Alpha ATS today announced that it filed with the Ontario Securities Commission to obtain the status of a recognized exchange. Obtaining this status will allow Alpha to expand its business into new areas such as the listing business while allowing it to benefit from other exchange specific advantages such as the ability to support market making.
Having established itself as the preferred alternative marketplace for trading Canadian securities, the logical next step for Alpha is to become a recognized exchange. This will allow it to develop new services and products, and compete on a level playing field with its main competitor.
Jos Schmitt, CEO of Alpha Group, noted "We brought true competition to the equities trading landscape in Canada. The facts are now confirming the realization of our original objectives: improved liquidity and efficiency in the markets to the benefit of issuers and investors, substantial fee reductions for the dealer community, and a renewal of technologies across the board to support today's market participants' needs. The growing interest from foreign investors, market participants and issuers to leverage the Canadian capital markets is a testimony to the fact that our industry has become more competitive globally."
"We will continue to put all our energy towards ensuring that greater competition will further improve the liquidity and efficiency of the trading landscape in Canada; but at the same time, we are convinced that the global competitiveness of our industry overall requires us to bring true competition in areas other than trading", added Mr. Schmitt. "While competitive initiatives like the Alpha Ecosystem, allow us to tackle certain types of industry inefficiencies, the exchange status will allow us to bring competition in new areas such as the listing business. We will do this by leveraging our unique business model built on operational efficiency, innovation and above all client centricity."