Publication Date



Open access

Embargo Period


Degree Type


Degree Name

Doctor of Philosophy (PHD)


International Studies (Arts and Sciences)

Date of Defense


First Committee Member

Bruce Bagley

Second Committee Member

Roger Kanet

Third Committee Member

Ambler Moss

Fourth Committee Member

Joseph Ganitsky

Fifth Committee Member

Alex Horenstein


Political Economists have increasingly studied the role of regulators in establishing and enforcing rules for the financial markets. Yet, rarely have the role of the regulators in the evolution of the exchanges themselves been studied. This dissertation utilizes historical institutionalism to investigate how critical junctures shaped the equity markets in Canada and the United States. At key points commercial banking in the United States was dominated by small community banks, while the Canadian market has always been led by a few large national banks. On the other hand, the United States has a strong Federal securities regulator, while the strongest regulator for the securities markets in Canada is the provincial administrator in Ontario. This project finds that these factors resulted in American government sponsorship of the Nasdaq and the National Market System preventing a potential monopoly of the New York Stock Exchange, while the TMX Group achieved nearly a monopoly in exchange based trading in Canada. Still, Canadian equity markets benefit from their close ties to American capital markets. This dissertation also looks specifically at the Canadian communications sector and the central role played by three publicly traded giants that are cross listed on the Toronto Stock Exchange and the New York Stock Exchange.


Toronto Stock Exchange; Maple Acquisition Group; Maloney Act, Public Choice Theory; National Market System; Little Bang