Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
Category Archives: Tech, Tools, Productivity
Why Canada Is Making It Cheaper to Leave Your Bank
November 11, 2026 | NCFA Story Intelligence | Competition And Market Structure, Wealthtech Investing And Trading, Regulation And Policy
Canada is cutting bank fees and switching barriers after years of weak competition, high concentration and poor productivity.
On November 7, 2026, the federal government proposed something Canadian investors have complained about for years. Banks would no longer be allowed to charge most investment account transfer fees, which typically cost about $150 per account. Ottawa also wants clearer transfer information and tighter timelines for moving investments to another financial institution.
The fee matters because leaving can already be slow and frustrating. Receiving firms often reimburse the outgoing charge to win the account. That means a fee collected by the institution losing the customer can become part of the acquisition cost for the institution trying to win that customer.
Canada's six largest banks hold roughly 93% of banking assets. The Competition Bureau was warning about barriers facing fintech competitors in 2017. Ottawa began reviewing open banking in 2018. A federal advisory committee later recommended an operating system by January 2023 and warned that government should not delay.
January 2023 came and went.
Real Time Rail also slipped years beyond its first expected launch. Meanwhile, Canada's productivity performance kept falling behind major peers. In 2024, the Bank of Canada called the problem an emergency. By 2025, Senior Deputy Governor Carolyn Rogers was directly connecting productivity, competition and Canada's highly concentrated banking sector. She also said the debate had become more urgent after U.S. trade policy delivered a major economic shock to Canada.
Then more barriers started coming down.
Payment companies came under supervision. Payments Canada opened membership to more firms. Consumer driven banking advanced. NSF fees were capped. Real Time Rail finally launched. Budget 2026 targeted bank entry, ownership and regulatory competition. Now Ottawa wants to make investment accounts cheaper and faster to leave.
The $150 exit fee is the latest part of a much longer story about how difficult Canada has made it for customers to switch and for competitors to win them.
Canada had already been debating these barriers for years. In 2017, the Competition Bureau called for stronger competition and innovation in financial services. NCFA agreed that regulatory burdens could favour large incumbents and pointed to the UK's more aggressive support for fintech and new competitors.
Customers faced their own friction. Bundled products, recurring payments, transfer charges, branch relationships and the hassle of changing providers all made staying easier than leaving. In a concentrated market, those small frictions can add up to a powerful advantage.
Ottawa launched the open banking review in 2018 while Canadians were already connecting outside apps to bank accounts through screen scraping. Privacy, security, liability and technical standards required real work, but the January 2023 target still passed without an operating system.
Interac was selected as the RTR exchange provider in 2021 when launch was expected in 2022. The rail did not reach production until November 2026, leaving Canadian firms to build around older settlement infrastructure for several more years.
In March 2024, Bank of Canada Senior Deputy Governor Carolyn Rogers said Canada's productivity problem had reached emergency status. Canada was producing far less output per hour than the United States and had lost relative ground against major peers over several decades.
By October 2025, Rogers was talking directly about competition. She pointed to Canada's concentrated banking market, said stronger competitive pressure can improve productivity and warned that new U.S. trade policies had made the need to perform better at home more urgent.
Bank of Canada supervision of payment service providers began on September 8, 2025. Expanded Payments Canada eligibility followed later that month. By October 2026, 22 new members had joined after access opened, including fintechs, payment companies and credit unions that couldn't qualify under the old rules.
Consumer driven banking advanced through 2026 while new open banking rules started turning accreditation, consent, security and data access into practical requirements. On November 9, Real Time Rail went live after years of delay.
Federal rules cut NSF fees to a maximum of $10 on March 12, 2026. Typical charges had been about $45 to $48. The rules also block repeat NSF charges within two business days on the same personal deposit account and prohibit the fee when the shortfall is under $10.
By November, Budget 2026 widened the competition push with proposals covering faster bank entry, a secondary competition objective for OSFI, ownership rules, credit union funding and customer switching.
Finance Canada estimates about 17,000 transfers would be covered in the first year of its model. It assumes no increase in transfer volumes because there isn't enough evidence yet to know how customers or institutions will respond once the barrier is removed.
Banks could also respond by improving offers to keep customers. Easier switching doesn't require everyone to leave to create pressure. The possibility of leaving more easily can give the customer more leverage before the account ever goes anywhere.
Canada's Recent Financial Competition Reset
The recent changes reach almost every part of the customer relationship. Some open the system to more competitors. Others lower fees, make switching easier or give customers more control over their money and data.
- Payment companies entered formal supervision. Bank of Canada oversight under the RPAA began in September 2025, giving regulated PSPs a clearer place inside Canada's payment system.
- Payments Canada membership opened. Federal reform made more PSPs, credit unions and other qualifying firms eligible to join. Twenty two new members joined in the first year.
- Consumer driven banking advanced. Canada's open banking rules are turning data access, consent, security and accreditation into operating requirements.
- NSF fees fell to a maximum of $10. The March 2026 cap cut a charge that had commonly been about $45 to $48 and added restrictions on repeat fees.
- Real Time Rail finally launched. After years of delay, RTR went live on November 9, bringing 24/7 clearing and settlement to participating institutions.
- Fintech investment powers are finally being activated. Parliament approved broader technology investment powers in 2018, but operating rules took another eight years to arrive. The long wait for fintech investment reform shows how slowly even approved changes can reach the market.
- Bank entry could get faster. Budget 2026 proposes a maximum one year decision timeline for new banks, trust companies and insurers.
- OSFI could get a competition objective. The same Budget 2026 package proposes adding competition as a secondary statutory objective alongside prudential stability.
