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TMX to introduce new mutual funds trading platform

Published 2015-11-16, 11:44 a/m
© Reuters. TMX to introduce new mutual funds trading platform
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TORONTO, Nov 16 (Reuters) - TMX Group X.TO said on Monday
it is expanding its offerings to service the mutual fund
industry, in the move that comes close on the heels of a similar
announcement from rival Canadian exchange operator Aequitas
Innovations Inc.
The plan, first reported by Reuters earlier this month, will
see the new TSX NAVex system racing to compete against Aequitas'
new PTF Connect platform, which is set to begin operating in the
first quarter of 2016. urn:newsml:reuters.com:*:nL1N12Z1CI urn:newsml:reuters.com:*:nL1N1371ZX
Toronto-based TMX, which operates the dominant Toronto Stock
Exchange and the smaller TSX Venture Exchange, said NAVex will
facilitate the trading of mutual funds using its own equities
trading, clearing and settlement infrastructure.
TMX said its platform is expected to launch in the second
quarter of 2016 subject to industry readiness. The exchange
operator added that it has created a working group that taps
representatives from a number of fund companies to ensure that
the product meets industry-wide needs.
The move comes as the investment industry is under pressure
from Canadian regulators to be more transparent on fees, forcing
fund companies to make their products more competitive.
At the same time, as trading fees in existing markets such
as stocks are being squeezed, exchange operators are looking to
launch new products to boost revenue.

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