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Former TMX exec Cowan to advise Nasdaq's Chi-X Canada -sources

Published 2016-03-08, 03:37 p/m
© Reuters. Former TMX exec Cowan to advise Nasdaq's Chi-X Canada -sources
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By John McCrank
March 8 (Reuters) - Kevan Cowan, a former senior executive
at Canadian exchange operator TMX Group Ltd X.TO , is joining
Nasdaq Inc's NDAQ.O Chi-X Canada stock-trading platform as a
consultant, according to two sources familiar with the matter.
Cowan may advise Chi-X Canada on starting a listings
business that would compete with TMX's Toronto Stock Exchange,
according to one of the sources, both of whom asked not to be
named because the news was not public.
Cowan declined to comment.
Nasdaq completed its acquisition of Chi-X Canada, the
country's largest alternative trading system, for an undisclosed
amount in early February.
Later in the month, the exchange operator bought
Canada-based news distributor and communications firm
Marketwired, expanding the corporate services offerings that
Nasdaq uses, in part, to support companies that list on its
exchange.
TMX dominates the listings business in Canada, though it
does have some competition from the Canadian Securities
Exchange, and upstart Aequitas NEO Exchange landed its first
listing - an exchange-traded fund - in January.
Cowan had been president of TMX markets and head of equities
and was a candidate to become chief executive officer Canada's
top market operator following the retirement of former CEO Tom
Kloet in 2014, sources told Reuters.
The company ended up appointing Lou Eccleston to the role
and Cowan, a lawyer by training, left last July after 18 years
with the company and one of its former subsidiaries.
Separately, Kloet was elected to Nasdaq's board of directors
in March 2015.

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