TSX Group CEO Barbara Stymiest is delivering on a promise to offer investors a wide range of trading products and services to expand and enhance the offerings of TSX Markets. In recent months, the TSX has launched features like specialty priced crosses and reformed the market making process. This year, TSX Markets also intends to launch a Market on Close facility, to better provide for closing pricing of stocks on Canada's senior exchange.
TSX Markets President Richard Nesbitt says, "We have done extensive consultation with Canadian and international investors concerning dual currency listings." He added, "Our research shows that our TSX market structure attributes, including strict price-time priority trading rules, a highly visible order book displaying multiple levels of order liquidity, and rapid, fully electronic (non-intermediated) trade execution, are of significant interest to investors that trade in U.S. dollars."
The following companies have agreed to participate in the first phase of the expansion of TSX dual currency trading:
- Alcan Inc. (AL and AL.U)
- Angiotech Pharmaceuticals, Inc. (ANP and ANP.U)
- ATI Technologies Inc. (ATY and ATY.U)
- Barrick Gold Corp (ABX and ABX.U)
- Canadian Natural Resources Limited (CNQ and CNQ.U)
- Inco Limited (N and N.U)
- Methanex Corporation (MX and MX.U)
- Placer Dome Inc. (PDG and PDG.U)
- Precision Drilling Corporation (PD and PD.U)
- Research in Motion Limited (RIM and RIM.U)
- Suncor Energy Inc. (SU and SU.U)
- Wheaton River Minerals Ltd. (WRM and WRM.U)
And this is just the beginning. Rik Parkhill, Senior Vice-President, TSX Markets, says, "Depending on the demand of our market participants, we may in fact expand this list by February 2nd. We hope to have even more companies trading in the U.S. dollar book by year end."
For investors, all of the above mentioned companies will continue to be listed and traded in both Canadian and U.S. dollars. The U.S. dollar trading symbol will consist of the Canadian symbol with an ".U" extension. The trading of the U.S. dollar denominated securities is governed under the existing framework of rules, regulations and policies concerning the trading of securities in Canada. Market makers will have nominal responsibilities for these securities. TSX supported market information feeds will provide all U.S. dollar trading data.
About TSX Group (TSX: X)
TSX are the initials attached to the core operations of the TSX Group (www.tsx.com): Toronto Stock Exchange, TSX Venture Exchange, TSX Markets and TSX Datalinx and TSX Technologies. TSX Group operates Canada's two national stock exchanges serving the senior equity and public venture equity markets. TSX Group is headquartered in Toronto and maintains offices in Montreal, Winnipeg, Calgary and Vancouver.
