Another alternative trading system (ATS) is in the offing for the Canadian market, with Omega Securities Inc. (OSI) planning a second trading platform.

According to a notice in today’s OSC Bulletin, Omega, which already operates the Omega ATS, is planning to launch a second platform, known as the Lynx ATS, in the fourth quarter of this year.

In the notice, it says that with the recent consolidation of the Canadian trading landscape by the Maple Group, and the recent approval of Chi-X Canada’s new CX2 platform, “OSI believes it is necessary for its competitiveness to operate a second marketplace.”

“With the Maple driven market consolidation, the emergence of new marketplaces is the only way to ensure the competitive pricing and innovative solutions our industry requires,” it adds.

The notice indicates that OSI will not charge additional market data, connection, of subscription fees for Lynx ATS. As for trading fees, it is proposing to introduce a maker/taker model for the new ATS. Lynx ATS will also initially have all the same order types and functionality of Omega ATS, however, it says that “having two marketplaces will allow OSI to tailor our innovative pricing, services and order types to the various segments of the trading community.”

Lynx ATS is to be a fully automated system, operated as a continuous auction market from 8:30 a.m. to 5:00 p.m., for trading of TSX-listed and TSX Venture-listed securities, CNSX-listed, NYSE-, AMEX- and NASDAQ-listed securities (in Canada in Canadian dollars), government of Canada fixed income securities and Canadian corporate fixed income securities.

Comments on the notice are due by May 21.