The move brings traditional OTC instruments into the public view and eliminates the conversion charges associated with trading foreign securities in a domestic market.
Omega subscribers will be able to enter bid/ask prices directly in Canadian dollars on the US securities live on the venue.
The first tranche of securities will include popular US stocks such as Bank of America, Google, Microsoft and several ETFs that trade on venues like NYSE, NASDAQ and AMEX.
The ATS expects to expand the range of foreign instruments available for trading to include any CDS-eligible security traded on a highly trafficked US exchange.
Omega ATS president Mike Bignell said bringing US securities onto the venue shines some much-needed light on an area of the market that has traditionally been characterized by over-the-counter deals.
"In our business model, being an alternative trading system is all about giving the market something different and distinct from the traditional liquidity venues. We believe in bringing innovation to market players and providing real choices," Bignell said.
