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Equity Marketplaces We Regulate



IIROC regulates securities trading and market-related activities of Participants on all Canadian equity marketplaces (i.e. exchanges and alternative trading systems). Each Canadian equity marketplace has retained IIROC to:
  • Administer and enforce the Universal Market Integrity Rules (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 IIROC has been retained to administer specific marketplace requirements.
 
Aequitas NEO Exchange
Aequitas NEO Exchange is an exchange that provides listing services and facilitates trading in securities listed on Aequitas NEO Exchange, TSX and TSXV. Aequitas NEO Exchange operates two separate trading books, the NEO Book and the Lit Book, and a crossing facility which for the purposes of UMIR are considered separate marketplaces. Aequitas NEO Exchange has retained IIROC to administer its timely disclosure requirements for securities listed on Aequitas NEO Exchange.

NEO Book
The NEO Book provides trading in securities listed on Aequitas NEO Exchange, TSX and TSXV. The NEO Book subjects certain active orders to a delay as determined by Aequitas NEO Exchange. Order price and volume information (aggregated by price) is publicly available.  
 
Lit Book
The Lit Book provides trading in securities listed on Aequitas NEO Exchange, TSX and TSXV.  Order price and volume information is publicly available. 

Crossing Book
The Crossing Book provides for the crossing of securities listed on Aequitas NEO Exchange, TSX and TSXV.
 
Bloomberg Tradebook1
Bloomberg Tradebook Canada is an ATS that operates an order routing system that allows institutional investors to trade in equity and fixed income securities listed domestically and internationally.
 
1 IIROC has not been retained to monitor and review trade desk procedures of persons accessing Bloomberg Tradebook.
 
Canadian Securities Exchange (CSE)
CSE is an exchange that provides listing services and facilitates trading on securities listed on CSE, TSX and TSXV. The trading service was previously a distinctly branded facility operated by CNSX Markets Inc. and referred to as Pure Trading. Order price and volume information is publicly available. CSE has retained IIROC to administer its timely disclosure requirements for securities listed on CSE.
 
Chi-X Canada (Chi-X)
Chi-X is an ATS that provides trading in securities listed on TSX and TSXV.  Order price and volume information is publicly available.

CX2 Canada ATS (CX2)
CX2 is an ATS that provides trading in securities listed on TSX and TSXV. Order price and volume information is publicly available.
 
Instinet Canada Cross Limited (ICX)
ICX is an ATS that provides trading in securities listed on the TSX through two facilities: VWAP Cross (for volume-weighted average price trading) and BLX Cross (a hybrid of continuous and point-in-time matching). No pre-trade information on Participants, order size or pricing is publicly 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 or TSXV and routes orders for securities traded on foreign exchanges. No pre-trade information on Participants, Access Persons, order size or pricing is publicly available.
 
Omega ATS
OMEGA ATS (Omega)
Omega is an ATS that provides trading in securities listed on TSX, TSXV and CSE. Order price and volume information is publicly available. 
 
Lynx ATS (Lynx)
Lynx is an ATS that provides trading in securities listed on TSX, TSXV and CSE. Order price and volume information is publicly available.
 
The Toronto Stock Exchange (TSX)
TSX is an exchange that provides listing services and facilitates trading in securities listed on TSX. Order price and volume information is publicly available. TSX has also retained IIROC 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. Order price and volume information is publicly available. TSXV has also retained IIROC 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 market
Alpha Exchange
Alpha Exchange is an exchange that provides trading in securities listed on TSX and TSXV. Order price and volume information is publicly available. 
 
TMX Select
TMX Select is an ATS that provides trading in securities listed on TSX and TSXV. Order price and volume information is publicly available.
 
TriAct Canada Marketplace (Match Now)
MATCH Now is an ATS that provides trading in securities listed on TSX and TSXV. No pre-trade information on Participants, order size or pricing is publicly available.
 
 
A summary comparison of these marketplaces can be found at the link below: 

Summary Comparison of Current Equity Marketplaces
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