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====== 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.

[[http://www.tmx.com/en/ | Homepage]]
 
Currency: Canadian Dollar (CAD)

[[https://money.tmx.com/en/market-holidays|Stock Market Hours & Holidays]]

===== 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.

For listings of TSX and TSX-V market participant organizations, see the [[https://www.tsx.com/trading/accessing-our-markets/member-firm-directory?l=A|Member Firm Directory]] page.

==== Order Types ====

**Note:** not all order types are available for every gateway.

  * Limit Buy/Sell→ShortSell (Day/FOK/IOC)
  * Limit on Open (LOO) Buy/Sell→ShortSell
  * Market Buy/Sell→ShortSell (Day/FOK)
  * Market-on-Close (MOC) & Market-on-Open (MOO) Buy/Sell→ShortSell
  * Pegged Midpoint/Market/Primary Buy/Sell→ShortSell
  * Reserve Limit Buy/Sell→ShortSell (Day)

==== Available ATS ====

  * Aequitas NEO
  * Alpha
  * Chi-X Canada
  * CX2
  * CXC
  * CSE
  * Lynx
  * MATCHNow
  * OmegaATS
  * 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 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 in the IIROC [[https://www.iiroc.ca/news-and-publications/notices-and-guidance/guidance-market-wide-circuit-breakers | Circuit Breakers]] document.

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.

=== Open ===

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 ===

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 ===

The closing price is defined by the following closing auction mechanism: 

**Auction** means an auction conducted in a trading platform to match the Central Limit Order book with any orders in the closing order book.

  * a) Market-On-Close (MOC) Market orders shall trade with offsetting MOC Market Orders entered by the same Participating Organization (PO), according to time priority, provided that neither order is an unattributed or jitney order; then
  * b) MOC Market Orders shall trade with the offsetting MOC Market Orders, according to time priority; then
  * c) MOC Market Orders shall trade with offsetting limit orders (LOC or disclosed volume of continuous orders) entered by the same PO, according to price/time priority, provided that neither order is an unattributed or jitney order; then
  * d) MOC Market Orders shall trade with offsetting limit orders (LOC on continuous) according to price/time priority; then
  * e) Limit orders shall trade with the disclosed volume of offsetting limit orders entered by the same PO, according to price/time priority, provided that neither order is an unattributed or jitney order; then
  * 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 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. 

**Auction Periods**

1. **Pre-Imbalance** (07:00 - 15:50)
  * Continuous trading occurs, where bids and offers may be entered, amended, or cancelled
  * Market-On-Close (MOC) orders may be entered, amended, and cancelled
  * No imbalance orders will be matched

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.	

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.

  * 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 CPA % of the last board lot sale price. 

2. **Post-Imbalance** (15:50 - 16:00)
  * New MOC orders permitted with no restrictions. No MOC order cancels permitted.
  * New LOC orders permitted with no restrictions. No LOC order cancels permitted.	
  * 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.
  * 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)
  * Closing auction is conducted
  * No bids or offers may be entered, amended, or cancelled
  * Auction imbalance orders are matched and the CCP is calculated
  * If CCP violates a price parameter of 3%-TSX and 5%-TSX-V against the last sale, a price movement extension occurs which allows for further imbalance orders to be entered

3b. **Price Movement Extension (PME)** (16:00 - 16:10)
  * Only limit orders opposing the remaining imbalance may be entered to participate the PME Close

3c. **Price Movement Extension Close** (16:10)
  * A second closing auction is conducted to offset remaining imbalance
  * Bids or offers are matched against the MOC book
  * No bids or offers may be entered, but may be cancelled

**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 =====
  * [[market_guides|Market Guides]]