Royal Bank, Barclays among backers of new Canadian market to rival TMX Group

TORONTO – Several major financial services companies, including Royal Bank of Canada (TSX:RY), are planning to set up a new Canadian stock market.

Other backers include two large Canadian mutual fund companies — CI Investments Inc. (TSX:CIX) and IGM Financial Inc. (TSX:IGM) — the U.K.-based Barclays banking group.

The venture, to be called Aequitas Innovations Inc., would be an alternative to the Toronto Stock Exchange and other markets owned by TMX Group Inc. (TSX:X).

TMX is controlled by a different group of banks, pension funds and financial services companies.

Aequitas says it intends to introduce meaningful competition, reduce costs and improve market efficiency through innovation.

Looking for more?

Get the Best of Maclean's sent straight to your inbox. Sign up for news, commentary and analysis.