The Ontario Securities Commission has given approval to Aequitas Innovations Inc. to launch a new stock exchange in Canada. The Aequitas NEO Exchange is expected to go live “towards the end of March 2015” said Jos Schmitt, CEO of Aequitas in a telephone interview.
Aequitas Neo will have a speed bump for high frequency traders (HFTs), that wipes out their speed advantage, meaning HFTs will be bumped back in the queue by longer-term institutional investors. They will also face higher fees than buy-and-hold type investors. The move is designed to bring fairness (Aequitas is Latin for fairness) back to the market, said Mr. Schmitt.
“High Frequency Traders (HFTs) typically have an unfair speed advantage over long-term investors.
NIALL MCGEE – Globe and Mail – November 17, 2014.
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