National Post (Latest Edition)
INVESTMENT FIRM CLOSURES IN CANADA TO RISE, SURVEY SAYS
The number of securities firms operating in Canada is likely to shrink further amid competition and escalating costs from technology and regulations, according to a survey from the country’s main industry group. Fifty- five per cent of chief executive officers of surveyed investment dealers expect the number of firms exiting the industry in the next two years to be higher than the previous two years, the Investment Industry Association of Canada said Thursday. “Roughly onequarter of the small firms in the investment industry will continue to struggle from difficult competitive pressures and the steady escalation in fixed costs from technology and regulatory change,” IIAC chief executive officer Ian Russell, pictured, said in a speech Thursday in Toronto.