Securities Brokerage Services Price Index (SBSPI)

Detailed information for fourth quarter 2016

The Securities Brokerage Services Price Index (SBSPI) measures the change in average prices charged over time for securities brokerage services in Canada.

Data release - This is a pilot survey. No data, files or results will be released.

• Questionnaire(s) and reporting guide(s)
• Description
• Data sources and methodology

Description

The Survey of Securities Brokerage Services collects data on retail full-service brokerage services provided by registered Dealer/Broker firms in Canada. The two main product types covered are transaction-based and fee-based accounts (fee-based brokerage and advisor managed).

The information collected in this quarterly pilot survey will be used to produce the Securities Brokerage Services Price Index (SBSPI) which will measure change in average prices charged for securities brokerage services in Canada. The primary purpose of this measure is to provide supplemental information to help inform the deflation of output in the Canadian System of Macroeconomic Accounts (CSMA). The index represents retail full-service brokerage services only, and as such has limited coverage in relation to the overall activity of the industry which includes institutional and discount brokerage services as well as other activities.

This index is part of the Services Producer Price Index program (SPPI) at Statistics Canada.

The SPPI program develops and produces price indexes for a number of business service categories. This initiative fills an important data gap in the area of economic statistics and has resulted in a more comprehensive set of service price indexes. These indexes allow Statistics Canada to produce more accurate estimates of real-value added (Gross Domestic Product) and changes in productivity.

Collection period: During the quarter following the reference quarter

Subjects

• Prices and price indexes
• Service price indexes

Data sources and methodology

Target population

While the survey population consists of all registered Dealer/Broker firms in Canada that provide securities brokerage services, the target population for this enterprise based, national level pilot survey covers firms that provide full-service brokerage services to retail clients.

• Additional documentation

Instrument design

The questionnaire for this pilot survey was developed at Statistics Canada and was reviewed and tested in the field in both official languages by the Questionnaire Design Resource Centre (QDRC) . In the course of developing the questionnaire, Statistics Canada consulted with industry associations and numerous respondents in the securities brokerage industry.

Sampling

This is a sample survey with a cross-sectional design and a longitudinal follow-up.

The sampling unit is the establishment.

The sample size is approximately 28 units which were selected from the target population using a cut-off sample based on revenue. Statistics Canada's Business Register (BR) was used to associate revenue and unit identifiers to these businesses.

Data sources

Responding to this survey is mandatory.

Data are collected directly from survey respondents.

Following sample selection, new survey participants (respondents) are introduced to the survey through telephone calls. During this initial phase of data collection, respondents are guided through the process of identifying and reporting the required data. This process typically spans several collection cycles until respondents become conversant with the survey.

In subsequent cycles, quarterly data are collected on a quarterly basis by mail out, mail back paper questionnaires, while telephone communication and e-mail are used for non-response and data follow-up. Several follow-up contacts can be made including sending out a reminder letter in order to collect data.

Information about the time it takes respondents to complete the survey questionnaire is collected and monitored closely. Currently, after initial data collection system set up, it takes respondents an average of 30 minutes to complete the survey.

View the Questionnaire(s) and reporting guide(s) .

Estimation

Prices
Final methodology has yet to be determined.

Weights
Final methodology has yet to be determined.

Indexes
Final methodology has yet to be determined.

Quality evaluation

The survey's data collection strategy is designed to ensure that targeted response rates are met every cycle. Analysts pay close attention to this metric and take the appropriate measures to ensure that the survey's coverage is thorough. Particular attention is also given to ensuring that sampled products or services are representative of actual transactions taking place in the market. These two activities, fundamental to the overall quality of the estimates, are done consistently.

Analysts also undertake additional validation activities every cycle to ensure the coherence of survey estimates. These activities include the analysis of price changes period-over-period and the analysis of trends at the business/company, industry, subsector and sector levels, the certification of key contributors to price change as well as the confrontation of estimates against other related data sources. Contextual analysis of survey results is also performed in light of prevailing economic conditions.

Engagements with relevant stakeholders are also undertaken periodically. Forums involving other Statistics Canada analysts, industry stakeholders and partners at other national and international statistical agencies provide valuable insight into the development and research agenda of the program.

Disclosure control

Statistics Canada is prohibited by law from releasing any information it collects which could identify any person, business, or organization, unless consent has been given by the respondent or as permitted by the Statistics Act. Various confidentiality rules are applied to all data that are released or published to prevent the publication or disclosure of any information deemed confidential. If necessary, data are suppressed to prevent direct or residual disclosure of identifiable data.

Collected data are converted to price indexes and data are released as such, so that it is not possible to identify the suppliers of raw prices.