Margin debt levels continue to fall in the Canadian securities industry.

The most recent numbers from the Investment Dealers Association shows that outstanding debt in client margin accounts has slipped below $7.6 billion in October. This is down almost $1 billion from September, and well off the peak of almost $11.9 billion in September 2000.

In the September to October period last year, an even bigger drop was recorded, more than $1.2 billion. Client borrowing has been following a downward trend since then.

Margin debt started 2001 at about $10.5 billion. This drop in borrowing has been one more source of revenue weakness for already-battered brokerage operations.