Equity Markets We Regulate

All Canadian equity marketplaces, including stock exchanges and alternative trading systems (ATSs), must comply with Canadian securities laws and other requirements set out by Canadian securities commissions.

They must also be members of CIRO and adhere to the Universal Market Integrity Rules (UMIR).

We refer to the exchanges and ATSs that we regulate as Marketplace Members.

Each Canadian equity marketplace has retained CIRO to:

  • Administer and enforce UMIR, and provide guidance regarding the application of UMIR
  • Monitor and review trade desk procedures of persons accessing the Canadian equity marketplaces
  • Impose trading halts or delays relating to market integrity matters and coordinate halts or delays with other marketplaces.

Each Canadian equity marketplace administers, monitors compliance with, and enforces all other marketplace requirements unless CIRO has been retained to administer specific marketplace requirements.

Our Marketplace Members are currently as follows:

    Cboe Canada Inc. (Cboe Canada)

    Cboe Canada is an exchange that provides listing services and facilitates trading in securities listed on Cboe Canada, CSE, TSX and TSXV. Cboe Canada operates four separate trading books, NEO-N, NEO-L, NEO-D and MATCHNow, plus a crossing facility which for the purposes of UMIR are considered separate marketplaces. Cboe Canada has retained CIRO to administer its timely disclosure requirements for securities listed on Cboe Canada.

    NEO-N
    NEO-N provides trading in securities listed on Cboe Canada, CSE, TSX and TSXV. NEO-N subjects certain active orders to a delay as determined by Cboe Canada. Matching priority is based on price/broker/NEO Trader/Size-Time. Order price and volume information (aggregated by price) is available and distributed as “market-by-price.”

    NEO-L
    NEO-L provides trading in securities listed on Cboe Canada, CSE, TSX and TSXV. NEO-L offers opening and closing auctions for eligible Cboe Canada listed securities. Matching priority is based on price/broker/NEO Trader/time. NEO-L supports a market making program, which includes an odd lot auto-execution facility. Order price and volume information is available.

    NEO-D
    NEO-D provides dark trading (i.e., with no pre-trade transparency) at the midpoint for securities listed on Cboe Canada, CSE, TSX and TSXV.

    MATCHNow
    MATCHNow provides dark trading (i.e., with no pre-trade transparency) at the midpoint, at one price increment better than the protected National Best Bid or Offer, or at the bid or offer for odd lot orders and eligible large orders in securities listed on Cboe Canada, CSE, TSX and TSXV. Although considered a “continuous” trading marketplace for purposes of UMIR, MATCHNow also offers a call auction feature (with randomized 1- to 3-second call auctions). In addition, MATCHNow supports conditional trading with a “sponsored access” model (via its Cboe BIDS Canada functionality). All non-conditional trades are pro-rated.

    Crossing Facility
    The Crossing Facility provides for the crossing of securities listed on Cboe Canada, CSE, TSX and TSXV.

    Canadian Securities Exchange (CSE)

    The CSE is an exchange that provides listing services and facilitates trading on securities listed on the CSE, TSX and TSXV. The CSE operates two separate trading books: CSE and CSE2. The CSE has retained CIRO to administer its timely disclosure requirements for securities listed on the CSE.

    CSE
    The CSE provides trading in securities listed on the CSE, TSX and TSXV. Order price and volume information are available. Trades of both lit and dark orders are executed with Price/Firm/Time priority. The CSE supports full market making facilities including auto-filled odd lots, GMF auto-fills and participation. The CSE sets the official CSE opening and closing price for CSE listed securities.

    CSE2
    The CSE2 provides trading in securities listed on the CSE, TSX and TSXV. Order price and volume information are available. Trades of both lit and dark orders are executed with Price/Time priority.

    Instinet Canada Cross Limited (ICX)

    ICX is an ATS that provides trading in Canadian listed equities. ICX comprises of two order types: VWAP Cross (a point-in-time cross for volume-weighted average price trading) and CBX Canada (continuous matching). No pre-trade information on Participants, order size or pricing is available. Additionally, ICX has a Conditional Order Book (COB), which allows subscribers to send non-executable electronic messages representing a notification of potential trading interest. Subscribers with Conditional Orders will be invited by ICX to “firm-up” their trading interest when contra-side Conditional Orders in the ICX COB are available.

