The Big Six have led on average approximately 60 per cent of public equity underwriting on the TSX, according to data collected from 1993 to 2024.Fred Lum/the Globe and Mail
J. Ari Pandes is an associate professor of finance and an associate dean at the University of Calgary’s Haskayne School of Business.
Colin Deacon is a senator and former entrepreneur. He advocates in Canada’s Upper Chamber for innovation and harnessing of the digital economy.
Globally, IPO activity is declining and the universe of public companies is shrinking. In Canada, our private markets are currently insufficient to offset the decrease in our public capital, adding to the migration in the commercial value of our ideas.
Limited competition in capital markets, the consolidation of market influence into our largest financial institutions and their homogeneous approach to risk management have undermined Canada’s capacity to fund and retain its innovations. With targeted actions and incentives, this consolidation can be reversed, broadening the availability of risk capital to invest in our economy.
This period of consolidation began with an underappreciated change to Canada’s Bank Act in 1987, allowing commercial banks to enter the securities underwriting business. By July, 1988, all of Canada’s chartered banks (the “Big Six”) had started or acquired an investment bank. Within a few years, Canada was transformed from a market with no bank-owned public equity underwriters to one dominated by them. In the process, the capital markets lost much of the specialized, regionally focused and industry-specific expertise that the independent underwriters had long provided.
Data collected from 1993 to 2024 show that the Big Six led on average approximately 60 per cent of public equity underwriting – including both initial public offerings and follow-on equity offerings – on the TSX, peaking at an astonishing 80 per cent.
This rapid shift fundamentally reshaped Canada’s capital markets. What was once a diverse landscape of employee-controlled competitors became highly concentrated, with the Big Six dominating both lending and underwriting. Lost competitors included scrappy disrupters such as Gordon Capital, who pioneered “bought deal” underwriting in the early 1980s, and outcompeted established investment dealers by driving down fees and allowing companies to raise capital more quickly and with greater certainty. As a result, smaller issuers faced fewer options, less support and higher costs when accessing public markets.
The broader implications are more acute. In 1986, the TSX hosted 84 operating company IPOs. By the early 2000s, this fell to an average of 35 per year, and between 2001 and 2024, just 13 a year. Only one operating company IPO occurred over each of the past three years.
This remarkable decline has significantly contributed to the reduction of the number of public operating companies on the TSX. Between 2002 and 2024, their presence was cut by about half. By the end of 2024, operating companies comprised only 37 per cent of the total listings on the TSX. As one of us has written previously, no single factor explains this decline, but the increasingly homogenous and shrinking ecosystem is arguably a major factor.
Meanwhile, the global economy has shifted toward intangible assets, recently accounting for 90 per cent of the market value of S&P 500 companies. By contrast, Canada’s economic and investment policies, and Big Six-dominated investment sector, remain fixated on physical industries and financials, rather than supporting the intellectual property, tech startups and digital infrastructure that drive modern prosperity.
Indeed, technology stocks only account for roughly 10 per cent of the S&P TSX market value, while industries related to physical assets make up nearly 50 per cent and financials more than 30 per cent. This disparity illustrates Canada’s failure to nurture a thriving technology sector, despite global demand for innovative companies. Consequently, Canada’s top tech companies tend to exit through U.S. listings or acquisitions.
Financial-sector concentration has further entrenched regulatory advantages and market protections that prevent new players from emerging and competing on a level playing field. While recent amendments to Canada’s Competition Act promise to limit further monopolization, much more action is required. For example, Canada’s banking regulations grant systemically important banks special benefits based solely on size, shielding them from competition. Smaller customer-centric and technologically adept financial institutions, meanwhile, are regularly disadvantaged.
To restore Canada’s economic competitiveness, policy makers must confront the outsized influence the Big Six have secured over investment and capital formation. Where independent investment dealers once took risks and fuelled growth, consolidation has limited the diversity of competition, and consequently access to capital for entrepreneurs, stalling innovation in key sectors. Deeper reforms in co-ordination with all levels of government are needed. We must unwind industrial policies that favour incumbents and strip away excessive regulations that entrench oligopolies, creating real incentives for Canadian companies to grow and seek public market capital at home.
