Part 2: The Merchant Loyalty Industrial Complex Collapse  

fsim.ca/docs/Credit_cards_Part_2v4.pdf

Mark Sibthorpe

Since November 2, 2021, Loyalty Ventures Inc.'s (Airmiles) market cap has decreased from $861.42M to $2.11M, a decrease of -99.75%. This compares closely to 2018, when Aimia sold Aeroplan back to Air Canada and partners TD and CIBC for $238 million. For reference, in 2005 Aeroplan launched an IPO valuing it at $2 billion. Related to Aimia’s downfall, it had also previously sold the UK Nectar program to Sainsburys for $120 million, $580 million lower than it paid for Nectar in 2007.

This report digs under the surface and uncovers why loyalty is going the way of the dodo.

Merchants should not waste time fighting card networks  

fsim.ca/docs/Card_fees_ongoing.pdf

Mark Sibthorpe

This is part one of a two part assessment of merchant frustration due to high credit card fees. The second part of this report will outline an alternative approach that merchants can consider. An approach that is a win for them and also for the card networks.

The full story of SVB March 12th, 2023  

fsim.ca/docs/SVB_special_report2.pdf

Mark Sibthorpe

Aggregated news and research related to SVB. Apart from SVB, included in this report is related news with respect to other banks and non-traditional companies looking to add financial services that also appear risky.

March 2023 bank earnings summary  

fsim.ca/docs/bankearningsfriday.pdf

Mark Sibthorpe

This report provides a snapshot into recent bank earnings and related news as published in fsim.ca reports.

Real estate report: October 30th, 2020  

fsim.ca/docs/Oct30rereportv1.pdf

Mark Sibthorpe

The big buzz in real estate recently is Mark Carney being scooped up by Brookfield. This means more juice for riskier borrowers. Brookfield, a huge player in real estate, both residential and commercial, recently bought its remaining shares from Sagen (Genworth MI Canada), which values the company at $3.8 bn.

VersaBank’s New High-Security VPN Proving Especially Valuable During COVID-19 Pandemic  

fsim.ca/docs/TailscaleReleaseMarch30FINAL.pdf

Press Release

2014 FSIM when Bernanke visited Montreal  

fsim.ca/docs/MockBernanke.pdf

Mark Sibthorpe

Considering Bernanke is hated by the Republicans and hated even more by the Democrats, and is currently under scrutiny for saving AIG but not Lehman, (in hindsight) with respect to issues over solvency vs liquidity, the Montreal lovefest attended by 1,100 people yesterday must have been a welcome respite. Click the link to read the entire 2014 report.

Eisman's big Canadian bank short  

fsim.ca/docs/eisman2.pdf

Mark Sibthorpe

I have been reporting on Steve Eisman's short position for quite some time.  As the analyst reaction to Eisman shows (link below), Eisman has taken a lot of heat for shorting Canadian banks. Instead of capitulating, in September 2019 he publicly disclosed the fact that he added Canadian Tire to his position, He explains the rationale for this in a BNN interview late 2019. Essentially, his big concern with respect to banks was non-performing loans in Alberta. He feels Canadian bank CEOs are not prepared for a credit cycle. He specifically referenced ATB (a private bank) in discussing his concerns. Looking at the numbers today, my guess is that he has made off like a bandit.

VersaBank Beta-Testing Its New, High Volume Mortgage Finance App   

fsim.ca/docs/VBCortelMortFinanceAppFeb62020.pdf

Press Release

VersaBank announces it is initiating beta-testing on its newly developed high-volume mortgage software app with the Cortel Group, one of Canada’s largest home and condominium builders. The app, named “Direct Connect”, was designed to facilitate and significantly reduce the lengthy finance approval process typically experienced by home buyers when visiting home and condo pre-construction sales offices.

How and why you need to defend your brand against disruptors  

Mark Sibthorpe

Technology, and being open to opportunities, has preempted transformation in banking. At the top of change are Mint, PayPal and ApplePay; three examples of transformative solutions that are now ubiquitous. On the horizon: Uber and Google, both having recently announced partner based banking services. Further down in the plumbing is Duca Impact Labs, Versabank, and Revolut. This report shows how cost conscious FIs can, not only stay relevant in the face of adversity, but punch well above their weight. All thanks to creative thinking and the ongoing commoditization of technology.

Kick the can(nomics)  

fsim.ca/docs/Kick.pdf

Mark Sibthorpe

Canada has used consumer debt to provide life support to the economy. This strategy which basically pushed the day of reckoning to the next government was old back in 2014, and now is well past its sell-by-date. Recognizing this, and desperate to keep the economy out of a recession, Trudeau is spending more money now than any government in Canadian history. This report disusses a possible alternative.

