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.
PTL has appointed Karein Davie as a client director in its Birmingham office.
The level of interest rate hedging increased to £29.5bn of liabilities in the second quarter as pension funds continued to de-risk, according to BMO Global Asset Management's research.
UK inflation has risen for the first time since November to 2.5% in July, up from 2.4% in June, thanks to rising fuel costs and the price of computer games.
The number of DB pension scheme trustees targeting a buyout with an insurer has increased significantly in the past five years, latest research from Willis Towers Watson shows.