Canada’s Turquoise approved for September launch
Published on August 29, 2008.
Alpha Group, a consortium of nine Canadian brokers, has announced that its Alpha alternative trading system (ATS) for equities has received regulatory approval, ahead of its scheduled launch on 26 September.
The platform is now recognised as an ATS by the Ontario Securities Commission (OSC) and has received approval of its application for dealer and marketplace membership by the Investment Industry Regulation Organisation of Canada (IIROC).
The platform was announced last May. Like recently launched pan-European multilateral trading venue Turquoise, Alpha ATS was established by a consortium of brokers to compete with the primary market.
“We look forward to working with both the ISC and IIROC to ensure Alpha ATS’s operations will provide new and innovative execution options that will benefit to Canada’s investment industry,” said Randee Pavalow, Alpha ATS’s head of operations and regulatory matters, in a statement.
The brokers involved include BMO Capital Markets, Canaccord Capital Corporation, CIBC World Markets, CPP Investment Board, Desjardins Securities, National Bank Finance, RBC Capital Markets, Scotia Capital and TD Securities.
