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.
Currency: Canadian Dollar (CAD)
Both TSX and TSX-V trade on the TSX Quantum XA platform, a world-class exchange platform. For more information, see the TMX Quantum XA page.
For listings of TSX and TSX-V market participant organizations, see the Member Firm Directory page.
Note: not all order types are available for every gateway.
| Price Range (CAD) | Lot Size |
|---|---|
| up to 0.10 | 1,000 |
| 0.10 up to 1.00 | 500 |
| 1.00 and up | 100 |
| Price Range (CAD) | Tick Size (CAD) |
|---|---|
| up to 0.50 | 0.005 |
| 0.50 and up | 0.010 |
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The TSX and TSX-V markets employ similar opening and closing mechanisms, further details of which can be found in the 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 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.
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.
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.
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)
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.
2. Post-Imbalance (15:50 - 16:00)
2b. MOC Freeze Period (randomized time between 15:56 - 15:57)
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)
3b. Price Movement Extension (PME) (16:00 - 16:10)
3c. Price Movement Extension Close (16:10)
Order Types: Market-On-Close, Limit-On-Close, and regular limit orders opposing the imbalance will be accepted to participate in the closing auction.