One of the agitators for competition in Canada's Exchange business is stepping back, as Ian Bandeen retires as chief executive of CNSX Markets Inc.
CNSX runs the Canadian National Stock Exchange, which competes with TMX Group Inc.'s exchanges for listings, and Pure Trading, an alternative trading system aimed at speed-conscious traders.
Mr. Bandeen will be replaced by Richard Carleton, as interim CEO, while CNSX looks at permanent candidates.
Mr. Bandeen was one of the first to recognize the market for competition for the TMX, launching Pure and pitching Canada as a new frontier to US investors who had avoided Canada because of the perception the trading infrastructure was clunky.
Trained as a lawyer, Mr. Bandeen worked in investment banking for much of his career.
Mr. Bandeen has agreed to remain as a strategic advisor, CNSX said.
His replacement, Mr. Carleton, is a leading candidate to get the job permanently, CNSX said.
"Ian helped establish and grow the exchange and we owe a debt of gratitude to him for his dedication to the firm and thought leadership. We look forward to continuing to grow the CNSX and Pure Trading businesses on the foundation that Ian was instrumental in creating. The continuity that Richard brings to his new role is very important, and the Board and I wish to express our thanks to him," CNSX chairman Adam Conyers said in a statement
Mr. Conyers explained that initially Mr. Bandeen was the Chairman of the company and then accepted the role of CEO at the end of 2005 in order to help steer the company towards achieving its primary operational milestones, and then focus on an orderly transition.
"I am proud of what CNSX Markets Inc. has achieved since it was founded over a decade ago," said Mr. Bandeen. "However, I am really looking forward to returning to a more strategic role and being able to focus on a wider array of personal initiatives for a while. I am very thankful to the Board for having supported my decision."
"Today's securities marketplaces are rapidly changing and CNSX gives Canadian public companies a sound and cost-effective choice. We are also making good progress on the Pure Trading front," said Mr. Carleton. "In my new position I, along with our very talented and committed staff, will continue to work diligently to deliver more cost effective and efficient market services to Canadian investors."