TMX names Aequitas-linked exec to head its equities business

Thu Jul 16, 2015 12:15pm EDT
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TORONTO, July 16 (Reuters) - TMX Group Ltd, owner of the Toronto Stock Exchange, has hired an executive with links to its newest stock market rival to run its equity-listing and trading business.

TMX said on Thursday that Nicholas Thadaney, who has been chief executive officer of electronic brokerage Investment Technology Group Inc's Canadian operation since 2005, will take up his new job on Sept. 1.

"Nick will bring an entirely fresh approach to the equities business by developing superior value propositions from the perspective of the market and our clients," TMX Chief Executive Lou Eccleston said in a statement.

He replaces Kevan Cowan, whose departure TSX announced in a brief statement on Monday.

ITG Canada Corp said it has promoted its head of sales and trading, Etienne Phaneuf, to replace Thadaney.

Thadaney has sat on the board of Aequitas Innovations Inc, which launched its Neo stock exchange earlier this year. Neo's stated aim is to offer a haven for issuers and long-term investors who seek to escape the ill-effects of predatory high-speed trading, costly data and lack of liquidity.

TMX has sought to keep clients from defecting to Aequitas by slashing fees and by replicating some of its offerings. It has put speed bumps on one of its smaller exchanges, and has also set up a private market for small companies. (Reporting by Alastair Sharp; Editing by Peter Galloway)