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TMX moves to the dark side

22 September 2010  |  2312 views  |  0 Source: TMX

TMX Group Inc. today announced that it will be introducing new on-book non-displayed order types on Toronto Stock Exchange and TSX Venture Exchange. These "dark" orders will be fully integrated into the existing order book on each Exchange, meaning these new non-displayed orders will interact and trade with visible as well as other non-displayed orders.

"Integrating non-displayed liquidity with Canada's most extensive displayed order book in a manner that preserves the fairness and integrity of the market provides tremendous benefits to all market participants, regardless of their size and trading strategy," said Kevan Cowan, President, TSX Markets and Group Head of Equities. "Our two new dark order types will also offer customers additional trade execution choices and important liquidity-seeking opportunities."

The two new order types, which have received regulatory approval, are:

* Non-displayed Mid-Point Orders, which are designed to execute at the Canadian Best Bid/Offer (CBBO) mid-point price with an optional limit price;

* Non-displayed Limit Priced Orders, which are orders with a limit price, will trade at their limit price or better, with the Exchanges automatically adjusting the book price to protect against trade through.

Non-displayed orders will provide meaningful price improvement and will execute only after all TSX/TSXV visible and iceberg orders at the same price have been executed, ensuring that the quality of the visible market is retained.

The TSX/TSXV non-displayed order types will be released into the customer test environment in November 2010.

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