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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.

NEO Exchange Inc.

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

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

NEO-L
NEO-L provides trading in securities listed on NEO Exchange, CSE, TSX and TSXV. Order price and volume information is available.

NEO-D
NEO-D (dark) trades at the mid-point with no pre-trade transparency for securities listed on NEO Exchange, CSE, TSX and TSXV.

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

Canadian Securities Exchange (CSE)
CSE is an exchange that provides listing services and facilitates trading on securities listed on CSE, TSX and TSXV. Order price and volume information is available. CSE has retained IIROC to administer its timely disclosure requirements for securities listed on CSE.

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.

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 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. Nasdaq Canada has retained IIROC to administer its timely disclosure requirements for securities listed on Nasdaq Canada.

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.

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.

Omega ATS (Omega)
Omega is an ATS that provides trading in securities listed on TSX, TSXV and CSE. Order price and volume information is 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 available.

TMX Group

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 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 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

TSX Alpha Exchange
TSX Alpha Exchange is an exchange that provides trading in securities listed on TSX and TSXV. Order price and volume information is available.

TriAct Canada Marketplace (Match Now)
MATCH Now is an ATS that provides trading in securities listed on TSX, TSXV, CSE and NEO Exchange. No pre-trade information on Participants, order size or pricing is available.

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