July 3, 2015

Financial Services Research Initiative

The financial services sector would be a vital component of the Canadian economy if measured according to its output and employment alone. It is more than that, however, because the efficiency and effectiveness of the financial sector is critical to economy-wide performance. The financial sector constitutes the infrastructure of commerce; financial intermediation is also the mechanism that facilitates risk-sharing and risk mitigation, as well as regional and intertemporal exchange of financial assets and obligations. These factors warrant special attention to the policy influences on the financial sector’s performance.

The C.D. Howe Institute’s Financial Services Research Initiative is a multi-year program organized by the Institute to report and advise on financial sector policy. Its unique work program addresses the economic environment within which financial intermediation takes place, the regulatory environment, and the future of financial intermediation. The Initiative is informed by regular meetings of experts in the sector, policymakers and supporters engaged in the financial services sector, including financial intermediaries, securities market participants and their regulators, among others. The Initiative is chaired by Edward P. Neufeld, former Assistant Deputy Minister of Finance Canada and former Executive Vice President and Chief Economist of the Royal Bank of Canada, and Nicholas Le Pan, former Superintendent of Financial Institutions for Canada. The Initiative’s work program is managed by Finn Poschmann, the Institute’s Vice President, Research, with the assistance of Research Fellow and Professor Emeritus David E.W. Laidler.  The Initiative publishes research by prominent scholars from academia, associations, and the private and public sectors.


Nicholas Le Pan
Edward P. Neufeld

Members and Supporters

Frank Allen, Ontario Ministry of Finance
James C. Baillie, Torys LLP
Peter Bethlenfalvy, CST Consultants Inc.
Andrew D. Brands, The Great-West Life Assurance Company
Glenn Campbell, Department of Finance Canada
Terry Campbell, Canadian Bankers Association
Bryan Davies, Canada Deposit Insurance Corporation
James C. Davis, Ontario Teachers’ Pension Plan
Chris Donnelly, Manulife
Peter Drake, Fidelity Investments
Janet Ecker, Toronto Financial Services Alliance
Walter Engert, Office of the Superintendent of Financial Institutions Canada

Blake C. Goldring, AGF Management Limited
Gilles Gratton, Intact Financial Corporation
Peter Hall, Export Development Canada
Gail Harding, Canadian Western Bank
Philip Howell
Warren J. Jestin, Scotiabank
Sheryl Kennedy, Promontory Financial Group Canada
Brenda Leong, British Columbia Securities Commission
Peter Levitt, Canadian Imperial Bank of Commerce
David Longworth, Carleton University
Winsor MacDonell, Genworth Financial Canada
Howie Millard, TD Bank Financial Group
Suzanne Morel, MasterCard
Marc-André Pigeon, Credit Union Central of Canada
Greg Pollock, Advocis
Pierre Siklos, Wilfrid Laurier University
Mark Smith, KPMG
Paul G. Smith, NATO Council of Canada
Frank Swedlove, Canadian Life and Health Insurance Association Inc.
Murray J. Taylor, IGM Financial Inc.
Eric Tuer, Bank of Canada
David Whyte, Sun Life Financial Inc.
Craig Wright, RBC Financial Group
Kevin Wright, Canada Mortgage and Housing Corporation
TBD, Zurich Canadian Holdings Ltd.
TBD, Equity Financial Holdings
TBD, Investment Industry Regulatory Organization of Canada