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Monday, November 10, 2008
Alpha Group confirms successful launch of Alternative Trading System
Comtex
TORONTO, Nov 10, 2008 /PRNewswire via COMTEX/ ----Day 2 establishes Alpha ATS as a leading Canadian Market Place
Alpha Group announced today that on Friday November 7, 2008 it successfully launched its alternative trading system (ATS) offering trading and market data services for 10 Canadian securities. Alpha Group noted that approximately 30 dealers were connected to the ATS and that these dealers traded 411,698 shares, representing about 10% of the overall volume traded in those securities across transparent marketplaces in Canada.
"It was a long and sometimes challenging journey to get to this milestone" noted Jos Schmitt CEO of Alpha Group, "but now that we have reached it and started to see the first results, the journey already fades away in everyone's minds. It is has to be noted that what allowed Alpha to go live within weeks of its original launch date, was the never before seen commitment and efforts of the Canadian dealer community, the major independent software vendors, the major data vendors and Alpha's own staff."
As of 4:10 p.m. today, after the market close, the daily volume and value traded on Alpha ATS across the 10 securities represented 1,698,828 shares corresponding to CAD 22,785,128 in value, representing respectively 36.24% in volume and 24.24% in value of all trades in these securities across all transparent marketplaces in Canada.
"Volume and value traded are key success indicators" added Jos Schmitt, "but what struck us most today was the liquidity on Alpha ATS. Throughout the day, Alpha ATS was often showing the greatest liquidity at equivalent or better bid and ask spreads than other market places, despite the fact that many dealers are still ramping up their capabilities to trade on Alpha. This gives us a glimpse about what is to come and tells us where investors will need to look for price discovery and efficient execution."
About Alpha Group
Alpha Group was established in May, 2007 by nine of Canada's leading financial institutions with the aim of increasing the country's equity trading efficiencies and making the Canadian marketplace more globally competitive. Its ownership group consists of BMO Capital Markets, Canaccord Capital Corporation, CIBC World Markets, CPP Investment Board, Desjardins Securities Inc., National Bank Financial, RBC Capital Markets, Scotia Capital Inc. and TD Securities Inc.
For further information regarding Alpha Group, visit www.alphatradingsystems.ca.
SOURCE Alpha Trading Systems
Copyright (C) 2008 PR Newswire. All rights reserved
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If you've seen TV footage of an active trading pit, you've probably noticed the atmosphere is uproarious and wild. The reason for all the shouting? Open outcry.
On exchange floors that use the open-outcry system, traders shout prices they want to sell while others yell back the price they want to buy at. They also use hand gestures to communicate with each other.
This system has been used for a long time, but is being replaced with modern technology. Some argue electronic exchanges can do the job faster and more accurately. One of the few exchanges that continue to use open outcry is the New York Mercantile Exchange.
