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CANADIAN TRADING AND QUOTATION SYSTEM INC.

VARIATION OF RECOGNITION ORDER

NOTICE OF COMMISSION APPROVAL

On June 13, 2006, the Commission issued an order pursuant to section 144 of the Securities Act varying the recognition order of Canadian Trading and Quotation System Inc. (CNQ), dated May 7, 2004, as amended by an order dated September 9, 2005 (Recognition Order), in connection with CNQ's proposed alternative market -- Pure Trading. CNQ's application for a variation order and approval of certain amendments to its rules and policies was published in the OSC Bulletin on October 7, 2005 at (2005) 28 OSCB 8287.

In connection with the variation order the Commission approved the following documents:

1. Section 144 Order -- The Commission issued a variation order amending the term and condition of the Recognition Order relating to issuer regulation. A copy of the variation order is published in chapter 2 of this bulletin.

2. Amendment to CNQ Rules and Policies -- The Commission approved amendments to CNQ's rules and policies required for the alternative market. The amendments are published in chapter 13 of this bulletin. They have been blacklined to show changes made to the version that was published for comment.

In response to the request for comment, one submission was received. A summary of comments and the responses prepared by CNQ is published in chapter 13.