Alpha Trading Systems launched its new alternative trading system on Friday.

Alpha, owned by the major Canadian banks and other key financial-market players, aims to cut into the TMX Group’s business in high-volume, high-speed trading activity.

While the new system is eligible to trade securities listed on the Toronto Stock Exchange and the TSX Venture Exchange, trading is currently available in 10 symbols listed on the TSX: First Quantum Minerals; Transalta Corp.; Groupe Aeroplan Inc; Biovail Corp.; Canadian Tire; Magna International; MDS Inc.; Inmet Mining Corp.; Loblaw Companies; and Geroge Weston Ltd.

Alpha provides fully-automated electronic order entry, order matching and trade execution based on price and time priority.

It operate as a visible continuous auction market providing pre-trade transparency of orders and post-trade transparency of executions, and will disseminate market data in real-time and electronically to subscribers through independent software vendors and various data vendors.

Alpha’s hours of operation are from 7:00 ET until 17:00 ET.

IE