Canada's public capital is shrinking due to declining IPO activity globally, making private markets insufficient to offset the gap.
Canada's public capital is shrinking due to declining IPO activity globally, making private markets insufficient to offset the gap.
The Big Six chartered banks have dominated public equity underwriting since the 1980s, with data showing a 60% market share in 1993.
The Big Six chartered banks have dominated public equity underwriting since the 1980s, with data showing a 60% market share in 1993.
By 2001, the Big Six had a 70% market share, and by 2024, they control 80% of public equity underwriting on the TSX.
By 2001, the Big Six had a 70% market share, and by 2024, they control 80% of public equity underwriting on the TSX.
The number of operating company IPOs on the TSX has declined significantly, from 84 in 1986 to 13 over the past three years.
The number of operating company IPOs on the TSX has declined significantly, from 84 in 1986 to 13 over the past three years.
Between 2002 and 2024, the number of public operating companies on the TSX was cut by nearly half.
Between 2002 and 2024, the number of public operating companies on the TSX was cut by nearly half.
By 2024, operating companies comprised only 37% of the total listings on the TSX.
By 2024, operating companies comprised only 37% of the total listings on the TSX.
The global economy has shifted towards intangible assets, but Canada's policies and investment sector remain focused on physical industries and financials.
The global economy has shifted towards intangible assets, but Canada's policies and investment sector remain focused on physical industries and financials.
The Big Six's dominance has created regulatory advantages and market protections that prevent new players from emerging on a level playing field.
The Big Six's dominance has created regulatory advantages and market protections that prevent new players from emerging on a level playing field.
Targeted incentives, such as tax-free spinoffs and equity tax credits, can encourage the de-consolidation of the financial sector and foster new competitors.
Targeted incentives, such as tax-free spinoffs and equity tax credits, can encourage the de-consolidation of the financial sector and foster new competitors.
Canada's economy is at a crossroads, and rebalancing the financial system is necessary to ensure entrepreneurs and innovators have access to the capital they need to grow.
Canada's economy is at a crossroads, and rebalancing the financial system is necessary to ensure entrepreneurs and innovators have access to the capital they need to grow.