Canadian alternative trading system (ATS) Omega ATS has abolished its monthly C$350 subscriber fee, enabling brokers to maintain their membership to the platform for free.
Omega has also increased the number of free access ports to 10 per month for all subscribers, up from one per month previously. Omega estimates the changes eliminate port access fees for more than 81% of its current subscribers.
In addition, a new Omega ATS pricing schedule has been announced for securities listed on the TSX Venture exchange, which is aimed at small and medium enterprises and is operated by primary exchange group TMX.
For all fixed income and listed debenture transactions, Omega ATS will charge no fee, and receive no rebate, for passive orders that execute with the exception of shares listed on the TSXV. Likewise, there will be no fee charged for orders placed in Omega ATS that do not execute. Furthermore, there will be no fee for internal crosses.
“Our new fee structure has been designed to ensure that smaller players no longer subsidise the largest market participants,” said Mike Bignell, president at Omega ATS. “This enables us to continue to live up to our ethos of creating a level playing field for all.”
Omega ATS currently has over 70 subscriber firms, and operates a system designed to maximise internal order processing speed and reward liquidity providers with time priority over other marketplaces.
The firm introduced trading in US securities, quoted in Canadian dollars, for the first time in April 2011.