Overview
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AlphaX and Alpha DRK
With AlphaX™ and Alpha DRK™, we’re introducing a democratized environment that aims to provide high-quality execution for natural order flow, limit adverse selection resulting from natural speed advantages in the trading ecosystem, and improve the overall trading experience for all participants.
Market on Close MOC
1 Enhanced transparency by increasing imbalance message content and frequency of communication
2 Newly defined MOC Imbalance market state to align with global models
3 Add a new MOC Freeze market state to mitigate volatility and help prevent unexpected price and imbalance movements
TSX Alpha Exchange
TSX Alpha Exchange ("Alpha"), a prominent player in the Canadian Capital Markets, has recently undergone a significant change in its market structure - a transition from a randomized 1 to 3 millisecond order processing delay (speedbump) to a deterministic static 1-millisecond speedbump.
Trading
Through TMX Equity Markets’ leading-edge technology, infrastructure, and services, market participants can execute their trading strategies on our marketplaces – efficiently and in real time – from major trading centres around the world. Considering the opportunities to be found in our world-class trading environment, it is no wonder that an estimated 40% of all trading on TSX and TSXV originates from outside Canada.
From clean technology in North America to oil and gas in Africa and the Middle East to mining in Australia, you can find it traded on TSX, TSXV and TSXA.
TMX equities markets provide investors and traders with efficient access to liquidity, quality execution, and a broad spectrum of investment opportunities. The TMX trading environment continues to set new standards as a North American leader positioned at the forefront of global marketplaces.
- Toronto Stock Exchange
S&P/TSX Composite Index N/A
Value Change N/A N/A - TSX Venture Exchange
S&P/TSX Venture Composite Index N/A
Value Change N/A N/A
Features
| Features | TSX/TSXV | TSXA |
|---|---|---|
| Extended continouous trading. hours (8am-5pm ET) | ||
| Strict price/time priority (No broker preferencing) | ||
| Alternative pricing (inverted model) | ||
| TSX and TSXV-listed securities | *No debentures, warrants, rights | |
| CDS Clearing & Give-Up | ||
| Iceberg orders | ||
| Anonymous orders | ||
| Advanced order Types & Features* (Post Only, Self Trade Prevention) | ||
| Active order processing delay | ||
| OPR Capability | ||
| Level 1, Level 2 and Broadcast Feeds | ||
| Auto execution for odd lots | ||
| Special Terms orders | ||
| Dark Trading Facilities | ||
| Market on Open | ||
| Market on Close | ||
| Market Makers & Minimum Guaranteed Fills for Retail orders |
* Order type functionality may vary between each trading venue. Please refer to the order types page of each trading venue for more detail.
2 reasons why trading in Canada make sense for you
Electronic central limit order book
At the core of TMX Equity Markets trading is a computer-based central limit order book. TMX Equity Markets continues to be a global leader in stock market trading speed and reliability with the launch of our TMX Quantum XA™ trading engine.
A fair, fast, transparent market
Through a transparent, electronic auction, our trading facilities allow traders to see what interest exists and how prices are calculated. Start trading on our markets today or contact a TMX Equity Markets Account Manager.
Market Insights
