TMX Group today announced that Toronto Stock Exchange and TSX Venture Exchange now offer Smart Order Router (SOR) Automated Jitney service to subscribers through its existing Smart Order Router trading solution.
The SOR Automated Jitney service uses leading-edge routing algorithms to automatically execute orders at the best price across all Canadian marketplaces, eliminating the need for multiple marketplace memberships.
"We are pleased to offer the SOR Automated Jitney to subscribers," said Kevan Cowan, President, TSX Markets and Group Head of Equities. "The solution helps participants battle the costs associated with market fragmentation, while meeting regulatory best price obligations."
The SOR Automated Jitney allows users to connect to all markets through one central source. Subscribers who do not have a membership to all marketplaces can use the membership of a participating SOR Automated Jitney Provider to execute their orders.
Ted George, Director of Trading, Fidelity Clearing Canada said: "One of the key challenges our clients face today is to control trading costs in a multi-market environment. That's why we are pleased to offer the TSX SOR Automated Jitney solution. This solution allows our clients to seamlessly access liquidity across all marketplaces and reap the benefits of competing quotes and structures while limiting the fixed cost burden associated with individual membership."
David Burnes, EVP, NBCN Inc. said: "There are a lot of costs associated with finding best execution in a multi-market environment, such as connectivity, membership, and data costs. That's why we're pleased to offer the SOR Automated Jitney solution, which allows our clients to leverage Correspondent Network's trading infrastructure to automatically jitney to all marketplaces for best execution, reduce trading execution costs and still meet best-price obligations."
The SOR Automated Jitney provides a low-cost, convenient solution and provides savings for initiation and set-up fees, monthly usage and market data connectivity.