Nine investment dealers withdrew from the Investment Industry Regulatory Organization of Canada (IIROC) last year. Their departures were due to mergers, closures, or a decision to switch over to exempt dealer status where the regulatory burden is less.
In his most recent letter to members, Investment Industry Association of Canada (IIAC) president Ian Russell suggested that boutique investment firms are “under siege”. He notes that difficult economic conditions and a “remorseless squeeze in operating margins” have already pushed several retail firms to the exits.
ANDREW RICKARD – Insurance Journal – January 20, 2016.