Market Regulation Services Inc. announced Friday that the Shortcan alternative trading system will launch on August 15.

RS reported that Shorcan ATS Ltd. will trade securities that are listed on the Toronto Stock Exchange from 7:30 ET until 17:00 ET.

Only registered dealers are eligible to be subscribers to Shorcan, RS noted, and all orders or indications of interest must be entered by the dealer acting as principal and must be for 10,000 or more units of a security.

All indications of interest and orders are fully anonymous to other subscribers, it added. “Only the bid or offer in the Shorcan electronic order book at the best price is considered an ‘order’,” it noted. “A Shorcan subscriber must contact Shorcan by telephone to enter an order. The order will be entered into the Shorcan order book by a Shorcan broker immediately upon receipt on a time-priority basis. Orders are broadcast to Shorcan subscribers by Shorcan’s proprietary distribution system. Information on orders is also publicly available through Reuters and Gmarkets.”

Also, Shorcan’s trade reports will be broadcast publicly through a dedicated Shorcan web page at http://ats.shorcan.com starting Tuesday, August 15, RS added.

RS intends to issue a Market Integrity Notice to provide guidance on the application of the Universal Market Integrity Rules to the trading by participants of securities on Shorcan in the near future.