Industry Profile
Industry Profile: Dealers
(All statistics are as at March 31, 2019)
Investment dealers regulated by the Investment Industry Regulatory Organization of Canada 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.
| Province | Approved Persons | Branch Offices | Head Offices |
|---|---|---|---|
| AB | 3,137 | 974 | 15 |
| BC | 4,646 | 1,227 | 10 |
| MB | 609 | 168 | 3 |
| NB | 307 | 84 | 1 |
| NF | 113 | 38 | 0 |
| NS | 521 | 150 | 0 |
| NT | 1 | 3 | 0 |
| NU | 0 | 0 | 0 |
| ON | 14,532 | 3,194 | 107 |
| PE | 70 | 25 | 0 |
| QC | 4,934 | 725 | 29 |
| SK | 605 | 211 | 0 |
| YT | 5 | 5 | 0 |
| U.S. | 362 | 362 | 6 |
| Other* | 44 | NA | 0 |
| Total: | 29,886 | 6,804 | 171 |
* International
Categories of Investment Dealers
As of March 31, 2019, there were 171 dealers, of which 165 were in good standing, 1 was inactive, 1 was in the resignation process and 4 were suspended.
| Revenue | % of Firms |
|---|---|
| Greater than $1 billion | 4% |
| Greater than $100 million | 15% |
| Greater than $10 million | 35% |
| Greater than $5 million | 11% |
| Less than $5 million | 35% |
Based on 169 dealers that reported revenue during the period from April 1, 2018 to March 31, 2019.
| Number of Approved Persons | Number of Firms | % of Firms |
|---|---|---|
| Over 1,000 | 8 | 5% |
| 501 to 1,000 | 6 | 4% |
| 101 to 500 | 19 | 11% |
| 11 to 100 | 77 | 46% |
| 10 or fewer | 56 | 34% |
Industry Profile: Markets
IIROC regulates trading activity on
Stock Exchanges
- Toronto Stock Exchange (TSX)
- TSX Venture Exchange (TSXV)
- Alpha Exchange (Alpha)
- Canadian Securities Exchange (CSE)
- NEO Exchange Inc. (NEO)*
- Nasdaq (CXC) Limited (Nasdaq Canada)**
Equity Alternative
Trading Systems
- Omega ATS (Omega)
- Lynx ATS (Lynx)
- TriAct Canada Marketplace (MATCH Now)
- Liquidnet Canada Inc. (Liquidnet)
- Instinet Canada Cross Limited (ICX)
| * | NEO Exchange operates 3 distinct books – NEO-L, NEO-N and NEO-D |
|---|---|
| ** | Nasdaq (CXC) Limited operates 3 distinct books – Nasdaq CXC (CXC), Nasdaq CX2 (CX2) and Nasdaq CXD (CXD) |
| Listed | TSX | TSXV | CSE | NEO |
|---|---|---|---|---|
| TSX | 53.46% | – | – | – |
| TSXV | – | 68.22% | – | – |
| CSE | 2.46% | 2.66% | 73.44% | – |
| Liquidnet | 0.14% | 0.01% | – | – |
| MATCH Now | 6.23% | 8.68% | 6.93% | 1.36% |
| Omega | 4.45% | 1.43% | 4.52% | – |
| CXC | 13.06% | 2.88% | 2.45% | – |
| Alpha | 6.31% | 3.08% | – | – |
| ICX | 0.04% | 0.00% | 0.00% | – |
| CX2 | 3.21% | 3.67% | 2.46% | – |
| Lynx | 0.06% | 0.03% | 0.13% | – |
| NEO-N | 7.24% | 4.39% | 3.23% | 38.54% |
| NEO-L | 2.42% | 4.34% | 3.97% | 60.10% |
| CXD | 0.94% | 0.61% | 2.85% | – |
| NEO-D | 0.00% | 0.00% | 0.00% | 0.00% |
* For the year ended March 31, 2019
Activity on the equity marketplaces whose trading activity is regulated by IIROC
