Cancel on Disconnect
Cancel on Disconnect (COD) is an optional gateway session feature that will restrict order entry on user-specified session bundles and attempt to cancel all open orders per session upon an involuntary loss of connectivity between TMX and the client. Cancel on Disconnect will assist users to mitigate risks associated with managing open orders on all TSX markets when there is an involuntary loss of connectivity.
Once COD is triggered, the session bundle will be blocked, new orders entered on that order entry port will not be accepted and order acknowledgments will not be sent. All open orders pertaining to the triggered session bundle will be cancelled, with the exception of duration orders (i.e. GTC/GTD), MOC cancels after 3:40 pm and cancellation due to the stock/stock group state (e.g. stock is frozen, stock state is inhibited). A session can only be re-activated after a COD event by contacting Trading Services directly.
Availability of COD:
|MOC (3:40 – 4:00 pm)||Yes, but only for LOC and non-MOC orders (MOC orders are not able to be cancelled during the imbalance)|
|Post Market Cancel Session||Yes|
COD functionality is available for all gateway sessions connecting to Toronto Stock Exchange (TSX), TSX Venture Exchange (TSXV) and TSX Alpha Exchange (TSXA). Order cancellation confirmation messages as result of COD will be designated with specific FIX (for order entry) and STAMP (for market data feeds) tags.
To enable the Cancel on Disconnect feature, the COD Application Form must be completed and submitted to a TSX Equities Account Manager by a TSX Participating Organization, TSXV Member, or TSXA Member, including for DMA client sessions through which access to TSX, TSXV, or TSXA is provided.
For more information, see the Cancel on Disconnect product sheet or Cancel on Disconnect product guide.