Chi-X Canada reports market share high
Alternate venue Chi-X Canada has seen its market share grow to record
proportions as the uptake of alternative trading systems (ATSs) increases.
In May the
ATS enjoyed a 10.35% share of the Toronto market in terms of volume and 11.64% of total value traded
– the second consecutive month in which Chi-X Canada achieved a market share
Canada has garnered strong market share growth since January, when it
represented 8.37% of volume and 10.61% total value. By April it had hit 10.01%
volume and 11.9% value.
Canada continues to drive competition and improve trading efficiencies through
the introduction of innovative solutions and unique pricing,” said Dan Kessous,
CEO, Chi-X Canada. “In response, our participants have pushed our market share
to firm-record levels, such as on 30 May when we traded 12.6% of the overall
market volume of Toronto Stock Exchange-listed securities.”
turnover in Canada last month was US$149.41 billion. According to Thomson
Reuters, Alpha Trading was the largest ATS in Canada, trading 16.47% of
turnover in the market. Thomson Reuters recorded Chi-X Canada’s market share as
12.64% of total turnover.
coming months, Canada’s equity landscape could change dramatically, making the
need for healthy competition even more acute,” added Kessous. “Chi-X Canada
will continue to advocate for positive market structure change, which we
believe provides unquestionable benefits to all market participants.”
Toronto Stock Exchange owner TMX Group is currently the
subject of a takeover proposal by a group of 13 Canadian financial institutions
operating under the name Maple Group. The intention of the Maple Group is to
create a unified trading and clearing platform together with Canadian clearer
CDS and alternative trading system Alpha Group. However, regulators are still
currently considering Maple’s acquisition of TMX, with a decision expected imminently.