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(All statistics are as at March 31, 2016)

Investment dealers regulated by the Investment Industry Regulatory Organization of Canada (IIROC) vary in size, ranging from the largest financial institutions in the country to small businesses with 10 or fewer staff registered with IIROC. They represent a variety of business models, including a focus on retail or institutional clients, and an integrated approach with both retail clients and investment banking operations.
Categories of Investment Dealers

Individuals and Firms Regulated by IIROC

Member Firms (by Revenue)

Member Firms (by Number of Approved Persons)



Equity markets: IIROC regulates trading activity in real time on five stock exchanges (Toronto Stock Exchange (TSX), TSX Venture Exchange (TSXV), Alpha Exchange (Alpha), Canadian Securities Exchange (CSE) and Aequitas Neo Exchange*), and nine Alternative Trading Systems (ATSs) that trade equities (Nasdaq CXC (CXC), Nasdaq CX2 (CX2), Omega ATS (Omega), Lynx ATS (Lynx), TriAct Canada Marketplace (MATCH Now), Liquidnet Canada Inc. (Liquidnet), Bloomberg Tradebook Canada, Instinet Canada Cross Limited (ICX), TMX Select Inc. (TMS)**).

Debt markets: IIROC regulates three debt Alternative Trading Systems (ATSs) – Inc., MarketAxess Canada Co. and Perimeter Markets Inc. (CBID).

*   Aequitas Neo Exchange operates two distinct books – Aequitas Neo Book (AEN) and Aequitas Lit Book (AEL)
** TMX Select Inc. ceased operations on September 18, 2015

Canada’s Multiple Marketplaces

Where Trading Took Place in 2015-2016 by Share Volume

TSX-Listed Percentage

TSXV-Listed Percentage

Activity on the equity marketplaces where trading activity is regulated by IIROC

Trades - Number of Transactions (Millions)
Volume - Total Shares Trades (Billions)
Value - of Shares Traded ($ Billions)

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