Nasdaq applies to start an exchange in Canada
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, says the Ontario Securities Commission 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).