CRA finds NEX is a stock exchange based on Black's Law Dictionary and "commercial point of view"

In finding that NEX of the TSX Venture Exchange is a "stock exchange located in Canada" (and therefore included under paragraph (b) of the definition of "recognized stock exchange" in s. 248(1)), CRA relied on the Black's Law Dictionary definition of "stock exchange" and on the conclusion that the Canadian Securities Administrators would be likely to consider the exchange to be a stock exchange (which would imply that NEX is a stock exchange "from a commercial point of view").

Scott Armstrong.  Summary of 11 September 2012 Memorandum 2012-0454321I7 under s. 248(1) - recognized stock exchange.