Canadian Trading and Quotation System Inc. (CNQ) is pleased to announce that it has received formal notice from the Ontario Securities Commission recognizing CNQ as a stock exchange. CNQ?s decision to pursue recognition as a stock exchange was the culmination of extensive consultations with investment dealers and public companies on how to best serve their needs. As a result of the status change, reporting issuers in any Canadian jurisdiction can apply and be listed on CNQ without first making application to the OSC to become an Ontario reporting issuer.
Ian Bandeen, Chairman of CNQ, said that ?this represents an important milestone in the development of CNQ and is one that we did not expect to achieve within the first year of operation. This step required support from many quarters of the securities industry and we are very appreciative of the encouragement we received.?
Originally, the OSC recognized CNQ as a quotation and trade reporting system signaling an important reversal of the trend toward the consolidation of stock markets in Canada. The OSC?s recognition of CNQ as a stock exchange further solidifies CNQ?s standing in the industry. ?This is recognition of the success of our market model as much as it is a regulatory milestone. It confirms what participants in CNQ already know ? that it?s a viable market for trading equity securities of active Canadian companies?, said Robert Cook, President and CEO.
Due to CNQ?s unique regulatory regime, public companies now have a clear choice between a transactions or disclosure based model. CNQ?s market uses enhanced disclosure by issuers to offer greater continuity of an issuer?s disclosure record allowing investors to make more informed decisions and gives issuers greater flexibility in the management of its business while maintaining market integrity. CNQ?s new status will not result in any material changes to its issuer policies or trading rules. The recognition order will be published in an upcoming issue of the OSC weekly bulletin.
For more information please visit www.cnq.ca or call Robert Cook, President and CEO at (416) 572-2000, email: [email protected], or Ian Bandeen, Chairman (416) 572-2000, email: [email protected].