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TMX Creates Trading Platform to Compete With Alpha

TMX Group Inc., owner of the Toronto Stock Exchange, plans to start an alternative trading platform to compete with Alpha Trading Systems and other companies that have taken market share from Canada’s biggest bourse.

TMX aims to establish a platform with expanded hours for trading stocks on the Toronto Stock Exchange and TSX Venture Exchange, the company said today in a statement. TMX plans to start the platform, called TMX Select, in the second quarter of 2011 pending regulatory approval, said Kevan Cowan, group head of equities.

“We’ve got a rapidly evolving marketplace and the best way for us to serve our customers is to offer options,” Cowan said in an interview. “This marketplace will offer distinct pricing and functionality than our existing markets.”

Toronto Stock Exchange and TSX Venture Exchange have lost market share to alternative trading systems that have emerged in Canada since 2007. TMX’s two exchanges had about 73 percent of the Canadian market for equity trading in August, down from 98 percent two years ago.

The bank-owned Alpha, TMX’s biggest rival, gained nearly 19 percent of the marketplace in August, almost two years after it started. Other rivals include Pure Trading, the three-year-old system that has 2 percent of the market, and Chi-X Canada, with 4.7 percent share, according to statistics from the Investment Industry Regulatory Organization of Canada

TMX fell 13 cents to C$31.46 at 4 p.m. trading on the Toronto Stock Exchange.

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