New exchange moves closer to operation

The planned restructuring of Canada’s stock exchanges has taken another step forward, with the announcement that the merged Vancouver and Alberta exchanges will be called the Canadian Venture Exchange, abbreviated as CDNX.

The new exchange, named to reflect western Canada’s tradition as a place to raise risk capital, will also bring into the fold the Canadian Dealing Network (currently a unit of the Toronto Stock Exchange), juniors listed on the Montreal Exchange, and potentially the Winnipeg Stock Exchange.

The CDNX is expected to be open for trading in November 1999, but without a traditional head office. Officials say the concept of centralized management became outdated with the rise of electronic trading. Under the restructuring, regional offices in Winnipeg, Toronto and Montreal will be managed from Calgary, and all trading, information and administrative functions will be carried out from Vancouver.

Regulators and member firms have yet to approve the proposed restructuring plan, which was announced last March.

The exchange will be co-managed by the current heads of the Vancouver and Alberta exchanges, Michael Johnson and Tom Cumming, respectively, until a replacement can be named by the new board of directors.

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