- Growing banks could face fewer ownership limits. Ottawa proposes raising the bank equity threshold that triggers widely held ownership requirements from $12 billion to $25 billion and giving some foreign bank subsidiaries more flexibility.
- Federal credit unions could get more room to raise capital. Proposed changes would widen who can invest and make growth easier.
- Deposit insurance could rise to $250,000. A higher limit could make it easier for customers and businesses to keep larger deposits with smaller federally insured institutions.
- Bank fees could become easier to see. Budget 2026 proposes an annual statement showing total chequing and savings account fees after FCAC found that banking costs can be difficult to see and compare.
- Branch closures could make switching cheaper. Budget 2026 proposes waiving certain closing or transfer fees during prescribed branch closure periods.
- Mortgage competition is also getting attention. Budget 2026 proposes stronger rate disclosure and other measures aimed at giving borrowers more choice.
- Investment account exit fees are now directly in Ottawa's sights. The November 7 proposal would prohibit most bank transfer fees, improve disclosure and put clearer timelines around account transfers.
Canada is now changing who can enter, who can reach payment infrastructure, who can use customer data, what institutions can charge, how quickly money can travel and how easily a customer can leave.
For years, these problems could be treated as separate files. Open banking sat in one department. Payments modernization sat somewhere else. Banking fees were a consumer issue. Productivity was an economic problem. Competition had its own consultations.
They are harder to separate now.
Canada needs firms to invest faster, grow further and compete in a tougher economy. A financial system that makes entry, customer acquisition and switching more expensive than they need to be works against that goal.
The country knew about many of these barriers years ago. What has changed is how many of them are finally coming down at the same time.
Talking Point
Canada's recent competition reforms aren't about handing fintechs or challenger banks an advantage. They're about removing advantages that can protect an incumbent relationship before price, service, product quality or trust gets a chance to decide who wins the customer.
The results should become visible. Transfers should get faster if the rules work. Receiving firms should spend less reimbursing exit fees. New payment participants should be able to offer services they couldn't offer before. Incumbents may respond with better prices, products and service.
The bigger question is whether all of that produces the competitive pressure Canada has been missing.
What Happens Next?
- Will the investment transfer proposal survive consultation without major changes?
- Will account transfers become measurably faster once the timing rules take effect?
- Will receiving institutions spend less reimbursing outgoing transfer fees?
- Will consumer driven banking lead to more switching, not just easier comparison?
- Will new Payments Canada members turn access into lower costs, better products or new services?
- Will RTR adoption spread beyond the first launch participants?
- Will the proposed OSFI competition objective and one year entry timeline bring more viable financial institutions into the market?
- Will incumbents respond to easier switching with better prices, products and service?
What Did You Think?
Canada knew about many of these competition and productivity problems years ago. Why did it take this long for so many financial barriers to come under pressure at once?
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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CSA Tokenization Report Shows Where Canada May Scale First
November 10, 2026 | NCFA Fintech Market Insight | Digital Assets Blockchain And Tokenization, Capital Markets Infrastructure And Funding, Regulation And Policy
Funds, Collateral And Settlement Lead Canada’s Near Term Tokenization Opportunity
On November 10, 2026, the Canadian Securities Administrators published its Project Tokenization Phase 1 findings, setting out where Canadian market participants see the strongest commercial opportunities for tokenization and what regulators plan to test next. The report draws on 233 organizations, 21 bilateral meetings and 80 survey responses, along with workshops attended by 281 people in Calgary and 491 in Toronto. Participants put investment funds, private assets, collateral, treasury and settlement infrastructure ahead of public stocks as the strongest near term opportunities.
The report also cuts through one of tokenization’s biggest sales pitches. Blockchain can change how an asset is recorded, transferred or settled, but it doesn't automatically create liquidity, investor demand, broader eligibility or stronger ownership rights. Those outcomes still depend on the product, market, legal structure and infrastructure around it.
The CSA now plans to take specific projects into Phase 2 through a 120 day public call for proposals. Firms may be able to use existing regulatory processes, tailored regulatory treatment or bounded testing in a controlled environment. The findings are stakeholder views, not CSA policy positions or regulatory conclusions.
Where Tokenization Is Most Likely To Work First In Canada
The strongest near term business cases are capital markets operations, not tokenized public stocks. Participants saw more immediate value in fixing expensive processes inside funds, private markets, collateral and settlement. That includes subscriptions, redemptions, recordkeeping, asset servicing and the transfer of collateral between institutions.
Investment funds ranked among the most commercially viable uses, particularly money market funds. A tokenized fund can automate parts of administration and make transfers between eligible investors easier while keeping the fund inside existing securities rules. Private equity, private credit and real estate also attracted interest, although putting an illiquid asset on a ledger doesn't suddenly create buyers or an active secondary market.
Collateral looks particularly practical. Financial institutions constantly transfer assets to secure loans, derivatives and other exposures, often through systems that require reconciliation across several firms. Participants said tokenized collateral could reduce friction, improve visibility and speed up those transfers. That supports earlier evidence on collateral and cash, where the business case comes from improving costly financial plumbing rather than creating another digital asset.
Public equities are further back in the queue. The report recognizes that tokenized shares are technically possible, but participants generally saw them as less commercially mature than funds and certain private assets. Existing stock markets already execute and settle efficiently, so a tokenized version has to offer more than different recordkeeping. Wider adoption still depends on distribution, settlement, infrastructure, demand and enough liquidity to support real trading.
Why A Token Doesn't Automatically Create Liquidity Or Ownership
The report states the point plainly, “Tokenization should be distinguished from the outcomes it may enable.” A blockchain can make an asset programmable or easier to transfer without changing who legally owns it, who can buy it or how much demand exists.
