Royal Bank, Barclays among backers of new Canadian market to rival TMX Group

TORONTO – Several major financial services companies, including Royal Bank of Canada (TSX:RY), are planning to set up a new Canadian stock market.

Other backers include two large Canadian mutual fund companies — CI Investments Inc. (TSX:CIX) and IGM Financial Inc. (TSX:IGM) — the U.K.-based Barclays banking group.

The venture, to be called Aequitas Innovations Inc., would be an alternative to the Toronto Stock Exchange and other markets owned by TMX Group Inc. (TSX:X).

TMX is controlled by a different group of banks, pension funds and financial services companies.

Aequitas says it intends to introduce meaningful competition, reduce costs and improve market efficiency through innovation.