Tak­ing stock of Nas­daq

Se­cu­ri­ties reg­u­la­tor re­view­ing ap­pli­ca­tion for Nas­daq stock ex­change in Canada

Cape Breton Post - - Business - BY DAN HEAL­ING

Nas­daq Inc. said Thurs­day it has ap­plied to op­er­ate an ex­change in Canada, a move that could bring for­eign com­pe­ti­tion to a mar­ket cur­rently dom­i­nated by the TMX Group, putting new pres­sure on the op­er­a­tor of the Toronto Stock Ex­change.

Nas­daq Canada and its par­ent com­pany En­soleille­ment Inc. have ap­plied for recog­ni­tion as ex­changes in Canada, start­ing the clock on a 30-day com­ment pe­riod to close on Nov. 13, ac­cord­ing to a post­ing on the On­tario Se­cu­ri­ties Ex­change web­site.

The Nas­daq ap­pli­ca­tion comes more than a year af­ter the com­pany com­pleted its ac­qui­si­tion of Chi-X Canada, an al­ter­na­tive trad­ing sys­tem for the Toronto Stock Ex­change, in Fe­bru­ary 2016.

Nas­daq Canada cur­rently op­er­ates three eq­uity trad­ing fa­cil­i­ties in On­tario, as well as NFI, a fixed in­come fa­cil­ity that al­lows per­mit­ted clients to trade U.S. trea­suries on a U.S.-based al­ter­na­tive trad­ing sys­tem (ATS).

It says in its ap­pli­ca­tion that its Cana­dian units act as al­ter­na­tive trad­ing plat­forms for TMX’s Toronto Stock Ex­change and TSX Ven­ture Ex­change list­ings, with 66 sub­scribers and trad­ing of­fered in 4,100 se­cu­ri­ties.

“Nas­daq Canada will tran­si­tion its mar­ket oper­a­tions from those of an ATS to those of an ex­change, with no sub­stan­tial changes to its cur­rent trad­ing plat­form or oper­a­tions,” it says in its ap­pli­ca­tion.

“Func­tion­al­ity cur­rently in place to sup­port the Nas­daq ATS trad­ing plat­form will con­tinue to be avail­able af­ter the recog­ni­tion date . ... Nas­daq Canada will op­er­ate a con­tin­u­ous auc­tion mar­ket Monday through Fri­day, ex­clud­ing Cana­dian bank­ing hol­i­days.”

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