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Canada Banks' Alpha Platform Under Scrutiny by Regulators, Globe Reports
A Canadian financial regulator asked several bank-owned brokerages to clarify a recent “initiative” to switch orders from the Toronto Stock Exchange to Alpha Group, an alternative stock trading system that they own, the Globe & Mail reported, citing a letter sent to all the institutions with stakes in Alpha.
The letter from the Investment Industry Regulatory Organization of Canada was dated Aug. 13 and a response was requested within a week, the newspaper said.
The recipients were Royal Bank of Canada, National Bank of Canada, Bank of Nova Scotia, Toronto-Dominion Bank, Canaccord Financial Inc., Bank of Montreal, Desjardins Group, Canadian Imperial Bank of Commerce and the Canada Pension Plan Investment Board, the Globe & Mail said.
The idea behind Alpha, established in 2007, was to put pressure on the Toronto exchange to reduce its charges by creating a competitor, the newspaper added.
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