ITG Canada is to set up an alternative trading system for all Toronto Stock Exchange listed securities.
ITG says the TriAct Canada Marketplace (TCM) will provide price improvement on every transaction. Acting as a broker-neutral matching facility, the platform will provide a confidential venue for achieving best execution for standing portfolio and single stock orders.
The facility is slated for launch in Q4 2005.
The announcement comes six months after the Toronto Stock Exchange decided to shutter the ITG-supplied Posit crossing system because of lack of order flow.