Merger of investment and mutual fund dealer regulators could save $490M: report - OttawaMatters.com | Canada News Media
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Merger of investment and mutual fund dealer regulators could save $490M: report – OttawaMatters.com

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4 years ago

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TORONTO — The self-regulatory organization that oversees investment dealers and their trading activity in Canada says a merger with the Mutual Fund Dealers Association would save as much as half a billion dollars over 10 years.

IIROC — the Investment Industry Regulatory Organization of Canada — says a study conducted by Deloitte LLP shows that a consolidation of the two regulators would result in savings of between $380 million and $490 million for the financial services industry.

It says the savings would come from cutting expenses related to running two platforms to comply with overlapping regulation, adding the merger would benefit investors by giving access to more investment solutions and advice, while advisers would have more flexibility to expand and there would be less regulatory fragmentation.

IIROC, which commissioned the report, sets and enforces rules for 175 Canadian investment firms and their nearly 30,000 investment advisers, while also setting integrity rules regarding trading activity on Canadian markets. The MFDA oversees about 90 Canadian mutual fund dealers and their 80,000 salespeople.

The Canadian Securities Administrators, which represents provincial and territorial securities commissions, is in the midst of a review of the regulatory framework for IIROC and MFDA.

The MFDA recommends building a new organization from scratch, while IIROC favours a merger without changes to existing rules and fees.

IIROC is recognized by all 13 provincial and territorial jurisdictions and the MFDA is recognized by just eight provinces.

This report by The Canadian Press was first published Aug. 25, 2020.

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Investment

S&P/TSX composite up more than 100 points, U.S. stock markets mixed

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4 days ago

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October 16, 2024

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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 103.40 points at 24,542.48.

In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.

The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.

The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.

The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.

This report by The Canadian Press was first published Oct. 16, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX up more than 200 points, U.S. markets also higher

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1 week ago

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October 11, 2024

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TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.

The S&P/TSX composite index was up 205.86 points at 24,508.12.

In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.

The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.

The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.

The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

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Economy

S&P/TSX composite little changed in late-morning trading, U.S. stock markets down

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1 week ago

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October 10, 2024

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TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.

The S&P/TSX composite index was up 0.05 of a point at 24,224.95.

In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.

The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.

The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.

The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.

This report by The Canadian Press was first published Oct. 10, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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