TSX Long Life Order Type Receives Regulatory Approval
TMX Group announced that it has received regulatory approval for its Long Life order type on Toronto Stock Exchange (TSX). The Long Life order type is designed to enhance the quality of execution for natural investors and their dealers by rewarding those willing to commit liquidity to the book for a minimum period of time and by enabling participants to more effectively and confidently participate in the markets without having to compete on speed.
“This development marks the latest in a series of major steps we have taken this year to improve the trading experience for participants and increase efficiencies for all of our equity trading clients,” said Deana Djurdjevic, Senior Vice President, Equities Trading, TMX Group. “We received a lot of valuable feedback on the Long Life order type from our clients and we are appreciative and encouraged by their support as we continue to roll out new features and initiatives to enhance the quality of our markets.”
The introduction of TSX’s Long Life order type, which is planned for November 16, 2015, is another milestone in a series of TMX initiatives to reshape Canada’s equities trading landscape. The launch of Alpha’s previously-announced innovative trading model is on track for launch on September 21, 2015. In June 2015, TMX Group implemented important changes to its equity trading fees designed to address long-standing concerns with the maker-taker fee model and deliver significant benefits to the market.