Canaccord finally comes through...Will their clients forgive them?

Today, it was announced that Canaccord will be buying back asset based commercial paper (ABCP) from their retail investors at par. Groundbreaking....Some are saying it's about time they made a move, but quite frankly, I'm surprised they didn't wait until they were closer to the Purdy Crawford Committee restructuring proposal. It is the retail investors that are going to control the vote on restructuring that will be happening, as they make up the vast majority of those holding the ABCP. Of the 2000 retail clients, most of them are from Canaccord (1430 of them).

More on the Canaccord Relief Program and ABCPs, which have been a crux in the Canadian capital markets, later.