RBC Capital Markets has extended its lead over the rest of the big bank-owned dealers in the Canadian equity trading business, according to a report from Greenwich Associates published on Wednesday.
Based on surveys of 59 institutional portfolio managers and 59 institutional traders about the brokers they use for Canadian equities, Greenwich found that RBC Capital Markets captures a 15.4% market share in Canadian equity trading commissions.
BMO Capital Markets ranked second with an 11.5% share, followed by Bank of Nova Scotia and TD Securities, which were tied at 10.0%, and Canadian Imperial Bank of Commerce at 9.3%.
“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 Jay Bennett, managing director at Greenwich, in a statement.
Greenwich also found that RBC leads in the rankings of Canadian equity research/advisory services, with a 16.6% share of the institutional commission-weighted research/advisory vote.
Scotiabank ranks second with a 14.3% share, followed by BMO Capital Markets at 12.4%, CIBC at 10.2%, and TD Securities at 8.6%.
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