Alpha Group, which plans to launch its alternative trading system in September to compete with the Toronto Stock Exchange, will charge the same fees to all participants regardless of the size of the dealer firm or its trading volumes.
Jos Schmitt, Alpha’s chief executive, says this “will allow trading to take place on a level playing field basis for all dealers and will provide considerable benefits to the industry as a whole.”
The TSX gives the best rates to its largest customers.
Alpha also says it will provide market data without charge until it achieves a 20% share of trading volume in Canada.
Alpha was established in May 2007 by nine of Canada’s leading financial institutions. Its ownership group consists of BMO Capital Markets, Canaccord Capital Corporation, CIBC World Markets, CPP Investment Board, Desjardins Securities Inc., National Bank Financial, RBC Capital Markets, Scotia Capital Inc. and TD Securities Inc.
For a related story, Banks opt for own exchange, click here.
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Caisse Denies Selling Yellow Pages Units
The Caisse de dépôt et placement du Québec says it did not sell all of its holdings in Yellow Pages Income Fund.
On Tuesday, Bloomberg reported that the Caisse sold its entire stake—about 21 million units of the directories firm worth approximately $298 million—in the first quarter of this year.
The Caisse says conclusions regarding its holdings in Yellow Pages were based on statutory filings with the United States Securities and Exchange Commission and the May filing made no reference to the Caisse’s holdings in the fund because holdings in this fund do not have to be reported according to SEC regulations.
“For purposes of comparing the Caisse’s holdings with those at the end of the quarter ended December 31, 2007, the amended statutory filing made by the Caisse and filed with the U.S. Securities and Exchange Commission on March 7, 2008 should have been used,” says a media release. “This amended filing makes no mention of Yellow Pages Income Fund for the same reasons.”
For a related story, Caisse Buys Financials, Retailers, click here.
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Desjardins Creates Site for Plan Sponsors
Desjardins Financial Security has officially opened an all-new secure website for plan sponsors.
Its Integrated Retirement Management Centre (IRMC) has been designed to provide plan sponsors with the support they need for the day-to-day management of their plan.
The site will also offer greater accessibility to different reports and transaction records to simplify the daily management of their plan and have a section entirely devoted to principles of sound pension plan governance.
“Our main objective with the creation of the online IRMC was to offer plan sponsors packaged simple solutions that would meet their needs,” says Eri Filion, senior director, product development and marketing, savings for groups and businesses at Desjardins Financial Security.
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Swisscanto Chooses RBC Dexia
RBC Dexia Investor Services has been selected by Swisscanto Group to provide a range of services for the company’s €16 billion (C$24.8 billion) portfolio of Luxembourg domiciled funds.
It will provide investor services to Swisscanto including global custody, fund administration, transfer agency services and investment compliance.
“Following a comprehensive review process, we identified RBC Dexia as the best-suited provider to help meet our future investor services needs,” says Dr. Girard Fischer, Swisscanto Group’s chief executive officer.
Swisscanto is a joint venture of the Swiss Cantonal banks for investment and pension services.