October 9, 2008

CNQ stock exchange introduces new fee model

New fees competitive with all Canadian marketplaces

CNQ: Canada’s New Stock Exchange today announced a new volume based trading fee schedule which reduces the cost for investment dealers participating on its Listed Market. The new fee model will take effect on Friday, October 17, 2008, in conjunction with an upgrade of CNQ’s trading system to the X-stream platform used for the last two years by CNQ’s Pure Trading.

A fee per share model is standard on most other marketplaces including Pure Trading. In addition CNQ’s Designated Market Makers benefit with the introduction of trading fee credits for providing liquidity in designated stocks.

Rob Cook, President of CNQ said “The new ‘per share trading fee’ competes directly with the other stock exchanges offering significantly lower rates, taken as a whole. The new fee model provides much better incentives to liquidity providers in low priced stocks and caps fees at a maximum amount per trade, which the other exchanges in Canada do not. ”

The price schedule for trading equity securities (shares, warrants and rights) is as follows:

Odd lot trades will be charged at the same rate per side with the maximum fee per side reduced to $0.50 and with no minimum fee.

Crosses will be charged a flat fee of $9.75 per trade

Designated Market Makers’ passive orders, in their designated stocks, will receive a credit or rebate of $.0003 per share per trade for stocks trading below $1.00 and $.0007 for stocks trading at or above $1.00, with a maximum credit of $25 per trade. This credit will also be applied to any and all Market Maker odd lot trades in their designated stocks, to a maximum of $.50 per trade.

As before, there are no monthly access fees for dealer’s participating in CNQ’s Listed Market.

CNQ has been able to introduce lower fees than exist in any other Canadian marketplaces for “active trades” in small cap stocks due to the unique features of the CNQ market. The fee for cross trades is also reduced by more than 50% from the current fee schedule.

“The new price schedule, and the migration to the X-Stream platform, are all part of a systematic upgrading of our stock exchange”, said William Woods, Managing Director – Listed Market at CNQ. “As with everything we do here, the fee schedule is simpler, better and lower cost. Its lack of complexity, as illustrated by our two line description, - compared with the two or three pages required to explain charges on other Canadian markets - makes it completely transparent,” he added.

For further information please contact:

Robert Cook

President

CNQ - Canada's New Stock Exchange

Tel: 416/572.2000 ext. 2470

robert.cook@cnq.ca

OR

W William Woods

Managing Director – Listed Market

CNQ - Canada's New Stock Exchange

Tel: 416/572.2000 ext. 2363

wwoods@cnq.ca

About CNQ

CNQ was recognized as a stock exchange by the Ontario Securities Commission in May, 2004 as the first new Canadian stock exchange in over 70 years. It is also the operator of Pure Trading, a high speed, low cost alternative market to trade securities listed on other Canadian stock exchanges, and the first to offer a visible competitive auction market. There are currently 79 investment dealers approved for direct access to both Pure Trading and the CNQ stock exchange. For more information, please visit the website at www.cnq.ca.