Can you introduce ICP Securities?

Insight Capital Partners (ICP) was founded in 2017 to help companies understand the larger trade movements behind their own security in a bespoke fashion. We created a product that cross-references company data that they are obligated to pay for as a listed company with publicly available information to look at the larger movements affecting post-trade activity. From this, we provide a weekly report on who is behind the anonymous broker trading and other organizations’ activity to the management of our company. 

Another area of our business that has gained us a lot of traction in recent years is ICP Premium. This is an antidote to predatory high-frequency trading that can outsize the marketplace liquidity of small and mid-cap securities and have a punitive effect. ICP Premium counters this to provide a more balanced quote for the security. We provide our service through an algorithm and also reporting, both of which are critical to the success of the overall product. 

Have there been quantitative results from ICP Premium for your clients?

We did a rigorous analysis of our entire client base, comparing H1 2025 to H2 2024 following the introduction of ICP Premium in January of 2024. Our assessment found that the average daily trading volume of our clients was up 60% and the price improvement was 33%. As we took on new clients during this period, the average market cap of the companies we work with increased by 45% to approximately C$230 million. 

The companies we work with vary in market cap from C$20 million to C$4 billion. In all cases, our algorithm provides the appropriate type of signaling in the marketplace to properly rebalance stock quotes. This is a repeated experience with our client base, whereby there is something decoupling or impeding the fair value of a security because of high-frequency trading. Often, the companies we deal with are pre-revenue and rely on the capital markets for financing, so if we can help with the stock price even a little, that is a material gain for clients. As a result of ICP Premium, clients have been able to raise millions of dollars at a fair market valuation. 

Are you seeing interest returning to the mining industry from investors?

There has been an 11% improvement in daily volume from the TSXV over the last year. Many new companies are coming to us looking for help with financing, which suggests a positive investor outlook. Institutions are also taking pieces of larger life offerings; however, with smaller financing deals, there is still less interest due to the higher risk profile. 

We are also seeing more interest in cross-border market making, as the Canadian stock quote will often inform the US price due to the amount of interlisted arbitrage between the two markets. European markets are also more interested in mining now, bringing more eyes to mining and helping our algorithm perform better. 

Do you believe the Canadian market is positioned correctly to maintain its leadership in mining finance?

I believe the Canadian market is the best in the world for mining securities, with the ideal tech stack and regulatory environment. Because of this, we are seeing an increasing number of international companies listing in Canada. ICP Securities is proud to be a part of this healthy and lively ecosystem, especially for small and midcap stocks. We have been approached in Australia and Europe to see if our solutions will work in these markets too. 

How does your algorithm help larger mining companies?

Typically, these clients are looking to access a larger index and larger screen windows to attract more quantitative investors. Often, with these stocks, there is too much volatile high-frequency trading, which discourages investors as they see the stock as gamified. We can remove the drama from these quotes by using the same strategy but a different configuration, and help companies with their trading volume. 

What are your plans and strategies for growth at ICP Securities?

We have been managing a period of hypergrowth over the last year, with about 100 companies using our services. We see a continued trajectory for us through the rest of 2025 and 2026, including exploring the other markets interested in ICP Securities.