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In Praise of High Frequency Traders

Jeffrey MacIntosh
Thursday, December 5, 2013

The following was first published by the National Post on November 20, 2013

On Thursday, the Investment Industry Regulatory Organization of Canada (IIROC) is scheduled to release its much-awaited study on high frequency traders. The standard image of the high frequency trader (HF trader) is that of a slavering troll working assiduously to destabilize world stock markets and laughing gleefully while prying gold fillings out of retail traders’ mouths. In the minds of many, HF traders caused or greatly contributed to the infamous U.S. “Flash Crash” of May 2010, when the Dow Jones plunged (and then recovered) 1000 points (roughly 9%) in a matter of minutes. HF traders also stand accused of increasing trading costs for both retail and institutional traders.

Now you see it, now you don't

Wednesday, December 4, 2013
Electronic classroom at the law school circa 2002

This is a law school classroom of 2002 in Flavelle House, known as the McCarthy Tetrault Electronic Classroom, or FLA.

 

McCarthy Tetrault Electronic Classroom 2013 completely demolished

And this is what it looks like today. Big changes happening! We'll keep you posted.

Up close and personal with the Eastern executive crew

Wednesday, November 27, 2013
Eastern construction executive team group shot

The Eastern Construction executive crew for the Faculty of Law Renewal Project (from left): Alex Kranyak, Mick Sullivan, Dean Walker, Steve Gray and Gilbert Giavon.

We'd thought you'd like to know just how talented and capable our executive team from Eastern Construction is. Not only do they all have extensive project experiences and varied educational backgrounds, but the majority do like their cheese and Netflix during their downtime, thought not necessarily together....

 

Gilbert Giavon, Senior Project Coordinator

A self-motivated and seasoned professional, Gilbert has expertise in high-level contract support with a detailed and organized approach to planning and document coordination. Project closeouts, invoicing, shop drawings processing, requests for information or changes are his bailiwick, and he ensures projects come within scope and budget. He has a bachelor of arts in urban and regional planning from Ryerson University and has studied public administration, real estate law and the basics of fall protection.  Notable projects include: 330 Progress, Toronto Police Storage Facility $14M and Woodbine Slots, escalator and gaming expansion $15M.

Preferences:

-CFL or NFL? NFL

-Netflix or network TV? Netflix /Apple TV

-Cheese or chocolate? Cheese

-Favourite all-time movie? The Godfather

-Desert island album? Dark Side of the Moon

Demolition update

Monday, November 25, 2013

As part of the Faculty of Law expansion project demolition phase, spray-on asbestos insulation was found in the former Bora Laskin Library area. Abatement work adhering to standard University of Toronto process/protocol is currently underway and is scheduled to be completed by December 14, 2013. There is no risk to any member of the law community or to anyone outside the area of abatement. If anyone has any questions they are welcome to contact the Faculty of Law’s Chief Administrative Officer: Paul Handley, paul.handley@utoronto.ca.

Excavating and pouring for footing columns

Thursday, November 21, 2013

Much rumbling, churning and beeping went on today, as two large cement trucks and a cement pump truck maneouvred around the parking lot to work by Flavelle House.

They were excavating and pouring two column footings in the existing building basement. These columns are required to support the structure of the Bora Laskin building to allow the demolition to take place.

 

This truck used its pipe from the pump to extend across the ground, into the building and down to the basement to the footing location in Flavelle House.

A Photosynthetic Future: The Holy Grail of Renewable Energy Technologies

Jeffrey MacIntosh
Sunday, November 17, 2013

Imagine the following scenario.  It is 2030.  You and your loved ones live in a house that is virtually energy sufficient.  Artificial photosynthetic membranes on the roof combine sunlight, carbon dioxide sequestered from the air, and water to generate methane, the main component in natural gas.  The methane is pumped into tanks and available when needed to fuel your gas stove or furnace.   It also supplies all of your household electricity needs after being run through a fuel cell or combusted in a generator.  Although you are still connected to the electrical and natural gas grids, these are mainly used as back-ups for when there is insufficient sunlight (and stored methane) to meet your energy needs.  

