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 Nicholas Le Pan, former Superintendent of Financial Institutions for Canada. The Initiative publishes research by prominent scholars from academia, associations, and the private and public sectors.

Co-Chairs

Nicholas Le Pan

Nicholas Le Pan

Director, CIBC

Members

Stuart Bergman

Interim Chief Economist & Vice President, Export Development Canada
Tracey Black

Tracey Black

President and Chief Executive Officer, Payments Canada
Peter Bowen

Peter Bowen

VP, Tax Solutions, Fidelity Investments
Paul Bourque

Paul Bourque

President and CEO, The Investment Funds Institute of Canada
Alister Campbell

Alister Campbell

Senior Fellow
Catherine Chamberlain

Catherine Chamberlain

Head of Legal and Compliance, Vanguard Canada

Francisco Chinchon

Assistant Deputy Minister, Financial Services Policy Division, Ontario Ministry of Finance
Susan Christoffersen

Susan Christoffersen

Vice-Dean, Undergraduate & Specialized Programs; Co-Academic Director, TD Management Data & Analytics Lab, Rotman School of Management

Alex Ciappara

Director, Credit Market & Economic Policy, Canadian Bankers Association

Research Papers