From article when the exchange opened in '08. It' easy to see it's not regulated as most of this trading is of the slanted electronic type.

"Alpha is owned by the six bank-owned dealers, the CPP Investment Board and Canaccord Capital, and the support of these major houses is expected to help the ATS win singificant market share from the incumbent Canadian exchange. The TSX has already cut fees and upgraded its technology to combat the threat posed by rival exchanges, which regulators only permitted in the last two years."

http://www.theglobeandmail.com/globe-investor/markets/streetwise/alpha-exchange-launching-with-10-stocks/article717070/

I'm sure the Alpha Exchange BOD pay themselves very well and along the way have gained market share on the TSX making their owners very happy.

Figure in deception in your TA and plot that on the chart.

Long on news.

mynot