Wednesday, June 8, 2016 Stamford, CT USA — While the Big 5 dealers dominate Canadian equity trading and research, RBC Capital Markets has extended its lead within this group.

As part of its 2016 Canadian Equity Investors Study, Greenwich Associates interviewed 59 institutional portfolio managers and 59 institutional traders about the brokers they use for Canadian equities. Study participants were asked to rank order the brokers they use for research/advisory services, trade execution and other services, to estimate the share of their overall commission volume allocated to each firm, and to rate the quality of service they receive from each broker.

The study results show that RBC Capital Markets achieved an impressive 15.4% share in Canadian equity trading commissions. BMO Capital Markets was second with a trading share of 11.5%, followed by Scotiabank and TD Securities, which were statistically tied with shares of 10.0%–10.4%, and CIBC at 9.3%. These firms are the 2016 Greenwich Leaders in Canadian Equity Trading Share.

“Within an essentially flat pool of institutional equity commissions into Q1 2016, the Big Five Canadian brokers maintained their dominant market share last year by capturing an aggregate 57% of institutional Canadian equity trading volume” says Greenwich Associates Managing Director Jay Bennett.

RBC Capital Markets’ lead in Canadian equity trading is buttressed by its commanding position as the No. 1 provider of Canadian equity research/advisory services. Currently, buy-side trading desks allocate about 63% of their Canadian equity trade commission payments to compensate providers of research/advisory services, including analyst service, sales, corporate access, and other services.

RBC Capital Markets leads this business with 16.6% share of the institutional commission-weighted research/ advisory vote. Scotiabank is next with a 14.3% share, followed by BMO Capital Markets at 12.4%, CIBC at 10.2% and TD Securities at 8.6%. These firms are the 2016 Greenwich Leaders in Canadian Equity Research/Advisory Vote Share.