03:41:08 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



TMX Group Ltd
Symbol X
Shares Issued 54,331,026
Close 2015-04-20 C$ 53.08
Market Cap C$ 2,883,890,860
Recent Sedar Documents

TMX receives OSC OK for TSX Alpha changes

2015-04-21 11:13 ET - News Release

Mr. Shane Quinn reports

TMX GROUP ANNOUNCES REGULATORY APPROVAL OF TSX ALPHA EXCHANGE MODEL

TMX Group Ltd. has received Ontario Securities Commission approval for changes to its TSX Alpha Exchange trading model. The changes are key elements of TMX Group's recently announced proposal to reposition its equities trading platforms to meet evolving customer needs and strengthen Canada's capital markets.

Set to launch in September, 2015, Alpha's innovative new trading model is designed to deliver superior execution quality for natural investors and reduce trading costs for retail and institutional dealers. Alpha features will include a minimum size threshold for liquidity-providing orders, competitive pricing for active flow and a short order processing delay (speed bump). In addition, in response to feedback received from customers through the public comment process for the proposed changes, Alpha will operate as an unprotected market under the order protection rule (OPR). TMX Group is encouraged by announced regulatory efforts to re-examine the application of OPR to all marketplaces which impose order processing delays, and supports an approach to harmonize unprotected status across all speed bump markets.

"We are pleased to be moving forward with our planned amendments to the Alpha trading model, which have been further enhanced with client input," said Kevan Cowan, president, TSX markets, and group head of equities, TMX Group. "We remain committed to working with our stakeholders across the industry, including customers and regulators, to provide solutions that better enable our clients to maximize performance and Canada's markets to compete on the global stage."

Empowering users and reducing complexity

In October, 2014, TMX Group announced proposed changes to the Toronto Stock Exchange, TSX Venture Exchange, TMX Select and Alpha marketplaces. These initiatives are aimed at improving the Canadian trading landscape by introducing a domestic trading model with superior trading economics for retail and institutional orders, offering effective solutions to participants who do not use speed-based trading strategies, and reducing market complexity. TMX Group intends to close TMX Select as well as Alpha's IntraSpread facility. In addition, key features and functionality will be harmonized across TSX, TSX-V and Alpha to provide an improved user experience. These changes include eliminating the opening auction on Alpha and migrating Alpha to the TMX Quantum XA trading platform. These updates are planned in co-ordination with the expected launch of the approved Alpha model in September.

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