The Canadian Trading and Quotation System (CNQ), a small-cap equity market, has applied to the Ontario Securities Commission (OSC) for recognition as a stock exchange.
The CNQ is currently a quotation and trade reporting system. Although it is under the jurisdiction of the OSC, it cannot legally regulate itself as exchanges do.
Recognition would make the process of becoming a reporting issuer in Ontario more straightforward for companies that have a listing on other exchanges. Also, issuers trading on CNQ would benefit from the enhanced profile that comes with being listed on an nationwide exchange.
Currently issuers from Ontario, British Columbia, Alberta and Quebec can trade on CNQ without making a separate application to the OSC. They would all be deemed reporting issuers in Ontario if CNQ is recognized as an exchange.
A change in recognition would not require any changes to CNQ’s trading rules or issuer policies.
The application by CNQ appears in the latest issue of the OSC Bulletin and on the web site osc.gov.on.ca
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