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/GamingEventProposal-printsample--en-final.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

CWB cause for concern  

fsim.ca/docs/cwbupdate.pdf

Mark Sibthorpe

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_original.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.

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

Currency Cheat Sheet: a guide for the rest of us  

fsim.ca/docs/currencycheatsheet.pdf

Mark Sibthorpe

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

Canada's Economy, a strategic solution  

fsim.ca/docs/ces.pdf

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

fsim.ca/docs/booksample.pdf

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.

NEW CONDO SALES IN THE TORONTO AREA HIT 15-YEAR LOW

G&M - Rachelle Younglai (2024-08-23)

The slowdown has imperilled the construction of homes at a time when governments are trying to spur more building in a bid to make housing more affordable.

FORGET RATE RELIEF: MOST CANADIANS ARE ABOUT TO SEE THEIR MORTGAGE INTEREST PAYMENTS SOAR

G&M - JAMES LAIRD AND PENELOPE GRAHAM (2024-04-26)

In Canada’s mortgage market, sentiment can shift on a dime. That’s

THE PAY FOR MANULIFE’S CEO IS HEAD AND SHOULDERS ABOVE PEERS

G&M - David Milstead (2024-04-26)

Manulife paid Mr.

OTTAWA SET TO LOWER MAXIMUM INTEREST RATE ON CONSUMER LOAN PRODUCTS

G&M - Kelsey Rolfe (2024-04-26)

Ms.

GOLDMAN, MORGAN STANLEY PREP €1 BILLION FOR CVC’S MULTIVERSITY

Yahoo Finance - Eleanor Duncan and Giulia Morpurgo (2024-04-26)

Banks including Morgan Stanley and Goldman Sachs Group Inc.

GOLD HEADS FOR WEEKLY LOSS AS US INFLATION CONCERNS SAP DEMAND

Yahoo Finance - Sybilla Gross (2024-04-26)

The precious metal dipped on Friday and was down 2.7%

WHAT COULD A $5B GOVERNMENT LOAN PROGRAM DO? TURN INDIGENOUS COMMUNITIES INTO POWERFUL INVESTORS

CBC - James Dunne (2024-04-26)

Michell and Lickers were speakers and among 500 Indigenous representatives at the seventh annual First Nations Major Project Coalition (FNMPC) conference, which also attracted 1,100 delegates from companies as well as high-profile politicians.

JAVIER MILEI FUELS WILD RALLY THAT MAKES PESO NO. 1 IN WORLD

Bloomberg - Ignacio Olivera Doll (2024-04-26)

Four months into office, Argentine President Javier Milei has pulled off a critical feat in a country long ravaged by runaway inflation: He stabilized the currency. The

TORONTO MORTGAGE DELINQUENCY RATE SURGES 71% HIGHER

Better Dwelling (2024-04-26)

It’s important to remember that delinquencies aren’t a sign of payer health, but demand.

EMPLOYMENT NUMBERS SLIDE IN FEBRUARY

Investment Executive (2024-04-26)

The national statistical agency reported total payroll employment declined by 0.1%

THE DREAM OF FED INTEREST-RATE CUTS IS SLIPPING AWAY

WSJ (2024-04-26)

Investors are backing away from expectations that the central bank can reduce rates in coming months, hitting markets, with the yield on 10-year Treasurys jumping above

CANADA’S PER CAPITA OUTPUT DROPS 7% BELOW TREND, NEW STATSCAN REPORT SAYS

G&M - Matt Lundy (2024-04-25)

Canada’s economic output on a per capita basis has slipped to 7 per cent below its long-term trend, amounting to a decline of roughly $4,200 a person, according to a report published Wednesday by Statistics Canada. To

BANK OF CANADA OFFICIALS SPLIT ON RATE CUT TIMING, BUT AGREE EASING WILL BE GRADUAL

G&M - Mark Rendell (2024-04-25)

“If we get a fourth straight subdued CPI report next month, it looks like the BoC will strongly consider cutting policy rates in June,” Benjamin Reitzes, director of Canadian rates and macro strategist at Bank of Montreal, said in a note to clients.

FIERA CAPITAL’S LARGEST SHAREHOLDER LOOKS TO SELL STAKE IN COMPANY

G&M - Jameson Berkow (2024-04-25)

Desjardins Financial Holding Inc.,

‘IT’S CHAOS:’ COTTAGE OWNERS RUSH TO SELL AHEAD OF CAPITAL GAINS TAX CHANGES, REALTORS SAY

G&M - Jenna Legge (2024-04-25)

The federal budget released last week proposes to raise the inclusion rate on capital gains greater than $250,000 from 50 per cent to 66.7

EX-BANKER FIXING AMERICANAS’ $5 BILLION FRAUD AIMS FOR ‘EQUALLY DISTRIBUTED’ PAIN

Yahoo Finance - Daniel Cancel (2024-04-25)

“Bankruptcies are painful processes,” she said.

