TSX/TSXV Marketplace Thresholds
TMX employs Marketplace Thresholds, implemented in accordance with CIRO's guidelines, to help manage market volatility. While CIRO establishes maximum thresholds, TMX applies its own global parameters that apply across all corporate equities (except where noted), aimed at upholding market integrity. TMX also applies custom thresholds to all ETFs. As mentioned above in both cases, these thresholds are within CIRO guidelines and are designed to ensure the utmost market integrity on TMX. This page details these global parameters and includes a link to our ETF marketplace thresholds and custom price bands for specific equities.
Note that these thresholds apply to post-open trading. As prescribed by CIRO, a marketplace has the discretion to manage its opening auctions. TMX generally employs the same parameters with a slightly wider multiplier (based on the previous day's closing price compared to the COP, or in the case of ETFs, the midpoint of the previous day randomly between 3:59:15 and 3:59:45 compared to the COP); however, as noted, we retain discretion to manage the opening. As many factors can affect the price of a security between the previous day's close and the opening, such as stock-specific news, sector news, or overall volatility events in the entire market, any stock may open beyond these parameters when deemed appropriate.
| Start Price | Band Limit * |
|---|---|
| 0.00000 | 300% / $ 0.00000 |
| 0.02000 | 50% / $ 0.06000 |
| 0.25000 | 33% / $ 0.08000 |
| 0.50000 | 25% / $ 0.10000 |
| 1.00000 | 10% / $ 0.24000 |
| 1.50000 | 10% / $ 0.28000 |
| 2.00000 | 10% / $ 0.36000 |
| 3.00000 | 10% / $ 0.60000 |
| 5.00000 | 10% / $ 1.00000 |
| 10.00000 | 8% / $ 1.00000 |
| 15.00000 | 7.5% / $ 1.50000 |
| 30.00000 | 5% / $ 1.75000 |
| 40.00000 | 4.8% / $ 2.00000 |
| 50.00000 | 3% / $ 2.40000 |
| Start Price | Band Limit * |
|---|---|
| 0.00000 | 20% / $ 0.00500 |
| 30.00000 | 10% / $ 6.00000 |
TSX Securities with Custom Thresholds
ETFs
| Start Price | Band Limit * |
|---|---|
| 0.00000 | 10% / $ 0.00000 |
| 10.00000 | 8% / $ 1.00000 |
| 15.00000 | 7.5% / $ 1.50000 |
| 30.00000 | 5% / $ 1.75000 |
| 40.00000 | 4.8% / $ 2.00000 |
| 50.00000 | 3% / $ 2.40000 |
| Start Price | Band Limit * |
|---|---|
| 0.00000 | 300% / $ 0.00000 |
| 0.02000 | 50% / $ 0.06000 |
| 0.25000 | 33% / $ 0.08000 |
| 0.50000 | 25% / $ 0.10000 |
| 1.00000 | 10% / $ 0.24000 |
| 1.50000 | 10% / $ 0.28000 |
| 2.00000 | 10% / $ 0.36000 |
| 3.00000 | 10% / $ 0.60000 |
| 5.00000 | 10% / $ 1.00000 |
| 10.00000 | 8% / $ 1.00000 |
| 15.00000 | 7.5% / $ 1.50000 |
| 30.00000 | 5% / $ 1.75000 |
| 40.00000 | 4.8% / $ 2.00000 |
| 50.00000 | 3% / $ 2.40000 |
| Start Price | Band Limit * |
|---|---|
| 0.00000 | 20% / $ 0.00500 |
| 30.00000 | 10% / $ 6.00000 |
TSXV Securities with Custom Thresholds:
| Start Price | Band Limit * |
|---|---|
| 0.00000 | 10% / $ 0.00000 |
| 10.00000 | 8% / $ 1.00000 |
| 15.00000 | 7.5% / $ 1.50000 |
| 30.00000 | 5% / $ 1.75000 |
| 40.00000 | 4.8% / $ 2.00000 |
| 50.00000 | 3% / $ 2.40000 |
* Note: greater of the two options (% vs $)