Pure Trading in third again, Alpha almost a year old 2009-11-02 20:51 ET - Street Wire by Stockwatch Business Reporter Pure Trading was the third most active of Canada's alternative trading systems in the week ended Oct. 30, 2009. The most active ATS by volume was Alpha Trading Systems, which averaged 136.8 million shares per day. In second place was Chi-X Canada, which averaged 34.1 million shares per day, followed by Pure Trading with 13.09 million. Combining their volumes, the ATSs accounted for 20.7 per cent of the total volume which includes the Toronto Stock Exchange and the TSX Venture Exchange. The ATSs, lead by Alpha, continue to increase their market share in Canada. Alpha's owners, the big banks and Canaccord Capital Corp., launched their competitor to the TMX Group almost one year ago, on Nov. 7, 2008, after a slight delay. On that first day in November, 2008, Alpha traded 411,698 shares. Now its computers handle volumes that are over 300 times larger. The TMX Group, meanwhile, focuses on other factors than its declining share of the Canadian market. In particular, it is pleased that its venture exchange volumes have increased from last year by almost 20 per cent. The ATSs continue to take TSX's market share but have enjoyed less success with TSX-V trading. Last week, for example, Alpha enjoyed over 20 per cent of the market share for TSX securities but it only had about 3.5 per cent of the market share for TSX-V securities. The only ATS that still does not report its volumes is Liquidnet Canada, an ATS launched in October, 2006. One way of catching a glimpse of Liquidnet's volumes is through the Investment Industry Regulatory Organization of Canada which publishes a quarterly statistics report of market activity for all trading systems in Canada. For the quarter ended Sept. 30, 2009, the report reveals that Liquidnet had a market share of 0.078 per cent, the second-lowest market share of all exchanges during the quarter. (The lowest was Omega ATS with 0.056 per cent.) Liquidnet's parent, Liquidnet Holdings Inc., operates a large ECN (electronic communications network) in the United States and plans to go public in 2010. |
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