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by Stockwatch Business Reporter
During the week ended May 13, 2011, Canada's top three alternative trading systems captured 31.6 per cent of trading volume. Alpha Trading Systems came first, trading an average of 223 million shares a day, or 22.1 per cent of volume. Chi-X Canada came second, trading 58.2 million shares a day, or 5.7 per cent, and Pure Trading came last, trading 36.8 million shares a day, or 3.6 per cent. Together, the Toronto Stock Exchange and the TSX Venture Exchange were left with 67 per cent.
Of securities listed only on the TSX, Alpha captured 23.2 per cent of trading, Chi-X captured 9 per cent and Pure took 5.7 per cent. The TSX was left with 59.6 per cent.
Over the weekend, the TMX Group received a second merger offer of $48 a share from Maple Group Acquisition Corp. (The London Stock Exchange has offered $39 a share.) Maple's shareholders consist of the four Canadian banks opposed to the TMX-LSE merger, Toronto-Dominion Bank, Canadian Imperial Bank of Commerce, Bank of Nova Scotia and National Bank of Canada, as well as five Canadian pension funds. Under its deal, Maple plans to combine the TMX Group with Alpha Group and CDS Inc., but must first convince the competition bureau the arrangement will not create a trading monopoly. Today, Luc Bertand of the Maple Group held a conference call, during which he tried to assure the public that the proposed company would not be able to set monopolistic prices, as the TMX has in the past. According to Mr. Bertrand, the competitive nature of North America will not permit high fees because traders unhappy with the high trading prices can simply move their orders to other ATSs or to the United States for dual-listed stocks.
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I am 100 percent against this new proposal. We, as individual traders, had the chance to invest in major minerals companies across the world. As a junior investor it would have brought in capital to help struggling companies who are now at the wilm of manipulators and scavengers. The new market will ensure that the old boys club keeps tight reigns on prices of commodities and offset their financial investments by having absolute knowledge of all trading patterns and investments. I am againdt bank corruption and ownership. They already wield the most powerful manipulation of markets in all G7 countries and will soon be Gods. NO - Absolute NO.
Everyone is focused on the cost of trades. The real question is fees and regulation for companies that will have little choice in listing in order to have the market exposure. This is especially true for junior companies where the Canadian system serves as an incubator.The London deal will surely bring higher fees and more bureaucracy which will be negative and costly for all parties. The Maple proposal hopefully will be less costly and bureaucratic than London as most of the Canadian systems are in place. As to cost for listed or maintenance of new companies on the Exchange the Maple proposal will surely lead to higher fees for companies (they won't be able to resist). We can only hope that it will be less than what the London fees would have been.