Instinet to launch alternative trading system to compete with TSX
Last Updated: Monday, December 4, 2006 | 11:38 AM ET
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Instinet Inc. has announced plans to launch an alternative trading system (ATS) that will compete with the TSX Group for trades in all Canadian-listed securities.
The new system — to be known as ICS (Instinet Canada Cross) — will be a continuous, electronic market aimed at high-volume, institutional traders. Instinet said the new trading platform will provide faster trades and lower transaction costs than the TSX.
"We believe there is a significant opportunity to provide the Canadian marketplace with the same speed and cost benefits that alternative execution venues have brought in recent years to other markets around the world," Instinet co-president Alex Goor said in a statement.
"We expect the resulting increase in transaction speed at significantly lower cost to lead to greater trading volumes and a positive impact on market liquidity and transparency," he said.
The new ATS is expected to launch in 2007 and will be available to any firm registered with the Investment Dealers Association of Canada.
Instinet already offers a variety of alternative trading systems for the American and European markets.
This will be the second ATS to aim at the market for Canadian securities. Earlier this year, Pure Trading announced it would launch a continuous auction market alternative trading system.
Pure Trading is a subsidiary of Canadian Trading and Quotation System, which operates CNQ — a new stock exchange for emerging Canadian companies. Pure Trading's launch is set for Jan. 19.
As with Instinet, Pure Trading said its alternative trading system will reduce costs through a high-speed trading system that will "cater to the fast growing use of algorithmic trading technologies by market participants."
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