The report identifies three common structures.
- In an issuer sponsored model, the token can form part of the issuer’s official ownership system and represent the actual security. Participants generally saw this as providing the clearest ownership rights.
- A third party custodial model gives investors an interest tied to securities held by an intermediary.
- A synthetic model can provide price exposure without giving the investor ownership of the underlying security.
See: How Tokenization Became A Business Investors Can Measure
Those structures can look similar while giving investors very different rights. Voting, dividends, corporate actions, redemption and insolvency protection can all depend on how the token is built and who stands behind it. Participants specifically warned that retail investors may struggle to distinguish between products that appear similar but carry different claims and risks.
Tokenization isn't just a blockchain story once real money and investor rights are involved. Tokenization is already becoming measurable through assets, transactions, custody, servicing, distribution and regulated infrastructure. Once real money and investor rights are involved, the value depends less on creating the token itself and more on whether ownership, administration and market structure work around it.
What Still Stops Tokenized Markets From Reaching Commercial Scale
Settlement is one of the biggest constraints. A security can exist on a blockchain, but a fully digital transaction also needs money that can settle against it. Participants discussed stablecoins, tokenized bank deposits and wholesale central bank money, but no single settlement asset emerged as the answer. They also flagged uncertainty over which regulator should oversee different parts of that cash leg.
Project Samara gives Canada a real use case test. In March, Project Samara tested a C$100 million EDC bond using distributed ledger technology and tokenized wholesale Canadian dollars. The experiment handled issuance, trading and settlement, showing that a real Canadian security can operate on this type of infrastructure. It didn't answer everything. Participants still identified unresolved questions around netting, liquidity, governance, settlement finality and scale.
See: SEC Grants 5 Year Exemption for Tokenized Stocks
Faster settlement also comes with a tradeoff. Atomic settlement can reduce counterparty risk because the security and cash settle together. But if every transaction has to be funded separately instead of being netted against other obligations, firms may need to keep more cash available. A system that settles faster can therefore use liquidity less efficiently than existing wholesale infrastructure.
And then there's the legal record. A blockchain transaction may be irreversible without being legally final, so technical finality isn't necessarily legal finality. Participants questioned whether the ledger or another register should serve as the authoritative ownership record. Custody brings its own questions around private keys, asset segregation and recovery. The infrastructure also has to work with banks, custodians, administrators and the Canadian Depository for Securities.
Canada’s largest banks are also testing Canadian dollar tokenized deposits, which could eventually give tokenized markets another settlement option. But digital cash can't solve the settlement problem on its own. The legal treatment, access rules, interoperability and operating structure still have to work.
What Phase 2 Could Change For Canadian Tokenization Projects
Some participants said Canadian institutions have invested less in tokenization than international peers, while firms and regulators still lack enough hands on experience. They didn't conclude that Canada is behind, but they repeatedly called for clearer ways to get viable projects beyond isolated pilots.
Phase 2 gives regulators specific projects to evaluate instead of discussing tokenization in an abstract out of reach way. The CSA plans to accept proposals for 120 days from firms building tokenized products, infrastructure, services and business models. Regulators will look at the issues each proposal raises, its stage of development, industry participation and whether it can produce lessons that apply beyond one company.
See: Canada’s Big Six Collaborate on CAD Tokenized Deposits
A mature proposal could remain inside existing securities rules, require tailored regulatory treatment or qualify for bounded testing. The CSA describes bounded testing as a controlled process with defined limits, safeguards, reporting and decision points. It isn't automatic regulatory relief, and submitting a proposal does not guarantee that the CSA will create a testing framework for it.
Firms don't need another pilot proving that blockchain can represent a bond or fund. They need to know whether a workable product can get from technical proof to legal certainty, regulated distribution and production use without years of uncertainty. As of November 11, the CSA's Collaboratory still lists Project Tokenization at the Phase 1 findings stage, so the proposal intake itself is the next concrete regulatory milestone.
Talking Point
Canada shouldn't measure tokenization progress by how many pilots it can launch. The better test is whether Phase 2 can clear specific legal and operating barriers for use cases that already show a credible business case. If funds, collateral or settlement can save money and reduce friction, regulators should focus on what stands between those projects and production.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Creative Ways to Boost Team Morale
Nov 11, 2026
A positive work environment is key for any team that wants to succeed. Team morale is crucial for productivity, motivation, and job satisfaction. Engaging in activities that lift spirits and strengthen connections can lead to great results.
Creating a positive team environment requires creativity, engagement, and some fun. Each activity can strengthen connections, boost motivation, and improve workplace dynamics. When teams focus on strategies to boost morale, they work toward shared success. These activities can lead to lasting memories and help build a stronger team culture.
Here are some fun strategies to help improve your team's morale and make the workplace livelier.
Fun at the Arcade
Visiting an arcade spot is a great way to enjoy time together and build teamwork. Imagine your team facing challenges with various games. Whether it's racing or playing team games, the arcade encourages friendly competition and bonding. These fun experiences can help reduce stress and improve relationships among coworkers.
Arcades offer many options to suit diverse interests and skill levels. The lively atmosphere invites everyone to relax and take a break from their daily tasks. Shared laughter and enjoyment can lead to better communication and teamwork when you return to the office. After a fun night of games, your team is likely to feel more excited about their work.
Indoor Putt-Putt Adventures
Indoor putt putt is another great activity for building teamwork. The unique themed courses, like those with pirate ships or enchanted forests, keep things interesting. Navigating tricky holes encourages conversation and laughter, helping team members bond while having fun.
