The Canadian Trading and Quotation System Inc. today announced the details of the launch of Pure Trading’s continuous auction market service on January 19, 2007.

The firm says that, after extensive consultation and in response to key stakeholder needs and requests, Pure Trading will initially trade three TSX-listed stocks for a two week period prior to the orderly roll-out of the remaining listed securities. “This will ensure a smooth transition for the Canadian industry to a multiple market trading environment,” it says.

“The first trades will be the culmination of an extraordinary amount of effort by a wide range of participants, including Canadian and international dealers, order entry and management service providers, our technology vendors, the regulatory community and our Pure Trading team,” said Richard Carleton, vice president corporate development for CNQ and Pure Trading.

Having successfully launched a cross printing facility as Phase I on October 12, this Phase II roll-out of the continuous auction market will introduce the first competitive visible market in Canada since the introduction of the ATS rules by the Canadian Securities Administrators in 2001. Market hours will be 9am to 5pm EST with a pre-open order entry session beginning at 7 a.m..

“There is no question that this type of trading is the future of the industry and that this represents a sea change that all market participants have worked hard to achieve,” said Ian Bandeen, vice-chairman and CEO, CNQ and Pure Trading. “The benefits of advanced technology and lower cost will have a lasting effect on the industry.”