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The head of Canada’s biggest securities regulator says its staff have reviewed an application by Nasdaq Inc. to operate a stock exchange in Canada, but it hasn’t yet come before the board.
Ontario Securities Commission chair and CEO Maureen Jensen says she expects the OSC to consider the application at one of its upcoming meetings.
According to a posting on the OSC website, Nasdaq Canada and Ensoleillement Inc., its parent company, have applied for recognition as exchanges, starting the clock on a 30-day comment period to close on Nov. 13.
It says that Nasdaq is not currently proposing to list issuers’ securities and, if it decides to do so later, its listing rules would have to be reviewed, published for comment and presented to the commission for approval.
The application comes more than a year after Nasdaq completed its acquisition of Chi-X Canada, an alternative trading system for the Toronto Stock Exchange, in February 2016.
The notice says Nasdaq Canada currently operates an alternative trading system with three equity trading facilities in Ontario, as well as NFI, a fixed income facility that allows permitted clients to trade U.S. treasuries on a U.S.-based ATS.