Canadian brokers are the latest to embrace the fashion, popular among their counterparts in the US and Europe, of clubbing together to create alternative trading venues.
In a move that strikes a number of parallels with Project Turquoise in Europe, seven of Canada’s largest broker dealers announced this May that they were working together to launch an alternative trading system, dubbed Project Alpha. The seven firms behind the initiative are BMO Capital Markets, Canacord Capital Corporation, CIBC World Markets, National Bank Financial, RBC Capital Markets, Scotia Capital and TD Securities.
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