New ATS unveiled
Toronto-based Goldman Sachs Canada Inc. has launched SIGMA X Canada, an alternative trading system. A dark pool, SIGMA X Canada does not disclose pre-trade information such as pricing or quantity of orders; however, it will provide full transparency once trades are completed. Only securities listed on the Toronto Stock Exchange will trade on SIGMA X Canada, which will not allow trades in securities that require special settlement terms.
DFS’s new app
Lévis, Que-based Desjardins Financial Security has launched a travel assistance mobile application for its customers. Designed for Cupertino, Calif.-based Apple Inc.’s iOS mobile devices, such as iPhones and iPads, the app allows Desjardins clients to access their travel insurance information abroad at all times. Clients can also extend their travel insurance, make foreign-currency transactions and transfer amounts to and from their DFS accounts.
Kingsway settles
Toronto-based Kingsway Financial Services Inc. has ended a legal dispute with the Harrisburg, Pa.-based Pennsylvania Insurance Department. In November 2009, the Pennsylavnia Insurance Department sued Kingsway, as well as 20 charities, because Kingsway had donated its stake in Walshire Assurance Co. and Lincoln General Insurance Co. (both based in York, Pa.) to those charities in October 2009. As a part of the settlement, Kingsway has relinquished ownership of Walshire, now a part of LGIC Holdings LLC. Kingsway retains its 49% stake in LGIC.
Compiled by Fiona Collie and
Olivia Glauberzon (fcollie@invest-mentexecutive.com; oglauberzon@investmentexecutive.com).