Toronto Exchange Fights Back with ATS

Toronto Stock Exchange (TSX) operator TMX Group plans to create TMX Select, an alternative trading system (ATS) that is intended to recapture order flow lost to competing ATSs, and offer a higher standard of transparency, according to exchange officials.

"There has been a lot of concern that the ATSs don't play by the same rules as the incumbent exchanges," says Kevan Cowan, president of TSX Markets and group head of equities. "TMX Select will have the same standard of transparency as we have on

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