The Nasdaq stock market, home to hundreds of the biggest technology stocks in the world, has moved north. Phase One of Nasdaq Canada has opened for business.

Nasdaq Canada will allow investors to buy 5,000 Nasdaq-listed securities, including the 146 Canadian companies that list on the Nasdaq in the U.S.

"With Nasdaq workstations now in place in Montreal, Canadian investors can get immediate access to both the Canadian companies listed on Nasdaq as well as all other Nasdaq issues," a Nasdaq release stated.

Ten big brokerage houses will be members of the electronic exchange. But several others-- notably, RBC Dominion Securities and Merrill Lynch Canada-- have not joined as yet.

A separate Nasdaq Canadian market is still some time away. As of Tuesday, investment dealers will just be able to trade Nasdaq-listed stocks from desktop terminals in their Montreal offices.

At first, Canadian investors will have to trade issues in U.S. dollars. Eventually, trading in Canadian dollars will be possible.

On Tuesday, Nasdaq Canada also unveiled a Nasdaq Canada Index, which tracks the market performance of the 146 Canadian companies that list on the Nasdaq, including 42 Canadian companies that list only on the Nasdaq.

Phase Two of Nasdaq Canada, besides allowing for trading in Canadian dollars, will give Canadian companies the opportunity to list exclusively on Nasdaq Canada.

Nasdaq Canada is seen as a direct challenge to the Toronto Stock Exchange and its supremacy of Canadian capital markets. The TSE was highly critical of the Nasdaq Canada expansion when it was first announced in the spring, saying it wouldn't provide investors with any significant advantages.

Nasdaq Canada is located in Montreal, following strong support from the separatist government of Lucien Bouchard.

Nasdaq has been busy this year, expanding into foreign markets, including Japan, Hong Kong, London, and Sydney.

Phase Three of Nasdaq's Canada rollout will include the global linking of Nasdaq Canada with Nasdaq US, Nasdaq Japan, and Nasdaq Europe.

In an advertisement that appeared in some financial newspapers Tuesday, Nasdaq said its eventual goal is to "link Nasdaq Canada to our other markets in Asia and Europe... bringing us one step closer to becoming the world's first truly global stock market."