Continuous Auction Market to commence in January, 2007
TORONTO, ONTARIO–(CCNMatthews – Nov. 9, 2006) –Canadian Trading and Quotation System Inc. (“CNQ”) announced today the launch of Pure Trading’s continuous auction market on Friday, January 19th 2007.
Pure Trading successfully launched the first phase of its marketplace operations, a cross printing facility, on October 12th 2006. Upon launch of the of the continuous auction market all securities listed on the Toronto Stock Exchange will be available for trading as in the cross printing facility. The market will be open for continuous trading from 9:00 am to 5:00 pm Eastern Standard Time.
The Pure Trading team has been working with all of the necessary parties to ensure a smooth launch of the new trading system, the first competitive visible market in Canada since the introduction of the ATS rules by the Canadian Securities Administrators in 2001. In particular, we have been testing connectivity and systems with the key links in the securities trading and processing chain:
– Canadian Depository for Securities
– Market Regulation Services Inc.
– Order entry system vendors
– Order management system vendors
– Back office service providers
– Market data vendors
– Smart order routing vendors
– Existing and potential participating investment dealers
Ian Bandeen, CEO, commented on the industry wide participation in testing and development: “To the many participating dealers and service providers who have diligently been working with us over the last number of months, we extend our gratitude and thank them for all of the time and effort that has been expended to date in supporting Pure Trading’s launch.”
More information about the Pure Trading market can be found at www.puretrading.ca