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Table of Contents
Toronto Stock Exchange (TSX) & Venture Exchange (TSXV)
The TMX Group consists of the Toronto Stock Exchange (TSX) and Toronto Venture Exchange (TSXV). The differentiation between TSX and TSXV is in the listing requirements with TSX focused on senior issuers and TSXV focused on early stage companies looking to access growth capital.
Homepage
Currency: Canadian Dollar (CAD)
Trading Hours & Calendar
Trading Hours; Trading sessions are also described in more detail here
Holiday Calendar
Trading Summary
Both TSX and TSXV trade on the TSX Quantum platform, delivering a world-class exchange platform. More inforation about TSX Quantum can be found here.
Lit Order-types
TSX
- Limit Buy/Sell/Short Sell (DAY/FOK/IOC)
- Reserve Limit Buy/Sell/Short Sell (DAY)
- Market Buy/Sell/Short Sell (DAY/FOK)
- Market-on-Close (MOC) Buy/Sell/Short Sell (DAY)
Available ATS
- Alpha
- Chi-X Canada
- CX2
- MatchNow
- OmegaATS
- Pure
- TMX Select
Basic Market Rules
- Lot Size varies by price as follows:
| Price Range (CAD) | Lot Size |
|---|---|
| up to 0.10 | 1,000 |
| 0.10 up to 1.00 | 500 |
| 1.00 and up | 100 |
- Tick Size varies by price as follows:
| Price Range (CAD) | Tick Size (CAD) |
|---|---|
| up to 0.50 | 0.005 |
| 0.50 and up | 0.010 |
- Short Sale Rules: Short sale orders must be marked; naked short-selling is prohibited except intraday.
- Circuit Breakers: For Canadian markets circuit breakers are tied to movement of the DowJones Industrial Average, or the S&P/TSX Composite (when the US markets are closed) as defined here.
Auction Mechanisms
TSX and TSXV markets employ similar opening and closing mechanisms, the details of which can be found here.
Open
The pre-opening session runs from 07:00 - 09:30; during this session orders can be entered and cancelled but no matching will occur. The Calculated Opening Price (COP) is displayed and continuously updated. At the open (09:30) all matching orders are executed at a single opening trade price with remaining orders left on the continuous limit order book.
Close
The cutoff for entry of MOC orders is 15:40 after which Limit-on-Close (LOC) orders on the opposite side of the imbalance are accepted into the MOC facility. The closing print occurs at 16:00 unless a Price Movement Extension is required in which case it occurs at 16:10.