Nas­daq hopes to op­er­ate an ex­change in Canada

Times Colonist - - Business -

New York-based Nas­daq Inc. said Thurs­day it has ap­plied to op­er­ate an ex­change in Canada, a move that could bring for­eign com­pe­ti­tion to a mar­ket dom­i­nated by the TMX Group, op­er­a­tor of the Toronto Stock Ex­change.

Ac­cord­ing to a post­ing on the On­tario Se­cu­ri­ties Com­mis­sion web­site, 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 Nov. 13.

Nas­daq is not propos­ing to list is­suers’ se­cu­ri­ties and, if it de­cides to do so later, the OSC said its list­ing rules would have to be re­viewed, pub­lished for com­ment and pre­sented to the com­mis­sion for ap­proval.

Chi-X Canada, an al­ter­na­tive trad­ing sys­tem for the Toronto Stock Ex­change, was pur­chased by Nas­daq in Fe­bru­ary 2016. Ap­ply­ing for an ex­change li­cence was the next “log­i­cal step” for Nas­daq af­ter com­plet­ing tech­nol­ogy mi­gra­tion to Chi-X, spokesman Joe Christi­nat said in an email.

He wouldn’t say when or if the com­pany will start list­ing se­cu­ri­ties, but did say that it is talk­ing to clients about their needs.

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