Aequitas Innovations Inc.

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Aequitas Innovations Inc.
Aequitas Logo.png
Founded 2013
Headquarters Toronto, ON, CA
Key People Jos Schmitt, CEO
Products Stock Exchange

Aequitas Innovations Inc. is the parent company of the Aequitas NEO Exchange, a stock exchange based in Toronto that was launched on March 27, 2015.[1]

Private equity firm Vernon & Park Capital is a shareholder of Aequitas Innovations.[2] The Canadian division of Invesco Ltd. is also a backer.[3]

Background[edit]

In June 2013, Aequitas announced its intention to create a new Canadian stock exchange to rival the Toronto Stock Exchange, backed by a number of Canadian institutions and corporations. Its aim is to challenge “certain predatory high frequency trading strategies which have impacted the quality of existing equity markets.”[4] Aequitas also plans to operate as a listing venue and build a centralized platform for private securities that will focus on capital raising and liquidity for small and mid-sized issuers.

On September of 2013, the Ontario Securities Commission (OSC), published for a 45-day public comment on discussions about the proposed trading structure of the new exchange.[5][6] After a thorough review of the proposal and related comments, the OSC informed Aequitas that it could not support the proposal as published. In particular, the proposal included restrictions on access to visible orders which do not conform to existing requirements of the regulatory framework, including fair access.[7][8][9]

The company received approval from the Ontario Securities Commission in November 2014 to operate the exchange.[10][11]

In June of 2014, Aequitas entered an agreement with Millennium IT, a subsidiary of the London Stock Exchange Group, as the technology provider for its platform.[12]

Exchange Backers[edit]

The proposed exchange is backed by the following Canadian institutions and corporations:[13]

Key People[edit]

Position Paper[edit]

The position paper explaining the rationale for Aequitas, its proposed structure and the proposed implementation timeline, is embedded below.


References[edit]