ANNUAL REPORT 2021‑2022

Industry Profile

Industry Profile: Dealers

(All statistics are as at March 31, 2022)

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 PersonsBranch OfficesHead Offices
AB3,31795813
BC4,9121,21410
MB6461722
NB338911
NF121370
NS5501610
NT130
NU000
ON15,4683,237105
PE73240
QC5,56877728
SK6712090
YT780
U.S.380N/A8
Other*53N/A2
Total:32,1056,891169

* International

MEMBER FIRMS

(by revenue)
Revenue% of Firms
Greater than $1 billion4%
Greater than $100 million20%
Greater than $10 million31%
Greater than $5 million12%
Less than $5 million33%

Based on 169 Dealer Members that reported revenue for the period of April 1, 2021 to March 31, 2022

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 1007845%
10 or fewer6035%

INVESTMENT DEALERS’ BUSINESS MODELS

  • Focus on retail clients
  • Focus on institutional clients
  • Integrated approach
174
Dealer Members
overseen by IIROC, of which:
3 in the resignation process
3 suspended
32105
Approved Persons

Industry Profile: Markets

(All statistics are as at March 31, 2022)

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)**
*

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)

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 2021-2022 by Share Volume)*
ListedTSXTSXVCSENEO
TSX53.90%0.00%0.00%0.00%
TSXV0.00%56.45%0.00%0.00%
CSE2.04%0.90%67.78%0.39%
Liquidnet0.10%0.01%0.01%0.00%
MATCH Now4.18%2.05%2.15%3.51%
Omega3.22%6.10%5.78%7.10%
CXC14.12%3.60%2.82%0.12%
Alpha6.98%6.94%0.00%0.00%
ICX0.05%0.01%0.00%0.00%
CX24.47%10.73%5.38%0.03%
Lynx0.07%0.01%0.01%0.05%
NEO-N2.60%6.85%8.94%13.74%
NEO-L6.80%5.89%6.59%75.00%
CXD1.40%0.43%0.51%0.00%
NEO-D0.06%0.02%0.03%0.06%

* For the year ended March 31, 2022

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

Trades

Number of transactions (millions)

Volume

Total shares traded (billions)

Value

of shares traded ($ billions)

By the Numbers: Enforcement

76

Completed enforcement investigations

31

Completed total disciplinary hearings (including
settlement hearings) (23 individuals, 8 firms)

3490271

Assessed fines (excluding costs and disgorgement) against firms and individuals

$1,370,500.00

Enforcement fines, excluding disgorgement and cost recovery, assessed against firms

$2,119,770.65

Enforcement fines, excluding disgorgement and cost recovery, assessed against individuals

100%

of firm fines assessed was collected*

18%

of individual fines assessed was collected*

13

Suspensions Issued
(Individuals 12; Firms 1)

5

Permanent Bars issued
(Individuals 4; Firms 1)

*

Please note the amount collected includes the enforcement fines, excluding disgorgement and cost recovered of the total fines assessed in the period April, 2021 to March 31, 2022. It does not include the amounts collected in the period of April, 2021 to March, 2022 for fines assessed in previous years.