Briefly: ‘IIROC fines advisor’ and more news

By Staff | June 9, 2010 | Last updated on June 9, 2010
3 min read
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An IIROC hearing panel has imposed a fine of $36,500 against James Jannetta and has required him to pay costs of $15,000 for numerous breaches of IIROC’s business conduct.

The panel found that Jannetta failed to record or update client investment objectives and risk tolerance in two client accounts and engaged in discretionary trading in four client accounts. He also made three trades in two client accounts without having prior instructions. He then made a trading error and arranged for the client to suffer the related loss in return for a promise of future compensation. He also failed to obtain written authorization to allow for the receipt of trade instructions from a third party.

Under the penalty, if Jannetta becomes registered again he will be subject to a period of six months of close supervision and will be required to successfully rewrite and complete the Conduct and Practices Handbook Exam.

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Perimeter launches basket trading

Perimeter Markets Inc. is allowing users to execute multiple orders by launching basket trading in the CBID marketplace.

Basket trading will permit large numbers of small fixed-income trades to be executed at the best prices available, without markup or commission. Traders will be able to route up to 1,000 individual buy and sell orders, filling each only at the best available price in a single process that takes seconds to complete.

The basket trading function is being made available free upon request to all CBID subscriber firms.

“To date, the CBID marketplace has been focused on improving the fixed-income trading experience of investment advisors – helping them deal more effectively and efficiently with individual client trades,” said Geoff Eby, President, Perimeter Markets Inc.

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TD expands mobile offerings

Blackberry and Android cell phone owners will now be able to download the TD application.

“Whether you’re a BlackBerry, iPhone or Android fan, we’re making mobile banking convenient and comfortable for everyone,” said Joan Dal Bianco, Vice President, Online Channel, TD.

The TD mobile app for BlackBerry and Android offers:

  • A North American TD Locator to help find TD branches and ATMs in both Canada and the U.S. – where customers can access their TD accounts without incurring any ATM fees at more than 5,000 TD ATMs on both sides of the border.
  • TD Canada Trust EasyWeb Internet banking for personal and Small Business Banking accounts. Customers can log in and view a consolidated portfolio of their accounts at TD, pay bills, view account histories and transfer money between accounts.
  • Connection to TD Waterhouse Investment Representatives for users to apply to open an account and for existing TD Waterhouse Discount Brokerage clients to speak to a representative to obtain market quotes and place trades in English, French, Cantonese or Mandarin.
  • The ability to connect to a TD Insurance specialist for instant quotes on Home, Auto, Life and Health insurance or to seek advice on how to file claims. The app also includes an Accident Toolkit and a Notepad to record details in the event of an auto accident.

For more information visit TD’s site.

(06/09/10) staff


The staff of have been covering news for financial advisors since 1998.