    Liquidnet Canada Inc. (Liquidnet)

    Liquidnet is an ATS that provides trading in securities for Participants and Access Persons. Liquidnet enables Access Persons to trade securities directly and anonymously with other Access Persons. The Liquidnet system facilitates negotiation between parties placing compatible orders in securities listed on TSX, TSXV or CSE and routes orders for securities traded on various foreign exchanges. No pre-trade information on Participants, Access Persons, order size or pricing is available.

    Nasdaq CXC Limited (Nasdaq Canada)

    Nasdaq Canada is an exchange that provides trading in securities listed on TSX, TSXV and CSE. Nasdaq Canada operates three separate trading books CXC, CX2 and CXD which for the purposes of UMIR are considered separate marketplaces.

    CXC
    CXC offers a continuous auction market matching orders based on price/broker/time priority. Members may elect to have their orders entered without attribution by selecting the anonymous order marker. All attributed orders are eligible for broker preferencing automatically whereas anonymous orders are not. Order price and volume information is available.

    CX2
    CX2 offers a continuous auction market matching orders based on price/broker/time priority. Members may elect to have their orders entered without attribution by selecting the anonymous order marker. All attributed orders are eligible for broker preferencing automatically whereas anonymous orders are not. Order price and volume information is available. Home of the Nasdaq Canada GEF (Guaranteed Execution Facility) which enables participants to receive guaranteed auto-executions for the residual portion of GEF Eligible Orders beyond the volume displayed at the quote.

    CXD
    CXD is a dark trading book (no pre-trade transparency) offering a continuous auction market that matches orders based on price/broker/time priority offering members price improvement and size discovery opportunities. Only trade information is available. CXD hosts the Nasdaq Canada Odd Lot Book allowing for Odd Lot liquidity providing orders and non-marketable client orders to rest in the book. CXD also supports PureStream orders where members are able to specify a percentage of consolidated volume they wish to trade (liquidity transfer rate). PureStream also supports conditional orders.

    Tradelogiq Markets Inc. (TMI)

    TMI operates the Omega ATS and Lynx ATS trading venues.

    Omega ATS (Omega)
    Omega ATS offers a continuous auction model based on price/broker/time priority, and provides trading in securities listed on TSX, TSXV, CSE and Cboe Canada. Order price and volume information is available.

    Lynx ATS (Lynx)
    Lynx ATS offers a continuous auction model based on price/broker/time priority, and provides trading in securities listed on TSX, TSXV, CSE and Cboe Canada. Order price and volume information is available.

    TMX Group

    TMX Group

    The Toronto Stock Exchange (TSX)
    TSX is an exchange that provides listing services and facilitates trading in securities listed on TSX. TSX offers an opening, closing and continuous auction market matching orders based on price/broker/long life/time priority. Order price and volume information is available. TSX has also retained CIRO to administer its timely disclosure requirements for securities listed on TSX.

    TSX Venture Exchange (TSXV)
    TSXV is an exchange that provides listing services and facilitates trading in securities listed on TSXV. TSXV offers an opening, closing and continuous auction market matching orders based on price/broker/long life/time priority. Order price and volume information is available. TSXV has also retained CIRO to provide the following services:

    • Administer TSXV's timely disclosure requirements
    • Monitor compliance with TSXV policies relating to normal course issuer bids
    • Conduct certain post-trade analysis in respect of the Canadian Unlisted Board

    TSX Alpha Exchange
    TSX Alpha Exchange is an exchange that provides trading in securities listed on TSX and TSXV. TSX Alpha Exchange offers a continuous auction market matching orders based on price/broker/time priority. Order price and volume information is available. TSX Alpha Exchange subjects active orders to a delay. Post only orders which bypass the delay are subject to a minimum volume requirement.

    Alpha-X is a visible order book on TSX Alpha Exchange that provides trading in securities listed on TSX and TSXV. Order price and volume information is available.

    Alpha DRK is a dark order book on TSX Alpha Exchange that provides trading with no pre-trade transparency for securities listed on TSX and TSXV.