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tsx [2017/05/17 12:18] – [Available ATS] mayatsx [2023/02/27 12:08] (current) – hammed
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 ====== Toronto Stock Exchange (TSX) & Venture Exchange (TSX-V) ====== ====== Toronto Stock Exchange (TSX) & Venture Exchange (TSX-V) ======
 +
 The TMX Group consists of the Toronto Stock Exchange (TSX) and Toronto Venture Exchange (TSX-V). The difference between TSX and TSX-V is in the listing requirements: TSX focuses on senior issuers, and TSX-V focuses on early-stage companies looking to access growth capital. The TMX Group consists of the Toronto Stock Exchange (TSX) and Toronto Venture Exchange (TSX-V). The difference between TSX and TSX-V is in the listing requirements: TSX focuses on senior issuers, and TSX-V focuses on early-stage companies looking to access growth capital.
  
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 Currency: Canadian Dollar (CAD) Currency: Canadian Dollar (CAD)
  
-[[http://www.tmxmoney.com/en/investor_tools/market_hours.html| +[[https://money.tmx.com/en/market-holidays|Stock Market Hours & Holidays]]
-Stock Market Hours & Holiday]]+
  
 +===== Trading Summary =====
  
- 
- 
-===== Trading Summary ===== 
 Both TSX and TSX-V trade on the TSX Quantum XA platform, a world-class exchange platform. For more information, see the [[https://www.tsx.com/trading/products-and-services/tmx-quantum-xa | TMX Quantum XA]] page. Both TSX and TSX-V trade on the TSX Quantum XA platform, a world-class exchange platform. For more information, see the [[https://www.tsx.com/trading/products-and-services/tmx-quantum-xa | TMX Quantum XA]] page.
  
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   * Pegged Midpoint/Market/Primary Buy/Sell→ShortSell   * Pegged Midpoint/Market/Primary Buy/Sell→ShortSell
   * Reserve Limit Buy/Sell→ShortSell (Day)   * Reserve Limit Buy/Sell→ShortSell (Day)
 +
 ==== Available ATS ==== ==== Available ATS ====
 +
   * Aequitas NEO   * Aequitas NEO
   * Alpha   * Alpha
   * Chi-X Canada   * Chi-X Canada
   * CX2   * CX2
 +  * CXC
 +  * CSE
   * Lynx   * Lynx
   * MATCHNow   * MATCHNow
   * OmegaATS   * OmegaATS
-  * Pure 
   * TMX Select   * TMX Select
 +
 ==== Basic Market Rules ==== ==== Basic Market Rules ====
 +
   * Lot Size: varies by price, as follows:   * Lot Size: varies by price, as follows:
  
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   * Short Sale Rules: short sell orders must be marked. Naked short selling is prohibited except intraday.   * Short Sale Rules: short sell orders must be marked. Naked short selling is prohibited except intraday.
-  * Circuit Breakers: for Canadian markets, circuit breakers are tied to movements of the Dow Jones Industrial Average, or the S&P/TSX Composite (when the US markets are closed), as defined on the [[http://www.iiroc.ca/industry/rulebook/Pages/Circuit-Breakers.aspx | Circuit Breakers Levels]] page. +  * Circuit Breakers: for Canadian markets, circuit breakers are tied to movements of the Dow Jones Industrial Average, or the S&P/TSX Composite (when the US markets are closed), as defined in the IIROC [[https://www.iiroc.ca/news-and-publications/notices-and-guidance/guidance-market-wide-circuit-breakers | Circuit Breakers]] document. 
-==== Auction Mechanisms ====+ 
 +e 
 +eeEe==== Auction Mechanisms ==== 
 The TSX and TSX-V markets employ similar opening and closing mechanisms, further details of which can be found in the [[https://www.tsx.com/resource/en/133 | Order Types and Functionality Guide]]. Note that the following information applies to trading on the primary exchange. The mechanisms on ATSs and MTFs may vary. The TSX and TSX-V markets employ similar opening and closing mechanisms, further details of which can be found in the [[https://www.tsx.com/resource/en/133 | Order Types and Functionality Guide]]. Note that the following information applies to trading on the primary exchange. The mechanisms on ATSs and MTFs may vary.
 +
 === Open === === 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.+The pre-opening session runs from 07:00 - 09:30 am. 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.
  
 === Continuous Trading === === Continuous Trading ===
  
-TSX and TSX Venture operate a real-time, continuous auction market that matches individual orders with continual price discovery from 9:30 am to 4:00 am in the central limit order book (CLOB). This period is referred to as the Regular Session. All regular order types are accepted during this session. During the regular session, orders are individually displayed in the CLOB. Displayed portions of CLOB orders are given trading priority based on price/broker/time priority. Broker priority does not apply if either side has marked their order Anonymous or Jitney. +TSX and TSX-Venture operate a real-time, continuous auction market that matches individual orders with continual price discovery from 9:30 am to 4:00 pm in the central limit order book (CLOB). This period is referred to as the Regular Session. All regular order types are accepted during this session. During the regular session, orders are individually displayed in the CLOB. Displayed portions of CLOB orders are given trading priority based on price/broker/time priority. Broker priority does not apply if either side has marked their order Anonymous or Jitney. 
    
 === Close === === Close ===
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   * f) Limit orders shall trade with the offsetting limit orders according to price/time priority.   * f) Limit orders shall trade with the offsetting limit orders according to price/time priority.
  
