Thus, there is commonly:
primary markets, where, for the first time, offered, or introduced, products, and secondary markets where these products are traded somehow “used”.

spot markets, where transactions between buyers and sellers are settled almost immediately (as there is a delay, however sensible in terms of safety, for the delivery and settlement of securities), futures markets, where transactions of a firm carried out at an earlier date from the delivery, and markets for options , which traded products representing the right to buy or sell a financial instrument underlying said.

organized markets, and in some cases, regulated, where a service provider, the stock exchange or in English, and now “the market operator,” organized the confrontation between supply and demand, setting price and all or part of operations that are associated with the delivery of transactions, and markets OTC which organized a face-off between buyer and seller, with or without operating rule, with or without integration into network thus ensuring the outcome of operations. The best example is the foreign exchange market where the game countless bilateral trade leads, however, the pricing almost unique.

What trade?
In France the trade that used to be done around the basket within the Palais Brongniart, are now paperless and computerized on an electronic system shared by all European countries Euronext. This is an order-driven market, which provides direct confrontation of investors’ orders.

Quite different is the price-driven market that is going on in Britain and on NASDAQ in New York. In this model, a “market maker” intervenes and offers the best price to buy (bid) or sell (ask), the difference between the two being called “spread”, the “spread” or range forming the remuneration of the intermediary. The MiFID introduced in France, at least in part, this notion of market-driven prices.

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The installation of the Paris Stock Exchange in Palais Brongniart
In France, the first stock exchange created was that of Lyon in 1540 and in 1563, Paris hosted a “common place for merchants.” In 1724 a royal edict legally instituted with the Paris stock exchange regulations. But it was not until the early nineteenth century that was decided upon and carried out the construction of the Palais Brongniart that the Exchange immediately took up residence. There were listed all goods traded including securities. Expenses stockbrokers were reserved exclusively for men. Only two women were admitted: Sylvie Girardet Roselyne in 1985 and Peter in 1987. For the record, all persons not allowed on the floor, including many women, negotiating the values ​​behind the scenes.

The brokers were a true caste and every newcomer should be co-opted, and accepted by his peers as a voting system by white and black balls to make sure that all participants met the same ethical and have the same financial guarantees. In 1988, brokerage firms have replaced the stockbrokers, and the Society of French scholarship (SBF-Paris Bourse), the successor to the Company of stockbrokers. The SBF has gradually taken control of the companies that managed the MONEP (options market), the MATIF (futures market) and New Market, before becoming ParisBourse to become Euronext Paris.

Evolution of global
In September 2000, the Paris, Amsterdam and Brussels merged and changed its name to Euronext, the first integrated pan-European exchange.

In July 2001, Euronext has floated. In 2002, it acquired the LIFFE (the derivatives market in London) and merged with the Stock Exchange of Portugal.

Finally, in early 2007, Euronext merged with the New York Stock Exchange (NYSE), the leading global market capitalization of shares and trading volume, giving rise to NYSE Euronext. This new grant brings together twelve global markets, six countries and two continents and is the first and most liquid cash equities group of the world. At May 31, 2007, the average daily trading on its markets exceeded 102 billion euros and the total market capitalization of listed companies on its markets amounted to 29,600 billion euros. Nearly 1200 companies were listed on that date only on the European equity markets.

The new challenges
Currently (mid 2007), European markets are preparing for the entry into force of the European Directive (MiFID or MiFID according to English terminology) on markets in financial instruments.

MiFID:

allows competition in Europe among the various places of execution, removing the possibility for a Member State to establish a rule of compulsory concentration of orders on a regulated market . This is particularly true in France where Euronext has to this day a monopoly in the organization of regulated markets;
harmonizes the functioning of investment firms and introduces new rules governing their relationships with their clients;
enhances investor protection and market transparency.
The transposition of this directive into French law was made ​​by an order of April 12, 2007 to organize, as expected, the entry into force of new rules on 1 November 2007.

The rule of best execution

Besides the fact that the orders investors can, if desired, be undertaken elsewhere than on a regulated market, the new rules introduce the new concept and most of “best execution” of orders, which requires the service of investment (financial intermediary) to consider a set of criteria to ensure obtaining the best possible result when executing orders from its customers.

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However, in modern times is very difficult to find out where you can be the value. Heinrich Riehl, director of sales and business development for Europe, TCW, the Amundi manager specializing in U.S., explains how and where to find them.

Riehl believes there is potential for both fixed income and equities, but is very selective when choosing the type of assets. For example, right now the fund’s portfolio Amundi Funds U.S. Equity is overweight in technology and pharmaceutical while avoids exposure to telecommunications companies and “utilities”. However, it is also present in other sectors such as energy and to a lesser extent, consumer banking and insurance.

