TMX to Expand Into Mutual Fund Space with New Platform
TSX NAVex platform to facilitate purchases and redemptions of mutual funds leveraging existing TMX equities infrastructure.
The TSX NAVex platform will facilitate purchases and redemptions of mutual funds using TMX's equities trading, clearing and settlement infrastructure. Mutual funds posted on the TSX NAVex platform will be visible to all participants who currently trade TSX-listed equities and ETFs, as well as supporting bulk trading and leveraging the transaction settlement capabilities of TMX subsidiary CDS Clearing and Depository Services.
The announcement from TMX follows that of rival Canadian exchange operator Aequitas earlier this month, which plans to launch its PTF Connect platform in Q1 2016, putting the two platforms in direct competition as Canadian regulators push to for greater fee transparency.
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