18 août 2026 – La réglementation du système financier canadien continue de mettre massivement l’accent sur la stabilité, la résilience et la protection des consommateurs, tout en accordant trop peu d’attention aux coûts que cela engendre, selon la troisième édition annuelle du bulletin de rendement de l’Institut C.D. Howe sur la réglementation financière canadienne. Dans […]
by Gherardo Caracciolo This third edition of the scorecard on Canadian financial regulation finds that regulators continue to place overwhelming emphasis on stability, resilience, and consumer protection, while giving comparatively little attention to efficiency, competition, and innovation. The analysis also finds that formal, transparent cost-benefit analysis remains largely absent from regulatory decision-making. The report develops […]
August 18, 2026 – Canadian financial regulation continues to overwhelmingly emphasize stability, resilience, and consumer protection – but regulators are paying too little attention to the costs of doing so, according to the C.D. Howe Institute’s third annual scorecard on Canadian financial regulation. In “Walking the Tightrope: Canada’s Financial Regulatory Scorecard, Year Three,” Gherardo Caracciolo […]
From: Harvey Naglie To: Open banking watchers Date: August 13, 2026 Re: Open Banking Needs a Report Card, Not Just a Rulebook A year ago, I argued that Canada can’t afford to wait for open banking. After years of studies and consultations, the problem was no longer deciding what to do. It was getting on with it. Ottawa finally […]
The C.D. Howe Institute’s toolkit for tracking the economy is a customized series of data sets from past Institute publications. These tools can be helpful for policymakers and other parties interested in analyzing monetary policy and financial stability decisions. These unique variables, which can all be found in past Institute work, include: The Leading […]
To: The Department of Finance From: Paul C. Bourque and Douglas Hyndman Date: August 5, 2026 Re: It’s Time for Ottawa to Revive the Push for Capital Market Regulation Canada’s financial system, particularly its capital markets, need stronger oversight to protect them from systemic risk and criminal activity. We need to become more resilient and enhance investor confidence in our financial markets if we are to thrive in a new […]
Canada currently has the third-lowest 10-year government bond yield in the G7. Across the G7, more favourable changes in central-government debt-to-GDP ratios between 1995 and 2024 have generally been associated with larger declines in those governments’ 10-year bond yields since 1995; Canada ranks first for debt-ratio improvement and second for yield decline. Although inflation and […]
Published in the Calgary Herald. Last week brought one of the more consequential shifts in Canadian capital markets in some time. Ontario agreed to join the country’s securities passport system, an arrangement that lets a company clear its home regulator and then raise capital across the country without repeating the exercise province by province. There […]
From: Harvey Naglie To: Capital Markets Observers Date: July 27, 2026 Re: Making the Canadian Securities Administrators Passport System Effective A securities issuing firm operating nationally today answers to as many as 13 provincial and territorial regulators, each with its own filings and decisions. Ontario’s new commitment to join the Canadian Securities Administrator’s passport system closes the largest remaining gap. Once implemented, every province and territory will have accepted that a participant should deal principally with one regulator […]
From: Benoit Dostie and Todd Morris To: Pension policymakers Date: July 10, 2026 Re: How Much Do Canada’s Workers Want, And Value, Employer Pensions? In 2001, the average Canadian private-sector worker was willing to give up about 3.3 percent of their earnings to land a job that came with a pension. By 2019, that number had […]
From: Harvey Naglie To: Open banking observers Date: July 9, 2026 Re: Open Banking Without a Scoreboard Canada has a shiny new set of rules for open banking, which advocates say will bring competition to the financial services marketplace, saving consumers $1 billion a year. Are they working? It’s hard to tell because there are no public competition […]
Published in the Financial Post. The Office of the Superintendent of Financial Institutions (OSFI), established in 1987, is the federal regulator that oversees the safety and soundness of our banks and insurers. It has helped build a prudential framework that is admired around the world. When the global financial system buckled in 2008, Canada’s stood, with no need […]
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by Gherardo Caracciolo This third edition of the scorecard on Canadian financial regulation finds that regulators continue to place overwhelming emphasis on stability, resilience, and consumer protection, while giving comparatively little attention to efficiency, competition, and innovation. The analysis also finds that formal, transparent cost-benefit analysis remains largely absent from regulatory decision-making. The report develops […] 
From: Harvey Naglie To: Open banking watchers Date: August 13, 2026 Re: Open Banking Needs a Report Card, Not Just a Rulebook A year ago, I argued that Canada can’t afford to wait for open banking. After years of studies and consultations, the problem was no longer deciding what to do. It was getting on with it. Ottawa finally […] 
The C.D. Howe Institute’s toolkit for tracking the economy is a customized series of data sets from past Institute publications. These tools can be helpful for policymakers and other parties interested in analyzing monetary policy and financial stability decisions. These unique variables, which can all be found in past Institute work, include: The Leading […] 
To: The Department of Finance From: Paul C. Bourque and Douglas Hyndman Date: August 5, 2026 Re: It’s Time for Ottawa to Revive the Push for Capital Market Regulation Canada’s financial system, particularly its capital markets, need stronger oversight to protect them from systemic risk and criminal activity. We need to become more resilient and enhance investor confidence in our financial markets if we are to thrive in a new […] 
Canada currently has the third-lowest 10-year government bond yield in the G7. Across the G7, more favourable changes in central-government debt-to-GDP ratios between 1995 and 2024 have generally been associated with larger declines in those governments’ 10-year bond yields since 1995; Canada ranks first for debt-ratio improvement and second for yield decline. Although inflation and […] 
Published in the Calgary Herald. Last week brought one of the more consequential shifts in Canadian capital markets in some time. Ontario agreed to join the country’s securities passport system, an arrangement that lets a company clear its home regulator and then raise capital across the country without repeating the exercise province by province. There […] 
From: Harvey Naglie To: Capital Markets Observers Date: July 27, 2026 Re: Making the Canadian Securities Administrators Passport System Effective A securities issuing firm operating nationally today answers to as many as 13 provincial and territorial regulators, each with its own filings and decisions. Ontario’s new commitment to join the Canadian Securities Administrator’s passport system closes the largest remaining gap. Once implemented, every province and territory will have accepted that a participant should deal principally with one regulator […] 
From: Benoit Dostie and Todd Morris To: Pension policymakers Date: July 10, 2026 Re: How Much Do Canada’s Workers Want, And Value, Employer Pensions? In 2001, the average Canadian private-sector worker was willing to give up about 3.3 percent of their earnings to land a job that came with a pension. By 2019, that number had […] 
From: Harvey Naglie To: Open banking observers Date: July 9, 2026 Re: Open Banking Without a Scoreboard Canada has a shiny new set of rules for open banking, which advocates say will bring competition to the financial services marketplace, saving consumers $1 billion a year. Are they working? It’s hard to tell because there are no public competition […] 
Published in the Financial Post. The Office of the Superintendent of Financial Institutions (OSFI), established in 1987, is the federal regulator that oversees the safety and soundness of our banks and insurers. It has helped build a prudential framework that is admired around the world. When the global financial system buckled in 2008, Canada’s stood, with no need […]