By Jennifer Kwan
TORONTO, June 1 (Reuters) - TMX Group Inc, operator of the Toronto Stock Exchange and Montreal Exchange derivatives market, saw its share of Canadian stock trading slip below 90 percent as smaller rivals continue to erode its market share.
Kevan Cowan, president of TSX Markets and Group Head of Equities, said TMX saw its market share slip to about 89 percent at the end of last week, largely because competitor Alpha Trading Systems gained traction.
'Alpha certainly has had a momentum push that I think is well publicized,' Cowan said at the FPL Canadian Electronic Trading Conference in Toronto on Monday.
'The other players like Pure Trading and Chi-X and Omega have had their own contributions to that ongoing market place environment.'
TMX's market share, which also includes the small-cap TSX Venture Exchange, was at 93 percent in the first quarter, down from 97 percent in the fourth quarter, according to the Investment Industry Regulatory Organization of Canada.
In the first quarter, Alpha, owned by the investment dealer arms of Canada's big banks, had 2.9 percent of the market share, while Pure Trading, which is owned by CNSX Markets Inc, was at 1.8 percent. Omega was at 0.1 percent.
Nomura Holdings Inc's Chi-X Canada unit comprised about 1.4 percent, and so-called dark pool Match Now had about 0.6 percent of market share, according to IIROC data.
Alpha Chief Executive Jos Schmitt told Reuters in May he stands by his original forecast of gaining 20 percent of market share by November.
(Reporting by Jennifer Kwan; Editing by Jeffrey Hodgson) Keywords: TMX/ (jennifer.kwan@thomsonreuters.com; +1 416 941 8178; Reuters Messaging: jennifer.kwan.reuters.net@reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
TORONTO, June 1 (Reuters) - TMX Group Inc, operator of the Toronto Stock Exchange and Montreal Exchange derivatives market, saw its share of Canadian stock trading slip below 90 percent as smaller rivals continue to erode its market share.
Kevan Cowan, president of TSX Markets and Group Head of Equities, said TMX saw its market share slip to about 89 percent at the end of last week, largely because competitor Alpha Trading Systems gained traction.
'Alpha certainly has had a momentum push that I think is well publicized,' Cowan said at the FPL Canadian Electronic Trading Conference in Toronto on Monday.
'The other players like Pure Trading and Chi-X and Omega have had their own contributions to that ongoing market place environment.'
TMX's market share, which also includes the small-cap TSX Venture Exchange, was at 93 percent in the first quarter, down from 97 percent in the fourth quarter, according to the Investment Industry Regulatory Organization of Canada.
In the first quarter, Alpha, owned by the investment dealer arms of Canada's big banks, had 2.9 percent of the market share, while Pure Trading, which is owned by CNSX Markets Inc, was at 1.8 percent. Omega was at 0.1 percent.
Nomura Holdings Inc's Chi-X Canada unit comprised about 1.4 percent, and so-called dark pool Match Now had about 0.6 percent of market share, according to IIROC data.
Alpha Chief Executive Jos Schmitt told Reuters in May he stands by his original forecast of gaining 20 percent of market share by November.
(Reporting by Jennifer Kwan; Editing by Jeffrey Hodgson) Keywords: TMX/ (jennifer.kwan@thomsonreuters.com; +1 416 941 8178; Reuters Messaging: jennifer.kwan.reuters.net@reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.