November 11, 2021
Equities Notice 2021-022

TMX Group

TMX Equity Trading Notice

TSX DRK Conditionals Receives Regulatory Approval

TMX Equities is pleased to announce that Toronto Stock Exchange and TSX Venture Exchange have received regulatory approval from the Ontario Securities Commission (OSC), Alberta Securities Commission (ASC) and BC Securities Commission (BCSC) for the TSX DRK Conditional Orders. The Request for Comments was published on May 20, 2021, and a summary of comments received and our responses can be found on the OSC website.

TSX DRK Conditionals builds on our growth and functionality in the Canadian dark markets, allowing members to source price improving, large sized liquidity, while minimizing market impact. Key benefits to TSX Conditionals include:

  • Global Minimum Size - Requires large orders, greater than 50 boardlots and $30,000, or $100,000, along with Minimum Quantity features assures only larger executions
  • Price Improvement - Trades at the Midpoint only
  • TSX DRK to Conditionals Opt-In - Additional liquidity from the TSX DRK book increases the depth and the opportunity to match and trade
  • Conditionals Option to Sweep TSX DRK - Provides an opportunity to complete your Conditional order without needing to re-enter another dark order
  • Short Firm-Up Period - Reduces leakage, cancels and missed trading opportunities
  • Pro-rata Allocation - Provides fair allocations of executions where there are multiple matches.

TMX Equities is excited about this important development to our dark offerings and would like to thank all participants for their support and comments. For more details, please contact your account team and read the updated TSX DRK Conditionals landing page - Detailed Guide here.