Pure Trading to Launch Alternative Equity Market September 14, 2007
Pure Trading to Launch Alternative Equity Market September 14
Dealers representing 95 per cent of historical Canadian trading volume signed on
Toronto, Ont. (August 16, 2007) – Canadian Trading and Quotation System Inc. (“CNQ”) proudly announces that the Pure Trading marketplace will launch its continuous auction market on September 14, 2007. This event will mark the second phase of Pure Trading’s market development that began with the provision of a cross printing facility on October 12, 2006.
This is the first visible alternative equity market in Canada and is the culmination of an industry wide effort over the course of more than a year. Pure Trading will initially offer trading services for three stocks (Fairfax Financial “FFH”, Aber Diamonds “ABZ”, and iSharesTM CDN Energy Sector Index Fund “XEG”) and add to the list based on continuous consultation with service providers and participating dealers.
“In choosing this date, our primary objective was to be both responsive and responsible” said Ian Bandeen, Vice Chairman and CEO of CNQ. “While we are ready to commence immediately, it makes sense to give everyone sufficient time to insure an orderly and seamless migration towards a multi-market trading environment”
The launch date was chosen after extensive consultation with the trading community. The Pure Trading system is now fully ready and operational. Testing by the access vendors and dealers has progressed well, notwithstanding the strains on resources stemming from the current record trading and message traffic volumes in the industry. Based on this positive state of readiness, coupled with the timelines required for orderly systems roll-outs to the trading desks, CNQ believes that the September 14th launch date will provide vendors and dealers with an opportunity to complete the remaining tasks required to begin trading in a multiple marketplace environment.
“We launch on an excellent foundation,” Bandeen added. “The number of dealers participating has now jumped to 59, representing over 95 per cent of the historic Canadian equity trading volume. This is a tremendous achievement.”
* ”iShares” is a tradermark of Barclay’s Global Investors, N.A.
About Pure Trading and CNQ: CNQ was recognized as a stock exchange by the Ontario Securities Commission in May, 2004 as the first new Canadian stock exchange in over 70 years and currently has over 90 listed securities. In 2006 it obtained approval to launch Pure Trading, an alternative market which provides a better, faster, and more cost efficient trading venue for equity securities listed on other stock exchanges in Canada. There are currently 59 Canadian investment dealers approved for direct access to both Pure Trading and the CNQ stock exchange.
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