A bit more ... but I guess you have to be a trader to understand it

Participants accessing the Canadian securities marketplace will shortly find it easier to manage their obligations to fill better-priced visible orders at the Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV) when executing a designated trade at a pre-arranged price on the TSX/TSXV with the Bypass Order or Designated Cross, two new order types.

With the upcoming launch of these order types together with the proposed TSX smart order router initiative, TSX/TSXV says it will be positioned to meet “the full sweep” of regulatory change resulting from the evolution of the multi-marketplace trading environment.

Thomas Kalafatis, V-P, Sales and Product Development, TSX Markets, says: “Providing the platform for best execution remains the focus of the equities trading group at TSX. We’re pleased to proceed with the Bypass Order and Designated Cross as part of our aggressive product roll-out schedule, with more announcements coming soon.”

Specifically, a Bypass Order is an Immediate or Cancel order to fill against visible volume only to meet regulatory obligations. A Designated Cross is a cross allowed to print as a ‘Designated Trade’ at a pre-arranged price without interference from better priced orders or same priced orders.

Traders will meet their regulatory obligations by printing the Designated Cross at TSX after executing their Bypass Orders.

SRV