REPORTING ISSUERS 01 Communique Laboratory Inc
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Consult the Reporting Issuer List
AUTORITÉ DES MARCHÉS FINANCIERS Reporting Issuers List This list is updated at the date indicated below and takes into account all documents filed on the previous date. Defaults Various default codes are used on the list of reporting issuers. The codes appear under the heading “Defaults” and refer to the Default Nomenclature below. The AMF will make every effort to ensure the accuracy of the list. However, reporting issuers should promptly contact the AMF if they do not appear on the list of reporting issuers in Québec or if they are inadvertently identified as being in default. Last update : &[Date]2021-09-24 Default Nomenclature 1a. Failure to file the annual financial statements. 1b. Failure to file the interim financial report. Failure to file the annual or interim management’s discussion and analysis (MD&A) or the annual or interim 1c. management report of fund performance (MRFP). 1d. Failure to file the Annual Information Form (AIF). Failure to file the certification of annual or interim filings required by Regulation 52-109 respecting Certification of 1e. Disclosure in Issuers’ Annual and Interim Filings (“Regulation 52-109”). 1f. Failure to file the required proxy materials or the required information circular. 1g. Failure to file the issuer profile supplement on the System for Electronic Disclosure by Insiders (SEDI). 1h. Failure to file the material change report. 1i. Failure to provide the written update after filing a confidential report of a material change. 1j. Failure to file the business acquisition report. Failure to file the annual oil and gas disclosure prescribed by Regulation 51-101 respecting Standards of Disclosure of 1k. -
OSC Bulletin Volume 42, Issue 32 (August 8, 2019)
The Ontario Securities Commission OSC Bulletin August 8, 2019 Volume 42, Issue 32 (2019), 42 OSCB The Ontario Securities Commission administers the Securities Act of Ontario (R.S.O. 1990, c. S.5) and the Commodity Futures Act of Ontario (R.S.O. 1990, c. C.20) The Ontario Securities Commission Published under the authority of the Commission by: Cadillac Fairview Tower Thomson Reuters 22nd Floor, Box 55 One Corporate Plaza 20 Queen Street West 2075 Kennedy Road Toronto, Ontario Toronto, Ontario M5H 3S8 M1T 3V4 416-593-8314 or Toll Free 1-877-785-1555 416-609-3800 or 1-800-387-5164 Contact Centre – Inquiries, Complaints: Fax: 416-593-8122 TTY: 1-866-827-1295 Office of the Secretary: Fax: 416-593-2318 The OSC Bulletin is published weekly by Thomson Reuters Canada, under the authority of the Ontario Securities Commission. Thomson Reuters Canada offers every issue of the Bulletin, from 1994 onwards, fully searchable on SecuritiesSource™, Canada’s pre-eminent web-based securities resource. SecuritiesSource™ also features comprehensive securities legislation, expert analysis, precedents and a weekly Newsletter. For more information on SecuritiesSource™, as well as ordering information, please go to: http://www.westlawecarswell.com/SecuritiesSource/News/default.htm or call Thomson Reuters Canada Customer Support at 1-416-609-3800 (Toronto & International) or 1-800-387-5164 (Toll Free Canada & U.S.). Claims from bona fide subscribers for missing issues will be honoured by Thomson Reuters Canada up to one month from publication date. Space is available in the Ontario Securities Commission Bulletin for advertisements. The publisher will accept advertising aimed at the securities industry or financial community in Canada. -
Income Solutions: the Case for Covered Calls an Advantageous Strategy for a Low-Yield World
Income Solutions: The Case for Covered Calls An advantageous strategy for a low-yield world Covered call writing is a time-tested approach that can add income, dampen volatility and diversify both equity and fixed income core strategies. Adding a covered call strategy in a core-satellite, multi-asset-class approach can be accomplished as: • A hedged equity strategy with an “income kicker” to enhance overall income production • A supplement to a core large-cap strategy (especially late in the market cycle when valuations are long-in-the-tooth and price action is volatile) as a means of boosting income and mitigating downside risk • A better-yielding alternative to a high yield bond allocation We believe that investors are well-served by strongly considering the addition of an income-producing covered call strategy in virtually all market environments and multi-asset class strategies. Madison’s active call writing/active stock selection approach provides more opportunity for premium income and alpha from underlying security selection than common passive call writing. Total Return of the BXM and S&P 500 1987-2013 Rolling Returns Source: Morningstar Time Period: 1/1/1987 to 12/31/2013 Rolling Window: 1 Year 1 Year shift 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 Return 0.0 S&P 500 -5.0 -10.0 CBOE S&P 500 Buywrite BXM -15.0 -20.0 -25.0 -30.0 -35.0 -40.0 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 S&P 500 TR USD Covered calls show equity-likeCBOE returns S&P 500 with Buyw ritelower BXM volatility Source: Morningstar Direct 888.971.7135 madisonfunds.com | madisonadv.com Covered Call Strategy(A) Benefits of Individual Stock Options vs. -
