by a quartet of Russian businessmen who partnered with the Canadian transportation giant on the project.


ABORTED LSE TAKEOVER BY HONG KONG EXCHANGES SHOWS CHINA’S GROWING INFLUENCE

G&M - Jeffrey Jones (2019-10-09)

The latest example is the decision by Hong Kong Exchanges and Clearing Ltd. (HKEX) to scrap a proposed US$39-billion offer for London Stock Exchange Group PLC, a deal that would have stitched together a capital markets network spanning two continents. It was a gamble from the outset with both jurisdictions in the midst of political turmoil.


PACE OF HOUSING STARTS SLOWED IN SEPTEMBER, CMHC REPORTS

CBC - CP (2019-10-09)

Canada Mortgage and Housing Corp. says the pace of housing starts in September slowed compared with August.


BMO CAPITAL MARKETS BUILDS INVESTMENT BANK AS EUROPEANS RETREAT

FP - Doug Alexander (2019-10-09)

The Canadian lender expects to reach its goal of being a “Top 10” North American investment bank “dramatically” ahead of its five-year deadline, Dan Barclay, chief executive officer and group head of BMO Capital Markets, said in an interview at the firm’s Toronto headquarters.


FORMER GOLDMAN PROGRAMMER FAILS, AGAIN, TO TOSS THEFT CONVICTION

Reuters - Jonathan Stempel (2019-10-09)

The dual U.S.-Russian citizen has said he intended the code only for his own use. His tale helped inspire Michael Lewis’ 2014 bestseller “Flash Boys,” on the rise of high-frequency trading in U.S. equities.


CENTRAL BANKS CAN'T CREATE NEGATIVE RATES BY THEMSELVES

Bloomberg - Jim Bianco (2019-10-09)


FED MINUTES TO SHED LIGHT ON INTERNAL DEBATE OVER RATES

WSJ - Nick Timiraos (2019-10-09)

The Federal Reserve will provide new clues about its thinking on where to set interest rates when it releases the minutes of its Sept. 17-18 meeting on Wednesday at 2 p.m. EDT.


OECD TAKES AIM AT TECH GIANTS WITH TAX SHAKE-UP

FT - Chris Giles (2019-10-09)

The OECD has proposed a global shake-up of corporate taxation, overturning a century of rules that had allowed digital groups such as Facebook, Apple, Amazon, Netflix and Google to shift profits around the world to minimise their tax bills.


FED RESTARTS DEBT PURCHASES — JUST DON’T CALL IT QE

FT - Joe Rennison (2019-10-09)

Ten minutes after Federal Reserve chair Jay Powell insisted that the central bank restarting its Treasury purchases was “in no way” the same as the post-financial crisis policy of quantitative easing, one Wall St analyst sent a note to his clients saying that the new strategy “sure sounds like QE”.


PACE OF MORTGAGE CREDIT SPEEDS UP AMID ‘FEAR OF A RETURN TO BUBBLE-LIKE CONDITIONS’

G&M - Michael Babad (2019-10-09)

It’s not particularly sharp, and nothing like the fast pace of the past, but mortgage borrowing is picking up. Given Canada’s history with swollen debts and inflated housing markets, that bears watching.


WIDOW OF QUADRIGACX FOUNDER GERALD COTTEN AGREES TO HELP REPAY EXCHANGE USERS

G&M - ALEXANDRA POSADZKI AND JOE CASTALDO (2019-10-08)

The widow of Gerald Cotten, the late founder of QuadrigaCX, has reached a settlement to transfer “nearly all" of her assets to the trustee overseeing the cryptocurrency exchange’s bankruptcy.


HEY, BIG SPENDER. (WELL, MAYBE NOT THAT BIG): WHAT ANALYSTS ARE TELLING CLIENTS ABOUT LIBERAL AND TORY FISCAL PLANS

G&M - Michael Babad (2019-10-08)

“The Liberals would loosen fiscal policy by more than the Conservatives if they won October’s election, but neither party’s plans would seriously transform the economic outlook,” said Stephen Brown, senior Canada economist at Capital Economics.


WEAK EURO ZONE BANK PROFITS COULD TAKE FRESH HIT: ECB

G&M - Reuters (2019-10-08)

Euro zone banks face growing pressure on earnings from a maturing business cycle, and their projections for lukewarm earnings in the coming years may still be too optimistic, the European Central Bank said on Monday.


A CAR IN EVERY DRIVEWAY: WHY CANADIAN AUTO SALES ARE STALLING (AND WHY WE’LL BE BUYING MORE USED ONES)

G&M - Michael Babad (2019-10-08)

With a car in every driveway, vehicles lasting longer and so many other modes of transportation, how will the auto market fare?


