There is no reason why this type of operation – at least the back office part – couldn’t be in New Brunswick.
Fidelity Investments, the second-largest clearing broker in the United States, is planning a multi-million-dollar expansion into the clearing business in Canada. Clearing brokers ensure that trades are settled, finance margin accounts and maintain the paperwork behind trades. Nothing has been finalized, but sources indicate that Fidelity has begun hiring senior executives who would staff the Canadian venture and has contacted regulators in this country.
This is exactly what Halifax has done with its attraction of financial services back offices to that city.
But this is Canada and I suspect that NB is not even on the short list.