Canadian Trading and Quotation System Inc, (CNQ) today announced the revised launch schedule of Pure Trading’s continuous auction market. Industry production tests with key vendors and other marketplaces will take place on January 13, and then twice again in February.

The auction market will go live to participating members on March 9, and will begin with three TSX-listed stocks for a two week period prior to the orderly roll-out of the remaining listed securities.

The move comes in response to numerous requests for additional opportunities to test trading and order management systems in the new Canadian multi-market environment. Additionally, to avoid conflicting with the investment dealers’ already busy RRSP season next month, Pure Trading has decided to host two additional industry production testing dates during the month of February and will continue to provide daily access to its systems for direct point to point testing from the vendor and dealer communities.

CNQ says this final date of March 9 will be a hard launch date as this new schedule should afford more than sufficient time to accommodate the needs of the various stakeholders.

“Our members have been making every effort to revise their processes to comply with best execution rules for the launch of Pure Trading. Today’s announcement to defer the launch of the auction market will be well received. Given the level and complexity of changes required to our member firms’ internal processes and technology, the delay is wise: it will allow firms to test and enhance their new processes before launch,” said Ian Russell, president and CEO, Investment Industry Association of Canada.

“This new schedule reflects our basic objective of providing a markedly superior service in a manner sensitive to the needs of our customers. This is a substantial collective technology endeavour and we believe this schedule is the most responsible and prudent approach to delivering the benefits of a multi-marketplace trading environment,” said Ian Bandeen, vice chairman and CEO, CNQ and Pure Trading.

Pure Trading continues to offer its free, unlimited cross printing facility to participating members.