Alpha Trading Systems
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| Alpha Trading Systems | |
| |
| Founded | 2007 |
|---|---|
| Headquarters | Toronto, Canada |
| Key People | Jos Schmitt, CEO |
| Products | Cash equities |
| Web site | http://www.alphatradingsystems.ca |
Alpha Trading Systems is a Canadian-based Alternative Trading System (ATS), slated for launch in September 2008[1], and challenging the dominance of the TSX Group in the domestic cash equities business[2].
Background
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The venture – initially known as Project Alpha – was announced on May 3, 2007 by units of seven of Canada’s major investment dealers - BMO Capital Markets, Canaccord Capital, CIBC World Markets, National Bank Financial, RBC Capital Markets, Scotia Capital and TD Securities.
They were joined by Desjardins Securities and the Canada Pension Plan Investment Board; the latter said it was paying C$17.5m for a 10 percent stake[3].
Cinnober Financial Technology was selected in October 2007 to provide Alpha’s technology platform. Cinnober is also providing the platform for Project Turquoise, a planned European-based ATS[4].
Alpha has not disclosed any plans to offer block trading, but is expected to offer pre-open and extended sessions outside of the regular 9:30 a.m. to 4:00 p.m. trading day.
Existing ATS – including Liquidnet Canada, Perimeter Financial's BlockBook and Omega ATS, TriAct's Match Now and Pure Trading have around 10 per cent of Canada’s electronic equity-dealing market. Instinet also plans to launch its Chi-X Canada unit in 2008.
References
- ↑ Canada's Alpha Trading plans for September launch. Reuters. Retrieved on January 24, 2008.
- ↑ Press release. Alpha. Retrieved on January 24, 2008.
- ↑ Canada pension board confirms stake in TSX rival. Reuters. Retrieved on January 24, 2008.
- ↑ Press release. Alpha. Retrieved on January 24, 2008.
