A marketplace, as defined in National Instrument 21-101 Marketplace Operation, generally includes exchanges, alternative trading systems (ATSs) and quotation and trade reporting systems (QTRSs).
An alternative trading system (ATS) is generally an automated matching trading system that matches orders from buyers and sellers using predetermined, established methods or rules under which the orders interact.
To operate, an ATS must be registered as a dealer and be a member of Investment Industry Regulatory Organization of Canada (IIROC). An ATS is generally more restricted than an exchange in the activities it may conduct in respect to its subscribers and in the types of securities that can be traded on it.
The following ATSs have filed the appropriate forms with the British Columbia Securities Commission to operate in British Columbia, as of February 19, 2020:
- CanDeal.ca Inc.
- Liquidnet Canada Inc.
- MarketAxess Canada Company
- Omega ATS / Lynx ATS (operated by Omega Securities Inc.)
- CBID / CBID Institutional (operated by Perimeter Markets Inc.)
- Instinet Canada Cross Limited
- MATCH Now (operated by TriAct Canada Marketplace LP)
A QTRS disseminates price quotations in securities, and reports on completed trades in securities, for the exclusive use of dealers. A QTRS it not itself an exchange or registered dealer.
The BCSC has the statutory power to recognize a quotation and trade reporting system (QTRS). There is currently no QTRS recognized by the BCSC to carry on business in British Columbia.