I am regularly asked how I feel about the TMX replicating some of our innovative solutions.
The answer is “surprised”. Not by the actions of the TMX, but surprised about industry stakeholders not seeing through the TMX rhetoric.
Let’s focus on one specific example: the concept of a marketplace speed bump.
The Aequitas NEO Exchange announced the concept of a speed bump in early 2014, with the filing of its Exchange Recognition application. It was the result of substantial dialogue with the industry and regulators throughout 2013. Our objective is simple: curb predatory high frequency trading (“HFT”) and provide equal execution opportunities for all investors.
Subsequently, in a white paper released in October 2014, the TMX announced its own speed bump for the Alpha marketplace, claiming it would address “three significant issues that require our attention and action: Canadian order flow is migrating to the United States (U.S.); technology-driven markets are not optimized to serve all; and market complexity is on the rise”.
Jos Schmitt – CEO Aequitas NEO Exchange – August 17, 2015.
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