FORMER SNC-LAVALIN EXECUTIVE SENTENCED TO PRISON TERM IN MONTREAL BRIDGE BRIBERY CASE

CBC (2024-04-25)

The police investigation revealed that SNC-Lavalin executives paid bribes of $2.23

CANADIAN BANKS NEED TO DO MORE TO STOP ABUSIVE E-TRANSFERS, SURVIVORS SAY

CBC - Katie Nicholson, Victoria Stunt (2024-04-25)

He even used spoofed phone numbers to break through the wall she had tried to build for herself.

CANADA’S BIGGEST INDIGENOUS-OWNED BANK PLANS MAJOR EXPANSION

Bloomberg - Thomas Seal (2024-04-25)

Canada’s biggest Indigenous-owned bank is planning a major expansion that will raise as much as C$50 million ($36 million) to reach more customers. Saskatoon-based

IN DEFAULT ON $154 BILLION OF DEBT, VENEZUELA IS READY TO TALK

Bloomberg - Nicolle Yapur and Zijia Song (2024-04-25)

After years of fits and starts, Venezuela is setting the stage for one of the largest and most complex debt restructurings in decades — unwinding a $154 billion web of defaulted bonds, loans and legal judgments owed to creditors from Wall Street to Russia. President

CANADIAN GOVERNMENT BORROWED THE MOST FROM BOND MARKETS SINCE 2021

Better Dwelling (2024-04-25)

The latest budget also proposes a significant increase in spending, likely to drive more bond issuance.

REVOLUT TO GROW HEADCOUNT BY 40%

Finextra (2024-04-24)

The announcement comes as the company reaches 10,000 employees globally, and continues to grow its workforce, with over 70 roles currently advertised in the UK.

AT WHAT AGE DO CANADIANS START THEIR CPP PENSIONS? AND WHAT AGE SHOULD THEY START?

G&M - Frederick Vettese (2024-04-24)

For many years, I have recommended that people start their CPP pensions at age 70.

FEDERAL WATCHDOG EXPRESSES 'SERIOUS' CONCERNS ABOUT US$8.2B AGRI-BUSINESS DEAL

Yahoo Finance - Jeff Lagerquist (2024-04-24)

The federal competition watchdog released a report on Tuesday stating the combination would cause a “significant loss of rivalry.”

GOLD EXTENDS TWO-DAY DROP AS ATTENTION TURNS TO FEDERAL RESERVE

Yahoo Finance - Sybilla Gross and Jack Ryan (2024-04-24)

Bullion was trading near $2,300 an ounce after dropping about 3% this week as an easing of tensions in the Middle East sapped haven demand. The

VISA IS THE 12TH MOST VALUABLE COMPANY IN THE WORLD

CBC (2024-04-24)

It doesn’t make anything, it doesn’t sell anything and it doesn't even issue cards.

HOME RENOVATIONS ARE BOOMING THANKS TO HIGH RATES

Bloomberg - Laura Bliss and Minh-Anh Nguyen (2024-04-24)

In the early days of the pandemic, rock-bottom loan rates fueled a rise in US home sales as well as renovation spending.

JAMIE DIMON HAS A RIVAL IN TECH: SILICON VALLEY BANK

Bloomberg (2024-04-24)

Since Silicon Valley Bank became the second-biggest failure in US history a year ago, other lenders have been trying to take its place in banking the fast-moving, entrepreneurial world of startups and tech companies.

HOW JPMORGAN’S CASH CALL BEAT BANK OF AMERICA

Bloomberg - PAUL J. DAVIES (2024-04-24)

When the Federal Reserve flooded the economy with cash during the Covid-19 pandemic it exacerbated a problem for America’s largest banks: What to do with all the extra deposits. Now

WALMART-BACKED FINTECH ONE LAUNCHES 'BUY NOW, PAY LATER' SERVICES, SOURCE SAYS

Reuters (2024-04-24)

Walmart’s (WMT.N),

US SEEKS 36 MONTHS' JAIL FOR BINANCE FOUNDER ZHAO

Reuters (2024-04-24)

Changpeng Zhao, the founder of Binance, the world's largest cryptocurrency exchange, should serve 36 months in prison after pleading guilty to violating laws against money laundering, U.S.

CANADIAN MORTGAGE CHANGES BLUR THE LINE BETWEEN NORMAL & CRISIS

Better Dwelling (2024-04-24)

Canada is taking crisis-style mortgage market intervention, and making it an everyday thing.

UNDERUSED HOUSING TAX TO GENERATE $694 MILLION: PBO REPORT

Investment Executive - Rudy Mezzetta (2024-04-24)

The 2021 federal budget estimated the UHT would generate $700 million over four years, with $200 million of that amount raised in 2022–23.

