Streamlined Processing for IIROC Dealers
Dealers can connect to the TSX NAVex platform through their existing connections to TSX.
IIROC Broker/Dealers
- Streamlined processing of stocks, ETFs and mutual funds
- No matching of buyers and sellers, no secondary trading
- Reduced operational risk associated with bulk trading
- Single point of access to a broad range of fund products from a variety of manufacturers
- Assets are held in the dealer's name which can positively impact their collateral position at CDS
For IIROC dealers, TSX NAVex may help reduce operational risks and costs associated with bulk trading. Over the longer term, the platform may help reduce the costs of a dealer's infrastructure, largely due to the consolidation of mutual fund settlement transactions with the dealer's equity and debt transactions. TSX NAVex will offer competitively priced products from a wide number of fund manufacturers. Advisors will be able to access products with mandates they are unable to effectively implement on their own, and that are aligned with the advisor mandate of fee transparency.
How to Purchase and Redeem Funds
Dealers can submit purchase and redemption orders in number of units. These orders will be accepted from 7:00am to 4:00pm, and may be cancelled or amended any time prior to 4:00pm. Notably, purchase and redemption orders for mutual funds will not trade like stocks or ETFs. Orders will rest on the platform until the end-of-day NAV has been received and then filled directly against the fund manufacturer through the CDS settlement process.
It is also worth pointing out that purchase and redemption orders will only be visible to the fund manufacturer and the dealer that submitted the order.
NAV
Orders will be filled at the fund's end-of-day NAV, as provided by the fund manufacturer. The NAV for each fund is required by 6:30pm. A standard fill format will be provided for NAV submission through a secure FTP site.
Market Data Feed
There will be no pre-trade dissemination of trading activity. Post-trade information is expected to be provided to dealers through a market data feed, but will be limited to symbol and traded volume. The data feed will not disclose if a trade resulted in a purchase or a redemption.
Clearing and Settling Transactions
All transactions on the platform will be reported as trades to CDS, Clearing and Depositary Services Inc. for T+2 settlement between CDS participants. On the settlement date, TSX NAVex trades will settle via the exchange of cash for fund units in a book entry mode (electronic) between the counterparties.
Related Links
NAVex Press Releases
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September 22, 2020
Desjardins Investments launches 16 mutual funds on the TSX-NAVex platform -
October 24, 2018
TSX NAVex Welcomes 3iQ -
June 11, 2018
TSX NAVex Welcomes Raymond James as an Approved Dealer -
June 5, 2018
TSX NAVex Welcomes Antrim Balanced Mortgage Fund -
June 28, 2017
Toronto Stock Exchange welcomes new participants, enhanced capabilities to TSX NAVex -
October 5, 2016
TSX NAVex Signs on Mutual Fund Provider -
June 20, 2016
Toronto Stock Exchange Launches TSX NAVex -
April 25, 2016
TSX NAVex Prepares for Launch