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Equity Marketplaces We Regulate



IIROC regulates securities trading and market-related activities of participants on Canadian equity marketplaces (i.e. exchanges and alternative trading systems).
 
TSX
The Toronto Stock Exchange (TSX) is a senior equities exchange, listing a broad cross-section of Canadian issuers.
 
TSX has retained IIROC to provide the following services:
  • 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 TSX trading system
  • Impose trading halts or delays relating to market integrity matters and coordinate halts or delays with other marketplaces
  • Administer TSX's timely disclosure requirements
TSX administers, monitors compliance with, and enforces, all other TSX requirements.
 
The TSX Venture Exchange (TSXV) is an exchange for small and
medium-sized Canadian issuers.
 
TSXV has retained IIROC to provide the following services:
  • Administer and enforce UMIR, and provide guidance regarding the application of UMIR
  • Monitor and review trade desk procedures of persons accessing the TSXV trading system
  • Impose trading halts or delays relating to market integrity matters and coordinate halts or delays with other marketplaces
  • 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
TSXV administers, monitors compliance with, and enforces, all other TSXV requirements.
 
Canadian Securities Exchange
(CSE – Operated by CNSX Markets Inc).

CNSX Markets Inc. is an exchange operating as the Canadian Securities Exchange, or CSE.  CSE provides listing and trading services for both emerging and established companies from all business sectors.  CSE also facilitates trading in securities listed on other Canadian exchanges, and currently offers trading in TSX and TSXV-listed securities.  This service was previously a distinctly branded facility operated by CNSX Markets Inc. and referred to as Pure Trading.
 
CNSX Markets has retained IIROC to provide the following services:
  • Administer and enforce UMIR, and provide guidance regarding the application of UMIR
  • Monitor and review trade desk procedures of persons accessing the CNSX system
  • Impose trading halts or delays relating to market integrity matters and coordinate halts or delays with other marketplaces
  • Administer the CNSX timely disclosure requirements, including trading halts for dissemination of material announcements
CSE administers, monitors compliance with, and enforces all other CSE requirements.
 
Alpha Exchange is an exchange which trades TSX and TSXV-listed securities.
 
Alpha Exchange has retained IIROC to provide the following services:
 
• Administer and enforce the UMIR, and provide guidance regarding the application of UMIR
• Monitor and review trade desk procedures of persons accessing the Alpha Exchange trading system
• Impose trading halts or delays relating to market integrity matters and coordinate halts or delays with other marketplaces
 
Alpha Exchange administers, monitors compliance with, and enforces, all other Alpha Exchange requirements.
 
Bloomberg Tradebook
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.
 
Chi-X Canada
Chi-X Canada is an ATS providing registered dealers with fully automated order matching and execution of trades in TSX and TSXV-listed equities.  Order price and volume information is available, while orders and trades are anonymous.
 
CX2 Canada ATS is an ATS providing registered dealers with fully automated order matching and execution of trades in TSX and TSXV-listed equities. Order price and volume information is available. Orders and trades can be attributed or anonymous.
 
Instinet Canada Cross Limited
Instinet Canada Cross Limited (ICX) is an ATS for registered dealers to trade TSX-listed equities.  ICX is a fully dark marketplace offering the following two facilities: VWAP Cross (for volume-weighted average price trading) and BLX Cross (a hybrid of continuous and point-in-time matching).
 
Liquidnet Canada Inc.
Liquidnet Canada is an ATS that enables institutions to trade securities directly and anonymously with other institutions.  The Liquidnet system facilitates negotiation between parties placing compatible orders for TSX and TSXV-listed securities and routes orders for securities traded on foreign exchanges. Order information is not publicly displayed.
 
Lynx ATS
Lynx ATS is an ATS providing registered dealers with fully automated order matching and execution of trades in Canadian listed equity securities. Order price and volume information is available and orders are attributed by default.
 
MATCH Now
MATCH Now is an ATS for registered dealers to trade TSX and TSXV-listed equity securities.  MATCH Now provides fully automated order matching and trade execution.  No pre-trade information on participants, order sizes or pricing is publicly displayed.  Access vendors only receive indicators of the stock symbol and side.
 
OMEGA ATS
Omega ATS is an ATS providing registered dealers with fully automated order matching and execution of trades in Canadian listed equity securities. Order price and volume information is available, while orders and trades are anonymous.
 
TMX Select
TMX Select is an ATS for registered dealers to trade securities listed on the TSX and TSXV.  TMX Select is a fully transparent, continuous and electronic auction market.
 
A summary comparison of these marketplaces can be found at the link below: 

Summary Comparison of Current Equity Marketplaces
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