Toronto-based TMX Group Ltd. marked its first trading day for four-letter stock symbols on the Toronto Stock Exchange (TSX) and the TSX Venture Exchange on Tuesday.
The move, which was initially announced in April, is designed to offer Canadian issuers and applicants greater choice in how they are identified as well as to provide interlisted issuers with the opportunity to be represented uniformly throughout the North American marketplace, according to a TMX Group announcement issued Wednesday. Prior to this initiative, a stock’s root symbol was limited to three letters or less.
“We’ve seen tremendous interest from our equities markets clients in expanding to four-character symbols and, with valuable support from other service providers, we have responded to meet their needs,” says Nick Thadaney, president and CEO of global equity capital markets for TMX Group, in a statement.
Six issuers have adopted the new four letter trading symbols thus far.
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