Wealthsimple Joins Prediction Markets Fray as Canada Opens Up

More financial firms are wading into prediction markets in Canada, working to get the green light from regulators to bring a popular betting product to traders.

Wealthsimple said on Wednesday it has received approval from the Canadian Investment Regulatory Organization to offer trading in contracts tied to economic indicators, financial markets and climate data. The Toronto-based firm, which has more than C$100 billion ($72.4 billion) in assets under administration, is following Interactive Brokers Group Inc., which announced the launch of Canadian prediction markets almost a year ago.