Targeted incentives, such as tax-free spinoffs of subsidiary shares, can encourage the de-consolidation of the financial sector. Equity tax credits, or modelling the United Kingdom’s successful Enterprise Investment Scheme, can catalyze regional investment and spur the formation of innovators and new competitors. Additionally, flow-through shares, as championed in Prime Minister Mark Carney’s electoral platform, could unlock fresh capital streams for the intangible sector. We need to be bold and creative in bolstering pools of risk capital, new approaches to risk management and combatting the entrenchment of a status quo that has steadily eroded Canada’s capital markets.
Canada’s economy is not destined to decline – it’s simply at a crossroads. It’s time to rebalance our financial system, not by undermining the strengths of our banks but by ensuring that entrepreneurs, investors and innovators across the country have access to the capital they need to grow. Canada has the talent, creativity and resources to thrive in the modern economy, but doing so demands rethinking the structures that have eroded competition, innovation and business investment – and have all too often forced our innovators to seek financing elsewhere.
Canada’s economy is the tenth-largest in the world, with a Gross Domestic Product (GDP) of roughly $2 trillion. Thanks to its proximity and abundant natural resources including gas, oil and agricultural products, the country is the United States’ biggest trading partner.
The United States’ tariffs, as well as Trump’s repeated assertion that the nation of 40 million should become America’s 51st state, have led to a feud with Canada. Our northern neighbor implemented retaliatory tariffs (25%) on $30 billion worth of American goods. And some of the goods we rely on them for the most: steel and aluminum. There are economic consequences: export has slowed throughout the ongoing negotiations.
But the banking industry is at the heart of Canada’s economy, pumping into almost every other sector. The top five companies on Canada’s list are all banks, and they are all based in Toronto. The city alone accounts for 20% of the country’s GDP (over $400 billion). Toronto is its leading financial center and home of the Toronto Stock Exchange (TSE).
The Royal Bank of Canada (RBC) sits at the top of the Global 2000: Canada ranking 26th on the main Global 2000 list. Based in Toronto, the company brings in almost $100 billion in revenue and has nearly double the profit of TD Bank Group, the second highest ranked Canadian company. RBC, which has significant operations in the U.S., is nearly double the size of its competitors with nearly 100,000 employees. It’s the biggest of the “Big Five” banks.
The “Big Five” hold the top five spots on the list below. Toronto-Dominion Bank (TD), Bank of Montreal (BMO), Scotiabank (Bank of Nova Scotia), and Canadian Imperial Bank of Commerce (CIBC) fall two through five on the lineup, respectively. Not only do these banks support the stability of Canada’s economy, but their regulation, concentration of power, electronic banking, and dual-currency system ensure these money managers remain at the top of the list.
Further down the ranking, agriculture, energy, and infrastructure companies in Toronto, Calgary, and Montreal hold top spots, along with popular retail brands–even those who don’t know much about Canada’s economy would recognize: Lululemon Athletica and Shopify. Founded nearly 20 years ago, Shopify supports customers across 175 countries.
The health and biology sector, as well as the AI and technology sector, have representation at the bottom of the list, but the significant and growing presence of those industries will likely mean that these companies, as well as others, will rise higher in Canada’s ranking in the years to come.
From banking to biotechnology, the top companies in Canada are not only moving the economy forward, but are also directly impacting globalization, with four of its top banks in the top 100 on the global list.
(MENAFN– Newsfile Corp)
London, United Kingdom–(Newsfile Corp. – June 11, 2025) – (The Net-Zero Circle) The “Critical Minerals & Capital – An Exclusive Dialogue” Financial Roundtable took place last week at the Niemeyer Room of the Ouro Minas Hotel during the 2nd Brazil Lithium & Critical Minerals Summit 2025, organized by IN-VR and Invest Minas. This invitation-only, strategic session gathered an elite group of financiers, investors, mining operators, government representatives, and technology providers for an in-depth dialogue on accelerating investment flows into Brazil’s rapidly growing critical minerals sector.
As Brazil cements its role as a global powerhouse in lithium, nickel, graphite, and other essential minerals, this roundtable offered a unique platform to explore innovative financing solutions and foster collaboration among key stakeholders in the critical minerals value chain.
Key themes discussed included:
Innovative financing mechanisms tailored for lithium and critical mineral projects
Challenges and opportunities in early-stage and infrastructure funding
The pivotal role of public-private partnerships and development bank support
ESG-linked finance and sustainability criteria shaping capital allocation
Policy and regulatory frameworks influencing investor confidence
Case studies showcasing successful financing structures in Latin America
Held in a focused and facilitated format, the roundtable encouraged active participant engagement, enabling representatives to share their portfolios, highlight investment priorities, and identify pathways for strategic collaboration.
