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The Investment Industry The investment industry is composed of a wide variety of firms The main players include independent full line brokerage firms investment bank subsidiaries of chartered banks and discount brokers Independent full line brokerage firms offer a wide range of services including underwriting trading of stocks advice and research In essence the full service brokerage subsidiaries of chartered banks offer the same services however banks brokerage firms may have a larger pre-established clientele Finally the discount brokers are basic stock brokers that perform trades for clients who do not want investment advice Usually this service is targeted toward the sophisticated investor who does hisher own research to incur minimal commission fees Banks entered the investment industry in 1987 whereby they took over full-service brokerages introduced mutual funds to the banking industry and became part of discount brokering From this time on chartered banks have expanded their dominance in the industry by acquiring key players in the industry or branching off into full brokerage services For example the brokerage firms for CIBC Royal Bank Toronto Dominion Bank Bank of Nova Scotia and Bank of Montreal are Wood Gundy RBC Dominion Evergreen Scotia McLeod and Nesbitt Burns respectively In addition the aforementioned chartered banks have also branched into the discount brokerage sector As of December 1994 the Securities Industry as a whole included 158 firms directly employs over 24000 people has operating revenue of 51 Billion and operating profit of 12 Billion Appendix A Within this industry the largest firms ranked by revenue are RBC Dominion Securities 1 Billion Midland Walwyn 480 million Burns Fry 416 million and Nesbitt Thomson 335 million Appendix B It is evident that the industry is highly concentrated in a small number of companies The top 4 leaders in the industry accounted for 44 of revenue while the top 8 was 51 Industry information from 1993 displays further segregation between retail institutional and integrated firms Integrated retail-institutionalized firms RBC
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