NASDAQ Canada

Initially only NASD member firms will be involved, trading NASDAQ securities in U.S. dollars. NASD Regulation will be carrying out the regulation along with the Quebec Regulatory Authority.

Quebec says it will take appropriate regulatory and legislative action “to recognize the precedence of NASDAQ’s rules as related to transactions occurring in NASDAQ Canada, although it is recognized that modifications may be required to comport with Canadian laws and regulations.” NASDAQ and Quebec say the goal of this plan is to provide the Canadian investor with the opportunity to invest in high-growth Canadian IPOs and U.S. securities.

“The strategy of openness on the world adopted by NASDAQ harmonizes perfectly with Quebec’s openness to free trade,” said Lucien Bouchard, Quebec premier in a NASD release. “To date, the results clearly show that Quebec companies have benefited substantially from this move to freer markets. We intend to continue in the same direction and take full advantage of the strategic opportunity provided by NASDAQ’s arrival.”

“Our agreement in principle with the Quebec government to create NASDAQ Canada will make it easier for Canadian investors to participate in the NASDAQ Stock Market, U.S. investors to participate in the Canadian economy and for NASDAQ to help foster a new generation of growth companies in Canada,” said Frank Zarb, CEO of NASD. “Canada has 128 companies currently listed on NASDAQ, more than any other nation outside of the U.S., and this agreement will only draw us closer.”

“Today’s announcement, of which we are particularly proud, is the result of a lengthy process involving many consultations with the financial and business communities over the last few months,” said Bernard Landry, Quebec’s Finance Minister. “These consultations enable us to state today that the arrival of NASDAQ satisfies a real need, both for companies and investors. That is why we are very confident of NASDAQ’s success in Montreal.”