Prominent participants included representatives from:
UK Export Finance (UKEF)
Brazilian Development Bank (BNDES)
Ministry of Finance (Ministério da Fazenda)
Toronto Stock Exchange
European Investment Bank
UK Government
Mining operators including Pilbara Minerals (PLS), Companhia Brasileira de Lítio (CBL), Atlas Lithium, Perpetual Resources, Spark Energy Minerals, Aclara Resources
Financial institutions such as Banco Safra, Banco do Nordeste, Prisma Capital, Regia Capital, BDMG, YVY Capital, and Ore Investment
– “I’m proud to say that Minas Gerais provides the legal and political stability necessary for sector development.” – Ronaldo Barquette, Director of Investment Attraction at Invest Minas;
– “I’m available to collaborate with financial institutions on matters related to mineral rights.” – Caio Trivellato, Director at National Mining Agency (ANM);
(Klaus Petersen from Viridis Mining, Ronaldo Barquette from Invest Minas and Guillaume Legaré from Toronto Stock Exchange at the Financial Roundtable) To view an enhanced version of this graphic, please visit:
Minas Gerais stands at the heart of Brazil’s critical minerals landscape, supported by the region’s rich mineral endowments and Brazil’s strategic commitment to the global energy transition. This roundtable reinforces Minas Gerais’ position as a hub for capital mobilization, innovation, and sustainable mining development.
The Financial Roundtable at the Brazil Lithium & Critical Minerals Summit 2025 exemplifies the critical role of strategic, high-level collaboration in unlocking investment and accelerating responsible development within Brazil’s vital mineral sectors.
About IN-VR IN-VR is a leading global consultancy specializing in energy, mining, and investment promotion, bridging the gap between governments and the private sector. With a track record of organizing premier industry summits, IN-VR facilitates high-impact investment opportunities and strategic collaborations worldwide.
About Invest Minas Invest Minas is the investment promotion agency of Minas Gerais, dedicated to attracting foreign investment and fostering economic development in Brazil’s lithium and critical minerals sector.
GRIMSBY, Ontario, June 11, 2025 (GLOBE NEWSWIRE) — Andrew Peller Limited (TSX: ADW.A / ADW.B) (“APL” or the “Company”) announced today results for the three and 12 months ended March 31, 2025. All amounts are expressed in Canadian dollars unless otherwise stated.
(MENAFN– ACCESSWIRE) NEW YORK CITY, NY / ACCESS Newswire / June 11, 2025 / New to The Street, one of the nation’s longest-running business television platforms, proudly announces a new multi-part media series spotlighting Lahontan Gold Corp. (TSX-V:LG)(OTCQB:LGCXF) and its Founder, President, and CEO Kimberly Ann Arntson . The new campaign begins filming Thursday, June 12th from the iconic New York Stock Exchange (NYSE) and will feature national television broadcasts, earned media placements, custom-produced commercials , and expansive social media distribution across all major platforms.
The announcement marks a renewed and expanded collaboration between Lahontan Gold and New to The Street, building on prior successful media appearances. As part of this enhanced engagement, the series will integrate New to The Street’s NewsOutTM video press release platform, increasing the company’s visibility to institutional investors, retail audiences, and global media outlets.
The new series will air as sponsored programming on Fox Business Network and Bloomberg Television , and will be distributed to New to The Street’s rapidly growing base of over 2.5 million YouTube subscribers . In addition, select segments will be amplified through outdoor placements across Times Square , Wall Street , and midtown Manhattan , as well as through targeted media placements with ABC, NBC, CBS, and FOX local affiliates.
The content will feature in-depth interviews with Kimberly Ann Arntson, highlighting Lahontan’s exploration strategy in Nevada’s prolific Walker Lane District, ongoing drilling results, and the company’s plans for growth and shareholder value creation.
Broadcast air dates and digital release schedules will be announced in the coming days.
About Lahontan Gold Corp. Lahontan Gold Corp. is a Canadian exploration company focused on the development of high-grade gold and silver assets in Nevada. The company’s flagship Santa Fe Project lies within the highly prospective Walker Lane District, a region renowned for its rich mining history and ongoing gold discoveries. Led by CEO Kimberly Ann Arntson, Lahontan is rapidly advancing its exploration efforts to unlock shareholder value through responsible and aggressive project development.
