The Canadian Trading and Quotation System Inc. says that its application to the Ontario Securities Commission to be recognized as a stock exchange has been published in the OSC Bulletin.

“The publication is a significant milestone in the development of Canada’s newest stock market. It is the result of a full dialogue with public companies, investment dealers and OSC staff,” said Robert Cook, CNQ’s president, in a news release.

CNQ says formal recognition as an exchange will eliminate the confusion caused by CNQ’s current status as a Quotation and Trade Reporting System. It will also make the process of becoming a reporting issuer in Ontario more straightforward for companies that are already public in other jurisdictions.

“Issuers trading on CNQ will benefit from the enhanced profile that comes with being listed on an exchange that is nationwide in scope and outlook, and the many benefits that flow from our innovative market model and streamlined regulation,” said Cook. Currently issuers from Ontario, British Columbia, Alberta and Quebec may trade on CNQ without making separate application to the OSC and they will all be deemed to be reporting issuers in Ontario if CNQ is recognized as an exchange.

The application by CNQ as published for public comment in the OSC Bulletin is available at osc.gov.on.ca. The comment period is open until December 22, following which the OSC will consider the application for approval. A change in recognition will not require any material changes to CNQ’s current trading rules or issuer policies.