Annual Report 2020-21

Industry Profile: Dealers

(All statistics are as at March 31, 2021)

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)

Province/
Territories
Approved
Persons
Branch
Offices
Head
Offices
AB3,23294513
BC4,8131,19411
MB6321742
NB325901
NF116390
NS5391530
NT130
NU000
ON14,9863,203109
PE69230
QC5,24679228
SK6592090
YT500
U.S.392N/A9
Other*46N/A1
Total:31,0616,825174
  1. International

Investment Dealers’ Business Models

  • Focus on retail clients
  • Focus on institutional clients
  • Integrated approach

Member Firms

(by revenue)

Revenue% of Firms
Greater than $1 billion4%
Greater than $100 million22%
Greater than $10 million30%
Greater than $5 million11%
Less than $5 million33%

Based on 171 Dealer Members that reported revenue for the period of April 1, 2020 to March 31, 2021

174
Dealer Members
overseen by IIROC, of which:
170 in good standing
1 in the resignation process
3 suspended

Member Firms

(by number of approved persons)

Number of Approved PersonsNumber
of Firms
% of Firms
Over 1,00095%
501 to 1,00053%
101 to 5002012%
11 to 1007443%
10 or fewer6337%
31,061
Approved Persons overseen by IIROC

Industry Profile: Markets

(All statistics are as at March 31, 2021)

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)**
  1. NEO Exchange operates 3 distinct books – NEO-L, NEO-N and NEO-D
  2. Nasdaq (CXC) Limited operates 3 distinct books – Nasdaq CXC (CXC), Nasdaq CX2 (CX2) and Nasdaq CXD (CXD)
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)

Canada’s Multiple Equity Marketplaces

(Where trading took place in 2020-2021 by share volume)*

ListedTSXTSXVCSENEO
TSX55.73%0.00%0.00%0.00%
TSXV0.00%60.79%0.00%0.00%
CSE2.52%0.52%73.36%0.00%
Liquidnet0.13%0.01%0.00%0.00%
MATCH Now4.20%1.91%2.63%1.96%
Omega2.79%4.55%3.78%3.38%
CXC12.69%3.26%1.85%0.00%
Alpha6.96%6.42%0.00%0.00%
ICX0.04%0.01%0.00%0.00%
CX23.89%7.49%3.15%0.00%
Lynx0.05%0.01%0.02%0.07%
NEO-N5.60%8.90%9.92%18.49%
NEO-L4.14%5.87%4.92%75.93%
CXD1.22%0.27%0.37%0.00%
NEO-D0.04%0.01%0.01%0.16%
  1. For the year ended March 31, 2021

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

Trades

Number of transactions (millions)

Vertical bar graph showing the Trades
  • 631 million transactions in FY 2020-21
  • 509 million transactions in FY 2019-20
  • 433 million transactions in FY 2018-19

Volume

Total shares traded (billions)

Vertical bar graph showing the Volume
  • 393 billion shares traded in FY 2020-21
  • 257 billion shares traded in FY 2019-20
  • 268 billion shares traded in FY 2018-19

Value

of shares traded ($ billions)

Vertical bar graph showing the Value
  • $3,991 billion in shares traded in FY 2020-21
  • $3,318 billion in shares traded in FY 2019-20
  • $3,066 billion in shares traded in FY 2018-19

By the numbers: Enforcement

112
Completed enforcement investigations
28
Completed disciplinary hearings
(including settlement hearings) (20 individuals, 8 firms)
$1,876,500
Assessed fines (excluding costs and disgorgement) against firms and individuals
$1,110,000
Enforcement fines, excluding disgorgement and cost recovery, assessed against firms
$766,500
Enforcement fines, excluding disgorgement and cost recovery, assessed against individuals
100%
of firm fines assessed was collected*
27%
of individual fines assessed was collected*
14
Suspensions issued
1
Permanent Ban issued
  1. Please note the amount collected includes the enforcement fines, excluding disgorgement and cost recovered of the total fines assessed in the period April, 2020 to March 31, 2021. It does not include the amounts collected in the period of April 2020 to March 2021 for fines assessed in previous years.