Vernon & Park Capital, L.P. announced today that it has acquired a minority stake in CNQ, Inc., the first and only new Canadian stock exchange in over 70 years.
CNQ has also developed and launched a high-speed trading facility, Pure Trading, which provides an effective and cost efficient alternative for the trading of Canadian equity securities designed to meet the needs of today's global electronic participants. Details of the transaction were not released.
"Vernon and Park is pleased to announce our new investment in CNQ," said Jim Ginsburg, Managing Partner of Vernon & Park Capital. "We are impressed with the management team and the governing body of CNQ, which is revolutionizing equities trading in Canada. The team has developed the right product at the right time. Their execution platform is very attractive to the current generation of traders and investors."
"We established Pure Trading to address the increasingly sophisticated needs of the trading community," said Ian Bandeen, Vice-Chairman and Chief Executive Officer of CNQ. "We are very pleased that Vernon & Park has chosen to invest in our company. They bring considerable industry expertise and relationships in the financial market sector. Their involvement with us will help us achieve our goals of making the trading of equities in Canada better, faster and cheaper."