Canadian Trading and Quotation System Inc. (CNQ) announced today that it has closed an equity financing of over $10 million.

Investors include private equity funds, market participants and individuals.

The financing was undertaken to complete the development of CNQ’s previously announced plan to launch an alternative market for the trading of equities listed on other Canadian stock exchanges.

CNQ is currently expanding and enhancing its trading engine and communications infrastructure to meet the needs of the trading community for speed, capacity and reliability at a low cost.

“This financing will enable us to pursue an aggressive strategy for growth as the supplier of a second new trading venue for Canadian investment dealers and investors” said Robert Cook, president and CEO of CNQ, in a release. “With our experienced team of market professionals in place we are creating a market to facilitate the growing demand for quick executions and a high ratio of orders to trades.”

CNQ’s financial advisor for the offering was Blair Franklin Capital Partners.