The Canadian Trading and Quotation System Inc. says that the Ontario Securities Commission’s decision to invite public comment on CNQ’s application to being recognized as the first stock market designed specifically to serve the needs of emerging companies is major step forward.

The comment period will run for 30 days, following which CNQ will provide the OSC with a written response to the public’s input. Formal recognition is the last stage in the process, which company officials anticipate will be completed by early fall 2002.

“This development marks a major milestone for CNQ and validates our belief that there is a place for this market in Ontario,” said the company’s president, Robert Cook in a news release. “We appreciate the time and effort made by the OSC staff to review our application and advance the process for recognition of our marketplace, a first of its kind in Canada.”

CNQ was launched last year in response to the concerns of many investors and early stage companies that want a recognized marketplace to trade their securities. “CNQ offers an automated trading facility that maximizes available liquidity with a unique market model, providing a visible market for companies that are actively building their business,” said Cook. “As such, we will provide an important service to early stage companies and the investment community.”

The company also recently appointed Timothy Baikie as general counsel and corporate secretary.