TMX Equity Trading Notice

Launch of the New TSX MOC in 18 days

TMX is excited for the Production launch of the New MOC model on October 18, 2021 - in less than 3 weeks.

As a reminder, the New MOC Facility will introduce the following major changes:

1. Increased imbalance message content (6 new fields) and frequency (every 10 seconds) to provide consistent insight into the MOC order book and address transparency concerns.
2. Newly defined imbalance period (3:50pm - 3:56pm) that aligns with global standards. Participants can now enter in both MOC and LOC orders of any size, price, and volume with no restrictions.
3. Introduction of a freeze period (3:56pm - 4:00pm) to mitigate volatility, dampen price impact, and prevent late stage imbalance reversals. Only LOC orders are permitted at this time, with aggressively priced LOC orders repriced to the MOC Reference Price as Pegged LOC orders.
4. Removal of Closing Offset order - any closing offset orders will be rejected in the new MOC model.
5. Introduction of self-trade management in the closing auction.
6. Ability to cancel orders between 4:00pm - 4:10pm on symbols that are closed for trading at that time (not in Price Movement Extension).

For more information, please review our updated FAQ, Technical Overview and Detailed Guide, available on our new MOC Webpage.

TMX Equities would like to thank all participants for their support both in the design process and in getting ready for these changes. We believe that this new MOC model will better serve client needs for enhanced liquidity at the close of the market and efficiency in determining Canada's closing prices.

For more information regarding this notice, please contact the Account Management Team or trading_sales@tmx.com.