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The Ontario Securities Commission (OSC) has approved an application from Nasdaq CXC Ltd. (Nasdaq Canada) and its parent company, Ensoleillement Inc. (CXCH), to operate as exchanges, according to a notice published in the Jan. 4 OSC Bulletin.

“The Commission’s recognition of Nasdaq Canada and CXCH will take effect on March 1,” the notice states.

The notice sets out the terms and conditions that regulators are imposing on Nasdaq Canada and CXCH, along with their U.S. parent, Nasdaq Inc., as part of the recognition order.

The firms’ application to operate as exchanges was published for public comment last October. The OSC received two comments on the proposal from rival exchange operators TMX Group Ltd. and Aequitas Neo Exchange, the notice says. The comments largely focus on ensuring a level playing field between the various exchanges.

Minor changes have been made to the conditions set out in the initial applications following the public comment process, the notice say. Regulators are still reviewing Nasdaq Canada’s application to operate a guaranteed execution facility, once Nasdaq Canada and CXCH are recognized as exchanges.

Nasdaq initiated its return to Canada in late 2015 when it acquired the Chi-X Canada alternative trading system from Chi-X Global for an undisclosed price. Nasadq currently operates three Canadian marketplaces that trade Toronto Stock Exchange (TSX) and TSX Venture listed securities: Nasdaq CXC; Nasdaq CX2 and Nasdaq CXD.

Nasdaq is not running a securitites listings business in Canada. “Except with the prior approval of the Commission, no securities shall be listed on Nasdaq Canada,” the OSC notice states.