Foreword

• Author: Anita Indira Anand
• Pages: 9-10

ix

Foreword

The Canadian Securities Administrators have said that over one

million Canadians have been victims of investment fraud, and the

New York Times has observed that Canada produced more stock mar-

ket fraud than any other country where information is available.

Losses on Bre-X, Sino-Forest, and asset-backed commercial paper

were about $6 billion each, and the loss on Nortel was even higher.

The subject has received considerable attention from the nancial

press and has sparked a vigorous debate as to how Canada’s nan-

cial system should be regulated.

At the same time, we have witnessed numerous white papers

from all levels of government, task force reports, two Supreme Court

of Canada decisions, and multiple reports from organizations iden-

tied by many interest groups that wish to benet from the rapidly

expanding market for investment services. We have witnessed a

long odyssey that may have exhausted the players, but to date has

avoided much-needed reform.

Anita Anand’s The Canadian Investor: Challenge and Change in

Canadian Capital Markets is perhaps the clearest and most informa-

tive account of Canada’s nancial system and the issues it has been

facing since the 2008 nancial market crash. This insightful book

examines all aspects of Canada’s nancial landscape, with suggested

resolutions and remedies. Recognizing that no nancial system is

perfect, Professor Anand explores diverse points of view in draw-

ing her conclusions. This book is an unquestionable must-read