LENDERS FLYING BLIND ON PRIVATE EQUITY RISK, BANK OF ENGLAND WARNS

FT (2024-04-24)

Some banks are unable to quantify their exposure to private equity, the Bank of England has found, in the latest warning that the $8tn industry could threaten the wider financial system.  BoE

DIMON CAUTIONS OVER SOFT LANDING FOR ‘UNBELIEVABLE’ US ECONOMY

Reuters - Nupur Anand (2024-04-24)

JPMorgan Chase (JPM.N),

“UBIQUITECH” THE FIVE KEY PILLARS FOR DIGITAL TRANSFORMATION

Finextra (2024-04-23)

In this episode of Unplugged, Ruth Wandhofer, Chair of the Ubiquitech Group, discusses the UK’s transition from Fintech to “Ubiquitech”, the era of ubiquitous technology, and the road map to ensuring a sustainable, inclusive, and accessible digital economy.

UK FINANCE DEVELOPS MODEL CLAUSES FOR VARIABLE RECURRING PAYMENTS

Finextra (2024-04-23)

The model clauses, they say, will help with driving competition, increasing efficiencies by removing some of the transaction cost of bilateral negotiations between payment providers, and ensuring banking customers have a consistent experience.

FINANCIAL EXPERTS SEE LOWER RECESSION RISK, SLOWER RATE CUTS

Yahoo Finance - John MacFarlane (2024-04-23)

The experts’ median forecast for the BoC’s benchmark interest rate at the end of 2024 is unchanged at four per cent (from the current level of five per cent), but fewer think it will go lower than that.

UBS DIALS BACK CHINA FUND PLANS ON HIGH COSTS, GRIM OUTLOOK

Yahoo Finance (2024-04-23)

Establishing a wholly-owned fund management firm would require large capital commitments, while the chances of turning a profit in the near term remain low, the people said.

WHEN JAMIE DIMON SPEAKS, THE WORLD LISTENS

Bloomberg (2024-04-23)

Emily Chang interviews JPMorgan Chief Executive Officer Jamie Dimon, a titan in the banking industry known for his freewheeling style, about his outlook on markets, tech and geopolitical risk.

US CONSUMERS ON LOWER INCOMES FACE LOAN STRESS WHILE BANKS PULL BACK

Bloomberg - Nupur Anand (2024-04-23)

U.S.

BANKERS LOSE HOPE OF LONDON IPO REVIVAL FOR ANOTHER YEAR

Reuters - Pablo Mayo Cerqueiro and Sinead Cruise (2024-04-23)

Part of the reason is the sluggishness of Britain's economic recovery and a perception its stock market is undervalued. Bankers

CANADIAN ANTI-MONEY LAUNDERING REPORTING SYSTEMS STILL DOWN POST-HACK

Better Dwelling (2024-04-23)

The agency has been fairly tight lipped about the incident, but they began dealing with it on March 2.

CANADIAN HOUSEHOLD DEBT NEARS $3 TRILLION, OVER 130% OF GDP

Better Dwelling (2024-04-22)

The latest numbers put the Canadian household debt to GDP ratio at roughly 132% in February.

HOW MUCH IS TOO MUCH? ANALYZING THE U.S. AND CANADA’S GOVERNMENT DEBT PROBLEM

G&M - Jason Kirby (2024-04-22)

Nearly two decades ago, David Walker went on tour across the United States.

NATIONAL BANK CEO CALLS ON OTTAWA TO REMOVE REGULATORY BARRIERS TO GROWTH

G&M - Stefanie Marotta (2024-04-22)

In March, Mr.

HALAL MORTGAGES IN FEDERAL BUDGET ABOUT 'BEING EQUAL' FOR MUSLIMS, PROVIDERS SAY

CBC - Anis Heydari (2024-04-22)

However, the lack of legal definitions specific to the interest-free nature of Islamic mortgages has often meant many mortgage insurance providers do not insure them — in particular because each halal provider may structure their mortgage differently, and uninsured mortgages can sometimes be more expensive.

OTTAWA TO FORCE BANKS TO USE CARBON REBATE LABEL FOR DIRECT DEPOSITS

CBC - Mia Rabson (2024-04-22)

TD and BMO have adopted the government's requested "CdaCarbonRebate" entry, which fits the 15-character limit imposed by some banks.

BARCLAYS, BNP, DEUTSCHE BANK EARNINGS HINGE ON TRADING, RATES

Yahoo Finance (2024-04-22)

A combined €5 billion ($5.3

UK ECONOMISTS SAY MARKETS BETTING WRONG ON INTEREST RATE CUTS

Yahoo Finance (2024-04-22)

“Markets have superimposed the US cycle on the UK, but the US and UK are on very different tracks,” said Sanjay Raja, chief UK economist at Deutsche Bank.

