The Aequitas NEO Exchange was launched to great fanfare on Friday, but the upstart rival towards the Toronto Stock market still has quite a distance to go in fulfilling its promise of “levelling the playing field” for Canadian investors and eliminating predatory high-frequency trading practices in the country, says certainly one of its newest allies.
\”There are foundations that have to be put in place. You cannot just snap your fingers and expect everything to change,” said Kevin Cronin, global head of trading at Invesco Ltd., the Atlanta-based fund giant with US$809.4 billion in assets under management, whose Canadian division?joined their email list of industry heavyweights backing Aequitas earlier this year.
\”There is an industry of high frequency traders who will try to figure out how to intercede trading still, however this is a good start.\”
Mr. Cronin, available for the ceremonial launch in the Design Exchange in downtown Toronto, has been a vocal advocate for market structure reform over the past few years and was named in January to the U.S. Securities and Exchange Commission\’s Equity Market Structure Advisory Committee, a panel that can help the regulator determine rule changes for how shares trade.