TORONTO, Ontario – Canadian Trading and Quotation System Inc. (CNQ) broke its previous trading records for daily, weekly and monthly activity during the month of January, 2004. Total volume traded for the month grew from 2.3 million shares in December 2003 to 5.0 million shares in January, an increase of 116%. Total value grew 103% from $746,000 to $1,513,000. The number of trades on CNQ also grew 15% from 309 to 355 over the period.



“While this trading activity is small in comparison to many markets, the continued and consistent growth that CNQ has experienced since launching in July 2003 is a very positive indication of the demand for an alternative stock market for emerging Canadian companies and their investors,” said Rob Cook, President of CNQ. It is also representative of the interest in the innovative and entrepreneurial companies that CNQ is attracting.



Now that CNQ is a viable alternative, emerging companies have the opportunity to choose the exchange that offers them the best platform for growth. CNQ’s market activity accordingly has picked up as the number of new issuers continues to grow and those issuers raise capital, transact business and increase their visibility. Market makers at CNQ Dealers provide liquidity for these issuers and the growth in trading indicates the success of the market model that is unique to CNQ.



CNQ continues to cultivate investor awareness through various outreach activities and the trading activity will continue to develop as participation grows and as the dealer community expands. CNQ will be participating in the Financial Forum in Vancouver from February 13-15th, 2004 at the Vancouver Convention Centre. Anyone interested in learning more about CNQ can drop by the CNQ booth to meet some of our staff and pick up information.



CNQ trading statistics are published daily, weekly and monthly and are posted to the www.cnq.ca website under Trading Summaries. Average monthly exchange rates from the Bank of Canada were used in the calculation of value. The rate for December 2003 was 1.3128 and 1.2960 for January 2004.



About CNQ (www.cnq.ca)



Canadian Trading and Quotation System Inc. (CNQ) has created an innovative stock market that matches enhanced disclosure, market making and streamlined regulation with leading edge trading technology to meet the needs of Canadian companies. Combined with comprehensive regulatory oversight, this provides an efficient new equity market that fosters integrity, transparency and liquidity for investors, issuers, and investment dealers.



For Further information please contact:

Robert Cook, CEO, CNQ 416-572-2000 Ext. 2470

[email protected]



If you wish to receive CNQ press releases by email instead of by fax, please contact Radhika Joseph at [email protected] or 416-572-2000 Ext. 2435.