MACQUARIE'S BANKING UNIT TO STOP NEW CAR LOANS TO FOCUS ON MORTGAGE GROWTH

Yahoo Finance (2024-04-22)

"This decision will enable us to further prioritise the growth of our home loan and deposit offerings," Ben Perham, Macquarie's head of personal banking, said in a statement.

DIMON MEETS WITH DEVELOPMENT BANK LEADERS SEEKING PRIVATE MONEY

Yahoo Finance (2024-04-22)

The World Bank and other development lenders are striving to retain relevance as their capacities are far outstripped by the needs of poorer countries, particularly for capital-intensive climate-related projects.

THE FED’S FORECASTING METHOD LOOKS INCREASINGLY OUTDATED AS BERNANKE PITCHES AN ALTERNATIVE

Bloomberg (2024-04-22)

The Federal Reserve is stuck in a mode of forecasting and public communication that looks increasingly limited, especially as the economy keeps delivering surprises. The

FED SAYS 1,804 BANKS AND OTHER INSTITUTIONS TAPPED EMERGENCY LENDING FACILITY

Reuters (2024-04-22)

About 95% of the borrowers, which included banks, credit unions, savings associations, and branches and agencies of foreign banks, had less than $10 billion in assets, the U.S.

CIFP SUES FP CANADA FOR AGREEMENT BREACH, TRADE LIBEL

Investment Executive - Michelle Schriver (2024-04-22)

CIFP filed the claim on Wednesday with the Ontario Superior Court of Justice in Toronto.

GLOBAL CREDIT RISKS ABOUND, EVEN AS GROWTH SURPRISES

Investment Executive (2024-04-22)

“The secular shift in commercial real estate remains a key cross-sector risk and the geopolitical environment also maintains a negative risk bias given the potential for tail risk scenarios in Europe, the Middle East and Asia-Pacific,” Fitch said.

CANADA WILL FINALLY ALLOW BANKS TO SHARE DATA ABOUT CROOKED CLIENTS TO COMBAT FINANCIAL CRIME

G&M - Rita Trichur (2024-04-19)

As outlined in the federal budget, Ottawa plans to increase permissible information sharing among financial institutions so that they can better detect and deter money laundering, terrorist financing and sanctions evasion. At

MORE TD BANK SHAREHOLDERS DEMAND 'CREDIBLE' DETAILS ON CLIMATE CHANGE PLANS

Yahoo Finance - Jeff Lagerquist (2024-04-19)

The proposal received support from 28.6

TFSAS, RRSPS AND MORE COULD SEE CHANGES IN ALLOWED INVESTMENTS

Melissa Shin (2024-04-19)

Holding a non-qualified or prohibited investment can lead to severe tax consequences: the plan would incur a 50% tax on the fair market value of the non-qualified or prohibited investment at the time it was acquired or changed status, and the investment’s income also would be taxable.

HIGH-SPEED TRADER JANE STREET RAKED IN $4.4BN AT START OF 2024

FT - Eric Platt (2024-04-19)

Jane Street’s quarterly trading revenues have surged to their highest level since the start of the pandemic, as the secretive high-speed firm flourished alongside traditional Wall Street market makers. The

BLACKSTONE WARNS THAT PRIVATE EQUITY CANNOT RETURN CAPITAL ‘OVERNIGHT’

FT - Antoine Gara (2024-04-19)

Blackstone has said it will take time for private equity firms, which are sitting on record amounts of unsold assets, to return cash to investors even as the market for mergers and acquisitions comes back to life. “I

UK SMART DATA ROADMAP UNVEILED

Finextra (2024-04-19)

Kevin Hollinrake, UK Minister of State for Enterprise, Markets, and Small Business, said: “The data economy is a large and growing part of the economy.

CANADA'S REAL-TIME PAYMENT SYSTEM WON'T LAUNCH BEFORE 2026

Finextra (2024-04-18)

However, the second piece of the project, building the real-time clearing and settlement component, is not yet finished.

BERNANKE CALLS FOR TOTAL REDESIGN OF BOE FORECASTING

Central Banking (2024-04-18)

The former US Federal Reserve chair’s review of the BoE’s forecasting found the bank’s core model, Compass, has “significant shortcomings” and may have to be replaced.

VIRTUAL INVESTOR MEETINGS ARE ERODING SHAREHOLDER RIGHTS, ADVOCATES WARN

G&M (2024-04-18)

Two recent cases are especially notable.

CIBC CUSTOMERS DINGED WHEN BANK ADDS $5 FEE TO E-GIFT CARDS, CALLING THEM A 'CASH ADVANCE'

CBC - Erica Johnson, Kimberly Ivany (2024-04-18)

Murphy called CIBC to inquire about the extra charges and after a lengthy conversation with a customer service rep learned they were "cash advance" fees, charged every time anyone purchased a gift card that is sold by a company called CashStar.

