Cormark Securities
Cormark Securities was a Toronto-based independent investment dealer serving mid-cap and emerging-growth companies and institutional investors. Acquired by Alberta's ATB Financial in December 2025, it now operates as part of ATB Cormark Capital Markets.
Company history
Eric Sprott founded the firm in 1981 as Sprott Securities. After Sprott chose to focus on asset management, he cut his stake to a minority in 2000 and sold the rest to employees effective January 2002; the firm was renamed Cormark Securities in 2007. Employee-owned, it ran research, sales, trading and investment banking from Toronto and Calgary. ATB Financial agreed to acquire it in August 2025, closed in December and merged it into ATB Cormark Capital Markets in February 2026.
- 1981Founded by Eric Sprott as Sprott Securities
- 2002Eric Sprott completed sale of remaining stake to employees
- 2007Renamed Cormark Securities
- 2025Acquired by ATB Financial
- 2026Merged into ATB Cormark Capital Markets
Research
Cormark's research focused on Canadian mid-cap and emerging-growth companies, supporting an investment banking business that participated in more than 1,000 equity financings raising over $100 billion in the decade to 2025. Stocks were rated Top Pick, Buy, Market Perform or Reduce, with an (S) suffix for speculative names and Tender for takeover bids; target prices used a 12-month horizon. Its analysts now publish under ATB Cormark Capital Markets.
Recent actions
| Stock | Rating action | Rating | Date |
|---|---|---|---|
| BLBallard Power Systems Inc.BLDP | Downgrade | Buy →Market Perform | Sep 16, 2024 |
| CGCanopy Growth CorporationCGC | Downgrade | Market Perform →Reduce | Feb 9, 2021 |
| BNThe Bank of Nova ScotiaBNS | Upgrade | Market Perform →Buy | Jun 1, 2015 |
| CNCanadian Natural Resources LimitedCNQ | Upgrade | Market Perform →Buy | Mar 6, 2015 |
| WPWestport Fuel Systems Inc.WPRT | Upgrade | Reduce →Market Perform | Nov 11, 2014 |
| CVCenovus Energy Inc.CVE | Downgrade | Buy →Market Perform | Jul 8, 2014 |
| CVCenovus Energy Inc.CVE | Upgrade | Market Perform →Buy | Mar 12, 2014 |
| RCRogers Communications Inc.RCI | Downgrade | Buy →Market Perform | Feb 20, 2014 |
 Cameco CorporationCCJ | Downgrade | Buy →Market Perform | Feb 11, 2014 |
 Coeur Mining, Inc.CDE | Downgrade | Buy →Market Perform | Jan 10, 2014 |
| CVCenovus Energy Inc.CVE | Downgrade | Buy →Market Perform | Jan 6, 2014 |
| CNCanadian Natural Resources LimitedCNQ | Downgrade | Buy →Market Perform | Jan 6, 2014 |
References
- ATB Financial to Acquire Independent Investment Bank Cormark Securities Inc. (2025)atb.com
- Announcing ATB Cormark Capital Markets (2026)atbcm.atb.com
- ATB Completes Integration of Cormark Securities Inc. (2026)atb.com
- Sprott Inc. Annual Information Form 2009sprott.com
- SPROTT trademark 1008503 – name change Sprott Securities Inc. to Cormark Securities Inc. (CIPO)ised-isde.canada.ca
- Cormark Securities research note – recommendation terminology (2024)theinvestorscoliseum.com