Website:
About New to The Street New to The Street is a nationally recognized media platform that produces and distributes in-depth interviews and features on innovative public and private companies. Now in its 16th year, the show airs weekly as sponsored programming on Bloomberg Television , Fox Business Network , and digital outlets. With over 2.5 million YouTube subscribers , iconic Times Square billboard presence, and media partnerships across major networks, New to The Street is the go-to outlet for executive storytelling and financial news. The platform also manages NewsOutTM , a leading video press release syndication service that combines visual content with guaranteed media reach.
For media inquiries or interview opportunities: Monica Brennan PR Director, New to The Street
One of the world’s biggest consultancy firms has agreed a £281 million acquisition of Ricardo, delivering a windfall for an activist shareholder that had been seeking to oust the company’s chairman.
WSP Global has struck a surprise 430p per share cash deal for Ricardo, a smaller London-listed engineering consultancy that traces its roots back to making engines for British First World War tanks.
WSP, which is valued at C$35 billion (£19 billion) on the Toronto stock exchange, said the offer was a 28 per cent premium to Ricardo’s share price on Tuesday and a 69 per cent premium to its average price over the past three months.
The deal has been recommended by Ricardo’s board and has the backing of its biggest shareholders, making a takeover likely.
Shares in Ricardo closed up 93p, or 27.8 per cent, at 428p on Wednesday evening.
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Science Group, a fellow London-listed science and technology consultancy, which has quickly built a stake of more than 20 per cent in Ricardo since February and launched a campaign to remove Mark Clare, Ricardo’s chairman, has agreed to sell most of its shares to WSP at the offer price.
Mark Clare had earlier accused Science Group of opportunism
Science Group has also agreed to adjourn a shareholder meeting next week on the future of Clare, 67, the former boss of Barratt Developments, the housebuilder, who is also chairman of Grainger, the FTSE 250 property company, and a senior independent director of Wickes, the retailer.
WSP employs about 72,600 people in more than 50 countries, providing engineering and strategic advisory services to clients across the transportation, infrastructure, environment, building, energy, water and mining and metals sectors.
It has expanded through about 180 acquisitions and was acquired by Genivar, a Canadian rival, in 2012 to gain a foothold in the UK market, before adopting its name.
WSP said Ricardo would bolster its capabilities in rail and transportation and environmental and energy where there was “limited overlap” between the two advisory businesses. It said it would also deliver cost savings and revenue enhancements.
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WSP said Ricardo had “niche areas of high value expertise”, including policy, strategy and economics and would also particularly strengthen WSP’s presence in the UK, Australia and the Netherlands.
The deal could lead to the disposal of Ricardo’s automotive and industrial business, and WSP said it would “work with Ricardo’s management team to complete their strategic review of these business units”.
WSP has received irrevocable undertakings to vote in favour of the deal from Ricardo shareholders Gresham House Asset Management, Aberforth Partners and Royal London Asset Management speaking for almost 45 per cent of the stock.
Schroders, which owns about 3 per cent of Ricardo, has also backed the deal. Andy Brough, the veteran fund manager at Schroders, came out in support of attempts by Science Group to oust Clare last week.
Recommending the acquisition to Ricardo shareholders, Clare said that “while good progress has been made, there are further steps required to complete the transformation which bring some execution risks against the background of short-term market challenges and the uncertain geopolitical and macroeconomic backdrop”.
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He added: “Against this background, WSP has made a compelling offer which represents a highly attractive premium to recent average trading levels and provides certain value in cash today for Ricardo shareholders. Importantly, the Ricardo directors believe that the acquisition will provide enhanced career opportunities for Ricardo’s employees within the WSP Group as well as access for our clients to a broader service offering.”
The deal is set to bring to an end a public dispute between Ricardo and Science Group. The latter had attacked the alleged poor performance, ineffective governance and destruction of shareholder value at Ricardo. That had prompted Ricardo to accuse Science Group of opportunism, aggressive tactics and attempting to take control “without paying a takeover premium”.
Science Group said it expected to receive about £53.5 million from its stake, generating a pre-tax net return of about 70 per cent. It said the offer price was a 102 per cent premium to Ricardo’s share price before Science Group began its stake building and campaign.
It said its board, led by Martyn Ratcliffe, Science Group’s executive chairman, intended to use the funds for “future strategic investments and corporate opportunities”.
Analysts at Canaccord Genuity, Science Group’s adviser, said the cash should provide a “sizeable war chest with further M&A”.
