The biggest of the big dominated in the securities industry in 2009, according to year-end figures compiled by the Investment Industry Assocation of Canada.
Profit surged 53 per cent to $2.9-billion industry-wide. A full 80 per cent of that profit went to the big integrated firms, which offer every service.
The key services to be offered were investment banking and principal trading.
Bank-owned firms are the biggest traders, especially of fixed income, where revenue doubled last year.
On the investment-banking side the bank-owned firms had a big advantage because of access to their parents' balance sheets to offer loans when credit was scarce elsewhere, giving them lots of leverage with clients.
Nervous retail investors kept commissions under wraps, leaving smaller firms that depend on smaller investors struggling yet again.