Canadian alternative trading system Omega ATS has expanded the list of US securities available for trading. The 25 blue-chip securities, including Apple, AIG and Proctor & Gamble, are intended to represent a broad cross-section of the US equity market and add to a selection of US exchange-traded funds already trading on the venue.
The additional securities, available immediately, are part of a phased roll out of US equities onto the Omega trading platform. The selected stocks are widely held within Canadian retail and institutional investment portfolios. As such, their addition to Omega ATS should eliminate foreign exchange charges and provide new arbitrage opportunities. The move brings a portion of the OTC market into public view.
“We're trail-blazing the way to eliminate inflated spreads and opacity in foreign instrument trading,” said Mike Bignell, president, Omega ATS.
Omega ATS experienced a 1,690% increase in trade volume between February 2010 and March 2011, according to statistics published by the Investment Industry Regulatory Organization of Canada.
The venue operates a system designed to maximise internal order processing speed, rewarding liquidity providers with time priority over other marketplaces.
Omega ATS abolished its subscription fee, enabling brokers to maintain their membership to the platform for free, in May 2011.