BANKS TOLD TO ANTICIPATE RISKS FROM USING AI, MACHINE LEARNING

Reuters (2024-04-18)

Banks must anticipate risks from using artificial intelligence (AI) and machine learning (ML) in their operations as part of their day-to-day governance, a top global banking regulator said on Wednesday. There

CANADA’S NEW HOUSING PLAN WON’T HELP, BUT SLOWING IMMIGRATION WILL

Better Dwelling (2024-04-18)

Canada just announced billions in new measures to correct the housing issues it created.

FEDERAL BUDGET 2024

TD - TD (2024-04-18)

...debt

CANADA SEES DOMESTIC & FOREIGN INVESTORS PULL OUT AT A RECORD PACE

Better Dwelling (2024-04-18)

Canadians weren’t leading the trend, but joining the global capital flight from the country.

REVOLUT VALUATION RAISED 45% BY INVESTOR

Finextra (2024-04-18)

Revolut is hoping to gain a significant share of the huge cross-border remittance market in Mexico - worth around $63 billion last year - but stresses it plans to offer a "wide range of financial products and services".

TD BANK CEO ASKS SHAREHOLDERS FOR PATIENCE AS U.S. REGULATORY PROBE STRETCHES INTO SECOND YEAR

G&M - Stefanie Marotta (2024-04-18)

“Without a doubt, shareholders have some anxiety regarding our issue in the U.S.,”

US REGIONAL BANKS SEEN BOOKING MORE COMMERCIAL PROPERTY LOSSES, LOAN SALES

Yahoo Finance - Saeed Azhar and Matt Tracy (2024-04-17)

"I expect to see more of a reserve buildup," said Stephen Buschbom, research director at consultancy Trepp.

G20 WATCHDOG SAYS 'NON-BANKS' SHOULD HOLD MORE CASH TO COPE WITH MARGIN SPIKES

Yahoo Finance - Huw Jones (2024-04-17)

"Non-banks" such as insurers, hedge funds, family offices and commodities traders should hold sufficient cash and draw up contingency plans for coping with spikes in collateral used to back derivatives positions against default, the G20's financial watchdog proposed on Wednesday.

CANADA'S INTEREST RATES WILL LIKELY FALL. WHERE WILL THEY END UP?

Yahoo Finance - John McFarlane (2024-04-17)

“These cuts are getting further and further away and getting smaller and smaller, creating a situation of higher for longer, because the economic data that are coming in are coming in a little hotter than expected,” Avigdor said.

CANADA HIKES CAPITAL GAINS TAX TO RAISE BILLIONS FOR HOUSING

Bloomberg - Erik Hertzberg (2024-04-17)

Canada will raise capital gains taxes on businesses and wealthy individuals to help pay for tens of billions in new spending aimed at making housing more affordable and improving the lives of young people. Finance

CANADIAN INFLATION HEADS IN THE WRONG DIRECTION, BROAD BASED GROWTH

Better Dwelling (2024-04-17)

Gas and shelter costs drive inflation 4.9%

BUDGET 2024 PLEDGES $53B IN NEW SPENDING

Investment Executive (2024-04-17)

To pay for some of the new spending on things like housing and national defence, the Liberal government is increasing taxes on some asset sales profits.

PRIVATE CREDIT IS EVEN LARGER THAN YOU THINK

FT - Robin Wigglesworth (2024-04-17)

Private credit is now so big that the IMF dedicated an entire chapter in its latest Global Financial Stability Report to its “rise and risks”.

GOLDMAN SACHS KNOWS WHAT FITS IT BEST — PLENTY OF DEALS

FT (2024-04-17)

Goldman Sachs has reminded us what it does best, even if that may not get the pulses of its shareholders racing.

CFIT ADVANCES OPEN FINANCE PILOTS FOR CONSUMERS AND SMES

Finextra (2024-04-17)

The initial SME PoC with HSBC demonstrated that accessing new datasets and auto-populating business loan applications can lead to a significant boost in SME lending decisions.

OTTAWA HAS TAPPED CANADA’S FINANCIAL CONSUMER WATCHDOG TO OVERSEE THE COUNTRY’S PROPOSED OPEN BANKING REGIME

G&M (2024-04-17)

Open banking is a term for a new set of rules that would enable financial institutions to – at the request of their customers – exchange information more efficiently and securely.

STEPHEN POLOZ WILL LEAD PUSH TO BOOST DOMESTIC INVESTMENT BY CANADIAN PENSION FUNDS

G&M (2024-04-17)

The working group is being created to “explore how to catalyze greater domestic investment opportunities for Canadian pension funds,” the government announced in its budget document released Tuesday, and Mr.

