The Toronto Stock Exchange will be initiating a pilot program of a 24-hour trading system in the near future, John Kolosky, director of market operations tells The Northern Miner.
He says the TSE has developed an electronic system available through their highly successful computer-assisted trading system (CATS) which would allow members to call markets continuously throughout the day.
He adds that the actual trading floor will not be opened 24 hours, rather facilities would be provided to members to display particular orders on a 24- hour basis. The orders that would be generally traded, he explains, are the international type securities.
The TSE has been working on the system for the past year and a half, he says. “We are positioning ourselves to be participants” in 24-hour trading, he says.
Indeed a recent agreement was signed between the London Stock Exchange and the International Securities Regulatory Organization (IRSO) to merge and establish a single London-based 24-hour market in domestic and international equities. The IRSO represents 187 foreign and British securities firms.
The two bodies will also create a unitary self-regulatory organization to operate under the new deregulated London City financial services framework.
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