Structured Products in Asia
2015 ISSUE: NOVEMBER Structured Products in Asia hubbis.com 1st Leonteq has received more than 20 awards since its foundation in 2007 THE QUINTESSENCE OF OUR MISSION STATEMENT LET´S REDEFINE YOUR INVESTMENT EXPERIENCE Leonteq’s explicit goal is to make a difference through particular transparency in structured investment products and to be the preferred technology and service partner for investment solutions. We count on experienced industry experts with a focus on achieving client’s goals and a fi rst class IT infrastructure, setting new stand- ards in stability and fl exibility. OUR DIFFERENTIATION Modern platform • Integrated IT platform built from ground up with a focus on automation of key processes in the value chain • Platform functionality to address increased customer demand for transparency, service, liquidity, security and sustainability Vertical integration • Control of the entire value chain as a basis for proactive service tailored to specifi c needs of clients • Automation of key processes mitigating operational risks Competitive cost per issued product • Modern platform resulting in a competitive cost per issued product allowing for small ticket sizes LEGAL DISCLAIMER Leonteq Securities (Hong Kong) Limited (CE no.AVV960) (“Leonteq Hong Kong”) is responsible for the distribution of this publication in Hong Kong. It is licensed and regulated by the Hong Kong Securities and Futures Commission for Types 1 and 4 regulated activities. The services and products it provides are available only to “profes- sional investors” as defi ned in the Securities and Futures Ordinance (Cap. 571) of Hong Kong. This document is being communicated to you solely for the purposes of providing information regarding the products and services that the Leonteq group currently offers, subject to applicable laws and regulations. -
Reporting Issuer List / Liste Des Émetteurs Assujettis
Page 1 of 162 Reporting Issuer List / Liste des Émetteurs Assujettis Every effort is made to ensure the accuracy of this list. A reporting issuer that does not appear on this list or that has inappropriately been noted in default should contact the Financial and Consumer Services Commission (New Brunswick) promptly. Categories of default The circumstances under which the securities regulatory authorities will consider a reporting issuer to be in default are: 1. The reporting issuer has failed to file the following continuous disclosure prescribed by securities laws: (a) annual financial statements; (b) interim financial statements; (c) annual or interim management’s discussion and analysis (MD&A) or annual or interim management report of fund performance (MRFP); (d) annual information form (AIF); (e) certification of annual or interim filings under Multilateral Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (MI 52-109); (f) proxy materials or a required information circular; (g) issuer profile supplement on the System for Electronic Disclosure By Insiders (SEDI); (h) material change report; (i) written update as required after filing a confidential report of a material change; (j) business acquisition report; (k) annual oil and gas disclosure prescribed by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101) or technical reports for a mineral project required under National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101); (l) mandatory news release; (m) corporate governance disclosure as required by National Instrument 58-101 Disclosure of Corporate Governance Practices; (n) audit committee disclosure as required by Multilateral Instrument 52-110 Audit Committees or BC Instrument 52-509 Audit Committees; or (o) disclosure in an issuer’s MD&A relating to disclosure controls and procedures and their effectiveness that is referred to in a certificate filed under MI 52-109. -
EQUITY DERIVATIVES Faqs
NATIONAL INSTITUTE OF SECURITIES MARKETS SCHOOL FOR SECURITIES EDUCATION EQUITY DERIVATIVES Frequently Asked Questions (FAQs) Authors: NISM PGDM 2019-21 Batch Students: Abhilash Rathod Akash Sherry Akhilesh Krishnan Devansh Sharma Jyotsna Gupta Malaya Mohapatra Prahlad Arora Rajesh Gouda Rujuta Tamhankar Shreya Iyer Shubham Gurtu Vansh Agarwal Faculty Guide: Ritesh Nandwani, Program Director, PGDM, NISM Table of Contents Sr. Question Topic Page No No. Numbers 1 Introduction to Derivatives 1-16 2 2 Understanding Futures & Forwards 17-42 9 3 Understanding Options 43-66 20 4 Option Properties 66-90 29 5 Options Pricing & Valuation 91-95 39 6 Derivatives Applications 96-125 44 7 Options Trading Strategies 126-271 53 8 Risks involved in Derivatives trading 272-282 86 Trading, Margin requirements & 9 283-329 90 Position Limits in India 10 Clearing & Settlement in India 330-345 105 Annexures : Key Statistics & Trends - 113 1 | P a g e I. INTRODUCTION TO DERIVATIVES 1. What are Derivatives? Ans. A Derivative is a financial instrument whose value is derived from the value of an underlying asset. The underlying asset can be equity shares or index, precious metals, commodities, currencies, interest rates etc. A derivative instrument does not have any independent value. Its value is always dependent on the underlying assets. Derivatives can be used either to minimize risk (hedging) or assume risk with the expectation of some positive pay-off or reward (speculation). 2. What are some common types of Derivatives? Ans. The following are some common types of derivatives: a) Forwards b) Futures c) Options d) Swaps 3. What is Forward? A forward is a contractual agreement between two parties to buy/sell an underlying asset at a future date for a particular price that is pre‐decided on the date of contract. -
