CND: Nasdaq Canada Opens for Business
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[Montreal, CANADA] Nasdaq Canada opened its doors for business this morning, with ten securities firms initially participating in the trading of all Nasdaq-listed securities directly from Montreal.
The new exchange will enhance Canadian investors' access to U.S. securities and issuers with the ability to raise capital more efficiently.
Currently, there are 146 Canadian companies listed on Nasdaq. Through the first three quarters of 2000, they generated on the average trading day Cdn $4.83 (US $3.13 billion) in dollar volume. Initially, trading in Nasdaq U.S.- listed securities will be conducted in U.S. dollars.
These totals exceed those for any other Canadian exchange. With Nasdaq workstations now in place in Montreal, Canadian investors can get immediate access to both the Canadian companies listed on Nasdaq as well as all other Nasdaq issues.
In the first phase of Nasdaq Canada, Nasdaq terminals have been installed initially in ten Canadian securities firms in Montreal. This will enable these firms to trade the 5,000 Nasdaq-listed companies directly through their local broker, including the 42 Canadian companies previously listed solely on Nasdaq U.S.
The ten initial Canadian securities firms participating in Nasdaq Canada are: BMO Nesbitt Burns, Canaccord Capital, Casgrain & Company, CIBC WorldMarkets, Desjardins, NBC International (USA), Pictet Overseas, Scotia Capital Markets, TD Securities, and Yorkton Capital (USA).
In addition to the installation of Nasdaq Workstations at the trading desks of these Canadian NASD member firms, Nasdaq Canada also created the Nasdaq Canada Index (symbol: CND), which tracks the market performance of Canadian-listed Nasdaq stocks.
Index calculation and cumulative volume for all index components will be updated in real time throughout the trading day. Prices for company shares will be delayed 15 minutes.
CND will be a market value weighted index and will be displayed on the newly launched Nasdaq Canada Web site. In addition to the index value, prices and volume information, the Web site provides share volume comparisons for dually listed Nasdaq and Toronto Stock Exchange stocks and offers extensive corporate information as well.
This is Nasdaq's first step in an effort to bring Canadian investors the opportunity to invest in high-growth Canadian companies and U.S. securities. The Nasdaq lists nearly 5,000 companies, has a larger dollar volume, and trades more shares per day than any other U.S. market.
Nasdaq Canada is located at: http://www.nasdaq-canada.com