Just six weeks into its launch, AlphaX US is experiencing faster-than-expected growth, reinforcing its position as an innovative entrant in the U.S. trading landscape. Speaking on the sidelines of FIA Boca in Florida, Heidi Fischer, President of TSX Alpha US, shared insights into the platform’s early success, its unique market structure, regulatory landscape, and plans for future expansion.
Launched on January 22, 2025, AlphaX US has quickly gained traction, demonstrating significant trading volumes. According to Fischer, the platform executed an average of almost 900,000 shares per day in February, with an average of 7 billion shares per day being routed into the venue. The ATS has also seen a diverse set of securities being traded, indicating broad market adoption.
“We are growing quicker than we expected, which is a great situation to be in,” Fischer told Traders Magazine. “We’re seeing a lot of support from the street and our participants, with a very healthy pipeline of new participants currently in the onboarding process.”
AlphaX US operates as a periodic auction market, running match events every 10 milliseconds with an added randomized element to enhance execution quality. This high-frequency auction model provides both price improvement opportunities and greater flexibility for participants.
“You have some of the protection of an auction market, but because it’s so fast, you’re not sitting for as long,” Fischer explained. “We designed our venue to give participants the ability to customize their interactions, leading to better execution.”
One key differentiator is its counterparty segmentation model, which, once launched, will allow traders to control who they interact with based on their execution goals.
“At different stages of trading, needs vary,” Fischer said. “There are times when segmentation makes sense, and times when it doesn’t. Our model puts the power back in our participants’ hands.”
Fischer confirmed that tiering, a system designed to further refine execution quality based on trading activity, is on the horizon. However, its rollout depends on collecting a larger data set to ensure fairness and anonymity.
“We’re hoping to implement tiering by the end of Q2 2025,” she said. “Once we have sufficient data, we will file an amendment to our ATS-N, followed by a 30-day waiting period before implementation.”
Additionally, the venue plans to expand its tradable universe, currently limited to stocks, ADRs, and ETFs, to include other exchange-traded products such as ETNs and commodity-linked instruments.
The U.S. regulatory environment remains in flux, with several proposed changes impacting alternative trading systems (ATSs) and exchanges. While Fischer acknowledges uncertainty surrounding recently passed but delayed regulations, she emphasized AlphaX US’s long-term commitment to adapting to new rules.
“Right now, there’s a lot of uncertainty around regulation, and some of the rules that were passed have now been delayed,” she explained. “But we’re building for the long term. We’ve run exchanges in Canada for over 150 years, and regulatory change is something we’re used to. The key is to stay agile and continue adding value in any environment.”
Despite potential regulatory headwinds, Fischer believes that market structure innovation will continue, and AlphaX US is well-positioned to evolve alongside these changes.
“We’re not coming to the U.S. with a six-month or one-year plan—we’re building markets for the future,” she added. “Regulations will change, and we’ll adapt, ensuring compliance while maintaining the flexibility to innovate.”
Despite the crowded market—with 33 active ATSs and a growing number of exchanges— AlphaX US sees itself as a complement rather than a competitor to existing venues.
“We focus less on competition and more on delivering a product that adds value,” Fischer said. “If we provide great execution and an easy-to-implement solution, participants will decide where to route their flow.”
By offering unique execution models and customization capabilities, AlphaX US aims to carve out a differentiated space within the U.S. equities trading ecosystem.
With an ambitious growth plan, Fischer anticipates that the platform will quadruple its participant base in the coming months. Additionally, AlphaX US is actively exploring its next strategic move in the U.S. market.
“This ATS was always planned as TMX’s first step into the U.S.,” she said. “What comes next? Maybe a second book, a different ATS, or even expansion into another asset class. We’re exploring where we can add the most value.”
To support these efforts, AlphaX US has built a deep analytics database, allowing the venue to provide participants with scenario-based testing and optimize their execution strategies.
“We’ve designed our venue to be flexible, making it easy for us to iterate and modify our model based on real-time data,” Fischer said. “As we collect more information, we’ll continue to refine our offerings to meet market needs.”
As AlphaX US moves forward, its focus remains on growth, innovation, and improving market efficiency. Fischer reiterated that the platform’s entry into the U.S. is just the beginning.
“Our goal is to identify what’s missing in the market and fill those gaps. We’re excited about what we’ve built, and even more excited about what’s to come.”
