TSX and CNQ Settle Intellectual Property Action
Nouvelles
TSX and CNQ Settle Intellectual Property Action
Marketplaces also pledge cooperation on delivery of data and access solutions for securities industry
April 10, 2008 (TORONTO) -- TSX Inc. (“TSX”), operator of Toronto Stock Exchange and TSX Venture Exchange, and Canadian Trading and Quotation System Inc. (“CNQ”), operator of the CNQ stock exchange and Pure Trading marketplace, today announced that they have reached a settlement in connection with the intellectual property law suit filed against CNQ by TSX in June, 2007. Under the terms of the settlement, CNQ has acknowledged TSX's ownership and intellectual property rights in the materials under dispute, and TSX has agreed to grant commercial licenses to Pure Trading and its participating vendors and dealers for the continued use of the intellectual property at the heart of the dispute. Further terms of the settlement will remain confidential.
In a move designed to assist the Canadian securities industry in its efforts to adapt to the evolving multiple market system, TSX and CNQ have also announced agreement to cooperate in a number of areas related to market access and the delivery of consolidated data solutions. Specifically, the parties have agreed that:
• CNQ’s Pure Trading will be providing its data feeds and supporting gateway access for TSX’s smart order routing (SOR) and ATX® initiatives;
• TSX will provide its data feeds and supporting gateway access to Pure Trading enabling the provision of order routing services for CNQ’s participating dealers;
• CNQ will also supply the Pure Trading real time data feeds, including full market depth, to TSX for inclusion in TSX’s Consolidated Data Feed (CDF™) product. This new feed will be of important assistance to dealers and their clients in achieving best execution for trades in Canadian-listed equity securities.
“We will continue to protect and enhance our commercial assets, and are pleased that we have brought this issue to completion,” said Rik Parkhill, Interim Co-CEO, TSX Group. “TSX will continue to facilitate equity markets efficiency and foster best execution opportunities for those trading TSX listed securities. We believe it is in the best interest of the industry to have access to all marketplaces’ full depth of book, either directly or indirectly, to ensure best execution is obtained. Our SOR and CDF products will both be designed to help achieve that goal.”
“We are very pleased with the outcome of this matter. It is critical that the Canadian capital markets be free of distraction as we collectively embark on the evolution to a more competitive multiple market system,” said Ian Bandeen, CEO of CNQ. “This will allow us each to move forward and focus on our commercial priorities. We applaud the leadership position that the TSX has taken in helping to resolve this matter in such a mutually satisfactory manner.”
About TSX Group Inc. (TSX-X)
TSX Group operates Canada's two national stock exchanges, Toronto Stock Exchange serving the senior equity market and TSX Venture Exchange serving the public venture equity market, Natural Gas Exchange (NGX), a leading North American exchange for the trading and clearing of natural gas and electricity contracts and Shorcan Brokers Limited, the country's first fixed income inter-dealer broker. TSX Group also owns The Equicom Group Inc., a leading provider of investor relations and related corporate communication services in Canada. TSX Group is headquartered in Toronto and maintains offices in Montreal, Calgary and Vancouver.
About CNQ
Pure Trading provides an effective and cost efficient alternative for the trading of Canadian equity securities. It is the second major initiative of CNQ, which launched the first and only new Canadian stock exchange in over 70 years in 2003, and which continues to steadily add to its complement of listed companies, participating dealers and trading volumes. For more information please visit the websites at www.puretrading.ca and www.cnq.ca.
For more information please contact:
Steve Kee
Director, Corporate Communications
TSX Group
416-947-4682
steve.kee@tsx.com
Ian Bandeen
Vice-Chair and CEO
CNQ
416-572-2000 ex 2265
ian@cnq.ca
April 10, 2008 (TORONTO) -- TSX Inc. (“TSX”), operator of Toronto Stock Exchange and TSX Venture Exchange, and Canadian Trading and Quotation System Inc. (“CNQ”), operator of the CNQ stock exchange and Pure Trading marketplace, today announced that they have reached a settlement in connection with the intellectual property law suit filed against CNQ by TSX in June, 2007. Under the terms of the settlement, CNQ has acknowledged TSX's ownership and intellectual property rights in the materials under dispute, and TSX has agreed to grant commercial licenses to Pure Trading and its participating vendors and dealers for the continued use of the intellectual property at the heart of the dispute. Further terms of the settlement will remain confidential.
In a move designed to assist the Canadian securities industry in its efforts to adapt to the evolving multiple market system, TSX and CNQ have also announced agreement to cooperate in a number of areas related to market access and the delivery of consolidated data solutions. Specifically, the parties have agreed that:
• CNQ’s Pure Trading will be providing its data feeds and supporting gateway access for TSX’s smart order routing (SOR) and ATX® initiatives;
• TSX will provide its data feeds and supporting gateway access to Pure Trading enabling the provision of order routing services for CNQ’s participating dealers;
• CNQ will also supply the Pure Trading real time data feeds, including full market depth, to TSX for inclusion in TSX’s Consolidated Data Feed (CDF™) product. This new feed will be of important assistance to dealers and their clients in achieving best execution for trades in Canadian-listed equity securities.
“We will continue to protect and enhance our commercial assets, and are pleased that we have brought this issue to completion,” said Rik Parkhill, Interim Co-CEO, TSX Group. “TSX will continue to facilitate equity markets efficiency and foster best execution opportunities for those trading TSX listed securities. We believe it is in the best interest of the industry to have access to all marketplaces’ full depth of book, either directly or indirectly, to ensure best execution is obtained. Our SOR and CDF products will both be designed to help achieve that goal.”
“We are very pleased with the outcome of this matter. It is critical that the Canadian capital markets be free of distraction as we collectively embark on the evolution to a more competitive multiple market system,” said Ian Bandeen, CEO of CNQ. “This will allow us each to move forward and focus on our commercial priorities. We applaud the leadership position that the TSX has taken in helping to resolve this matter in such a mutually satisfactory manner.”
About TSX Group Inc. (TSX-X)
TSX Group operates Canada's two national stock exchanges, Toronto Stock Exchange serving the senior equity market and TSX Venture Exchange serving the public venture equity market, Natural Gas Exchange (NGX), a leading North American exchange for the trading and clearing of natural gas and electricity contracts and Shorcan Brokers Limited, the country's first fixed income inter-dealer broker. TSX Group also owns The Equicom Group Inc., a leading provider of investor relations and related corporate communication services in Canada. TSX Group is headquartered in Toronto and maintains offices in Montreal, Calgary and Vancouver.
About CNQ
Pure Trading provides an effective and cost efficient alternative for the trading of Canadian equity securities. It is the second major initiative of CNQ, which launched the first and only new Canadian stock exchange in over 70 years in 2003, and which continues to steadily add to its complement of listed companies, participating dealers and trading volumes. For more information please visit the websites at www.puretrading.ca and www.cnq.ca.
For more information please contact:
Steve Kee
Director, Corporate Communications
TSX Group
416-947-4682
steve.kee@tsx.com
Ian Bandeen
Vice-Chair and CEO
CNQ
416-572-2000 ex 2265
ian@cnq.ca
