On 23 April 1997, the Toronto Stock Exchange closed its trading floor, making it at that time the second-largest stock exchange in North America to choose a purely electronic trading environment for its equities. Exploiting this natural experiment, we find that the move to electronic trading...

In this study, we investigate whether average liquidity for non-U.S. firms traded on Canadian stock exchanges increased or decreased after mandatory adoption of IFRS in Canada. We consider two competing forces affecting liquidity from IFRS adoption: enhanced comparability of firms within...

Even if the competitiveness of the Canadian securities market is a central argument in the ongoing debate related to the proposal of a single securities commission, the exact level and the evolution of this market are largely undocumented. The numerous changes that modified the structure of the...