Benefits Canada is pleased to present Credit
Crisis Town Hall Part 2: Is Your Securities Lending Portfolio Safe?
Sponsored by:
Please join us for a town hall discussion on securities lending with the following panelists:
Craig Gaskin - Managing Director, TD Asset Management
Jeff Kearney - Principal & Consultant, Mercer Sentinel
James Slater - Senior Vice President & Head of Capital Markets, CIBC Mellon
The discussion will follow an open forum format and will shed light on key issues related to securities lending during the current market conditions.
The event will take place from 8 - 10 a.m. on Dec. 16, 2008 at The Sutton Place Hotel in Toronto. If you would like to attend this event, please e-mail me at garth.thomas@rci.rogers.com with your name, company name and job title.
CREDIT
CRISIS TOWN HALL
Credit
Crisis Town Hall Audio
Benefits Canada and Capital Markets Institute at the Rotman
School are pleased to provide the audio recording of the Credit
Crisis Town Hall: Where do we do go from here? that took place
on November 5th, 2008.
Sponsored by:
Panelists include:
- Andrew Spence, Vice-President and Chief Economist, OTPP
- Josephine Marks, Managing Director, Pension Assets, Scotiabank
- Aubrey Basdeo, Head of Fixed Income, Barclays Global Investors
- Duncan Webster, Chief Investment Officer, head of CIBC Global Asset
Management
To access the audio of this event please provide the following information
(it may take a few minutes to download depending on your Internet
connection speed):
Credit
Crisis Ends, But Uncertainty Lies Ahead
Industry experts say the credit crisis is over but everyone will be
experiencing the aftershocks for some time to come.
>
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NOVEMBER
U.S.
Government Rides to Citigroup’s Rescue
The United States government has entered into an agreement with Citigroup
to provide a package of guarantees, liquidity access and capital.
>
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Ottawa
Provides More Support to Credit Markets
The Government of Canada and the Bank of Canada both announced additional
measures to keep credit flowing in this country.
>
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Global
Financial Crisis Impacts Canadian Pension Funds
Over the last several weeks, we have witnessed an unprecedented financial
crisis in the U.S., Canadian and international markets which has had—and
will continue to have—a significant impact worldwide. Canadian
defined benefit (DB) and defined contribution (DC) pension funds and
their administrators are feeling the effects of this crisis.
>
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Managing
Your CAP During the Current Crisis
The dramatic sell-off in stock markets around the globe has been very
bad news for participants in capital accumulation plans (CAPs). This
is a critically important time for CAP sponsors to communicate with
plan participants and to mitigate plan risks where possible.
>
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OCTOBER
Canadian
Pension Plans Rocked by Credit Crisis
The value of Canadian pension plans suffered the largest quarterly decline
in a decade as the credit crisis caused equity markets around the world
to drop.
>
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U.S.
Treasury to Purchase Bank Shares
The United States Treasury Department plans to use US$250 billion of
the $700 billion financial rescue plan to inject capital into banks
by purchasing preferred shares.
>
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Markets
Sink Pension Plans in Q3
Canadian pension plans experienced a rough third quarter as a result
of market volatility and the credit crisis.
>
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Banks
May Get More Support: Flaherty
Finance Minister Jim Flaherty has hinted that the government of Canada
may provide additional supports to the domestic banking system, following
Britain's partial nationalization of three U.K. banks.
>
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Canadian
Government Provides Support to Credit Markets
The Government of Canada plans to maintain the availability of longer-term
credit by purchasing up to $25 billion in insured mortgage pools through
the Canada Mortgage and Housing Corporation.
>
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Markets
Sink Pension Plans in Q3
Canadian pension plans experienced a rough third quarter as a result
of market volatility and the credit crisis.
>
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Central
Banks Cut Rates to Stem Crisis
A number of central banks around the world have cut interest rates in
a coordinated effort to try and prevent the global credit crisis from
getting worse.
>
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Who's
Selling in This Market?
The market continued to be eviscerated on Monday with the S&P/TSX
composite index falling 573 points, while the Dow Jones dropped 370
points. At this point, it's hard to say who the sellers are —
is it the frightened North American public or institutional investors
who have a lot to lose? Maybe it's both.
>
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U.S.
House Passes Rescue Plan, But Don't Expect a Silver Bullet
The U.S. House of Representatives has voted in favour of the Emergency
Economic Stabilization Act of 2008, more commonly referred to as the
Wall Street bailout package. The move is being greeted as a positive
step in stabilizing financial and credit markets. The plan needs time
to work, and for investors, that means patience and likely more short-term
volatility.
>
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Bush
Signs Bailout into Law
Shortly after the U.S. House of Representatives approved the revised
US$700 billion bailout package on its second try, U.S. President George
W. Bush signed the bill into law on Friday afternoon.
>
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U.S.
Senate Backs Bailout Package
The United States Senate voted in favour of a revised US$700 billion
economic bailout package on Wednesday evening, sending it back to the
House of Representatives.
>
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SEPTEMBER
Bailout
Package Not Dead Yet
Despite the fact that the United States House of Representatives voted
against the proposed economic bailout package, U.S. President George
W. Bush isn’t giving up just yet.
>
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Future
of U.S. Economy Uncertain as Bailout Fails
In a move that's shocked stock markets and economists across North America,
many U.S. House Republicans and a number of Democrats voted against
the US$700 billion bailout bill. With the Dow Jones down nearly 780
points and the S&P/TSX composite index dropping 840 points Monday,
the future of America economy—and by extension Canada's—is
unclear.