MORTGAGE INTEREST STILL DRIVING INFLATION, AS OVERALL RATE NUDGES UP TO 2.9%

CBC - Anis Haydari (2024-04-17)

The inflation rate for services, such as air transportation, was up by 4.5

AT THE HEART OF CANADA’S PRODUCTIVITY CRISIS: WE UNDERINVEST IN EMPLOYEES

G&M - Jeffrey Doucet (2024-04-16)

The reasons behind this decline are multiple but are centred on a lack of business investment.

B.C. HOME SALES SLID ALMOST 10% IN MARCH FROM ONE YEAR EARLIER

G&M (2024-04-16)

The B.C.

THE DIRTY SECRET OF THE HOUSING CRISIS? HOMEOWNERS LIKE HIGH PRICES

CBC - Andre Mayer (2024-04-16)

"There are multiple things we need to do [to reduce prices], and more supply is one of them," said Kershaw.

CANADA'S INTEREST RATES WILL LIKELY FALL. WHERE WILL THEY END UP?

Yahoo Finance - John McFarlane (2024-04-16)

“These cuts are getting further and further away and getting smaller and smaller, creating a situation of higher for longer, because the economic data that are coming in are coming in a little hotter than expected,” Avigdor said.

CANADIAN DOLLAR COULD 'CRATER' IF BANK OF CANADA CUTS FASTER AND DEEPER THAN THE FED, SAY ECONOMISTS

Yahoo Finance (2024-04-16)

“Pushing out Fed rate cuts makes it more difficult for the Bank of Canada to ease without causing CAD (the Canadian dollar) to crater,” Derek Holt, vice-president and head of capital markets economics at Bank of Nova Scotia, said in note to investors following the interest rate announcement.

JPMORGAN ANALYSTS SAY CAUTIOUS CALL ON EUROPEAN BANKS WAS WRONG

Yahoo Finance (2024-04-16)

Favorable economic and interest rate trends have helped drive a 16% price-to-earnings improvement across the sector, a team led by Kian Abouhossein wrote in a note Tuesday.

REAL ESTATE OPTIMISM SURGES IN CANADA WITH RATE CUTS ON HORIZON

Bloomberg (2024-04-16)

Canadians are growing bullish on housing again. Nearly

WHAT’S THE BASIS TRADE? WHY DOES IT WORRY REGULATORS?

Bloomberg - Ye Xie and Liz Capo McCormick (2024-04-16)

A trading strategy used by hedge funds to exploit discrepancies in the US Treasuries market is causing headaches for market regulators.

SAXO BANK EXPLORES STRATEGIC OPTIONS INCLUDING SALE

Reuters (2024-04-16)

Denmark's Saxo Bank is exploring a possible sale, 18 months after talks to merge with a blank-cheque company fell apart, four people familiar with the matter told Reuters. The

FEDS PROPOSE LOAN PROGRAM FOR SECONDARY SUITES

Investment Executive (2024-04-16)

Ottawa said the secondary suite loan program will help increase housing density to make the most of available space in communities across the country.

WHY THE SHADOWY CREDIT SCORE INDUSTRY SHOULD NOT EXIST

G&M (2024-04-15)

Rob Csernyik is a 2022 Michener-Deacon fellow and a contributing columnist for The Globe and Mail. Several

LIBERAL PLAN TO BUILD 3.87 MILLION HOMES BY 2031 INCLUDES NEW PLEDGE TO STEM REAL ESTATE FRAUD

G&M (2024-04-15)

The federal Liberals capped off a run of prebudget housing announcements with new pledges on Friday, including plans to crack down on mortgage and real estate fraud, to restrict the purchase of single-family homes by large, corporate investors and to provide low-interest loans of up to $40,000 for secondary suites. The

HOW A BALLOONING PUBLIC SECTOR IS RESHAPING CANADA’S ECONOMY

G&M (2024-04-15)

Two years into the pandemic, as the public sector outpaced the private sector in creating jobs, concerns about the trend could fairly be countered by pointing to the festering wounds inflicted on the economy by the lingering health crisis.

HOW TO INSURE DEPOSITS OVER $250,000

Yahoo Finance (2024-04-15)

Joint accounts are one ownership category, but you can have other categories, such as individual accounts, retirement accounts, and trusts.

WHY EVERYONE IN FINANCE IS GETTING RIPPED

Bloomberg (2024-04-15)

Graham Ambrose has never felt stronger.

