An Innovative Dark Pool for the Canadian Retail Investor
TORONTO, April 8 /PRNewswire/ - Alpha Group today announced that its IntraSpread(TM) facility has been approved by the Regulators and will be available for trading before the summer after completing the testing of the regulatory feed with IIROC. IntraSpread(TM) is a facility designed to improve the quality of execution in Canadian markets while reducing the cost of trading.
After a lengthy but fruitful submission and comment process to obtain regulatory approval for its new Dark Pool trading facility - the Alpha IntraSpread(TM), Alpha is pleased to confirm that it has obtained approval from the securities regulator to proceed. Alpha IntraSpread(TM) has been designed with a multitude of industry stakeholders in mind:
- Canadian retail investors, when trading in the Alpha IntraSpread(TM), will always be guaranteed a price improvement over the National Best Bid and Offer available at the time of the trade; - Canadian retail brokers will have the ability to trade at fees that will be at a fraction of the fees currently charged by any other Canadian marketplace; - Canadian institutional investors and other liquidity providers will have the ability to place orders in the facility that will not be visible to avoid market impact, while providing them with access to a retail order-based liquidity pool; - Quality of execution of participants in this facility will be improved in comparison to lit markets by leveraging a matching algorithm that will maximize the size of trades.
"This new facility is a result of the evolution of lit markets in Canada and across the globe" noted Jos Schmitt, CEO of Alpha Group. "Following the introduction of the maker/taker model, introduced in Canada by the TMX in 2006, lit markets have evolved into a battlefield whereby trading robots are fighting with each other to the detriment of retail and institutional flows. Quality of execution has deteriorated and the cost of trading for retail brokers has spiked. Alpha has acknowledged this situation and designed this new innovative facility with all market participants in mind. It is another example of leadership and innovation whereby Alpha stands up for its users." concluded Jos Schmitt.
About Alpha Group - Alpha Group comprises the leading alternative trading system for Canadian Securities - Alpha ATS, and a data distribution plant for Alpha ATS market data. Alpha Group was established in May, 2007 by nine of Canada's leading financial institutions with the aim of increasing the country's securities trading efficiencies and making the Canadian marketplace more globally competitive. Established for the Industry, by the Industry, the Alpha Group focuses on increasing liquidity, reducing the cost of trading and providing innovative services leveraging its unique expertise, operating model and technological capabilities.
For further information regarding Alpha Group, visit www.alpha-group.ca.
SOURCE Alpha Group