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Talking to Martin Hakker, country manager at Fidessa Canada, you get a sense of the spectacular upheaval that automation has brought to Canadian markets. Hakker says: “These are very interesting times. The industry has been used to only one marketplace, only one venue. All of a sudden there are huge opportunities here.” For Hakker, the critical factor has been a virtuous circle of competition and innovation. “Canada is seeing new venues with new order types, supported by new technology providers offering new and different ways to achieve best execution. I think it’s an important time right now. In the end,  these changes help the industry, and they help the investor.”

They help Fidessa, too. The year-end numbers show that the company grew business on its fully hosted Canadian platform by not far short of 150%  from early 2008 to April 2009. “I would definitely consider the last couple of years a period of dramatic change here,” says Hakker, adding: “Canada is a very sophisticated market.” Another market participant expressed a similar point moresuccinctly. In Canada, he said, demand for advanced trading solutions is “skyrocketing”....

Canada’s adoption of automated trading has been sudden and fast, and the transformation isn’t over yet. Demand is “skyrocketing” for advanced trading solutions, and there’s fierce competition between established and new trading venues. Have Canada’s markets leapfrogged whole stages of evolution, and if so, what’s in it for the rest of us?