Playing putt-putt focuses on the shared experience, not just the score. Cheering for each other or making jokes can create a friendly atmosphere that continues in the workplace. This relaxed setting can lead to spontaneous discussions about projects, boosting creativity and problem-solving.
Encouraging a playful competition may reveal hidden talents among team members. For example, you might discover that Brenda from HR is great with a putter! These insights can help teams work better together and understand each other's strengths, leading to more supportive collaborations.
Creative Challenges
Organize fun team activities that combine enjoyment with problem-solving. Consider scavenger hunts, puzzle contests, or cooking challenges. Holding these activities outside the usual office setting gives everyone a break from routine while encouraging teamwork and creativity. Team members need to work together and use each person's strengths, which improves collaboration and communication.
Creative challenges also promote fresh thinking. This can lead to new project ideas or different views on existing tasks. The laughter and playfulness during these activities help lower stress. As a result, team members feel energized and share a sense of accomplishment.
Themed Dress Days
Who says work clothes have to be boring? Plan themed dress days to add excitement to the workplace. Whether it's funky hat day, pyjama day, or a colour theme, fun dress codes can brighten the office atmosphere. As team members join in, smiles and light-hearted conversations make the work environment more enjoyable.
Themes can spark conversations and encourage team members to interact. These activities create opportunities for storytelling and laughter, building connections that might not happen during a normal workday. Plus, seeing everyone's creative outfits can boost pride and belonging, strengthening team spirit.
Recognition Boards
A recognition board can make the workspace more encouraging. Celebrating small wins and acknowledging everyone's contributions builds a culture of appreciation. A dedicated space for colleagues to leave notes of praise or thanks lifts morale and fosters a positive community.
When team members feel valued, they often become more committed and enthusiastic about their work. Celebrating everyday achievements, like finishing a project early or helping a coworker, cultivates a feeling of belonging. This simple act not only improves morale but also creates a culture that recognizes and values effort within the team.
Volunteer Together
Volunteering as a team can build strong connections and a sense of purpose. Choose a local charity or community project where your team can share their time and skills. Working together for a common cause strengthens team bonds and allows you to give back to the community.
Helping others can provide new perspectives, lower stress, and create a positive atmosphere. After volunteering, hold reflection sessions so team members can share their thoughts and feelings. This shared experience promotes a workplace culture of empathy and teamwork, which boosts overall morale.
Team-Building Workshops
Consider organizing team-building workshops focused on personal and professional growth. These workshops can cover topics like communication, conflict resolution, and leadership. Bringing in an experienced facilitator can provide helpful insights and encourage discussions among team members.
See: How to Reduce Work Stress and Fatigue
Participating in these workshops helps individuals learn about each other's working styles and strengths. This improved understanding can lead to better collaboration and teamwork in daily tasks. The skills gained from these workshops can also boost productivity and create a more motivated, efficient workplace.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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Webull Adds Free Data as Canadian Brokers Compete Beyond Fees
November 10, 2026 | Market Activity | Fundraising, Investing, Trading, Leadership, Competition, Human Capital, Health
A Brokerage Race Beyond $0 Commissions
On November 10, 2026, Webull Canada added Nasdaq Basic Canada, giving clients free real time Level 1 quote and trade data across Canadian listed equities. The feed provides best bid, best offer and last sale information for stocks listed on the TSX, TSX Venture, CSE and Cboe Canada. Nasdaq says its consolidated feed can reduce Level 1 market data costs by more than 60% compared with traditional Canadian data packages.
Webull isn't first to give Canadian investors free real time information. The more interesting story is how quickly another paid feature is becoming part of the basic brokerage account. Wealthsimple helped normalize $0 trading in 2019, Questrade followed in 2025 and Webull dropped its own commissions in April 2026. With the headline trading fee largely gone, brokers now need other reasons for investors to move money and keep it on the platform.
Who Led Canada’s Race To $0 Trading And Free Market Data
Wealthsimple Trade launched nationally on March 13, 2019 with $0 commissions on Canadian and U.S. stocks and ETFs. Questrade removed commissions on listed stocks and ETFs in February 2025. Webull had entered Canada on January 2, 2024 charging $2.99 per Canadian trade and US$2.99 per U.S. trade, outside an introductory promotion. It moved to permanent $0 Canadian and U.S. equity commissions on April 13, 2026.
Market data hasn't followed exactly the same timeline because the products differ. Wealthsimple added free real time charting in August 2025. Questrade currently includes free streaming Level 1 data for TSX and TSXV securities on its Edge platforms, along with a more limited U.S. feed through Cboe One. Webull's new Nasdaq Basic Canada feed consolidates Nasdaq Canada's CXC, CX2 and CXD books at no additional charge. Investors still pay for some deeper exchange data across the industry.
