Briefly:

(October 23, 2007) The MFDA has released its findings against Ravi Puri, permanently banning the British Columbia–based advisor from the securities industry.

The MFDA levied a fine of $500,000 against Puri for failure “to deal with clients fairly, honestly and in good faith.” He must also pay $10,000 in costs and an additional fine of $50,000 for failing to cooperate with the investigation.

Puri failed to show up for an August 2006 interview. The investigation was sparked by allegations that between July 2002 and May 2005, Puri redeemed about $146,400 from the mutual fund accounts of five clients, directed the proceeds to a company under his ownership or control and failed to invest, return or otherwise account for the redemption proceeds.

On top of that, between November 2003 and October 2004, Puri failed to invest, return or otherwise account for an additional $118,600 solicited and received from two clients.

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RBC Capital Markets chairman sets retirement

(October 23, 2007) RBC has announced that Anthony (Tony) S. Fell will retire as chairman of RBC Capital Markets, effective December 31, 2007, at which time CEO Chuck Winograd will assume the role.

“For many years, Tony Fell has provided outstanding leadership not only to RBC Capital Markets, but to the overall Canadian investment banking industry,” said Gordon Nixon, president and chief executive officer of RBC.

Fell began his career with RBC in 1959 when he joined the research department of Dominion Securities at the age of 20. Fell was appointed a director of the firm in 1969 and in 1972 became an executive vice-president. In 1973 Dominion Securities merged with the investment banking firm of Harris & Partners Limited, and Fell was appointed president.

In 1980 Fell was appointed CEO, a position he held for 19 years, leading the firm through its mergers with A.E. Ames and Co., Pitfield MacKay Ross, Pemberton Securities and Richardson Greenshields before the sale of a controlling interest in the firm to Royal Bank of Canada in 1988.

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Bond index gets a facelift

(October 23, 2007) The much-followed fixed income benchmark, the Scotia Capital Universe Bond Index, is being rebranded as the DEX Universe Bond Index. The index is currently maintained by TSX Group’s PC-Bond subsidiary.

“We are pleased to align the industry-leading PC-Bond fixed income index family with the emerging Canadian Derivatives DEX name,” said Richard Nesbitt, TSX Group CEO. “When DEX launches in 2009, it will provide a leading platform for derivatives trading, providing maximum flexibility to our customers.”

On October 1, 2007, the index was revamped to include pricing data from 10 separate dealers, a radical departure from the single-dealer model that had been in place since 1947.

“The advent of multi-dealer pricing for the DEX Fixed Income Indices will promote more efficient debt markets in Canada,” said Ian Russell, president and CEO, Investment Industry Association of Canada. “The new fixed income indices will result in more accurate pricing, better investment decisions and more effective risk management, and will contribute to greater confidence among market participants.”

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RBC launches new notes series

(October 23, 2007) RBC has announced the issue of a fourth series of RBC Commodity Booster Notes. The notes offer 100% principal protection if held to maturity, a five-year term.

The notes give investors exposure to a basket of commodities that includes WTI crude oil, copper and zinc. If the return at maturity is between 0% and 50%, investors will receive a guaranteed 50% return.

The notes are purchased through FundSERV and are available until November 30, 2007.

(10/22/07)