>
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Bailout
Package Rejected
The United States House of Representatives voted against the planned
US$700 billion bailout package on Monday afternoon, sending markets
sharply lower.
>
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Bailout
Agreement Reached; Citi Buys Wachovia Assets
Lawmakers in the United States were able to reach an agreement over
the weekend regarding details of the US$700 billion plan to buy up distressed
mortgage assets from banks.
>
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Bailout
Talks Stall as WaMu Fails
The plan to use up to US$700 billion of American taxpayers’ money
to buy up troubled assets from financial institutions is up in the air
after Democrats and Republicans failed to reach an agreement.
>
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Paulson,
Bernanke Ask Lawmakers to Act Fast
In testimony before the United States Senate Banking Committee on Tuesday,
both Treasury secretary Henry Paulson and Federal Reserve chairman Ben
Bernanke urged lawmakers to move quickly and approve a plan to buy troubled
assets from financial institutions.
>
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U.S.
Halts Short Selling, Insures Money Market Funds
The United States government took action Friday to prevent the credit
crisis from worsening by temporarily banning the short selling of financial
companies and creating a temporary guaranty program for the U.S. money
market mutual fund industry.
>
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Credit
Crisis Spreads to Asset Managers
First, Lehman Brothers’ stock tanked and then AIG. Now, shares
of asset managers like State Street, Bank of New York Mellon and Northern
Trust went on a wild ride Thursday because of worries about money market
fund redemptions.
>
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Central
Banks Take Action
The United States Federal Reserve, in conjunction with some of the world’s
largest central banks, injected US$180 billion into the markets on Thursday
in an attempt to improve liquidity and try and keep the credit crisis
from claiming more victims.
>
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U.S.
Federal Reserve Saves AIG
The United States Federal Reserve Board came to AIG’s rescue late
Tuesday evening by authorizing the Federal Reserve Bank of New York
to lend up to US$85 billion to the insurance company.
>
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Money
Managers Watch as Markets Dive
As another Wall Street brokerage falls and worries about one of the
world’s largest insurers grow, money managers can only watch and
guess as to the whereabouts of the market bottom.
>
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Credit
Crisis Worsens
The global credit crisis hit Wall Street hard in the past 24 hours:
Lehman Brothers has filed for bankruptcy protection, Merrill Lynch sold
itself to Bank of America, and the State of New York has allowed AIG
to borrow US$20 billion from its subsidiaries to fund day-to-day operations.
The Dow Jones Industrial Average plunged 504.82 points as a result—the
sixth-largest point drop ever.
>
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Education
the Best Weapon Against Volatility
Plan sponsors and money managers fielding panicked calls by plan members
should be investing in continuous education efforts to keep their clients
focused on long-term goals, according to experts.
>
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Analysts
See Little Spillover From Wall Street Woes
With two Wall Street giants falling, and a third apparently on the brink,
Canadian investors are casting a wary eye toward their domestic financial
institutions. But analysts say Canadian banks should be able to avoid
the trouble of their American counterparts.
>
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Market
Panic Leads to Opportunity
With yet another major American financial institution hitting the skids
over the weekend, nervous investors may be about ready to pull all their
cash out of the stock market. But advisors must guard against reckless
action, even though some are calling this the worst financial crisis
in decades.
>
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Nightmare
on Wall Street
North American markets fell on Monday following news that Lehman Brothers,
the fourth-largest investment bank in the United States, has filed for
Chapter 11 bankruptcy.
>
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Lehman
Plans Restructuring
Lehman Brothers has announced it will sell a majority stake in its asset
management, spin off most of its real estate assets and cut its dividend
substantially in an attempt to shore up its balance sheet.
>
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LATE
2007/EARLY 2008
Plan
Sponsors Not Panicking
Markets around the world have been on a wild ride over the last few
weeks, but experts say pension plan sponsors aren’t in panic mode.
>
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Subprime
Woes
The implosion of the subprime mortgage market in the United States and
the subsequent drop in global equity markets recently has left many
pension funds wondering about the long-term implications for their funding
status.
>
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CREDIT
RISK
Credit
Risk Redux
The last column in this series asked the rhetorical question: “Credit
Risk—is it time to panic?” (Have you ever noticed that investment
columnists rarely answer their own questions?) The header was challenged
by a couple of readers, who wondered what would constitute an appropriate
level of panic and what, in fact, a plan sponsor who was currently reviewing
a fixed-income portfolio should actually do.
>
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Credit
Risk: Is it Time to Panic?
"History has not dealt kindly with the aftermath of protracted
periods of low risk premium," said Alan Greenspan back in August
2005 while he was Chairman of the Federal Reserve. Two years later a
storm is brewing—will it result in a hurricane or merely a small
craft warning?
>
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ABCP
Court
Upholds ABCP Ruling
The Ontario Court of Appeal has upheld a lower court’s approval
of the third-party asset-backed commercial paper restructuring plan.
>
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Crawford
to Head ABCP Committee
A committee chaired by Imasco’s former chairman and CEO, lawyer
Purdy Crawford, has been formed to oversee the proposed structuring
process of the third-party asset-backed commercial paper.
>
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Caisse,
Others Organize Debt Market Bailout
The Caisse de dépôt et placement du Québec and a
number of financial institutions have agreed on a solution to the liquidity
problem on the structured finance asset-backed commercial paper market.
>
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The
Paper Chase
Benefits Canada has created this online report with complete
coverage of the ABCP saga.
> click
here for more
TIMELINE
The
Credit Crisis Timeline
This provides some of the key dates related to credit crisis.
>
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