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Upstart picks regulatory fight with Toronto Stock Exchange operator

Aquitas Innovations alleges TMX Group charges excessive stock-quote data fees

Upstart picks regulatory fight with Toronto Stock Exchange operator

A new Canadian stock exchange is joining the listings turf war in North America, complaining to regulators that the country’s flagship exchange is taking advantage of its dominant share of trading volumes to thwart rivals.

In a recent filing to Canada's Competition Bureau, Aequitas Innovations alleges TMX Group, the country's biggest stock-market operator, is charging excessive stock-quote data fees. Aequitas also claims TMX, whose Toronto Stock Exchange and TSX Venture Exchange account for about 61% of Canadian stock-trading by volume, is using its contracts with brokers to limit wider distribution of brokers' internal market data.

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