Covered Calls Uncovered Roni Israelov and Lars N
Financial Analysts Journal Volume 71 · Number 6 ©2015 CFA Institute Covered Calls Uncovered Roni Israelov and Lars N. Nielsen Typical covered call strategies collect the equity and volatility risk premiums but also embed exposure to a naive equity reversal strategy that is uncompensated. This article presents a novel risk and performance attribu- tion methodology that deconstructs the strategy into these three exposures. Historically, the equity exposure contributed most of the risk and return. The short volatility exposure realized a Sharpe ratio of nearly 1.0 but contributed only 10% of the risk. The equity reversal exposure contributed approximately 25% of the risk but provided little return in exchange. The authors propose a risk-managed covered call strategy that eliminates the uncompensated equity reversal exposure. This modified covered call strategy has a superior Sharpe ratio, reduced volatility, and reduced downside equity beta. quity index covered calls are the most easily by natural buyers can lead to a risk premium. accessible source of the volatility risk pre- Litterman (2011) suggested that long-term inves- Emium for most investors.1 The volatility risk tors, such as pensions and endowments, should be premium, which is absent from most investors’ port- natural providers of financial insurance and sellers folios, has had more than double the risk-adjusted of options. returns (Sharpe ratio) of the equity risk premium, Yet, many investors remain skeptical of covered which is the dominant source of return for most call strategies. Although deceptively simple—long investors. By providing the equity and volatility equity and short a call option—covered calls are not risk premiums, equity index covered calls’ returns well understood. -
S&P/TSX 60 Covered Call Indices Methodology
S&P/TSX 60 Covered Call Indices Methodology April 2021 S&P Dow Jones Indices: Index Methodology Table of Contents Introduction 2 Index Objective 2 Index Series 2 Supporting Documents 2 Index Construction 3 Approaches 3 Pricing 3 Index Calculations 3 Currency of Calculation and Additional Index Return Series 5 Base Date and History Availability 5 Index Governance 6 Index Committee 6 Index Policy 7 Announcements 7 Holiday Schedule 7 Unexpected Exchange Closures 7 Recalculation Policy 7 Contact Information 7 Index Dissemination 8 Index Data 8 Web site 8 Appendix: Adjustment for Corporate Actions 9 Special Dividends 9 Disclaimer 11 S&P Dow Jones Indices: S&P/TSX 60 Covered Call Indices Methodology 1 Introduction Index Objective The S&P/TSX 60 Covered Call Indices measures the performance of a strategy that writes covered calls on the iShares S&P/TSX 60 Index ETF (TSX:XIU). Index Series The index series consists of the following indices: Rebalancing Target Option Moneyness Index Frequency Moneyness Multiplier (m) S&P/TSX 60 Covered Call 2% OTM Monthly 2% OTM 1.02 Monthly Index (CAD) TR S&P/TSX 60 Covered Call 2% OTM Quarterly 2% OTM 1.02 Quarterly Index (CAD) TR Supporting Documents This methodology is meant to be read in conjunction with supporting documents providing greater detail with respect to the policies, procedures and calculations described herein. References throughout the methodology direct the reader to the relevant supporting document for further information on a specific topic. The list of the main supplemental documents for -
Covered Call Strategies: One Fact and Eight Myths Roni Israelov and Lars N
Financial Analysts Journal Volume 70 · Number 6 ©2014 CFA Institute PERSPECTIVES Covered Call Strategies: One Fact and Eight Myths Roni Israelov and Lars N. Nielsen A covered call is a long position in a security and a short position in a call option on that security. Equity index covered calls are an attractive strategy to many investors because they have realized returns not much lower than those of the equity market but with much lower volatility. However, a number of myths about the strategy—from why it works to why an investor should or should not invest—have surfaced, and many of them are erroneously considered “common knowledge.” The authors review the underlying risk and returns of covered call strategies and dispel eight common myths about them. covered call is a combination of a long posi- For obvious reasons, strategies that may offer tion in a security and a short position in a call equity-like expected returns but with lower volatility A option on the same security. The combined and market exposure (beta) generate strong investor position caps the investor’s upside on the underlying interest. As a case in point, covered call strategies security at the option’s strike price in exchange for have been gaining popularity: Growth in assets under an option premium. Figure 1 shows the covered call management in covered call strategies has been over payoff diagram, including the option premium, at 25% per year over the past 10 years (through June expiration when the call option is written at a $100 2014), with over $45 billion currently invested.2 strike with a $25 option premium. -
