The Canadian Trading and Quotation System Inc. (CNQ), Canada’s new stock market for emerging companies, has made application to the Ontario Securities Commission to be recognized as a stock exchange.

Currently CNQ is recognized as a Quotation and Trade Reporting System or QTRS.

In a statement released Thursday, CNQ said that although its market structure is already the same as an exchange, a formal change in status offers companies a simpler listing process and the same profile as listing on other Canadian exchanges, while retaining the benefits of CNQ’s streamlined regulation model.

Currently, reporting issuers in regions outside Ontario that wish to be quoted on CNQ must first apply to the OSC to become reporting issuers in Ontario. By becoming an exchange, CNQ issuers will automatically be deemed to be reporting issuers in Ontario, streamlining the regulatory process.

The OSC has already approved CNQ’s previously announced proposal to allow trading of reporting issuers from Alberta, British Columbia and Quebec. This development removes an additional hurdle for out of province issuers faced with having to first apply to become a reporting issuer in Ontario before making their application to CNQ.

“As an exchange, reporting issuers from other provinces will be able to trade on CNQ with less red tape and they will also benefit from the enhanced profile that comes with being listed on an exchange,” said CNQ President Robert Cook. “Because we are the first and only QTRS in Canada, we have found many people have the impression we are some kind of over-the-counter market This should eliminate any confusion.”

The application by CNQ will be published for public comment in the OSC Bulletin shortly.

CNQ said a change in recognition will not require any material changes to its current trading rules or issuer policies.

CNQ launched its trading operations back in July.