A key to the investment style of this fund is to find the right proportion of diversification. “The more companies you have in a portfolio, unless you are sure they can record a good performance. So we like to focus our investment in a number of securities not exceeding 35, “said Riehl. At this time your portfolio is composed of 31 companies. Within this selection includes companies like Google , chipmaker Qualcomm , the maker of “software” in the cloud as Salesforce.com or pharmaceutical Cerner.

Why bet on the stock market right now? Riehl is consistent with other international managers, saying that “in the last five years there has been a strong outflow of capital from equity markets.” Believes that under present conditions, it is possible that this capital back and points out some reasons: “The situation of negative interest rates in the U.S. is positive, the balance sheets of companies do not seem so bad and the number of mergers and acquisitions has regrown. ”

Therefore, considered to be a good time to invest in equities. But there is one point that Riehl finds it more appealing: the evolution of the returns of the S & P-500. Currently, there are at levels 10 years ago which means “that the markets have forgotten all the growth experienced in this period.” Therefore believe that this is a good opportunity to enter.

Investment Philosophy

Heinrich Riehl is very convinced of the effectiveness of management and also to avoid what he calls “sobrediversificación” investment style has other well-defined characteristics. In the first phase, experts apply fundamental analysis techniques to review and approve or reject a possible investment.

Established businesses seeking high quality and act like “real investors, not only as traders,” said Riehl. Once you enter a value, the objective is to establish long term. Therefore, the portfolio turnover is quite low.

Fixed income

The specialized manager Amundi also sees opportunities in fixed income. But the best is not in the public debt. “Right now, U.S. Treasury issues are overvalued and there are many risks to price,” said Riehl. In fact, this asset class accounts for only 9% of your fund portfolio TCW Opportunistic Core Plus MetWest.

This bet Asset Management fixed-income high rating (investment grade), which now represents 17% of fund’s assets. The more risk and return (high-yield) and she also sees possibilities spend 8% of the portfolio invested.

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On or about February 29, 2012, Martin Currie will not be portfolio manager of BMO Greater China Class. Lloyd George Management (Hong Kong) will become the portfolio manager of the fund.

In addition, always around the February 29, 2012, Lazard Asset Management (Canada) will not be portfolio manager of BMO Emerging Markets. Lloyd George Management (Europe) will become the portfolio manager of the fund.

“We are pleased to present Lloyd George Management to our advisers and clients of investment funds. We are confident that his expertise in emerging market equities and Greater China will benefit all our shareholders, “says Serge Pepin, head of investments, BMO Investments.

The investment strategies of BMO Emerging Markets will be reviewed to reflect the fundamental investment style of Lloyd George Management (Europe), which focuses on companies showing strong growth prospects, strong management and a sustainable dividend yield.

Services Brockhouse & Cooper were selected to provide management services to transition portfolios for each change of portfolio manager.

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Three of them will be traded on the Toronto Stock Exchange as of next Monday and the rest from 15 February or later this spring. Funds are available in a series are accompanied by counsel management fees ranging from 0.30% to 1.35%.

From February 6, customers will be able to buy the Morningstar Canada XTF Target Dividend 30 Index ETF, the US Morningstar XTF Target Dividend 50 Index ETF and the National Bank Quebec XTF Morningstar Index ETF, which is the ticker symbol respective DXM, and QXM UXM.

The Morningstar Canada XTF Target Dividend 30 Index ETF, which layers Morningstar Index Canada Target Dividend 30 Index, 30 invests in equity securities of Canadian public issuers that pay dividends, which are the largest and most liquid. The 30 companies are weighted equally at each rebalancing of the index quarterly. The management fees of ETFs are 0.60% for regular shares and 1.35% for the series advisor.

The XTF Morningstar Dividend Target 50 US Index ETF that replicates the index US Morningstar Target Dividend 50 Index reflects the performance of 50 U.S. equity securities that pay dividends, which are the largest and most liquid. The companies are weighted equally at each rebalancing of the index quarterly. The fund is subject to management fees of 0.60% for regular shares and 1.35% for the series advisor.

The National Bank Quebec XTF Morningstar Index ETF that replicates the index Morningstar Québec National Bank invests in equity securities of issuers with a minimum market capitalization of $ 150 million and whose registered office is located in the Province of Quebec . The weighting of each transmitter is included more than 5% at each rebalancing of the index. The management fees of ETFs are 0.50% for regular shares and 1.25% for the series advisor.

As of February 15, will trade the XTF Morningstar Canada Value Index ETF and the XTF ETF Momentum Index Morningstar Canada. Their respective ticker symbol is FXM and WXM.

The XTF Morningstar Canada Value Index ETF has been designed to replicate the performance of the Index Value Index Morningstar Canada. The latter index is composed of liquid equity securities of 30 Canadian companies selected for their low price-earnings ratio, their price-to-cash flow low over their small compared to the book value and sales and revisions earnings estimates upward. The 30 stocks are weighted equally at each rebalancing of the index quarterly. The fund is subject to management fees of 0.60% for regular shares and 1.35% for the series advisor.

