Investment Dealers Association of Canada President and CEO Joe Oliver testified today before the House of Commons Standing Committee on Finance as part of the Hearings on Bank Mergers. Oliver’s presentation focused on the potential impact of bank mergers on the competitiveness and efficiency of Canada’s capital markets.

In his presentation, Oliver examined three key businesses in capital markets: investment banking, wealth management and institutional securities trading.

He said the IDA concludes that Canadian capital markets are competitive, with a broad range of products and services. “It is our judgment that the potential mergers of large Canadian banks would not negatively impact the efficiency and functioning of our capital markets,” said Oliver.

Oliver noted that legitimate questions regarding the public interest must still be addressed, and said the IDA does not make an overall judgment on whether bank mergers should proceed or not.

A copy of the Presentation to the House of Commons Standing Committee on Finance Hearings on Bank Mergers is available at www.ida.ca.