Hug a trader. The business of buying and selling stocks on behalf of big clients is getting tougher and tougher in Canada, as commissions remain in freefall.
Greenwich Associates, a U.S. market intelligence firm which tracks commissions, said it estimates that fees collected by brokers declined 12 per cent in the 12 months ended March 13. That put the fee pool at $605-million, down from $690-million in the previous period. The drop was bigger than Greenwich expected, and it appears commission declines are picking up pace. At this time last year, Greenwich estimated that 2013 fees were down 10 per cent.