BNY Trust Company of Canada has been selected by Merrill Lynch to act as depositary for CP HOLDRS.

CP HOLDRS will represent ownership in the stock of Canadian Pacific, and its constituent companies, PanCanadian Petroleum Limited, Canadian Pacific Railway Company, Fording Inc., CP Ships Holdings Inc. and Fairmont Hotels & Resorts Inc.

CP HOLDRS are designed to provide CP shareholders with a single, exchange-traded instrument that represents beneficial ownership of the companies.

Joseph Velli, senior executive vice president and head of Worldwide Securities Services at The Bank of New York, said, “We are pleased to see the HOLDRS structure expanded to the Canadian market.” He noted that the product provides the convenience of participating in the equity of each new company, while continuing to hold only one security.

The Bank of New York has now launched 19 basket securities with Merrill Lynch since 1998. Dollar trading volume for the existing HOLDRS programs has surpassed US$66 billion as of August 31.