(June 14 – 18:30 ET) – The Investment Dealers Association bid adieu to outgoing chairman Chuck Winograd and welcomed his replacement Jacques Menard at the group’s annual general meeting in Toronto today.

Menard, of BMO Nesbitt Burns Inc. in Montreal, replaced RBC Dominion Securities Inc.’s Winograd
during the AGM, with Merrill Lynch Canada Inc.’s Bill Packham taking over as vice chairman from Menard.

Menard spoke to the assembled IDA voters after his inauguration, outlining his priorities for the coming year. He said the IDA is focusing on the restructuring of the capital markets. It admits that it’s unlikely that the regulators will grant its wish for a free-standing regulator to oversee the TSE. Instead the IDA is encouraging the TSE’s regulation arm to join with the CDNX to create one body to oversee both exchanges. “Discussions are ongoing,” says Menard.

With the TSE and CDNX also talking about a possible trading platform integration a regulatory deal wouldn’t be much of a surprise either. Menard also recommended that NASDAQ Canada be part of the same regulatory scheme, too.

While the IDA probably won’t get to play market regulator it likely will be a bigger force in the fixed-income market. Menard suggested that the bond transparency system built by the IDA on behalf of its members and the major inter-dealer bond brokers, known as CanPX, will likely finally be designated the data consolidator for fixed-income markets.

Menard says the IDA will also be lobbying for tax cuts, including the elimination of capital gains tax on equity investments in small businesses and high tech firms. It will also push for increased RRSP contribution limits.

Finally, he’d also like to see the group officially recognized as an SRO in Quebec. Although it has generally been operating as one, the IDA was not formally recognized until this past year in B.C., Alberta and Manitoba. It also expects to receive formal recognition soon in Saskatchewan.
-IE Staff