CANADA - The Canada Pension Plan Investment Board has reportedly agreed to pay C$17.5m for a 10% stake in a new stock trading system that will compete with TSX Group Inc.'s Toronto Stock Exchange.
The new electronic trading system, named Alpha, will begin next year, subject to regulatory approvals.
Companies such as Nomura Holdings Inc and Canadian Trading and Quotation System Inc are also said to be developing rival trading systems.
Donald Raymond, senior vice president for public market investments at the Canada Pension Plan Investment Board, said the new trading system received the organisation’s support because it had the backing of major brokerage institutions.
If the US trend was any indication, Raymond said greater competition had led to lower fees and more efficiency in trading.
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