Following the close of a recent acquisition by Nasdaq of two Canadian venues, including Chi-X Canada and CX2, from last December, the company announced today that it has renamed both alternative trading systems (ATS) as Nasdaq CX, and Nasdaq CX2, respectively.
Both ATS venues will transition to Nasdaq’s INET exchange technology in 2016, according to the official press release, and join the companies existing equities exchanges in the U.S. and Nordic region, which are home to 3,700 listed companies with almost $10 trillion in market capitalization.
Nasdaq says that its technology helps power more than seventy marketplaces across fifty countries, and one out of every ten securities transactions worldwide. The transition to the INET system was said to be aided by support over a twelve-month period, as noted around time of the acquisition of the two newly branded non-exchange venues. In related news, Nasdaq has announced that Dan Kessous, the former Head of Chi-X Canada, will head up Nasdaq’s Canadian equities business, which would now include the two renamed venues.
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During the acquisition of the two venues at the end of last year, Nasdaq’s Global Head of Equities and Executive VP Tom Wittmann commented: “This is a significant acquisition for Nasdaq, as Canada’s GDP has grown more than 50% in U.S. dollars, and 16% inflation-adjusted, since 2005.”
“We look forward to working with the Chi-X Canada clients to develop new products and services to help them better navigate the global capital markets,” he added.
Shares of Nasdaq have pulled back to $65 today after having just come off an all-time high of under $68 in mid-March. The news follows after Nasdaq appointed former Chi-X Global CEO Tal Cohen, as Head of North American Equities, as reported by Finance Magnates.