The panic and stress that’s plagued financial markets in recent weeks was replaced by festive decorations and positive energy on the trading floor at CIBC World Markets on Wednesday.

Celebrating the company’s 24th annual Miracle Day, all World Markets sales and trading employees are donating their fees and commissions to children’s charities across the country throughout the day.

CIBC Wood Gundy investment advisors are also donating the commissions they earn Wednesday, in addition to commissions from the past two weeks, which they’ve offered clients the option of donating.

It’s typically one of the busiest trading days of the year for CIBC World Markets, and judging by the chaotic buzz on Wednesday morning, this year is no different.

“It’s a very, very busy day for us. We typically do multiples of the volume that we normally do on a regular trading day,” said Enio Lazzer, managing director of CIBC World Markets.

The success of the fundraiser is dependent on both the volume of trading in the market and the share of trades generated from institutional clients. Many institutional clients process a larger share of their trades through CIBC on Miracle Day to support the charitable cause, according to Lazzer.

“Our clients are very supportive. They typically give us a lot more of their order flow on days like today because they know that our commissions are going to a good cause,” he said.

Within the first 50 minutes of trading, money raised on the institutional side had already reached 20% of the amount raised on last year’s Miracle Day. In addition, money raised through Wood Gundy advisors had reached $520,000 in the first hour of trading. Last year, the event raised $3.4 million in total.

The event organizers said they were somewhat surprised by the amount of support for Miracle Day this year, given the challenging economic times and the recent market turmoil.

“I’m actually quite impressed so far that there’s quite a significant amount of volume that we’re putting through,” said Lazzer. “You wouldn’t expect it, considering everything that’s going on.”

The economic downturn makes the need for charitable giving even more urgent, according to Miracle Day co-chair Trevor Torzsas, who is CIBC World Markets’ executive director of global account management.

“It makes it that much more important,” he said.

CIBC does not have a goal for the amount of money it hopes to raise Wednesday, but Torzsas said the bank is striving to outperform last year’s success.

“We’d always like to do better than last year,” Torzsas said, adding that the market activity of recent weeks has made it clear that trading on any given day is wildly unpredictable, so all CIBC can do is hope for high volumes.

Still, early signs indicate that the Miracle Day is on track for another successful year.

“There’s been a little bit more interest and excitement around it,” said Lazzer. “So far the indication is that we’re doing pretty good.”

On hand helping to generate the excitement was Mike Holmes of home renovation show Holmes on Homes, and former NHL player Wendel Clark. Against a backdrop of inflatable snowflakes hung from the ceiling and an entire floor of traders sporting red shirts for the cause, spirits on the trading floor were high.

The money raised Wednesday goes to hundreds of different children’s charities across the country. Clients are able to choose the charity they would like their fees and commissions to support.

IE