Investment News has reported that the brokerage industry roared its way to record profits last year, posting earnings not seen since the burst of the tech stock bubble.
According to the Securities Industry and Financial Markets Association of New York and Washington, the securities industry had profits of $33.1 billion in 2006, 4.7 percent above the previous record of $31.6 billion in 2000.
And the record mark from last year was 88.2 percent above the $17.6 billion the industry earned in 2005, according to SIFMA.
The securities industries performance in 2006 was led by exceptionally strong trading gains and record underwriting revenue, SIFMA said in a statement.