Canadian Venture Exchange
About the CDNX
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About CDNX
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A Venture Capital Marketplace Growing technology and industrial business
Organization Securities Regulation and Compliance
CDNX and the Financial Community Glossary of Investment Terms
Listing Requirements Overview Glossary of Industry Abbreviations
Market Information
A Venture Capital Marketplace
The Canadian Venture Exchange (CDNX) is Canada's public venture capital marketplace providing emerging companies with access to capital while offering investors a well-regulated market in which to make venture investments. CDNX listed companies are active in the mining, oil and gas, manufacturing, technology, financial services and other sectors.

CDNX provides benefits to market participants and others interested in seeing Canada's new economy grow. Investors can seek opportunity from a wider range of investments; analysts and other venture market watchers can track the S&P/CDNX Composite Index, the new benchmark for small cap stocks in Canada; listed companies have more efficient access to a larger marketplace; member firms provide service through a single national market for the distribution of new stock issues; and, the Canadian economy has extra-high-grade fuel for the small- and medium-size businesses that are driving economic expansion.

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The Organization - Canada-wide Services
With offices in Toronto, Calgary, Vancouver, Winnipeg and Montreal, CDNX offers services across the country. Each office is designed to provide corporate finance and business development expertise. CDNX is headquartered in Calgary, Alberta, and is part of the TSE group of companies, which includes the Toronto Stock Exchange (TSE), TSE CDNX Markets Inc. and Market Regulation Services Inc.
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CDNX and the Financial Community
The Canadian Venture Exchange acts as a business link between CDNX members, listed companies and investors. CDNX policies and procedures are designed to accommodate quality companies still in their formative stages and recognize those that are more established. Listings are predominately small- and medium-sized companies.

Investors in Canada are protected by the Canadian Investor Protection Fund (CIPF). The CIPF is a private trust fund established to protect customers in the event of the insolvency of a member of any of following Self-Regulatory Organizations: the Canadian Venture Exchange, Montreal Exchange, Toronto Stock Exchange, and the Investment Dealers Association of Canada.

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Listing Requirements Overview
There are three ways to list on CDNX: initial public offering (IPO), reverse takeover (RTO) and – for proven entrepreneurs with a public market track record – a capital pool company (CPC). Companies listed on CDNX are classified in three distinct tiers. Tiers 1 and 2 each have initial listing requirements based on a company’s financial performance, stage of development and financial resources at the time of listing. (Tier 3 is reserved for those companies who were previously quoted on the Canadian Dealing Network.)  Industry segments within each tier each also have specific minimum listing requirements. Companies must also have directors, officers and a corporate governance structure in compliance with Exchange requirements; be sponsored by a CDNX member firm; and submit all necessary agreements and documentation.

Companies thinking of going public should consult CDNX Business Development staff to determine whether a public listing is in the company’s best interest and whether it is sufficiently developed to meet minimum listing requirements.

Full listing information is available on the CDNX website. Look for the Guide to Listing and the complete CDNX policies & procedures manual under Listing on CDNX.

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Market Information
Building a market for emerging companies is a primary goal of the Canadian Venture Exchange. One of the most important ways to achieve this goal is by ensuring the provision of timely and accurate information that will be of interest to investors and analysts alike. To facilitate increased understanding about our companies and their successes, CDNX provides one of the industry’s most dynamic websites and a listed company information source – InfoCDNX – unparalleled in Canada.

InfoCDNX is a dynamic database of listed company information, providing one-stop shopping for analysts, brokers, listed companies and investors. InfoCDNX provides market information to visitors anytime, anywhere, with thorough information on each of the Exchange’s over 2,600 companies. Public filings, company events, technical reports, news releases, insider trading reports, trading status and person and business summaries are all available and cross-referenced in multiple levels of detail. Market watchers can follow all updates on their personalized list of companies by creating an account on the CDNX and then proceeding to the Company Tracker setup page within InfoCDNX.

The CDNX website offers a comprehensive array of services including exchange policies and procedures, marketing and corporate news, market highlights, new listings, and 15-minute delayed quotations. The Exchange also provides real time quotation information through a variety of recognized disseminators in Canada, reaching approximately 33,000 terminals worldwide. Customized reports for the public, the legal community, member firms and other industry participants are also available to supplement stock quotations printed in the daily newspapers.

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Growing technology and industrial business on CDNX
The Canadian Venture Exchange takes a special interest in the technology and industrial sectors. As a niche market for early-stage companies, the Exchange seeks to build on the strength of the many technology and industrial companies already graduated from the venture marketplace to senior markets such as the Toronto Stock Exchange.

A review of technology and industrial companies previously listed on a venture exchange shows the benefits of participating in the growth of early-stage enterprises. For example, 45 companies graduated from CDNX in the year 2000. Total market cap at graduation was $8.37B and the market cap growth for one year prior to graduation was 302%.

This proven financing record includes the introduction, mentoring and graduation of such technology successes such as eSoft, Genetronics, Forbes Medi-Tech, Burntsand and Cell-Loc. 

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Securities Regulation and Compliance
Post-trade monitoring of market activity occurs in the Market Surveillance Department. Sophisticated software analyses trade data to detect possible market improprieties. A variety of surveillance and investigative tools allow CDNX to perform world-class electronic market monitoring and trade reviews.

In addition to monitoring trade activity, the Surveillance Department is responsible for monitoring and reviewing listed company activities and detecting breaches of the listing policies or the listing agreement. Market surveillance and listed company surveillance activities are closely coordinated.

Enforcement action taken by surveillance may include:

forcing companies to correct misleading or inaccurate disclosure, including news releases and internet postings;
requiring the resignation of unacceptable directors and officers;
requiring cancellation and return of shares to treasury;
requiring undertakings from directors and officers that they will ensure compliance with the listing agreement and listings policies in the future;
requiring the termination of unacceptable investor relations services;
halting and suspending trading in the shares of companies; and
delisting companies that have contravened exchange by-laws, rules, or policies.

The market surveillance department issues CDNX Bulletins to inform the public of halts, suspensions, delists and other enforcement actions. All CDNX Bulletins can be found on this website or InfoCDNX. In the public interest, trading halts or suspensions are maintained until the Surveillance Department is satisfied that there is adequate disclosure of the company's affairs and a level playing field for investors.

In addition to surveillance, the Market Regulation Department is comprised of an investigative services team that conducts investigations into alleged violations of securities trading. The CDNX Conduct Review Committee determines whether a case for discipline exists. Disciplinary cases either result in a settlement reached between CDNX and the respondent or they proceed to a disciplinary hearing. The public can attend disciplinary hearings, view the exhibits filed and obtain copies of the decisions issued by the panel. If the hearing panel’s decision is not acceptable to either CDNX or the respondent, an appeal process may be initiated.

 
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Last updated: January 23, 2002
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