Toronto-based BlackRock Asset Management Canada Ltd. on Tuesday announced it will switching the listing for five of its exchange-traded funds (ETFs) from the Toronto Stock Exchange (TSX) to rival Aequitas NEO Exchange.
BlackRock plans to move the listings for five ETFs, representing 12 total listings, citing the importance of competition in the listings business. The switch is expected to take effect in the fourth quarter.
“Globally, BlackRock’s iShares business has pursued a multiple-exchange listing strategy, as we believe competition plays an important role in helping to foster a healthy, competitive and innovative investment landscape,” says Warren Collier, head of iShares, BlackRock Canada, in a news release.
Aequitas NEO says that it is now the second-largest ETF trading venue in Canada, and that it facilitates almost a quarter of all ETF volume.
“As we continue to increase ETF trading volumes and listings on NEO, it is clear that an exchange driven by fairness, liquidity, transparency and efficiency is well-positioned to meet the needs of long-term investors and corporations seeking to raise capital,” adds Jos Schmitt, president and CEO of Aequitas NEO.
The five funds that are making the move to the NEO include: iShares International Fundamental Index ETF; iShares Japan Fundamental Index ETF; iShares US Fundamental Index ETF; iShares Emerging Markets Fundamental Index ETF’ and iShares Canadian Fundamental Index ETF.
“BlackRock maintains a strong relationship with the TSX, and we look forward to partnering with NEO and the TSX in continuing to evolve the ETF ecosystem and enhance the experience of investors,” says Collier.
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