| Webull Canada | Wealthsimple | Questrade | Interactive Brokers Canada | |
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| Canadian Brokerage Launch | January 2024 | Trade launched nationally March 2019 | Founded 1999 | Long established in Canada |
| $0 Stock Commission Milestone | April 13, 2026 | March 13, 2019 | February 2025 | Uses low per share pricing rather than universal $0 commissions |
| Free Basic Real Time Data | Nasdaq Basic Canada added November 10, 2026 | Free real time quotes and charting, with real time charting launched August 2025 | Free Level 1 TSX and TSXV streaming data on Edge platforms | Free U.S. non consolidated streaming data. Canadian real time feeds generally require subscriptions |
| Advanced Market Data | Nasdaq Level 2 promotional access plus real time options data | Growing active trader data and charting tools | Paid package includes Nasdaq TotalView and TSX Market Book | Broad professional data catalogue sold by exchange and package |
| Current Brokerage Model | $0 equities, options, advanced charting, extended trading and AI connections | $0 trading inside a broader investing, cash and household finance platform | $0 trading, managed portfolios, active trader tools and premium subscription benefits | Global market access, sophisticated execution and professional trading tools |
| Target Customer | Active self directed investors who value data and trading tools | Investors willing to consolidate more of their finances on one platform | Self directed investors seeking breadth, control and established brokerage tools | Sophisticated and globally active investors |
| Strategic Play | Close pricing gaps and compete on active trader features | Own more of the household financial relationship | Combine low cost brokerage with premium investing services | Compete on execution, markets and professional depth |
The dates tell the competitive story. Wealthsimple attacked commissions first. Questrade eventually matched the headline price. Webull arrived much later and has spent the past two years filling out its Canadian offer with registered accounts, options, extended trading, $0 commissions and now broader free market data. Its recent AI integrations add another layer by letting users connect their Webull accounts with assistants including ChatGPT, Claude, Perplexity and Grok.
See: Crypto Price Feed: How to Tell If Yours Is Fresh or Stale Before You Trade
Webull is therefore competing less on being first and more on how much active trader functionality it can put into one account. Its own pricing page currently compares its free Nasdaq Level 2 promotion with paid or unavailable alternatives at competing firms. That doesn't make every Webull data feed permanently free, but it shows where the company wants Canadian investors to compare it.
Why Brokers Are Paying Investors To Move More Assets
$0 commissions remove one visible cost, but they don't remove brokerage economics. Platforms can still earn from foreign exchange, margin lending, options, subscriptions, cash balances, managed products and other financial services. The real value is in the relationship. The more assets a broker holds for a client, the more opportunities it has to earn from those services over time.
Canadian firms are already paying to acquire those relationships. Wealthsimple's 2026 promotion offers a 1% match on qualifying account transfers of at least $25,000, up to $20,000 on the first $2 million transferred. Questrade Plus gives subscribers a 1% match on eligible RRSP contributions, real time streaming market data, options rebates and early access to some private offerings for $19.99 a month after its trial period.
The banks are also responding. BMO InvestorLine moved to $0 commissions on stocks, ETFs and options in September 2026 and eliminated brokerage account administration fees. BMO described itself as the first direct investing brokerage owned by one of Canada's five largest banks to remove stock and ETF commissions. The pressure that began with fintechs is now reaching institutions that can bundle brokerage with deposits, lending, credit cards and advice.
A large account transfer can be worth far more than years of trading commissions. A customer who moves an RRSP, TFSA and taxable portfolio can bring hundreds of thousands of dollars onto a platform at once. Once those assets arrive, the broker can earn from cash, currency conversion, margin, options, subscriptions and other products. Paying 1% upfront can work if enough of those assets remain on the platform.
What Canadian Brokerage Incentives Could Come Next
U.S. brokerage competition has already moved well beyond $0 commissions. Firms are now using asset transfer bonuses, retirement contribution matches, higher yields on idle cash, premium memberships and card rewards to win more of the customer relationship. Robinhood has competed with retirement contribution matches, asset transfer bonuses, higher yields on idle cash and a paid membership that bundles investing benefits with card rewards. Public has used account transfer incentives and premium membership benefits, while SoFi connects investing with banking and lending. The contest is increasingly about how much of the customer's money and financial activity a platform can attract and retain.
Canada is already following parts of that playbook. Transfer bonuses can become richer or more targeted at large portfolios. RRSP contribution matching could spread to other registered savings campaigns where tax rules permit. Brokers can also compete more aggressively on interest paid on idle cash, foreign exchange, margin rates, transfer reimbursements, Level 2 data, options pricing and premium subscriptions.
See: Questrade Connects Brokerage Accounts To AI Agents
Loyalty may become another battleground. A broker that combines investing with banking, cards, credit, tax or advice can reward customers for consolidating accounts rather than simply trading more often. Wealthsimple already has an advantage here because its model extends well beyond brokerage. Large banks have an even broader product base if they become willing to price their investing businesses aggressively enough.
Webull can lean harder into active trading, advanced data, options, extended hours, paper trading and AI tools. With more than 29 million registered users globally, it can also import features developed for larger markets into Canada. The challenge is converting those tools into enough Canadian account growth to overcome Wealthsimple's head start, Questrade's established base and the distribution power of the banks.
Talking Point
$0 commissions were only the first price reset in Canadian online investing. Free market data, transfer matches and contribution rewards show brokers are now spending more to win the entire account.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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BBVA Deploys Canadian AI for Derivatives Pricing
November 10, 2026 | Market Activity | Artificial Intelligence And Data, Capital Markets Infrastructure And Funding
A Toronto Fintech Riskfuel Analytics Brings AI Pricing Into BBVA’s Global Markets Workflow
On November 10, 2026, BBVA deployed Riskfuel Analytics' neural pricing technology inside the pre-trade structuring workflow for autocallable products on its ePricer platform. Riskfuel is a Toronto fintech founded in 2019 that builds AI models for derivatives pricing. BBVA is a global bank with a large corporate and investment banking business. The deployment puts Canadian built AI directly into the calculations used to design complex structured products at a major global bank.
Riskfuel's model is trained on BBVA's own pricing engine and uses more than 4,000 market and product inputs. The company says the surrogate was tested against more than 100,000 trades and can evaluate thousands of candidate structures in under a minute. BBVA had already added AI generated investment ideas to ePricer in September. Riskfuel goes further into the workflow by speeding up the numerical pricing work while BBVA's own model remains the reference.