GE TO FREEZE, PRE-PAY PENSIONS TO SAVE UP TO $8-BILLION, CUT DEBT

G&M - ALWYN SCOTT AND ANKIT AJMERA (2019-10-08)

General Electric Co. said on Monday it would freeze pensions for about 20,000 salaried U.S. employees and take other related moves to help the ailing conglomerate cut debt and reduce its retirement-fund deficit by up to US$8-billion.
By freezing the U.S. pensions, prepaying about US$4.5-billion in contributions due in 2021 and 2022 and offering lump sums to about 100,000 retirees, GE said it expects to cut pension underfunding by US$5-billion to US$8-billion.


COAL AND BITUMEN: WHY THE NORWEGIAN PENSION FUND IS DITCHING THE OILSANDS

CBC - Kyle Bakx (2019-10-08)

The decision affects five companies: Russia's Tatneft PAO and Canada's Cenovus Energy, Suncor Energy, Husky Energy and Imperial Oil. Recently, KLP sold $77 million in shares of those companies.


THOMAS COOK BOSSES WERE WARNED OF MORE THAN $12 BILLION IN CLAIMS AHEAD OF COLLAPSE

FP - Oliver Gill (2019-10-08)

A confidential report, prepared just days before the 178-year-old company’s failure and seen by The Daily Telegraph, lays bare how an insolvency would wreak havoc across the travel sector, leaving huge debts owed to hoteliers, intermediaries and other suppliers. Many suppliers could expect to recoup just 3.4 pence in every pound owed to them. Bondholders, whose debts totalled more than 1 billion pounds, may only recover 2.3 pence.


THE END OF LIBOR: THE BIGGEST BANKING CHALLENGE YOU'VE NEVER HEARD OF

Reuters - Sinead Cruise, Lawrence White (2019-10-08)

The slow progress highlights the challenge banks and borrowers face as regulators attempt to end the use of Libor, a benchmark embedded in as much as $340 trillion financial contracts worldwide from home loans to complicated derivatives.


EU FINANCE COMMISSIONER PLEDGES TO REGULATE DIGITAL CURRENCIES

Reuters - Francesco Guarascio (2019-10-08)

“Europe needs a common approach on crypto-assets such as Libra. I intend to propose new legislation on this,” Valdis Dombrovskis told EU lawmakers in his confirmation hearing.


LONDON FOREX TRADER SUES CITIGROUP OVER 'MALICIOUS' FOREX PROSECUTION

Reuters - Kristin Ridley (2019-10-08)

Rohan Ramchandani, the former European head of Citigroup’s forex spot market trading desk, alleges in a lawsuit filed on Wednesday that Citigroup made false and “gravely derogatory” assertions against him to government investigators and the media after firing him in 2014 without cause.


TROUBLE BUBBLES BENEATH THE SURFACE OF CANADA’S STOCK MARKET

Bloomberg - Divya Balji, Aoyon Ashraf (2019-10-08)


CHRISTINE LAGARDE HAS A GERMAN PROBLEM

Bloomberg - Andreas Kluth (2019-10-08)


HKEX ABANDONS £32BN BID FOR LSE AFTER CHARM OFFENSIVE FAILS

FT - Daniel Shane, Alce Woodhouse (2019-10-08)

Hong Kong Exchanges and Clearing has abandoned its £32bn offer for the London Stock Exchange Group, ending its attempt to create a global capital markets operator and break up the LSE’s rival deal for Refinitiv. 


CANADIAN HOUSEHOLD DEBT IS GROWING, BUT THERE’S AN UNUSUAL DIVERGENCE

Better Dwelling - Daniel Wong (2019-10-08)

Outstanding household credit reached a new all-time high, with both major segments showing growth. Most of that growth is coming from mortgage credit, which is currently accelerating.


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IS IT TIME FOR A U.S.-STYLE FLOOD INSURANCE PROGRAM?

Although the National Flood Insurance Program (NFIP) in the United States has its shortcomings, a similar program could benefit Canada if steps were taken to avoid its flaws, suggested an article published in MSA’s Quarterly Outlook Report for Q2 2019.


WHY SUPREME COURT OF CANADA IS LOOKING AT RISK-BASED UNDERWRITING

Does the federal government have the power to prohibit insurers from asking consumers questions that carriers say are material to their risk?


LEGALIZATION 2.0 IS HERE – WHAT DOES IT MEAN FOR INSURANCE?

Round two of cannabis legalization is finally upon us, after new regulations for cannabis edibles, extracts, and topicals came into effect on October 17. The regulations around this growing industry will be the subject of much discussion at the Cannabis Cover masterclass in Toronto this November, but, for now, a legal expert has shared his insight on the field of changes ahead and the expected impact legalization will have on both the insurance and cannabis industries.



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