It looks as if Canadian authorities, heavily nagged by investment dealers, won’t allow the competition that a de-regulated financial system would produce. And by protecting the puny investment dealers, the authorities might switch the whole Canadian securities industry into a siding.
Banks are about to be admitted to the securities business. But how far they’ll be let in remains uncertain. Foreign securities houses will be allowed to take larger minority positions in Canadian investment dealers and open (small) wholly-owned operations in Canada.
Already a significant chunk of Canada’s securities trading is done outside the country.
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