Nas­daq ap­plies to start an ex­change in Canada

The Hamilton Spectator - - BUSINESS - 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, 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).

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