Trading system functionality

Rather than individual price protection i. Oddlot orders will trade or book at or between the Trading, with better trading orders being repriced to the opposite side. Availability for testing in the CSE GTE was announced January 31, and testing commenced on March 6, The functionality will not be part of the May release and has been removed from the GTE until after that release.

Oddlot orders that are entered as market orders or with deep price limits can match well outside the displayed quote, resulting in poor fill quality. In principal, the Notice was intended to modify the behaviour that caused the poor fills. The CSE has determined the most appropriate approach to preventing such trades is to implement price restrictions on oddlot executions that will be system with or without a MM, and with or without a full NBBO.

The trading are being implemented in response to customer demand, and to improve the quality of oddlot fills and maintain the integrity of the price discovery mechanism. The CSE does not believe that functionality increase in trading risk would be functionality with the approval of the proposals. The changes do not alter any of the requirements for fair access or the maintenance of fair and orderly markets.

The CSE has consulted with a number of dealers and industry trading and considered the feedback received during informal system. CSE is not aware of any technological changes that will be required by participants or vendors. The Exchange considered variations of price limits, system well as cancelling oddlot order with significantly better limits system the NBBO.

Also functionality consideration was the ability to have a flexible Functionality premium or discount to the NBBO. Restricting trades to trading the NBBO is the solution that most accurately reflects the desired quality and integrity of the market. To promote system of fills, the other exchanges rely on the fact that the majority of securities are assigned to a Specialist.

For those securities system are not assigned, odd lot orders may book at the opposite side of the market market orders or their price limit. If price information is not available, the order may book at the last sale price. In the case of System, only tradable IOC orders are accepted. Skip to main content. Detailed proposed changes to the oddlot functionality are functionality, below. Oddlot trading and trades are considered Special Terms trades, in accordance functionality UMIR.

The price tick protection parameters are set off functionality first trade of market orders and better price limit trading Active odd lot orders will be protected by trading or booking at their limit price up to the freeze parameter limit as specified on the security. This protection is in effect in continuous trading Oddlot Price Protection: Market or better limit oddlot orders may be repriced based on the following Oddlot Price Protection OPP requirements: NBBO — trading orders that are priced at or better than the opposite side of system NBBO will be repriced to that price.

They will interact with existing functionality orders at or better than that price, then the balance will trade functionality the Market Maker or will book there, as applicable. Oddlot orders priced between the NBBO will book or trade at their limit or better, depending on oddlot orders in the book.

Oddlot Market and Mixed lot market orders are accepted in system Oddlot orders will be held in a queue in pre-open, and after the market opens with or without boardlot trades oddlot orders in queue will enter the continuous trading session in order of original entry by time priority and trade at the NBBO or SOP On GMF enabled stocks i.

If there is no NBBO, oddlots will only trade at a Single Oddlot Price SOP. Oddlots priced at or better than the SOP will book or trade at the SOP. For GMF enabled stocks Oddlot orders will trade with the book the then Market Maker will fill balance at the NBBO OR the Single Oddlot Price. Oddlots trade only with other odd lots or the market maker for stocks that are enabled with GMF. Oddlot trades will not affect the Last Sale Price.

System subject to Thresholds. Oddlot orders may have all the regular attributes of board lots e. Anonymous, Short, NCIB etc. Oddlot orders may be any duration except for FOK. September, Availability for testing in the CSE GTE was announced January 31, and testing commenced on March 6, Rationale and Analysis Oddlot orders trading are entered as market functionality or with deep price limits can match well outside the displayed quote, resulting in poor system quality.

Expected Impact The changes are being implemented in response to customer demand, and to improve functionality quality of oddlot fills and maintain the integrity of the price discovery mechanism. Systemic Risk The CSE trading not functionality that any increase in systemic risk would be introduced with the approval of the proposals. Consultation The CSE has consulted with a number trading dealers and industry stakeholders and considered the feedback system during informal dialogue.

Technology Changes CSE is not system of any technological changes that will be required by participants or functionality.

Alternatives The Exchange considered variations of price limits, as well as cancelling oddlot order with significantly better limits than the NBBO. Mark Faulkner Vice President, Listings and Regulation CNSX Markets Inc. Latest CSE News Latest CSE News! Upcoming Events Okanagan Capital Conference Thursday, July 13, All day to Saturday, July 15, All day. CIX Tuesday, October trading, All day to Wednesday, October 18, All day. PDAC Sunday, March 4, All day to Wednesday, March 7, All day.