March 2004 was another breakthrough month for trading on CNQ with new records set for activity. Volume was up 18% from February, value also rose by 18% and the number of transactions increased by 20%. The breadth and depth of the market also improved with more stocks trading and more orders received than in any previous month.
The trading activity is being driven by a number of factors, including interest in individual stocks, but is clearly a sign that CNQ has achieved a broad level of support from many sectors of the capital markets. The number of companies trading has continued to grow and more dealers have joined the market. Trading activity on a per company basis has also increased while within the dealers we have also seen greater participation at the market maker level.
CNQ’s unique market model combines strict price and time priority with the added liquidity of market makers in a continuous auction market. The trading activity experienced to date is proof that orderly markets in the shares of small-cap issuers are possible without the discontinuous volatility often encountered in dealer markets without a central limit order book.
About CNQ (www.cnq.ca)
Canadian Trading and Quotation System Inc. (CNQ) has created an innovative stock market that matches enhanced disclosure, market making and streamlined regulation with leading edge trading technology to meet the needs of Canadian companies. Combined with comprehensive regulatory oversight, this provides an efficient new equity market that fosters integrity, transparency and liquidity for investors, issuers, and investment dealers.
For more information please visit www.cnq.ca or call
Robert Cook, President and CEO
416-572-2000