TSX Order Types
Market
An order to buy or sell that is to be executed immediately within the context of the marketplace.
Limit
An order to buy or sell at a specified price or better.
Anonymous
This option provides the dealer to have his/her order and trade appear as generic broker #1 on all public documentation.
Iceberg
An order that replenishes the displayed order size as executions are received. A minimum of 1 Board Lot must be displayed and only the disclosed volume will have priority at the given price level.
MOC
To participate in the Market On Close (MOC) match at 4:10 pm, orders must be entered by 3:40 pm. All orders before 3:40 pm must be market orders. Offsetting Limit orders can be entered to satisfy the imbalance published from 3:40 pm until 4:00 pm. TSX and TSX Venture will then calculate the closing price and publish. MOC trades at 4:00pm unless a 10 minute extension is required in which case the extension alert is announced at 4:00pm and the MOC trades are published after the extension at 4:10pm.
Short Sales
An order to sell shares that are not owned. Sales must be made on an up or an even tick. TSX will book market short orders at the best possible execution price at all times until execution or expiry.
Short Exempt
A facility that allows users to bypass the short sale rules under a few specific circumstances: a long position currently exists and you receive an order to sell a larger position, a Market-on-Close (MOC) order, a VWAP order, or a trade on an ETF (Exchange Traded Fund).
On-Stop
A limit priced order which resides undisplayed in the On-Stop book until its limit price is "triggered" at which time it becomes a regular limit order in the Continuous Limit Order Book (CLOB). An undisplayed On Stop Sell order is triggered when TSX prices trade DOWN to or through the limit specified on the On-Stop order. An On Stop Buy order is triggered when TSX prices trade UP to or through the limit specified on the On-Stop order. Once triggered the On-Stop order will trade in the CLOB subject to its limit with any untraded volume fully displayed at its limit price.
Post Only Order Feature
Post Only is an optional order feature that helps liquidity providers tighten the bid/ask spread by rejecting an order when immediately executable to prevent removing liquidity.
Self Trade Prevention Order Feature
Self trade prevention is an optional order feature that prevents two orders from the same Participating Organization or member Firm from executing against each other based on unique trading keys defined by the Participant/Member. An active order is rejected instead of trading against a resting order from the same Participant/Member with the same unique trading key.
Read more about our self trade prevention order feature.
Duration
Orders can be entered as:
- Day (expire at 5 pm),
- Good Til Date (expire at 5 pm on a specific day),
- Good Til Cancelled (expire at 5 pm 90 calendar days from entry)
- Immediate Or Cancel (IOC) (Is eligible to receive a full or partial fill. Any portion not filled is cancelled immediately), or
- Fill Or Kill (FOK) (Is eligible to receive a full fill and if not fully filled is cancelled immediately)
Standard Trading Units
| $1 and up | 100 shares |
| $0.10 and less than $1 | 500 shares |
| Under $0.10 | 1000 shares |
| Convertible Debentures | $1000 face value |
Dark Order Types
Dark order types include Dark Midpoint orders and Dark Limit orders. These orders types provide full pre-trade anonymity and are introduced as native order features fully integrated with our displayed order book. Dark Midpoint orders always provide meaningful price improvement of at least a full trading increment unless the NBBO spread is one trading increment. Dark Limit orders will generally offer price improvement however may trade at the NBBO.
Dark orders interact with displayed orders as well as other dark orders through one allocation sequence according to price-visibility-broker-time priority, ensuring the priority of displayed orders over dark orders. There is no pre-trade transparency of dark orders meaning order responses and changes in order attributes are not disseminated publicly. All order responses are fully encrypted in the Broadcast feed. There is full post-trade transparency of dark execution prices which will update the last sale price however all dark tag details are classified as private content and therefore fully encrypted.