BLACKROCK ASSETS HIT RECORD $10.5 TRILLION AS MARKETS SURGE

Reuters (2024-04-15)

BlackRock's AUM surged 15% in the first quarter from a year earlier, while investment advisory and administration fees, typically a percentage of AUM and the company's chief source of revenue, climbed nearly 8.8%

OSFI LIMITING LEVERAGE IN BANK MORTGAGE PORTFIOS

Investment Executive (2024-04-15)

The Office of the Superintendent of Financial Institutions says the loan-to-income limit on new uninsured mortgages will help reduce the risk of borrowers being unable to pay their loans. Because

BANK OF CANADA DECISION: DID WE LEARN ANYTHING NEW?

Mortgage Broker News (2024-04-15)

Laird told Canadian Mortgage Professional that the Bank appeared to be keeping its powder dry for the moment, possibly due to concerns that a premature cut could jeopardize its battle against inflation.

MANULIFE BANK HIRES TD BANK EXECUTIVE AS CEO

G&M (2024-04-12)

Manulife Bank, a unit of life insurer Manulife Financial, has appointed Katy Boshart as its CEO, starting next week. Boshart

HOW CANADA’S HOUSING OBSESSION IS CANNIBALIZING ECONOMIC PRODUCTIVITY

G&M (2024-04-12)

Canada’s poor productivity performance has now been characterized as a national emergency.

RBC FIELDS SHAREHOLDER QUESTIONS ON CLIMATE AND INDIGENOUS RIGHTS AT ANNUAL MEETING

G&M (2024-04-12)

Dave McKay says the lender is continuing to assess its climate change impact, responding to a parade of questions on Thursday from shareholders on the environment and Indigenous rights. The

FIRST-TIME HOMEBUYERS CAN GET 30-YEAR MORTGAGES TO BUY NEWLY BUILT HOUSES UNDER RULE CHANGE

G&M - Rachelle Younglai (2024-04-12)

Ottawa will allow first-time homebuyers to take out 30-year mortgages for newly built homes, relaxing rules as the federal government faces political pressure to ease the country’s housing crunch. The

GICS VS. EQUITIES: HOW INVESTORS SHOULD PLAY THE ELUSIVE DROP IN INTEREST RATES

Yahoo Finance - John MacFarlane (2024-04-12)

“Yes, we're hearing conversations of, this is going to happen, rates are going to be moving down,” said Kalee Boivert, a Calgary-based financial advisor with Raymond Jones.

140 BMO CUSTOMERS SAY THEY LOST $1.5M IN TRANSFER FRAUDS, PLAN TO SUE BANK

CBC (2024-04-12)

But before they could, they say someone accessed their Bank of Montreal account without authorization in late 2022 and withdrew more than $63,000 through a series of transfers that the bank won't reimburse.

ECONOMISTS CONFIDENT EURO ZONE INFLATION WILL FALL TO 2% - ECB POLL

Reuters (2024-04-12)

The ECB held interest rates at a record high on Thursday but signalled it could start cutting as soon as June, even though stubbornly high U.S.

ECB CANNOT IGNORE FED AS IT GOES DOWN ITS RATE CUT PATH

Reuters - Francesco Canepa and Balazs Koranyi (2024-04-12)

The ECB is sticking to plans to reduce interest rates from record highs, likely at its next meeting in June, in light of a continued fall in inflation in the 20 countries that share the euro. ECB

RBC TIGHTENS SECURITY AS PROTESTERS RALLY OUTSIDE ANNUAL MEETING

Bloomberg - Christine Dobby (2024-04-12)

Royal Bank of Canada’s annual shareholder meeting was dominated by questions about its financing of fossil-fuel businesses as dozens of protesters rallied outside the gathering. The

FEDS BOOST HOME BUYERS PLAN WITHDRAWAL LIMIT TO $60,000

Investment Executive (2024-04-12)

“When you add the $60,000 [from the HBP] on top of $40,000 [of maximum FHSA contribution] — and over 15 years, you can probably double [the FHSA] with a reasonable rate of return — now you’re looking potentially at $140,000.

NEW CONDO SALES IN THE TORONTO AREA HIT 15-YEAR LOW

G&M - Rachelle Younglai (2024-08-23)

The slowdown has imperilled the construction of homes at a time when governments are trying to spur more building in a bid to make housing more affordable.

FORGET RATE RELIEF: MOST CANADIANS ARE ABOUT TO SEE THEIR MORTGAGE INTEREST PAYMENTS SOAR

G&M - JAMES LAIRD AND PENELOPE GRAHAM (2024-04-26)

In Canada’s mortgage market, sentiment can shift on a dime. That’s

THE PAY FOR MANULIFE’S CEO IS HEAD AND SHOULDERS ABOVE PEERS

G&M - David Milstead (2024-04-26)

Manulife paid Mr.

OTTAWA SET TO LOWER MAXIMUM INTEREST RATE ON CONSUMER LOAN PRODUCTS

G&M - Kelsey Rolfe (2024-04-26)

Ms.