Industry Profile

Industry Profile: Dealers

(All statistics are as at March 31, 2020)

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.

Individuals and Firms regulated by IIROC

(by location)

ProvinceApproved PersonsBranch OfficesHead Offices
AB3,19294915
BC4,7491,23110
MB6191753
NB320891
NF116400
NS5331550
NT130
NU000
ON14,7043,188108
PE68230
QC5,07075129
SK6312110
YT650
U.S.395NA8
Other*47NA1
Total:30,4516,820175

* International

Categories of Investment Dealers

Total: 175

Retail 101, Institutional 67, Integrated 7

As of March 31, 2020, there were 175 members, of which 168 were in good standing, 1 was inactive, 2 were in the resignation process and 4 were suspended.

Member Firms

(by revenue)

Revenue% of Firms
Greater than $1 billion4%
Greater than $100 million14%
Greater than $10 million36%
Greater than $5 million11%
Less than $5 million36%

Based on 175 members who reported revenue for the period of April 1, 2019 to March 31, 2020.

Member Firms

(by number of approved persons)

Number of Approved PersonsNumber of Firms% of Firms
Over 1,00095%
501 to 1,00064%
101 to 5001912%
11 to 1007042%
10 or fewer6237%

Industry Profile: Markets

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

Trades, Volume, Value chart

IIROC regulates trading activity on

6

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)**
5

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)

Canada’s Multiple Equity Marketplaces

(Where trading took place in 2019-2020 by share volume)*

ListedTSXTSXVCSENEO
TSX53.44%0.00%0.00%0.00%
TSXV0.00%65.74%0.00%0.00%
CSE2.76%0.99%68.22%0.00%
Liquidnet0.18%0.02%0.00%0.00%
MATCH Now6.04%6.48%8.38%1.42%
Omega3.33%1.80%3.91%0.00%
CXC14.29%3.39%2.50%0.00%
Alpha5.98%4.23%0.00%0.00%
ICX0.04%0.01%0.00%0.00%
CX23.56%4.92%2.26%0.00%
Lynx0.05%0.01%0.03%0.00%
NEO-N5.91%7.01%7.89%29.03%
NEO-L2.98%4.66%4.32%69.55%
CXD1.41%0.73%2.48%0.00%
NEO-D0.03%0.01%0.01%0.01%
* For the year ended March 31, 2020