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Canada's boutique investment dealers saw their block trading spike in May, in step with a rebound in commodity stocks.

With mining and energy plays soaring last month, employee-owned dealers joined the traditional trading powerhouses - the bank-owned brokerage houses - on the TSX's block trading list, which measures institutional buying and selling of stocks.

TD Securities was the top dealer based on the value of its trading, with 28 per cent market share in May, while GMP Securities led the way on volume, with 17 per cent of activity.

Only one global dealer cracked the top 10 by either measure, as Credit Suisse ranked No. 10 by value. Most months, Merrill Lynch and UBS Securities are also in the ranks.

In May, the top 10 did include Cormark Securities, Paradigm Capital, Canaccord Capital, Raymond James and Genuity Capital Markets. All of these dealers are active players in resource plays.

The TSX block trading lists are becoming less relevant as electronic trading becomes an increasingly large component of Canadian markets. Most electronic trades see dealers buy or sell for institutions in a series of small orders, rather than one large trade. The TSX defines a block trade as a transaction of 10,000 shares or more, worth a minimum of $100,000.