Equity Options Strategy
EQUITY OPTIONS STRATEGY Covered Call (Buy/Write) DESCRIPTION A stockowner who would regret losing the stock during a nice rally should think An investor who buys or owns stock and writes call options in the equivalent carefully before writing a covered call. The only sure way to avoid assignment is amount can earn premium income without taking on additional risk. The to close out the position. It requires vigilance, quick action, and might cost extra premium received, adds to the investor’s bottom line regardless of outcome. It to buy the call back especially if the stock is climbing fast. offers a small downside ‘cushion’ in the event the stock slides downward and can OUTLOOK boost returns on the upside. The covered call writer is looking for a steady or slightly rising stock price for at Predictably, this benefit comes at a cost. For as long as the short call position least the term of the option. This strategy not appropriate for a very bearish or a is open, the investor forfeits much of the stock’s profit potential. If the stock very bullish investor. price rallies above the call’s strike price, the stock is increasingly likely to be called away. Since the possibility of assignment is central to this strategy, it makes SUMMARY more sense for investors who view assignment as a positive outcome. This strategy consists of writing a call that is covered by an equivalent long stock Because covered call writers can select their own exit price (i.e., strike plus position. It provides a small hedge on the stock and allows an investor to earn premium received), assignment can be seen as success; after all, the target premium income, in return for temporarily forfeiting much of the stock’s upside price was realized. -
Covered Calls
Trading around a position using covered calls Roger Manzolini June 23, 2011 1 Money and Investing Trading around a position using covered calls Roger Manzolini June 23, 2011 Roger Manzolini June 23, 2011 2 Disclaimer This presentation is the creation of Roger Manzolini and is to be used for informational use only Roger is not a certified financial planner nor a financial advisor of any kind, so use of this information is at your own risk None of the information provided should be considered a recommendation or solicitation to invest in, or liquidate, a particular security or type of security Roger Manzolini June 23, 2011 3 More Disclaimer The content in this presentation should not be considered as a recommendation to buy or sell a security All information is intended for educational purposes only and in no way should be considered investment advice Options involve risk and are not suitable for all investors. All rights and obligations of options instruments should be fully understood by individual investors before entering any trade Additional caution: My peers call me Maddog Roger Manzolini June 23, 2011 4 Agenda Introduction Option Basics Covered Calls Trading Examples Comparison of Approaches Roger Manzolini June 23, 2011 5 Introduction High Level Strategic View Portion of money to be managed 10% but not more Money Options used to generate money than $30K Engine High risk/high return (30% or more) Investment Stocks / Bonds used to grow money 75-50% Portfolio Moderate risk/moderate return (8-12%) CDs / Treasury Bills used -
Reporting Issuer List / Liste Des Émetteurs Assujettis Categories Of
Page 1 of 163 Reporting Issuer List / Liste des Émetteurs Assujettis Every effort is made to ensure the accuracy of this list. A reporting issuer that does not appear on this list or that has inappropriately been noted in default should contact the Financial and Consumer Services Commission (New Brunswick) promptly. Categories of default The circumstances under which the securities regulatory authorities will consider a reporting issuer to be in default are: 1. The reporting issuer has failed to file the following continuous disclosure prescribed by securities laws: (a) annual financial statements; (b) interim financial statements; (c) annual or interim management’s discussion and analysis (MD&A) or annual or interim management report of fund performance (MRFP); (d) annual information form (AIF); (e) certification of annual or interim filings under Multilateral Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (MI 52-109); (f) proxy materials or a required information circular; (g) issuer profile supplement on the System for Electronic Disclosure By Insiders (SEDI); (h) material change report; (i) written update as required after filing a confidential report of a material change; (j) business acquisition report; (k) annual oil and gas disclosure prescribed by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities (NI 51-101) or technical reports for a mineral project required under National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101); (l) mandatory news release; (m) corporate governance disclosure as required by National Instrument 58-101 Disclosure of Corporate Governance Practices; (n) audit committee disclosure as required by Multilateral Instrument 52-110 Audit Committees or BC Instrument 52-509 Audit Committees; or (o) disclosure in an issuer’s MD&A relating to disclosure controls and procedures and their effectiveness that is referred to in a certificate filed under MI 52-109.