-**MOC orders** are priced at “market” and will only execute at the MOC calculated closing price. MOC orders are entered into the MOC book between 7:00 am - 3:40 pm and are queued in time priority. MOC orders cannot be cancelled after the imbalance is published at 3:40 pm and may be board lot, mixed lot or odd lot sized orders with regular settlement terms. MOC orders may be marked short, for jitney purposes, and/or anonymous.+**MOC orders** are priced at “market” and will only execute at the MOC calculated closing price. MOC orders cannot be cancelled after the imbalance is published at 3:50 pm. MOC orders may be marked short, for jitney purposes, and/or anonymous. 
 + 
 + 
  
 **Limit on Close (LOC) orders** are limit orders that will only trade at the calculated closing price. LOC orders may be board lot, mixed lot or odd lot sized orders. LOC orders are accepted prior to the imbalance publication on either side of the order book without restrictions on their limit price.  **Limit on Close (LOC) orders** are limit orders that will only trade at the calculated closing price. LOC orders may be board lot, mixed lot or odd lot sized orders. LOC orders are accepted prior to the imbalance publication on either side of the order book without restrictions on their limit price. 
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 **Auction Periods** **Auction Periods**
  
-1. **Pre-Imbalance** (07:00 - 15:40)+1. **Pre-Imbalance** (07:00 - 15:50)
   * Continuous trading occurs, where bids and offers may be entered, amended, or cancelled   * Continuous trading occurs, where bids and offers may be entered, amended, or cancelled
   * Market-On-Close (MOC) orders may be entered, amended, and cancelled   * Market-On-Close (MOC) orders may be entered, amended, and cancelled
   * No imbalance orders will be matched   * No imbalance orders will be matched
  
-After the published imbalance (from 3:40 – 4:00 pm), LOC orders are only accepted subject to the following restrictions. +After the published imbalance (from 3:50 – 4:00 pm), new MOC and LOC orders permitted with no restrictions. No MOC and LOC order cancels permitted.
- +
-  * a. the order must be on the opposite side of the imbalance, +
-  * b. the order’s volume must not exceed the published imbalance, and +
-  * c. must be within PME % of the last board lot sale price.+
  
 Between 4:00 pm and 4:10 pm, if a PME extension is necessary due to price volatility, LOC orders are only accepted subject to the following restrictions. Between 4:00 pm and 4:10 pm, if a PME extension is necessary due to price volatility, LOC orders are only accepted subject to the following restrictions.
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   * c. must be within CPA % of the last board lot sale price.    * c. must be within CPA % of the last board lot sale price. 
  
-2. **Post-Imbalance** (15:40 - 16:00) +2. **Post-Imbalance** (15:50 - 16:00) 
-  * Limit-On-Close (LOC) orders may be entered, amended, or cancelled under the following conditions: +  * New MOC orders permitted with no restrictions. No MOC order cancels permitted. 
-    * LOC order must be on the opposite side of the imbalance +  * New LOC orders permitted with no restrictions. No LOC order cancels permitted.
-    * LOC order must not exceed the size of the published imbalance +
-    * LOC order must be within 3%-TSX and 5%-TSX-V of last sale price+
   * LOC bids and offers retain their ranking in price/time priority   * LOC bids and offers retain their ranking in price/time priority
   * Regular limit bid and offers still open and not executed at 16:00 may compete equally with LOC orders. These limit bids/offers are classified as ‘CLOB’ orders. The non-displayed portions of CLOB orders (icebergs) are allocated last relative to other CLOB or LOC orders at the same price. Dark orders do not participate.   * Regular limit bid and offers still open and not executed at 16:00 may compete equally with LOC orders. These limit bids/offers are classified as ‘CLOB’ orders. The non-displayed portions of CLOB orders (icebergs) are allocated last relative to other CLOB or LOC orders at the same price. Dark orders do not participate.
   * No ‘On-Close’ bids or offers will be matched   * No ‘On-Close’ bids or offers will be matched
 +
 +2b. **MOC Freeze Period** (randomized time between 15:56 - 15:57)
 +  * MOC Freeze Period prior to close with a randomized start time as determined by TSX. 
 +  * New Pegged LOC orders allowed, will re-price to Reference Price before close if more aggressive for purposes of calculating the calculated  closing price. 
 +  * At close of the MOC Freeze Period, Pegged LOC orders will be repriced to the closing reference price if more aggressive. 
 +  * No cancels or modifications allowed.
 +
 +3. Introduction of a MOC Freeze market state to mitigate volatility–The new MOC Freeze market state will start at a randomized time between 3:56 P.M.–3:57 P.M., and LOC order limit prices are automatically repriced to be no more aggressive than the MOC Reference Price (“Pegged LOC” orders). Orders can not be cancelled or modified.
 +
 +
  
 3. **Calculated Closing Price** (CCP) (16:00) 3. **Calculated Closing Price** (CCP) (16:00)
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   * No bids or offers may be entered, but may be cancelled   * No bids or offers may be entered, but may be cancelled
  
-**Order Types:** traders may enter Market-On-Close orders prior to the 3:40 pm publishing of the imbalance, after which only Limit-On-Close and regular limit orders opposing the imbalance will be accepted to participate in the closing auction. +**Order Types:** Market-On-Close, Limit-On-Close, and regular limit orders opposing the imbalance will be accepted to participate in the closing auction.
  
 ===== See Also ===== ===== See Also =====
   * [[market_guides|Market Guides]]   * [[market_guides|Market Guides]]
  
tsx.1495037932.txt.gz · Last modified: 2017/05/17 12:18 by maya