Canadian challenger Alpha reached yet another milestone on January 22 while reporting a record volume of over 412,000 trades.
Since going live in November 2008, Alpha Trading Systems has reported an impressive development while, on a regular basis, reaching new milestones.
By April last year, Alpha had reached 8.5% of average volume market share in securities listed on the Toronto Stock Exchange (TSX). Late summer figures showed Alpha at a dependable 15% of market share, and in December a 25% total market share level in TSX-listed securities was achieved on multiple days.
Alpha’s own analysis is that this successful development is based on the combination of four factors, all facilitating best execution:
- The Alpha Order to Trade ratio is the lowest amongst all transparent marketplaces.
- The average trade size is the highest amongst all transparent marketplaces.
- The latency of Alpha’s TRADExpress-based trading platform ranks in the top amongst all transparent marketplaces.
- The fee structure of Alpha.
For further information, please refer to Alpha’s newsletter from January 2010
Background info
Alpha Group was established in May, 2007 by nine of Canada’s leading financial institutions with the aim of increasing the country’s equity trading efficiencies and making the Canadian marketplace more globally competitive. Its ownership group consists of BMO Capital Markets, Canaccord Capital Corporation, CIBC World Markets, CPP Investment Board, Desjardins Securities Inc., National Bank Financial, RBC Capital Markets, Scotia Capital Inc. and TD Securities Inc.
Cinnober supplies Alpha’s high velocity, low latency trading platform based on the TRADExpress Trading System.