(December 10 – 11:45 ET) –
According to SIA the U.S. business
is poised to set all-time records
in total revenue, pre-tax profits,
commissions, mutual fund sales,
trading gains, underwriting, and
asset management fees. “It’s a
ratings sweep,” says the SIA.
While the Canadian industry
slowed dramatically through the
third quarter, the SIA says the
U.S. business has posted “stronger
than expected third quarter
results” that are extending into
the fourth quarter. “This amounts
to an across-the-board record
year,” said Frank Fernandez, SIA
senior vice president and chief
economist.
The U.S. industry is set to
produce a revenue record for the
fifth straight year, reaching
US$175.5 billion, pre-tax profits
of at least US$12.6 billion – up
29% from last year. Commissions
came in at US$28 billion, up 16%.
Trading gains totalled US$34
billion. Underwriting revenue rang
in at US$15.3 billion.
Trading volume on the three
largest markets in the U.S. hit 1.9
billion shares daily through early
December, up 27% from 1998. By
comparison Canadian markets will
typically trade well under 200
million shares in an average day.
More details are available at the SIA’s Web site under quarterly financial results:
here and at
www.sia.com