How Riskfuel Speeds Up BBVA's Autocallable Pricing
Autocallables can depend on volatility, interest rates, dividends, maturity, coupon levels and several barrier conditions. Autocallables are structured investments that can redeem early when an underlying asset meets preset conditions, with returns and downside exposure tied to the product’s terms. Change one feature and the desk may need another valuation across many possible market outcomes. That becomes expensive when structurers want to compare thousands of combinations before taking a product to market.
See: TD And Luma Bring Structured Note Tools To Canada
Riskfuel uses a neural surrogate, essentially a fast AI copy of BBVA's existing pricing model. BBVA's own engine generates training data across thousands of market and product combinations, and the neural network learns how that model behaves so it can produce similar pricing outputs much faster when structurers test new products. It doesn't replace BBVA's core pricing model, which remains the reference.
Riskfuel and Intel benchmarked the model at approximately 2.27 million valuations per second on Intel Xeon 6 processors. Riskfuel also says thousands of candidate autocallables that previously took hours to evaluate can now be processed in less than a minute. Those figures come from Riskfuel and Intel and have not been independently verified.
Francisco Gómez Casanova, Executive Director, XVA Quantitative Analysis, BBVA Corporate & Investment Banking:
“By integrating Riskfuel's technology into ePricer, we can dramatically accelerate the evaluation of different autocallable structures while keeping BBVA's pricing framework at the core of the process.”
Faster calculations give structurers more room to test product designs before deciding which ones deserve further work. BBVA's ePricer already lets professional and institutional clients price, trade and monitor structured products across equities, foreign exchange, interest rates and credit. Riskfuel reduces the time spent waiting for repeated model runs, which can make product design more responsive without handing pricing control to the AI.
BBVA Still Has To Validate The Faster Model
Riskfuel is now part of the workflow BBVA's structuring teams use for client products, so model accuracy a live operating risk. BBVA has to know where the surrogate tracks its reference model closely enough to use and where the original pricing engine needs to take over.
BBVA already has machine learning controls covering development, testing, preproduction and production. The bank says developers cannot approve their own models, higher risk systems receive additional review and model lifecycle events are recorded in a central audit trail.
The model isn't setting prices on its own. BBVA says its own pricing framework stays at the centre of the process. The faster model has to remain accurate across the products, market conditions and edge cases where structurers actually use it, not just across the data on which it was trained.
Riskfuel had already worked with Scotiabank and BMO on derivatives pricing and risk calculations before the BBVA deployment. BMO announced a Riskfuel partnership in 2021 after an autocallable pricing pilot. BBVA takes the Toronto company's technology into an operating workflow at a global bank, giving Riskfuel a stronger export proof point than another pilot or technology benchmark.
The reality is Riskfuel isn't trying to sell a general AI assistant across every bank function. It's solving a narrow, expensive problem where derivatives knowledge, model accuracy and integration are all important. Canadian fintech companies don't need to compete with the largest AI platforms on model size if they can own difficult financial workflows those platforms don't understand nearly as well.
OSFI's recent work on frontier AI risks points to the same issue from the regulatory side. Banks can put AI deeper into pricing, risk and execution, but the controls have to become more specific as the financial consequences grow. Testing and accountability matter far more here than broad AI policy statements.
Talking Point
The most valuable financial AI may be the kind clients never see. Riskfuel is competing inside a bank's pricing workflow, where a narrow model can create value by making an existing process faster instead of trying to replace it.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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How Wall Street Is Building Tokenized Stock Markets
November 9, 2026 | Story Intelligence | Capital Markets Infrastructure And Funding, Digital Assets Blockchain And Tokenization
How Blockchain Trading Is Meeting Regulated Ownership, Liquidity And Settlement
On November 9, 2026, Ava Labs announced Avalanche as the core clearing ledger for NYSE's planned tokenized securities venue.
NYSE isn't putting its stock exchange on Avalanche.
NYSE Pillar remains the planned trading engine. Regulated transfer agents will connect digital shares with shareholder records. Avalanche will sit inside the clearing process after a trade is matched. Stablecoin funding is part of the design.
Blockchain companies have spent years building ways to issue, trade and settle assets directly on digital networks.
Wall Street already has a system that performs those jobs at enormous scale.
Now the two have to connect.
Blockchain can make securities programmable and allow the asset and cash to settle together. Public markets depend on deep liquidity, clear ownership records, custody, corporate actions and regulated firms that remain accountable when something goes wrong.
The question isn't whether stocks can be tokenized anymore.
It's whether tokenized stocks can gain the speed and flexibility of blockchain without splitting ownership, liquidity and investor protection across too many systems.
Canada put a real security through this process in March 2026. Export Development Canada issued a C$100 million bond through Project Samara, with RBC Capital Markets and TD Securities as joint lead managers.
The system supported issuance, bidding, secondary trading, coupon payments and redemption. The security and wholesale central bank money could settle together on distributed ledger technology.
The Bank of Canada also found costs around the transaction. These included system complexity, liquidity costs, governance requirements, coordination work and additional reporting and oversight.
Samara involved one short term security and a closed investor group. A public stock market has to handle the same issues across many securities, firms and investors.
A Faster Trade Still Needs A Market March 2026
Project Samara showed that a regulated security and regulated money can settle together on a distributed ledger.
But faster settlement only helps if buyers, sellers, custodians and other market participants can work around it without creating new costs or delays.
One trade can be compressed. The rest of the market still has to function around it.
On September 17, the SEC opened a five year path for tokenized U.S. stock trading, allowing qualifying Tokenized Securities Venues to use permissioned automated market makers and liquidity pools.
