The Form 1 income statement, as brackets. Every figure here is one the firm already files monthly, Statement E under the IDPC Rules, Statement D under the MFD Rules, and Statement D again on CIRO's proposed consolidated form.
ID E-21 · MFD D-13 · proposed DC D-25.
ID E-30 · MFD D-19 · DC D-34. The fixed-cost base only, variable compensation and third-party commissions are separate lines.
ID E-23 · MFD D-15 · DC D-27.
Variable compensation as a share of commission revenue.
Why these are asked by concept, not by line number
CIRO is merging the IDPC and MFD rulebooks into one set of DC Rules, and the two Form 1s into a single DC Form 1. The statement letters move, the income statement is Statement E for investment dealers today and Statement D for mutual fund dealers, and becomes Statement D for everyone. Storing these by concept means the series survives that transition.
Operating expenses E-30 / D-19 / DC D-34
Form 1 instructs 'include all operating expenses' on this line. Variable compensation and commissions paid to third parties are reported separately, so operating expenses sit far below revenue and that is structural, not an error.
Estimating margin
Margin can be approximated as revenue less operating expenses, third-party payaway, and variable compensation, the last derived from the payout ratio and, for investment dealers, the commission share of revenue.
Every figure is a bracket. Margin estimates built from four bracketed inputs multiply their errors together; treat the result as an indication of direction, not a measured figure.
An estimated margin will run slightly above a firm's filed profit, because bad debt, financing cost, corporate finance cost and discretionary bonuses sit on lines the Barometer does not collect.