Briefly: “TMX to launch new trading system” and more news

TMX Group is following through with its plan to create a new alternative trading system.

TMX has submitted regulatory filings to establish TMX Select, a trading system that’s functionality and pricing models would be separate and distinct from the Toronto Stock Exchange and TSX Venture Exchange.

Boasting “seamless connectivity” and “competitive pricing”, the system will also offer expanded trading hours, additional opportunities to execute trades; a simplified market structure with continuous trading of board lots only and no special terms; and strict price-time priority for visible orders.

“TMX Select will provide multiple benefits to market participants, including a new source of liquidity, innovative pricing and the leading technology in Canada,” said Kevan Cowan, president TSX Markets and group head of equities

If all goes to plan, TMX Select will launch in Q2 2011. More information about pricing and functionality will be made available in the coming months.

– John Powell

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CanDeal hits trading record

CanDeal’s numbers are soaring.

The Canadian securities trading platform is reporting a trading record of $113 Billion in Canadian debt securities during September and a record number of institutional buy-side users executed trades.

“Over the past quarter traded volume surpassed $278 billion, trade count exceeded 34,600 and over 400 buy-side participants executed trades,” said Jayson Horner, co-founder, president and CEO of CanDeal.

CanDeal’s market share also grew in the second quarter of 2010. During this period, IIROC secondary market volume statistics for Government of Canada bonds increased by 52% over the prior year’s second quarter, compared to a 96% increase for CanDeal over the same period.

– John Powell

• • •

Grey Horse Corporation has announced the rebranding of its Equity Transfer & Trust Company (ETT) subsidiary, which will now be known as Equity Financial Trust Company (EFTC).

Gry Horse decided to change the name so that it would better represent the services offered by the company as a whole. During its evolution as a company, EFTC had become more than a transfer agent for the small-cap mining sector in Ontario. Today, EFTC represents many Canadian and international clients in all sectors of the economy.

“The name Equity Financial Trust Company better reflects who we are today and where we are heading, without ever forgetting our beginnings and those hard earned qualities for which we are known: subject matter expertise and superior service,” said Grey Horse president and CEO Paul G. Smith.

– John Powell

• • •

Canada Savings Bond rates announced

The Department of Finance has announced the interest rates for Canada Savings Bond Series 126 and Canada Premium Bond Series 76.

The interest rates are as follows:

Interest rates for starting date:	Savings Bond Series 126	Premium Bond Series 76
Nov. 1, 2010	Annual rate: 0.65%. Held to 2011: 0.65%	Annual rate: 1.10%. Held to 2011: 1.10%
Nov. 1, 2011	Annual rate: TBA Held to 2012: TBA	Annual rate: 1.40%. Held to 2012: 1.24%
Nov. 1, 2012	Annual rate: TBA. Held to 2012: TBA	Annual rate: 1.70%. Held to 2013: 1.39%

The bonds will be on sale October 4, 2010 until November 1, 2010.

(10/04/10)