Alternative trading firm Alpha Group officially launched its new Alpha Exchange on Monday, which replaces the alternative trading system that it operated over the past three and a half years.
Alpha Group was set up by nine Canadian financial institutions in 2007 to reinvigorate trading in Canadian markets. It gained considerable market share in the Canadian trading space with Alpha ATS, and began pursuing exchange status last year. The OSC announced in December that it had granted Alpha recognition as an exchange.
“The objective of Alpha Exchange is to build on the successes of Alpha ATS and take the Alpha value generation journey beyond its original frontiers into the listing space,” said Jos Schmitt, CEO of Alpha Exchange.
“Our vision for the listing business is not to be everything to everyone but to focus on those areas where there has been too little or no attention,” he added.
Based on feedback from its customers, Alpha Group said it has determined that the new exchange could bring particular value to technology issuers, issuers of exchange traded and closed end funds, and structured product issuers.
Alpha Exchange also announced a new board of directors, comprised of 50% representatives of the parent company and 50% independent directors.
The independent directors include:
> David Beatty, chairman of the board
> William Braithwaite
> Alan Hutton
> Carol Stephenson
“I am extremely honoured and pleased to see David, Bill, Alan and Carol, who bring experience from outside of the dealer community, joining,” said Schmitt. “Their exceptional experience and expertise in governance, strategy and other board matters, combined with the unequalled industry expertise of our shareholder directors, are a clear demonstration of our continued commitment to all stakeholders of the Alpha Exchange.”