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March 14, 2006
New stock exchange and ATS in Canada, Tuesday, March 14, 2006, 1:14 PM
Canada's newest stock exchange is the CNQ, which is used for listings of tiny companies seeking to raise capital on a cost-effective basis. The same management is preparing to roll out in July an Alternative Market or ATS, called Pure Trading, somewhat like Archipelago had been, for Toronto Stock Exchange listed stocks. The whole cost structure for Canadian brokerage will change as a result.
Rob Cook has been working on this for years, and I believe he is finally getting it together. If I am correct in my presumption that some Canadian broker-dealers will seek the lowest cost solutions, and will pass along the cost savings to the customer, that will force the competition to follow suit.
So what Rob Cook is doing is a good thing, and his efforts should be supported.
Members of the Investment Dealers Association can contact Rob Cook at 416-572-2000 x 2470, or in his place Mark Faulkner at x 2305.
Presently there are 20 signed up brokerage firms, including Penson Canada, which happens to execute a very large percentage of foreign orders. I would expect Interactive Brokers Canada to follow through.
So, foreign brokers may want to consider these very low cost jitney services. They will not be disappointed in the technology, or for that matter the quality of correspondent services.
Posted by Posted by Bill Cara on March 14, 2006 01:14:49 PM | Category: Canada