TMX gets approval for ATS; Maple looks to bring in new members

TMX gets approval for ATS; Maple looks to bring in new members

Canadian exchange operator TMX is set to launch an alternative trading platform next month after getting regulatory approval.

The Investment Industry Regulatory Organization of Canada and the Ontario Securities Commission have both given TMX Select the green-light, paving the way for an 11 July launch.

The platform will employee "symmetrical pricing", charging liquidity providers and seekers the same nominal fee of $0.0002 per share for stocks priced $1 and over, and $0.0001 per share for stocks priced under $1.

Gary Knight, CEO, TMX Select, says: "In launching TMX Select, we are supporting a platform that is different from what is being offered by Canadian and US visible marketplaces. The TMX Select pricing model equally recognises the importance and value of both types of participants to the marketplace - the one that displays liquidity and is willing to wait and the participant that is willing to transact immediately."

Meanwhile, the consortium of Canadian banks and pension funds bidding to hijack TMX's proposed merger with the London stock Exchange, is in talks to strengthen the group with the addition of up to four new members, according to the Wall Street Journal.

Citing a source, the WSJ says Desjardins Financial Group, GMP Capital, Dundee Capital Markets and an unnamed company are in negotiations to join the Maple group.

The TMX board has rejected Maple's advances in favour of an LSE tie-up, prompting the consortium to take its case straight to shareholders who will vote on the London deal on 30 June.

Rival TMX Bid Group in Talks to Add Up to 4 New Members - WSJ

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