main players include independent full line brokerage firms, investment bank

subsidiaries of chartered banks, and discount brokers. Independent full line

brokerage firms offer a wide range of services, including underwriting, trading

of stocks, advice and research. In essence, the full service brokerage

subsidiaries of chartered banks offer the same services, however, banks'

brokerage firms may have a larger pre-established clientele. Finally, the

discount brokers are basic stock brokers that perform trades for clients who do

not want investment advice. Usually, this service is targeted toward the

sophisticated investor who does his/her own research to incur minimal commission

Banks entered the investment industry in 1987, whereby they took over

full-service brokerages, introduced mutual funds to the banking industry and

became part of discount brokering. From this time on, chartered banks have

expanded their dominance in the industry by acquiring key players in the

industry or branching off into full brokerage services. For example, the

brokerage firms for CIBC, Royal Bank, Toronto Dominion Bank, Bank of No

Transactions volume and values are dependent on the performance of the

also branched into the discount brokerage sector.

addition, accounts receivable as a percent of total assets is quite large

Finally, the entrance of banks into the industry has increased public

Third, customers want continuous high quality service. This means that

give extensive consideration to investments. Critical Success Factors

million ($253 million) (Appendix A). Between 1993 and 1994 the TSE 300 lost 3%

Some common words found in the essay are:
Success Factors, Investment Industry, Campbell Dermer, Fine B21, B21 Secondly, Brokerage Industry, Canadian Banks, Appendix Furthermore, Instinet Corp, Ratios Analysis, investment industry, investment dealer, investment dealers, stock market, chartered banks, brokerage firms, rbc dominion, market activity, financial services, securities industry, scotia mcleod nesbitt, subsidiaries chartered banks, line brokerage firms, toronto dominion bank, independent line brokerage,
Approximate Word count = 2225
Approximate Pages = 9 (250 words per page double spaced)