Industry Statistics
(as of March 31)
Enforcement
| Enforcement | Investment Dealer | Mutual Fund Division |
|---|---|---|
| Completed Enforcement Investigations | 91 | 96 |
| Completed Total Disciplinary Hearings (Including Settlement Hearings) | 31 | 77 |
| Completed Disciplinary Hearings (Including Settlement Hearings) - Individual | 20 | 71 |
| Completed Disciplinary Hearings (Including Settlement Hearings) - Firm | 11 | 6 |
| Suspensions Issued | 11 | 29 |
| Permanent Bars/Terminations Issued | 7 | 14 |
Markets
CIRO 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)**
*Canadian Securities Exchange operates 2 distinct books:
CSE and CSE2
**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 Equity Marketplaces
(Where Trading Took Place in 2022-2023 by Share Volume)*
| TSX-Listed Percentage | TSXV-Listed Percentage | CSE-Listed Percentage | NEO-Listed Percentage | |
|---|---|---|---|---|
| Toronto Stock Exchange (TSX) | 55.03% | 0.00% | 0.00% | 0.00% |
| TSX Venture Exchange (TSXV) | 0.00% | 57.91% | 0.00% | 0.00% |
| Canadian Securities Exchange (CSE) | 1.58% | 1.20% | 71.78% | 0.91% |
| Liquidnet Canada Inc (Liquidnet) | 0.10% | 0.01% | 0.00% | 0.00% |
| TriAct Canada Marketplace (MATCH Now) | 3.77% | 1.72% | 1.86% | 2.72% |
| Omega ATS (Omega) | 4.33% | 8.59% | 7.32% | 6.91% |
| Nasdaq CXC (CXC) | 15.49% | 2.57% | 2.33% | 0.35% |
| Alpha Exchange (Alpha) | 5.29% | 8.32% | 0.00% | 0.00% |
| Instinent Canada Cross Limited (ICX) | 0.06% | 0.01% | 0.01% | 0.00% |
| Nasdaq CX2 (CX2) | 3.66% | 9.04% | 3.71% | 0.23% |
| Lynx ATS (Lynx) | 0.25% | 0.06% | 0.01% | 0.04% |
| NEO-N | 2.30% | 4.94% | 6.44% | 9.42% |
| NEO-L | 6.11% | 5.00% | 6.07% | 79.31% |
| Nasdaq CXD (CXD) | 1.89% | 0.56% | 0.41% | 0.01% |
| NEO-D | 0.08% | 0.04% | 0.03% | 0.08% |
| CSE2 | 0.06% | 0.04% | 0.02% | 0.01% |
| Total | 100.00% | 100.00% | 100.00% | 100.00% |
* For the year ended March 31, 2023
Trading Activity on the Equity Marketplaces Regulated by CIRO
Mutual Fund Dealers
Individuals and Firms Regulated by CIRO
| Province | Approved Persons | Branch Offices | Head Offices |
|---|---|---|---|
| AB | 7,624 | 1,900 | 6 |
| BC | 10,406 | 2,282 | 7 |
| MB | 2,158 | 556 | 3 |
| NB | 1,197 | 399 | 0 |
| NF | 796 | 231 | 0 |
| NS | 1,585 | 445 | 0 |
| NT | 45 | 15 | 0 |
| NU | 11 | 5 | 0 |
| ON | 31,443 | 7,123 | 55 |
| PE | 223 | 79 | 0 |
| QC | 19,950 | 3,640 | 10 |
| SK | 2,136 | 658 | 3 |
| YT | 53 | 15 | 0 |
| U.S. | |||
| Other* | |||
| Total | 77,627 | 17,348 | 84 |
Member Firms (by Revenue)
| % of Firms | |
|---|---|
| Greater than $1 billion | 3% |
| Greater than $100 million | 19% |
| YT Greater than $10 million | 21% |
| Greater than $5 million | 6% |
| Less than $5 million | 51% |
| Total | 100.00% |
100
Dealer Members
Includes 16 Mutual Fund Dealers in Quebec who remain subject to Regulation 31-103. The Autorité des marchés financiers (AMF) and the Chambre de la sécurité financière (CSF) continue to regulate these activities during the reporting period.
Member Firms (by Number of Approved Persons)
| # of Firms | % of Firms | |
|---|---|---|
| Over 1,000 | 15 | 18% |
| 501 to 1,000 | 6 | 7% |
| 101 to 500 | 12 | 14% |
| 11 to 100 | 26 | 31% |
| 10 or fewer | 25 | 30% |
77,627
Approved Persons
Does not include the number of Approved Person or Branch Offices of Mutual Fund Dealers who remain subject to Regulation 31-103
Investment Dealers
Individuals and Firms Regulated by CIRO
| Province | Approved Persons | Branch Offices | Head Offices |
|---|---|---|---|
| AB | 3,525 | 978 | 13 |
| BC | 5,116 | 1,271 | 11 |
| MB | 682 | 173 | 2 |
| NB | 345 | 96 | 1 |
| NF | 127 | 41 | 0 |
| NS | 581 | 3 | 0 |
| NT | 1 | 164 | 0 |
| NU | 1 | 0 | 0 |
| ON | 15,967 | 3,237 | 109 |
| PE | 66 | 25 | 0 |
| QC | 5,887 | 796 | 27 |
| SK | 699 | 206 | 0 |
| YT | 7 | 6 | 0 |
| U.S. | 388 | 10 | 9 |
| Other* | 57 | N/A | 2 |
| Total | 33,449 | 7,006 | 174 |
Member Firms (by Revenue)
| % of Firms | |
|---|---|
| Greater than $1 billion | 5% |
| Greater than $100 million | 16% |
| YT Greater than $10 million | 31% |
| Greater than $5 million | 14% |
| Less than $5 million | 34% |
| Total | 100.00% |
174
Dealer Members
overseen by CIRO, of which: 1 in the resignation process, 0 suspended
Member Firms (by Number of Approved Persons)
| # of Firms | % of Firms | |
|---|---|---|
| Over 1,000 | 10 | 6% |
| 501 to 1,000 | 4 | 2% |
| 101 to 500 | 20 | 12% |
| 11 to 100 | 76 | 44% |
| 10 or fewer | 63 | 36% |
33,449
Approved Persons