CNQ re-launches as CNSX
CNQ re-launches as CNSX, the Canadian National Stock Exchange, offering faster and cheaper competition in Canada’s securities markets
Veteran Stock Exchange expert William Woods retained as Managing Director, CNSX
TORONTO – November 6, 2008 – CNQ, formerly known as the Canadian Trading and Quotation System Inc., has re-launched as CNSX – the Canadian National Stock Exchange. The new name reflects its status as a full service, national stock exchange. At the same time CNSX introduced a series of strategic changes to make it faster, easier and more cost-effective to list and trade securities.
The CNSX stock exchange now trades on the X-Stream platform, Canada’s first high performance, low latency trading engine and the same trading platform as Pure Trading. As a result, all 80 CNSX participating dealers (representing over 99% of the domestic order flow and virtually all of the major US brokerage houses with a Canadian focus) are now connected to CNSX. CNSX has effectively combined CNQ’s unique, enhanced disclosure and streamlined regulatory model with the superb performance and connectivity of the Pure Trading platform. Pure Trading is Canada's most active alternative market, regularly handling 5-10 per cent of the natural daily volumes in many of the top Canadian stocks.
CNSX also announced the appointment of William Woods to the position of Managing Director. Woods joins CNSX with business and stock exchange expertise that circles the globe. A lawyer, admitted to practice in Bermuda, England, Wales and Hong Kong, he has specialized in corporate finance and the forward direction of stock exchanges for over 2 decades. He will work with Ian Bandeen, CEO and Rob Cook, President of CNSX to drive the growth strategy and the implementation of new products and listing policies.
“We are pleased to implement these strategic changes, particularly in light of the recent market turmoil, in order to facilitate an easier, faster and less expensive listing for Canadian issuers without the red tape associated with exchanges built on older market structures. The new name therefore represents the exchange’s evolution into a national stock exchange with proven technology that is a true competitor for listing and trading issuers of every size and securities of every kind,” said Cook. “William Woods’ appointment also adds to the bench strength of the management team at CNSX and we are planning to introduce another succession of improvements over the next few months relating to listing policies and recognition by domestic and international regulatory bodies, under his guidance.”
CNSX previously announced a new trading fee schedule – based on a per share model - which offers lower rates and directly competes with other stock exchanges in Canada. In addition CNSX's Designated Market Makers now benefit with the introduction of trading fee credits for providing liquidity in designated stocks.
CNSX has also expanded its Vancouver office by the appointment of a full time Listing Manager – Richard Smith, and appointed a new sales representative in Quebec – Scott Pritchard.
“The new trading fee schedule, and the migration to the X-Stream platform, are all part of a systematic upgrading of our stock exchange”, said Woods. “We now have over 100 securities listed on the exchange and we will shortly be introducing new listing policies that have specific rules for ETFs, Funds and Structured Products, in addition to the equity and debt products that we already list. As with everything we do, we are applying innovation, lower fees and technology to bring much-needed competition to Canada’s securities markets”, he said.
Woods also said “A CNSX listing makes sense for both new IPOs and existing listed issuers who want to migrate to our forward looking exchange, based on the fact that the ongoing fees on CNSX are fixed at $300 per month and are much lower than competing exchanges. Since we do not impose additional listing or filing fees on companies undergoing a transaction there are significant direct and indirect cost savings for issuers on our market. By combining our enhanced disclosure listing regime with our superior trading platform we have, overnight, made our proven listed market much more accessible to dealers and investors. The customer driven innovations at CNSX have truly made us the stock exchange of the future – now.”
The Canadian National Stock Exchange is operated by CNSX Markets Inc., a family of innovative securities markets. CNSX believes that technology and competition create better, more efficient markets for investors and issuers. CNSX Markets also operates Pure Trading, the first alternative market in Canada to offer a competitive electronic continuous auction market.
Originally launched as CNQ, CNSX was recognized as a stock exchange by the Ontario Securities Commission in May, 2004 - the first new Canadian stock exchange in over 70 years. There are currently over 100 securities listed on CNSX and there are 80 investment dealers across Canada approved for direct access to both Pure Trading and CNSX.
For more information, please contact
CNSX Markets Inc.
Ian Bandeen – CEO
Rob Cook – President
William Woods – Managing Director
or visit our website: www.cnsx.ca