The tokenized stock must provide holders the same rights and privileges as the equivalent conventional shares.
An unaffiliated company can't simply tokenize another issuer's shares and assume the result is equivalent. The venue must notify the issuer before trading begins and give it 30 calendar days to object.
The rules around which U.S. stocks can qualify for tokenized trading also limit eligible securities, trading volumes and the circumstances in which an issuer can object.
A Token Isn't Always The Share September 17, 2026
A token can trade onchain and still leave an important question unanswered: what does the investor legally own?
It may be the company's share. It may be a claim backed by shares held somewhere else. It may only track the price.
The technology can make the asset easier to transfer. It doesn't decide the investor's legal rights.
DTC answered from inside the existing market on October 28. Its Tokenization Service allows eligible participants to create tokenized representations of securities already held at DTC and deliver them to registered wallets.
DTC has more than $114 trillion in assets under custody. Twenty participants had signed agreements when the service launched, including Bank of America, Barclays, Citi, Fidelity, J.P. Morgan, Morgan Stanley, State Street and UBS.
The securities don't have to leave DTC for participants to use a tokenized version. Canton and DTCC's private Besu network were the first supported networks, with more expected to follow.
The existing depository remains connected to the asset while blockchain adds another way to hold and transfer it.
DTC Brings The Existing Market Onchain October 28, 2026
DTC takes a different route from building a new market beside the old one.
It adds tokenization to securities already inside the existing system.
That keeps common custody and established market connections in place. It also means new blockchain markets have to offer more than a digital version of the same asset.
On November 2, NYSE named Securitize, tZERO, Broadridge, Computershare, Equiniti and Superstate as transfer agent partners for tokenized securities.
Computershare, Equiniti and Broadridge together serve close to 5,000 publicly listed companies, including nearly 99% of the S&P 500.
The group combines digital asset firms with established shareholder recordkeepers. Securitize, Superstate and tZERO bring onchain issuance and recordkeeping experience. Computershare and Equiniti bring long standing issuer relationships.
Broadridge also connects shareholders with proxy materials, meetings and voting.
Someone Still Has To Know Who Owns It November 2, 2026
A stock doesn't stop working after someone buys it.
Companies pay dividends. Investors vote. Shares split. Mergers close. Ownership changes.
The transfer agent role in NYSE's tokenized share model connects those obligations with the new digital ownership layer.
The share can live onchain. Someone still has to maintain the record everyone agrees is official.
On November 4, Canton Strategic Holdings put the SEC exemption into a live transaction. Existing shareholder Five North moved CNTN shares from a broker account onto the company's onchain shareholder register.
The shares traded through a permissioned Tradecraft liquidity pool. DRW Cumberland bought stock, Flowdesk supplied liquidity and settlement completed atomically on Canton.
Fairmint remained the SEC registered transfer agent. It recorded the tokenized shares, maintained the official onchain ownership record and controlled which verified holders and wallets could participate.
Identity checks, sanctions screening and transfer controls remained part of the transaction.
The First Live Trade Connects Both Worlds November 4, 2026
The November 4 transaction wasn't another demonstration.
A Nasdaq listed stock traded through an onchain liquidity pool and settled atomically, while a regulated transfer agent kept the official ownership record.
Fairmint CEO Joris Delanoue put it plainly: "A blockchain can settle a trade, but it takes an accountable transfer agent to say who legally owns the share."
Blockchain handled parts of the transaction differently. Regulation didn't disappear. It came into the transaction with it.
NYSE keeps conventional exchange technology at the front of its planned digital ATS. NYSE Pillar remains the matching engine, using technology already familiar across NYSE equity and options markets.
The venue can support issuer sponsored tokenized securities as well as qualifying third party custodial products.
Avalanche gets a different job after execution. Its technology will provide the core ledger for the clearing firm supporting the venue.
NYSE says the platform is designed for 24/7 trading, clearing and settlement. Stablecoin funding is contemplated, while regulated transfer agents connect tokenized securities with shareholder records.
NYSE Keeps The Exchange And Adds Blockchain November 9, 2026
NYSE isn't replacing everything at once.
Pillar can match the trade. Transfer agents can keep the ownership record. Avalanche can support clearing. Stablecoins can provide digital cash.
NYSE Head of Digital Issuance Dennis Lee describes the approach as "picking the right technology for each job."
The NYSE Avalanche clearing design gives Avalanche a post trade role rather than making it the only network on which shares can exist.
The result could combine familiar market access with faster digital settlement. It could also leave one stock working across more systems than before.
DTC can tokenize securities already inside the depository. Conventional exchanges can continue using familiar order books and settlement rules while adding tokenized representations after the trade.
This keeps the security tied closely to existing market systems.
Other venues can put more of the process onchain. Ownership, trading and settlement can run through digital networks with verified wallets and programmable controls.
Securitize's tokenized U.S. stocks and OKXICE's proposed venue show how different regulated models are moving from exemptions and filings into actual products and market designs.
One Stock Can Now Exist In Several Places Late 2026
A public company's stock can remain inside DTC, appear in issuer sponsored form onchain and also be represented through third party products.
Those versions can trade through different venues and settle through different systems.
That creates more choice, but liquidity can spread across markets and investors may not receive the same rights from every product carrying the same company name.
Tokenization works best if those routes remain connected closely enough that the stock still behaves like one market.
Can One Stock Still Trade As One Market?
Tokenized stocks can now reach investors through several routes.
