(November 11 – 10:15 ET) – The
Alberta Stock Exchange, the
Montreal Exchange, the Toronto
Stock Exchange and the Vancouver
Stock Exchange are announcing that
they’ve revised their merger
agreement to accommodate
Québec’s concerns.
The basic plan remains in place
but the ME will now also maintain
a market for junior companies in
Québec, providing listing
and regulatory services for
Québec-based small caps.
Pricing and trading information
for these stocks will also be
published separately.
The ME’s small cap market will
be overseen exclusively by the
Commission des valeurs
The TSE will remain the senior
market. There will be no
interlistings. So when companies
are ready to move off the ME they
will have to delist there too.
The TSE will provide listing
services to Québec-based
issuers and brokers in its Montreal
office. The TSE has applied to the
CVMQ for recognition as a stock
exchange in Québec.
The merger of the ASE and VSE to
form CDNX is scheduled for November
29. The ME plans to establish its
small cap market by then too.
The TSE would like to see all
senior listings from the ME move
to the TSE by early December. The
derivatives market will migrate to
Montreal over the next three months
while the ME overhauls its trading
engine.
The ME will adopt the same
trading rules as the new Canadian
Venture Exchange – the merger of
the ASE, VSE and CDN – and will
subcontract with the new CDNX for
an electronic trading platform for
the ME’s listings.
-IE Staff
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