Staff analytical notes

Non-bank financial intermediation: Canada’s submission to the 2024 global monitoring report

Staff Analytical Note 2025-19 Elba Gomez Navas Acevedo, Thomas Thorn
We share insights about non-bank financial intermediation in Canada in 2023. These data were collected as part of the Bank of Canada’s contribution to the Financial Stability Board’s Global Monitoring Report on Non-Bank Financial Intermediation.
Content Type(s): Staff research, Staff analytical notes Research Topic(s): Financial institutions, Sectoral balance sheet JEL Code(s): G, G2, G21, G22, G23

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Bank publications

Bank of Canada Review articles

November 14, 2013

Fragmentation in Canadian Equity Markets

Changes in technology and regulation have resulted in an increasing number of trading venues in equity markets in Canada. New trading platforms have intensified price competition and have encouraged innovation, and they do not appear to have segmented trade. But the increasingly complex market structure has necessitated investments in expensive technology and has introduced new operational risks. Regulatory responses should be carefully adapted to retain the competition and innovation associated with this market fragmentation.

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Financial System Review articles

June 12, 2014

Reforming Financial Benchmarks: An International Perspective

Thomas Thorn and Harri Vikstedt examine the efforts being taken internationally and in Canada to enhance the governance and integrity of financial benchmarks. The report provides an overview of how interbank interest rate benchmarks are set and describes the weaknesses in the process that were exposed by the financial crisis. It also explains recent policy developments designed to make global and Canadian interbank benchmarks more robust.

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