DTC can tokenize securities already held in the traditional market. The SEC has opened a regulated route for permissioned onchain stock trading. Transfer agents can maintain official shareholder records on blockchain networks. A Nasdaq listed stock has already traded and settled this way. NYSE is combining its existing trading technology with blockchain clearing and potentially tokenized cash.
Each approach solves part of the problem.
Together they create another one.
A public stock is valuable partly because buyers and sellers can meet in deep markets and because everyone knows what the security represents. If liquidity spreads across too many venues or different tokenized versions carry different rights, the investor may see the same company name without actually holding the same product.
That doesn't mean tokenized stocks need one blockchain or one trading venue.
It means the different routes have to remain connected closely enough that investors, issuers and intermediaries can treat them as parts of the same market.
For founders, some of the best opportunities may sit in those connections: custody, compliance, identity, shareholder records, corporate actions, market data, liquidity and settlement.
For investors, the basic questions become more important, not less. Who issued the token? What does it represent? Where is ownership recorded? Where does it trade? Who holds the underlying security? What rights come with it?
Canada has already tested part of this problem through Project Samara. Canadian institutions showed that a real security and central bank money can settle together on distributed ledger technology. They also found that faster settlement brings governance, liquidity and operating questions with it.
If U.S. tokenized stocks build meaningful liquidity, Canadian dealers and custodians will have to decide which products and venues they can connect to and how those holdings fit Canadian custody, securities and investor protection requirements.
Blockchain markets don't have to replace regulated public markets to matter. Regulated markets don't have to abandon their existing systems to use blockchain.
A stock can gain new ways to trade and settle without losing the liquidity, ownership clarity and investor rights that make it one market.
Talking Point
Tokenized stocks can now trade through several regulated routes. The opportunity is faster, more programmable markets. The risk is that liquidity, ownership and investor rights become spread across products and venues that all appear to represent the same stock.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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How to Reduce Work Stress and Fatigue
Nov 9, 2026
Work can be stressful, especially in our busy world. Many people feel pressured to meet deadlines and juggle multiple tasks, which can leave them feeling overwhelmed. Work stress and fatigue can hurt both your job performance and your personal life. Recognize these feelings and look for ways to reduce them for better overall well-being.
Many believe that working long hours is unavoidable. However, you can find simple ways to manage stress and boost your energy for a more balanced and satisfying work life. Here are some strategies to help you reduce work stress and fatigue.
Set Healthy Boundaries
Setting boundaries is the first step in managing stress. In a world that expects you to always be available, define your work hours. Let your colleagues know when you are available, and stick to that schedule. When you decide when to stop working, make sure you follow through. This may mean turning off notifications or avoiding emails after work hours.
Taking breaks throughout the day is also crucial. Short breaks can increase your productivity and clear your mind. Use these moments to move away from your desk, go for a walk, or take deep breaths. These small pauses can refresh your energy and help you focus better.
The Role of Physiotherapy
Physiotherapy North York can help reduce work-related stress and fatigue. It improves movement and function, which can help you feel more comfortable. Stress often shows up as physical tension, especially in the neck, back, and shoulders. Physiotherapists can identify and treat these tensions to reduce discomfort.
Physiotherapy also teaches you how to use your body correctly. Learning to sit, stand, and lift properly can help prevent strain and injuries over time. Many physiotherapists provide personalized exercises that meet your needs, helping you keep a healthier posture and movement. The benefits of physiotherapy go beyond relaxation; they help you manage your body better and improve your overall health.
Focus on Physical Well-Being
Your physical health greatly affects how you manage stress. Regular exercise is an excellent way to reduce stress and fatigue. Whether you prefer walking, yoga, or the gym, choose an activity you enjoy. Exercising releases endorphins, which help lift your mood and boost your energy.
Good nutrition is also vital. Eating a balanced diet filled with whole foods, fruits, vegetables, and lean proteins provides the energy you need for the workday. Staying hydrated is important too, as it helps your body perform at its best.
The Chiropractor's Touch
Chiropractors offer another way to reduce stress and fatigue by focusing on spine health. Proper spine alignment can improve how your body functions. Misalignments can cause discomfort and tension, which may increase stress. Regular chiropractic adjustments can help bring balance back and relieve these issues.
A chiropractor often combines adjustments with guidance on posture, ergonomics, and lifestyle changes. This complete approach treats not just the symptoms but also the underlying causes of your stress and fatigue. Many clients feel more relaxed and energized after chiropractic sessions, showing how spinal health affects well-being.
Relaxation Techniques
Adding relaxation techniques to your daily routine can help you manage stress. Simple practices like deep breathing, meditation, or mindful walking can calm you and reduce anxiety. Taking a few minutes each day to focus on your breath or appreciate your surroundings can greatly shift your mental state.
Mindfulness helps you stay in the present moment, allowing you to step back from overwhelming thoughts. It can also improve your focus, making it easier to complete tasks clearly. As you practice mindfulness, you may feel calmer and more resilient when facing workplace challenges.
Support Systems
No one should handle stress alone. Building a strong support system at work can make a big difference. Sharing experiences with trusted colleagues can provide emotional relief and build friendship. Team-building activities or group discussions can create a supportive atmosphere, making it easier to tackle challenges together.
If stress feels too heavy, consider talking to a counsellor or therapist. Sometimes, an objective view can help you find specific strategies for your situation. This resource can help you manage stress better and improve your mental health.
See: Burnout Reflects How Work Gets Structured
In the end, reducing work-related stress and fatigue needs a well-rounded approach that includes physical health, emotional well-being, and supportive relationships. By being proactive about your needs, you can create a more balanced and fulfilling work experience. Small changes can lead to big improvements in your quality of life.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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