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History of Canadian Finance/Banking
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The foundation of the Toronto Stock Exchange
On October 24, 1952, a group of Toronto businessmen came together to form a "broker's association." The association formed that day established the framework for the Toronto Stock Exchange. In 1955, membership on the Toronto Stock Exchange was priced at $100,000 and trading volume reached a record 1 billion shares worth $2.6 billion. -
Canadian Credit Union Association/Incorporated
The Canadian Credit Unions Association (CCUA) is the national credit union trade association, serving Canadian credit unions, public savings banks (outside Quebec) and regional central organizations. Founded in 1953, it rebranded to its current name in January 2016 to reflect its "evolving role as an association that is focused on growing a stronger... credit union industry." -
Bank of Canada Amendment Act 1954
The key changes in this round of amendments were the powers given to banks to make mortgage loans insured by the National Housing Association (i.e., government guaranteed) and to make personal loans secured by chattel mortgages on personal property. -
Creation of the St. Lawrence Seaway
Construction of the St. Lawrence Seaway began in 1954 and was completed in 1959. About 22,000 workers are needed. Moving 210 million cubic yards of earth and rock. More than 6 million cubic yards of concrete were poured. This major infrastructure project enables ocean-going vessels to sail from the Atlantic to the Great Lakes, boosting trade and economic growth in Canada. -
Canada passed the Currency and Exchange Control Act in 1954
Canada passed the Currency and Exchange Control Act in 1954. The Act had important consequences for currency and exchange controls in Canada.
Foreign exchange controls: The bill also involves controls on foreign exchange transactions. It stipulates the operating rules of the foreign exchange market, the approval and restrictions of foreign exchange transactions, etc. -
Merger of the Toronto Stock Exchange (TSE) and the Standard Stock and Mining Exchange
The Toronto Stock Exchange (TSE) and the Standard Stock and Mining Exchange merged to form the modern-day TSE. As one of the world's largest stock exchanges, the TSE plays a pivotal role in facilitating the trading of securities and investment activities. -
In 1954, the Bank of Toronto reached an agreement with Dominion Bank
In 1954, negotiations began between the Bank of Toronto and Dominion Bank, and a merger agreement was reached at the end of the year. "Small banks have a greater burden than large banks to keep up with the pace of our country's development, and therefore their effective growth and comparative influence will be affected," the bank said in a briefing to the finance minister. "Compared to large banks, There may be a decline in the future. " -
Bank of Toronto and Dominion Bank merge
Toronto-Dominion Bank (French: Banque Toronto-Dominion), doing business as TD Bank Group (French: Groupe Banque TD), is a Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario. The bank was created on February 1, 1955, through the merger of the Bank of Toronto and The Dominion Bank, which were founded in 1855 and 1869; respectively. It is one of two Big Five banks of Canada founded in Toronto, the other being the Canadian Imperial Bank of Commerce. -
Government of Canada passes Trust and Loan Companies Act
The Canadian government passed the Trust and Loan Companies Act, allowing trust and loan companies to accept deposits and provide loans, increasing competitive pressure in the banking industry. -
Scotiabank opened a branch in Nassau, Bahamas
The Bank of Nova Scotia opened its first international branch in Nassau, Bahamas, beginning it global expansion -
Establishment of the Export Development Corporation
The Export Development Corporation (EDC) was founded on February 16, 1957, to support and promote Canadian exports. The EDC provides financing, insurance, and risk management services to Canadian companies engaged in international trade.