Excerpt from:
http://www.theglobeandmail.com/globe-investor/alpha-group-aims-for-full-stock-exchange-status/article1542850/
"With the attempt to move into listings, Alpha is trying to grab a share of each of the three main money-making businesses that TMX Group has in stocks. Listings have been lucrative for TMX, generating about a quarter of the company's revenue.
Alpha first went after trading and the fees it generates, and now Alpha gets about 26 per cent of all trading in TSX-listed stocks, forcing TMX to cut its charges to compete. Then Alpha launched a market data product that competes with the TMX's offering for customers who want to see stock quotes and other trading information."
my emphasis - Oldster