Scotia, RBC and CIBC lead FX Markets
According to research done by Greenwich Associates, Canadian foreign exchange trading volumes increased 70% in 2007 from 2006, with growth spanning nearly all foreign exchange products, including swaps, forwards and emerging markets currencies.
Scotia Capital, RBC Capital Markets and CIBC World Markets were the market leaders.
“The competitive landscape of Canadian foreign exchange dealers is increasingly feeling the effects of electronic trading,” says Greenwich Associates consultant Woody Canaday. “RBC Capital Markets has achieved the highest level of market penetration in eFX, followed by State Street’s third-party site, FX Connect, and CIBC World Markets, which increased its market penetration level from year to year.”
Additionally, the year-to-year growth of the Canadian foreign exchange business surpassed the expansion of global foreign exchange trading volume, which surged 30% in 2007 from 2006, continuing a steady run of double-digit annual growth.
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Healthcare Costs a Barrier for Small Businesses
According to survey data released by the Washington, D.C. based National Association for the Self-Employed (NASE) measuring the impact of rising healthcare costs on micro-businesses and the self-employed, more than 65% said cost is the single most significant barrier to offering health insurance to employees.
“While we do see some encouraging data this year, the fact remains that access to healthcare is the most significant issue facing this country’s smallest businesses,” says Kristie Darien, executive director of the NASE. “The baker, the house painter, and the 20 million other micro-businesses in the United States already are struggling to survive in this economy. These businesses could be further threatened if we cannot find a way to make insurance more affordable.”
The survey also revealed that responds feel that “insurance companies making too much profit” (28.8%) and “doctors/hospitals charging too much for services” (21.7%) have the greatest impact on soaring healthcare costs.
Additional survey highlights:
• 67% of respondents said they have personal health insurance coverage, an increase from the 54.9% who reported the same in 2005.
• Companies with gross sales under $50,000 experienced the greatest increase in access to health care coverage–40% presently offer insurance compared to only 13.8% in 2005.
• One in 10 of respondents spend 25% or more of their gross revenue on health insurance, compared to 10.1% in 2005.
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Four Days a Week
In an effort to help employees save money on gas, the commissioners of Oakland County, Michigan, voted unanimously to move to a four-day work week.
Employees who choose to participate in the voluntary program will work 10 hours a day, four days a week rather than eight hours a day, five days a week.
“I knew [the proposal] had pretty wide support,” says executive L. Brooks Patterson. “I talked to various commissioners. It was warmly embraced by the board and the commissioners.”
The plan, which could go into effect as early as next week, is expected to save workers two gallons of gas, per week. Patterson expects between 1,000 and 1,500 employees to take part in the program. With gas expected to stay at US$4 a gallon, Patterson says, “That’s $42 million a year. That’s a significant savings.”
The new work week will be staggered to keep offices fully staffed during weekdays. Patterson said he has begun talks with private sector employers to adopt the program as well.