Nasdaq switches on Canadian terminals
21 November 2000 | 3782 views | 0
Nasdaq Canada has commenced operation with ten securities firms trading Nasdaq-listed securities direct from Montreal. The placing of trading terminals north of the border marks the first step in a three phase plan to establish global linkage between Nasdaq markets in North America, Japan and Europe.
Currently, there are 146 Canadian companies listed on Nasdaq, generating an average daily volume of $3.13 billion (C $4.83 billion) a figure which exceeds volumes recorded on local exchanges.
In this first phase, trading terminals have been installed initially in ten Canadian securities firms in Montreal. This will enable these firms to trade the 5000 Nasdaq-listed companies directly through their local broker, including the 42 Canadian companies previously listed solely on Nasdaq US.
Phase two coincides with introduction of Nasdaq's SuperMontage, which will provide for the display of multiple prices from each market participant and the opportunity to list Canadian companies exclusively on Nasdaq Canada.
Phase three will provide for "true globalisation", says the exchange, linking Nasdaq Canada with Nasdaq, Nasdaq Japan, and Nasdaq Europe.
The success of this first phase will determine the timing on the rollout of successive initiatives, says Frank Zarb, chairman and chief executive officer of The Nasdaq Stock Market. He adds: "Our ultimate goal is linking Nasdaq Canada to a global trading platform that will include Nasdaq markets in Asia and Europe."