March 2, 2023
Equities Notice 2023-006
TMX Equity Trading Notice
TMX Equities Announces New Market
TMX Equities Trading is pleased to announce the introduction of a new market comprising two new order books to the TMX marketplace: Alpha-XTM and Alpha DRKTM. An application was filed with the Ontario Securities Commission for approval and a Request for Comment has been published. Members are encouraged to provide their views and feedback on the new order books. The public comment period ends on April 3, 2023.
The goal of the new order books is to provide a democratized trading environment, with focus on innovation and execution quality. Innovative new order types, together with an order processing delay, are expected to afford the natural investor a high-quality trading experience, with protections against adverse selection.
Alpha-X : A Lit order book with a suite of visible order types, plus a new Smart LimitTM order type with the capability of automatically re-pricing to protect against adverse selection at soon-to-be-stale prices, as informed by the new TMX Quote Decay SignalTM.
Alpha DRK : A Dark order book with a comprehensive suite of pegged and limit Dark order types, plus a new Smart PegTM order type with the discretionary ability of trading at more aggressive prices.
The new Alpha-X and Alpha DRK order books are expected to be implemented and available in September 2023, subject to regulatory approval. Updated specifications and testing availability will be announced in a subsequent notice.
The Request for Comment is published here.
For more information regarding this notice, please contact the Account Management Team.
Mike Tintinaglia(416) 471 8638
Paul Dimtsis (416) 819 3001
Brady Wilson (416) 220 7941
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