New Canadian exchange, Aequitas Neo, has completed its first industry test in preparation for its March launch.
The new exchange operator, which will go head-to-head with market incumbent TMX, is aiming to offer a business model that will better meet the needs of investors and issuers than most current exchanges.
The test took place on 24 January and saw trading firm, dealers and market data solutions providers take part, including ITG Canada, Thomson Reuters and Activ Financial.
Nick Thadaney, CEO of ITG Canada, said: “We have been very impressed by the timeliness and quality of work produced by the Aequitas team so far. ITG is excited to be one of the first dealers to participate in a test weekend and we are eager to get going. We will absolutely be ready for launch."
The test was intended to check whether key technology and operations worked correctly ahead of the official launch of its trading platform in March. Once the secondary market goes live, Aequitas Neo intends to launch a listings service and will follow this up with a market for unlisted securities later in 2015.
"It allowed us to assess the state of readiness and robustness of our various technology systems and operational procedures, and I am pleased to report that the results were positive,” added Jos Schmitt, CEO and president of Aequitas Neo. “This is a testament to the quality of the MillenniumIT trading platform our exchange will be using, as well as to the diligent work of the entire NEO exchange team and its numerous partners over the past year."
Further test events will be taking place in the weeks leading up to the launch.