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Summary
This Greenwich Leaders report identifies the 2014 Greenwich Share Leaders in Canadian Equities in trading share, research/advisory vote share, equity algorithmic trading, as well as Greenwich Quality Leaders.

For 12 months ended Q1 2014, the pool of Canadian equity commissions (tracked within the Greenwich Associates universe of 96 trading desks) declined about 12% from an estimated $690 million down to $605 million – well below expectations noted a year ago.

“While there’s always back and forth among the Big Five Canadian banks that dominate this business, RBC’s position in 2014 is as strong as we have seen any bank achieve in this market,” says Greenwich Associates consultant Jay Bennett. “RBC’s equity capabilities are the broadest and deepest of the Big Five at the moment. In addition to its strong domestic equity research franchise, the bank also has a strong electronic trading platform, which clearly differentiates it from the other top brokers.”

In the increasingly important category of Canadian equity algorithmic trading — which increased from 13% to 19% of trading volume and may rise to 21% three years out — the clear 2014 Greenwich Share Leader is ITG.

Methodology

Greenwich Associates interviewed 56 Canadian equity fund managers about the research and sales services they receive, 61 Canadian equity traders about the trading services they receive from their brokers, and 51 users of algorithmic trading in Canada. They were also asked about current market practices, trend and compensation. Interviews were conducted between December 2013 and February 2014.