August 8, 2024
Equities Notice 2024-025
TMX Equity Trading Notice
TMX Equities Trading is pleased to announce proposed amendments to the Long Life order type for each of the Toronto Stock Exchange (“TSX”) and TSX Venture Exchange (“TSXV”).
TMX Equities Trading is pleased to announce proposed amendments to the Long Life order type for each of the Toronto Stock Exchange ("TSX") and TSX Venture Exchange ("TSXV").
The Long Life order type is a special optional order type designed to enhance the quality of execution for natural investors and their dealers by rewarding with allocation priority in certain circumstances those willing to commit liquidity to the book for a minimum resting period of 1 second.
Amendments or cancellations of Long Life orders that have met the minimum 1 second resting time requirement are currently subject to an additional randomized delay between 5 to 10 milliseconds before the amendments or cancellations is effected. The proposed amendments seek to remove the additional delay on order cancellation after the obligatory resting period of 1 second has passed.
The proposed amendments aim to maintain the flexibility for participants who cancel their orders promptly, without facing further limitations that could restrict their ability to respond to market changes or new information.
Each of the exchanges has filed an application with the applicable securities commission relating to the proposed amendments, and a Notice of Proposed Amendments and Request for Comments for each of TSX and TSXV has been published here. Participants are encouraged to provide their views and feedback on the proposed amendments. The public comment period ends on September 9, 2024.
The proposed amendments are expected to be implemented in Q4 2024, subject to regulatory approval.
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