Aequitas NEO Exchange Inc. (NEO Exchange) is thrilled to announce the market making firms who will participate in its Designated Market Maker program from launch, a program designed to leverage experience, technology and innovation to provide liquidity to the securities traded on the NEO Exchange, including TSX, TSXV and NEO-listed securities.
The Designated Market Makers who will participate on the NEO Exchange as of launch on March 27, 2015 are: Barclays; BBS Securities; BMO Capital Markets; Independent Trading Group; Jitneytrade; National Bank Financial; RBC Capital Markets; TD Securities and W.D. Latimer.
"We are very excited to launch the NEO Exchange with this extremely qualified and energized group of market makers," stated Joacim Wiklander, Chief Trading & Data Officer, Aequitas NEO Exchange. "With one of the largest US market makers entering the Canadian market, several Canadian bank dealers committing new capital to support liquidity as well as independent firms who invested in new technologies to be on the top of their game, we have the right mix of players to cater to the various liquidity needs of public companies and investment products. We have had a phenomenal response to our market maker program so far and we look forward to welcoming other firms as our market grows and evolves."
All Designated Market Makers are required to assume market-making responsibility for a number of assigned securities, with the appropriate balance of liquid and less-liquid securities. One week ahead of its launch, the NEO Exchange is pleased it has managed to assign almost all TSX and TSXV-listed securities to the Designated Market Makers. NEO-listed securities will be assigned prior the launch of each specific NEO Exchange listing, with direct participation from the NEO-listed company.
"As one of the largest market makers on the New York Stock Exchange, the market making team at Barclays is eager to bring its skills and expertise to the Canadian markets through the NEO Exchange," added Michael Wilson, Chairman of Barclays Canada. "Our active presence should provide significant value to our clients, to the NEO Exchange, and to the overall Canadian marketplace."
"The NEO Exchange is a trailblazer in realizing the important role independent market makers can play in supporting public companies in Canada. They have given us the tools we need to trade the spread," concluded Dave Houlding, President & CEO, Independent Trading Group. "We have invested in new technology to be a part of this important liquidity transformation and look forward to building relationships with new and growing companies as their market maker of choice in the Canadian markets."
The Designated Market Makers on the NEO Exchange will be obligated to provide liquidity throughout the entirety of the trading day in both the Lit Book and the NEO BookTM. The firms represent both shareholders of Aequitas and non-shareholders and are all IIROC members. The market makers will trade for their own accounts to assist in the maintenance of a fair and orderly market and to achieve reasonable price continuity and liquidity for their assigned securities.
About Aequitas NEO Exchange
Aequitas NEO Exchange Inc. is a new Canadian stock exchange using a bold new blueprint that puts investors, companies raising capital and their dealers first. On track to launch its initial operations in March 2015, the NEO Exchange will offer trading, listings and, through one of its affiliates, related technology services. Its goal is to advantage all market participants and offer a fair chance to participate. The NEO Exchange is a wholly owned subsidiary of Aequitas Innovations Inc., a company founded by a diverse group of prominent investors representing all Canadian capital markets stakeholders.
For more information, please visit: www.aequitasneoexchange.com
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