360-degree video of the Jackman Law Building

Wednesday, November 13, 2013

Here’s a video provided by B + H Architects/Hariri Pontarini giving us a 360-degree view of the exteriors of the Jackman Law Building and Bora Laskin Library, and a look at the renewed green space at the Faculty of Law.

You can see how the new building soars above the proposed native species treeline and shrubbery framing the curve along Queen’s Park Crescent.

In addition, the cantilevered south end of the Jackman Law Building extends prominently and imaginatively over the storm-management garden section. This area won’t be quite as rectangular as it appears in the video, but will be engineered in a more natural and oval shape to do double duty as water reserve and garden asset.

The renovated Bora Laskin Library pairs up creatively with the exterior of the Jackman Building.

You’ll note the vintage wrought iron gates will be removed, but in some sections, will be returned. This will allow a more open concept, and natural access to the Faculty of Law from along Queen’s Park.

Three Exchanges, Not Two: Extra Competition Will Benefit Canada's Financial Industry

Jeffrey MacIntosh
Monday, November 11, 2013

The following first appeared in the National Post on July 2, 2013.

 

THREE EXCHANGES, NOT TWO: EXTRA COMPETITION WILL BENEFIT CANADA’S FINANCIAL INDUSTRY

 

TSX competitors a good thing

Monopolists classically overcharge their customers

 

Last month, to much fanfare, a group known as Aequitas Innovations announced its intention to start up a new Canadian stock exchange. Reading the press reports, one could be forgiven for thinking that Aequitas will be the only exchange in Canada other than the TSX and its satellite listing platform, the TSX-V.

Extraordinary Popular Delusions and the Madness of Crowdfunding

Jeffrey MacIntosh
Monday, November 11, 2013

The following first appeared in the National Post on July 31, 2013.

EXTRAORDINARY POPULAR DELUSIONS AND THE MADNESS OF CROWDFUNDING

Many, if not most, crowd funded endeavours will head straight for the scrapheap

If you utter the word “crowdfunding” in front of a dusty old-fashioned securities lawyer, make sure you have a fully charged defibrillator on hand. Perhaps a fully equipped contingent of ER doctors and nurses. It won’t be pretty.

Let’s be clear — we’re not talking about the mere solicitation of donations, such as the attempt of a Toronto man, reported earlier this week, to raise $400-million to purchase Mobilicity (note to prospective donors: If he succeeds, he owns the company, not you). That’s perfectly legal. We’re talking about the actual sale of an ownership interest to investors over the Internet.

At present, the default rule is that if a corporation or other issuer is going to sell securities it must assemble an informational document known as a prospectus. Because of arcane securities laws whose full import is only understood by two or three Tibetan monks, this is expensive. Even Buy-Rite-Cut-and-Paste-Prospectuses will charge you about a hundred grand, and the bulge-bracket firms reportedly like to take an option on your firstborn child. Understandably, the prospectus option is not the first choice of startup firms looking to raise money.

Ghosts, goblins and law students

Monday, November 4, 2013

By Ash-Lei Lewandoski

This Halloween, U of T law students descended upon Victoria College to celebrate the evening at the Students' Law Society's (SLS) Halloween Party. The annual SLS celebration is one of its biggest events and, as in previous years, it was a great success: about 350 students attended.

While traditionally hosted in Flavelle House, the renovations underway meant relocating the party to Victoria College in a space proven ideal for the night. With lights and decorations creating the spooky atmosphere, students danced the evening away to the DJ music stylings of The Thin Skulls, a duo of the Faculty’s very own second-year students.  Food and beverages were also in full stock and anyone interested in their fortune could duck behind the curtained space to speak with The Great Santini, the evening’s fortune teller.

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