Alpha ATS has taken its desire to become an exchange to a new level.

After initiating an application in April 2010, the regulators have finally published the formal filing. That means a comment period is now open for 45 days and the public will be able to voice its opinion.

At the moment, Alpha is only an alternative trading platform, and has been up and running since 2008.

Of course, if the exchange application is approved, Alpha wouldn't be the first Canadian contender to TMX's exchanges. The Canadian National Stock Exchange is already up and running, and much like Alpha, is already associated with alternative system Pure Trading.