Canadian Trading and Quotation System Inc. (CNQ) today announced that the Pure Trading marketplace will launch its continuous auction market on September 14.

This event will mark the second phase of Pure Trading’s market development that began with the provision of a cross printing facility on Oct. 12, 2006.

The alternative equity market in is the culmination of an industry wide effort over the course of more than a year. Pure Trading will initially offer trading services for three stocks (Fairfax Financial “FFH”, Aber Diamonds “ABZ”, and iShares CDN S&P/TSX Capped Energy Index Fund “XEG”) and add to the list based on continuous consultation with service providers and participating dealers.

“In choosing this date, our primary objective was to be both responsive and responsible” said Ian Bandeen, Vice Chairman and CEO of CNQ, in a release. “While we are ready to commence immediately, it makes sense to give everyone sufficient time to insure an orderly and seamless migration towards a multi-market trading environment”

The launch date was chosen after extensive consultation with the trading community. The Pure Trading system is now fully ready and operational. Testing by the access vendors and dealers has progressed well, notwithstanding the strains on resources stemming from the current record trading and message traffic volumes in the industry. Based on this positive state of readiness, coupled with the timelines required for orderly systems roll-outs to the trading desks, CNQ believes that the September 14 launch date will provide vendors and dealers with an opportunity to complete the remaining tasks required to begin trading in a multiple marketplace environment.

“We launch on an excellent foundation,” Bandeen added. “The number of dealers participating has now jumped to 59, representing over 95% of the historic Canadian equity trading volume. This is a tremendous achievement.”