The XTF ETF Momentum Index Morningstar Canada Morningstar Index data follows Canada Momentum Index, which consists of liquid equity securities of Canadian companies selected for their return on assets and equity than the average, with emphasis revisions of earnings estimates upward and technical indicators of price momentum. The index consists of 30 top emitters and they are weighted equally at each rebalancing of the index quarterly. The management fees of ETFs are 0.60% for regular shares and 1.35% for the series advisor.

Finally, this spring, customers can purchase the XTF Morningstar Canada Liquid Bond Index ETF and the XTF Morningstar Emerging Markets Composite Bond Index ETF, which have a stock symbol EXM and respective LXM.

The XTF Morningstar Canada Liquid Bond Index ETF index layer Morningstar Canada Liquid Bond Index, which includes bonds consists of Federal, provincial government bonds and corporate bonds with good quality Canadian dollar the most liquid. The index is capitalization weighted and rebalanced monthly. The securities included must have a maturity of at least 12 months. The fund is subject to management fees of 0.30% for regular shares and 0.80% for the series advisor.

The XTF Morningstar Emerging Markets Composite Bond Index ETF seeks to replicate the index Morningstar Emerging Markets Composite Bond Index, which includes sovereign bonds and most liquid companies in U.S. dollars issued by governments and corporations in Latin America, in countries Emerging Europe, Africa, the Middle East and Asia. All bonds must be denominated in U.S. dollars and issued under the jurisdiction of the U.S. or the UK. The index is weighted by market capitalization, adjusted monthly, with a sovereign ceiling of 15% of the nominal value for a country and a ceiling of 5% for credit card issuers. The fund is subject to management fees of 0.50% for regular shares and 1.00% for the series advisor.

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Trading technology of next generation, called TMX Quantum XAMC, equity traders will offer a speed and capacity greatly improved and a more efficient order processing.

According to TMX, the median latency of execution will be divided by 20, reaching below 100 microseconds. The new trading system is designed to handle 200,000 orders per second. To support these new capabilities, customers of the TSX, the TSX Venture Exchange and TMX Select benefit for the first time access to communications of 10 GB

TMX Quantum XA is the result of two years of research and development. Its implementation will be initially for TMX Select the first quarter of 2013, then to the Toronto Stock Exchange and TSX Venture Exchange from the end of 2013. The company expects to incur annual operating expenses of approximately $ 4 million for this project.

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Thus, the gross domestic product (GDP) contracted by Belgian 0.2% in the fourth quarter, while the decline was 0.1% the previous quarter. Across the past year, the increase was 1.9%, according to preliminary data of the Central Bank.

Recall that a recession is technically characterized by two consecutive quarters of contraction in economic activity.

Other European countries are threatening to fall into economic recession, especially Britain and Spain. Some are already in the image of Greece.

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National Bank is the only financial institution to be included in the ranking where there are particular Pfizer Canada, RSM Richter Chamberland, Bombardier Aerospace and McGill University.

“National Bank considers its employees as one of its greatest resources and it shows through its policies and programs of human resource management,” said Lynn Jeanniot, Senior Vice President in the conduct Human Resources and Corporate Affairs at the National Bank.

Candidates register for the contest The best employers in Montreal through the annual ranking of the top 100 employers in Canada and are judged on eight criteria, including training and skills development, communication with employees , performance management and engagement within the community.

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This is Daniel Poulin and the company he chairs, 9169-8993 Québec inc., Also known as the ECO6. In recent months, Daniel Poulin would seek investors so that they inject money into the company that developed a unique technology for the reduction of emissions from engines. However, it is not registered with the AMF to do so, as determined by the Bureau decision and overhaul (BDR).

Daniel Poulin would have required investors denominate their checks in his own name. Another check for $ 50 000, for which the AMF could determine their origin, have been deposited in the bank account of Daniel Poulin, in which his wife also has access.

In light of the investigation of the AMF, the Bureau decision and overhaul (BDR) has issued orders prohibiting trading in securities and blocking against the activities of Daniel Poulin and society he chairs, 9169-8993 Québec inc., also known as the ECO6. The BDR also ordered the freezing of funds, securities and other property that Daniel Poulin and 9169-8993 Québec inc. have in their possession.

“These orders were made in order to protect investors and safeguard the public interest,” argues the AMF in a statement.

Since October 2011, Daniel Poulin been 51 charges in connection with criminal proceedings brought by the AMF in October 2011 on file ECO6 Catholic Trust and the Angels of the Air for illegal practice of broker securities, illegal distributions and transmission of false or misleading information. Daniel Poulin has pleaded not guilty to the charges.

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