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Small Canadian investment dealers face ‘existential’ crisis

Small brokerage firms in Canada face a struggle for survival after a third straight year of falling earnings, says the head of the Investment Industry Association of Canada (IIAC).

Overall profit in the securities business rose 27 per cent to $4.8-billion last year, the association estimates. But almost all of that money went to the eight big integrated investment dealers, a group that mainly comprises the securities firms owned by big banks.