The Canadian National Stock Exchange, which just changed its name from the Canadian Trading and Quotation System, has migrated trading to the system used by sister company Pure Trading.As a result, all 80 of its participating dealers are now connected to CNSX and are trading on the newly named X-Stream platform. Pure Trading is an ECN which, the company says, regularly handles 5 percent to 10 percent of the “natural” daily volumes in many of the top Canadian stocks.CNSX’s move follows a revamp of its pricing model to maker-taker. CNSX’s designated market makers are now paid trading fee credits for providing liquidity in designated stocks.CNSX, a quotes system which became an exchange in 2004, has over 100 listings and is trying to challenge the dominance of the Toronto Stock Exchange.To that end it recently hired William Woods as a managing director. The attorney was a consultant to the National Stock Exchange in India, which surpassed the Bombay Stock Exchange within five years of its launch. Woods told Canada’s Financial Post that the incumbent in India was displaced through a combination of new technology and innovative regulations. “It can be done,” he said.
