CNQ/Pure Trading

CNQ/Pure Trading

April 30, 2007 12:03 ET

Pure Trading Set for Final Test on Alternative Trading System

Dealers representing over 95 per cent of Canadian equity trading volume have signed up to participate

TORONTO, ONTARIO--(CCNMatthews - April 30, 2007) - Pure Trading, along with participating dealers and access vendors, will perform a fourth test of its electronic trading system on Saturday May 5th, 2007, in advance of the launch of its continuous auction market.

"This represents the culmination of more than a year's collective work by the key stakeholders and promises to be an historic moment and opportunity for all of us in the securities trading community," said Ian Bandeen, Vice-Chairman and CEO of Pure Trading. "We have built the first alternative visible auction market in Canada for exchange listed securities and we will bring real competition to the Canadian market for the first time."

The system was tested industry wide successfully on January 13th and February 3rd. In addition there have been ongoing rigorous daily individual dealer and vendor testing routines underway since June 2006.

During the third test on February 24th, retransmission issues were identified and a remediation plan was put in place. Since then, Pure Trading has been testing with principal vendors to verify that the issues have been satisfactorily addressed.

Flowing from the positive results achieved by continuous testing, Pure Trading announced on March 8th that it would organize another industry-wide test on May 5th.. It is anticipated that the system launch date will be set shortly after this weekend.

"Today we have signed up 57 dealers representing over 95 per cent of the historic Canadian equity trading volume" said Richard Carleton, VP Corporate Development of Pure Trading. "Add to that the significant number of smart routers and service vendors all participating and I can proudly say that we have exceeded our expectations by every metric. Clearly, the demand is very strong for advanced electronic trading capabilities in Canada."

To ease the community's transition to a multi-market environment, trading rules on the Pure marketplace will be almost identical to trading on other Canadian stock exchanges. Market Regulation Services is the market regulator, and the Universal Market Integrity Rules ("UMIR") will apply to all participants trading on Pure.

"Pure Trading will be a better, faster and cheaper alternative to what dealers have in the marketplace now," Bandeen said. "You can tell by the excitement and chatter on the 'street' that this is a huge opportunity for everyone."

Pure Trading is operated by Canadian Trading and Quotation System Inc, which also operates CNQ listed market, the first new marketplace to be recognized since the implementation of National Instrument 21-101 - Marketplace Operation, and the first new Canadian stock exchange in over 70 years.

Pure Trading will be a competitive alternative to the existing exchanges, providing a new trading venue for Canadian Exchange-listed securities. This high speed trading system utilizes the highly efficient X-stream trading engine supplied by OMX of Sweden. X-stream has been modified to incorporate Canadian trading rules and message protocols.

Contact Information

  • Pure Trading
    Lida Preyma
    Director, Business Development & Marketing
    (416) 572-2000 ex 2285