Streamlined Processing for IIROC Dealers

Dealers can connect to the TSX NAVex platform through their existing connections to TSX.

IIROC Broker/Dealers

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.