CNSX Markets Inc. announces management changes: Ian Bandeen retires as CEO, to remain as strategic advisor; Richard Carleton appointed Interim CEO
TORONTO, Ontario (June 27, 2011) – Mr. Adam Conyers, Chair of the Board of Directors of CNSX Markets Inc., operator of the Canadian National Stock Exchange (“CNSX”) and Pure Trading, today announced that Ian Bandeen is retiring as CEO. Mr. Bandeen has agreed to remain as a strategic advisor to the firm. Richard Carleton has been appointed Interim CEO.
Prior to today’s appointment, Mr. Carleton was responsible for the development and operation of Pure Trading, and managed the exchange’s relationships with its trading technology and market access providers and the market data vendor community. Mr. Bandeen is a founder of the exchange, whose predecessor firm, Canadian Trading and Quotation System Inc., was established in 2001.
Mr. Conyers said that the Board will be initiating a CEO search, which they hope to conclude within three months. He added that Mr. Carleton is a leading candidate for the position.
“Ian helped establish and grow the exchange and we owe a debt of gratitude to him for his dedication to the firm and thought leadership. We look forward to continuing to grow the CNSX and Pure Trading businesses on the foundation that Ian was instrumental in creating. The continuity that Richard brings to his new role is very important, and the Board and I wish to express our thanks to him,” said Mr. Conyers.
Mr. Conyers explained that initially Mr. Bandeen was the Chairman of the company and then accepted the role of CEO at the end of 2005 in order to help steer the company towards achieving its primary operational milestones, and then focus on an orderly transition.
“I am proud of what CNSX Markets Inc. has achieved since it was founded over a decade ago,” said Mr. Bandeen. “However, I am really looking forward to returning to a more strategic role and being able to focus on a wider array of personal initiatives for a while. I am very thankful to the Board for having supported my decision.”
“Today’s securities marketplaces are rapidly changing and CNSX gives Canadian public companies a sound and cost-effective choice. We are also making good progress on the Pure Trading front,” said Mr. Carleton. “In my new position I, along with our very talented and committed staff, will continue to work diligently to deliver more cost effective and efficient market services to Canadian investors.”
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About CNSX Markets: CNSX Markets Inc. is a Canadian company that operates two distinct markets: The Canadian National Stock Exchange and Pure Trading, which provides a high-speed trading venue for stocks listed on other Canadian stock exchanges.
CNSX competes for listings and trading by offering lower listing fees and innovative continuous disclosure features designed to minimize regulatory costs while improving the quality of information available to investors. With over 150 securities listed, CNSX is a full service exchange for issuers of various types of securities from all business sectors and it is the only new stock exchange to have been launched in Canada over the last 75 years.