Market on Open

Price discovery is promoted at the opening through a visible single price opening call market at 9:30 am ET. This process maximizes order matching while maintaining a fair and transparent process for all market participants.

How it Works

The Calculated Opening Price (COP) is determined through several conditions, with the first condition being the price at which the most shares may be executed. If more than one price satisfies this condition, then it will choose the price that leaves the least imbalance. If more than one price still satisfies that condition, it is the price closest to the previous trading day's Closing Price. The COP is broadcasted and continually updated during the Pre-Open session from 7:00 am – 9:30 am ET.

Any previously booked duration orders on TSX or TSXV are automatically included in the Market on Open along with any orders entered during the pre-open session.

At 9:30 am ET, when the market opens, orders are allocated at the COP and this price sets the last sale price. Unexecuted orders are automatically carried forward into the Continuous Trading session.

For more details around opening allocation, please refer to the Order Types and Functionality guide.