Canadian Imperial Bank of Commerce is exporting one of its Christmas traditions to Wall Street.
The banking company donated all the brokerage fees its Oppenheimer unit garnered Tuesday-about $3 million worth-to children's charities. The so- called "Miracle Day" has been a tradition at Toronto-based CIBC since 1984.
This is the first year the bank's U.S. securities subsidiary, CIBC Oppenheimer, has participated in the event, which is held each Dec. 1. CIBC, which bought Oppenheimer last year, has high hopes for the U.S. version of Miracle Day.
"We hope that it becomes a competitive event on Wall Street, with every brokerage firm in the U.S. deciding to donate their fees," said Thomas Gallagher, a CIBC Oppenheimer vice chairman.
Oppenheimer clients, who were given advance notice of the fund-raiser, could choose to direct up to half their brokerage fees to a specific organization.
"We've never been this busy," Mr. Gallagher said from the trading floor Tuesday. "The institutional community has really responded."
Proceeds will go to 116 U.S. children's charities, including the United Way and the Children's Defense Fund.