Equity Markets We Regulate

All Canadian equity marketplaces, including stock exchanges and alternative trading systems (ATS), 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 ATS 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 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. 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 NEO Exchange. Order price and volume information (aggregated by price) is available.

NEO-L
NEO-L provides trading in securities listed on Cboe Canada, 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 Cboe Canada, CSE, TSX and TSXV.

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

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.

Welcome to CIRO.ca!

You can find the Canadian Investment Regulatory Organization (CIRO) at CIRO.ca with our fresh look and feel.

The following sections of the legacy mfda.ca and iiroc.ca sites have been migrated to ciro.ca:

  • Enforcement
  • Hearings
  • Consultations
  • A unified member directory (Dealers We Regulate)
  • Advisor Report

We will continue moving items off MFDA and IIROC in 2024. Stay tuned for future updates.