Canadian Trading and Quotation System Inc. - s. 144

Order

IN THE MATTER OF

THE SECURITIES ACT,

R.S.O. 1990, CHAPTER 5,

AS AMENDED (the "Act")

AND

IN THE MATTER OF

CANADIAN TRADING AND

QUOTATION SYSTEM INC.

 

ORDER

(Section 144)

WHEREAS Canadian Trading and Quotation System Inc. ("CNQ") has made an application (the "Application") to the Ontario Securities Commission (the "Commission") for an order pursuant to section 144 of the Act amending the Commission order dated May 7, 2004 recognizing CNQ as a stock exchange, as varied by an order dated September 9, 2005, (the "Recognition Order") in connection with a proposed alternative market (the "Alternative Market");

AND WHEREAS the Commission has received certain representations and undertakings from CNQ in connection with the Application;

AND WHEREAS the Commission is satisfied that granting the order would not be prejudicial to the public interest;

IT IS ORDERED pursuant to section 144 of the Act that the Recognition Order is varied as follows:

1. sections 14(b),(c) and(d) of Schedule A of the Recognition Order are renumbered sections 14 (c), (d) and (e) respectively;

2. new section 14(b) is added to Schedule A of the Recognition Order as follows:

(b) CNQ may trade securities of issuers listed on designated Canadian stock exchanges in its Alternative Market without approving such securities for listing, provided that CNQ shall cease to trade any such security immediately upon notification that the security has been suspended or delisted by the designated exchange, or if it was the subject of a trading halt;

3. new section 14(c) of Schedule A of the Recognition Order is amended by adding the word "listed" before the word "issuers"; and

4. new section 14(d) of Schedule A of the Recognition Order is amended by adding the word "listed" before the word "issuer";

provided that:

a. for at least two months immediately prior to operating the Alternative Market, CNQ shall make available to the public any technology requirements regarding interfacing with and access to the marketplace; and

b. after the technology requirements set out in subsection (a) have been published, CNQ shall make available to the public, for at least one month, testing facilities for interfacing with and access to the marketplace.

DATED June 13, 2006

"Suresh Thakrar"

"Harold P. Hands"