The really big question here is; Does anyone understand what the Alpha exchange is as compared to the TSX?

The TSX is a free enterprise operation, and conducts it's business on a 'for profit' basis. Every trade that is completed thru them has a charge attached to it, which the buyer/seller pays to them. With the ever decreasing charges per trade, and the ease with which it can be done electronically, the big 5 banks in Canada have analysed the cost to them and decided that they can operate amongst themselves just as efficiently, and keep the profits to themselves rather than giving them to the TSX.

There have always been cross trades, where any brokerage can look at what they themselves have to offer, and if the trade can be filled inhouse they will do so. This way they keep all the commission to themselves, and it is exactly what you or I would do given the opportunity. The alpha exchange is simply an extension of this action, as it allows the participating brokerages (banks) to trade amongst themselves more efficiently and at greater profit.

To say the above is wrong or immoral, you simply have to compare it to any other enterprise.

If one used the same anology with the airline industry in Canada, one could insist that there should only be one airline allowed to operate, as it would make it so much easier for customers to simply check one schedule, rather than have to put the effort into comparing prices.

There are some here who say they have never heard of the Alpha exchange. That simply says that they are playing in a poker game where they are only allowing themselves a peek at half of their cards, and placing bets according to what they know.The stock market is a very serious enterprise. To say that it is unfair because a part of it is unknown to you is silly. The only one to blame is yourself because you simply have not put enough offort into your DD.

Best regards

K