11:23 AM
TMX Aims to Launch New ATS in 2011
TMX Group announced it submitted regulatory filings in preparation of creating a new alternative trading system that will include expanded trading hours, continuous trading of board lots, and strict price-time priority for visible orders.
The platform, TMX Select, will operate on TMX Group’s TSX Quantum trading platform with functionality and pricing models separate and distinct from the Toronto Stock Exchange and the TSX Venture Exchange, the firm said.
“TMX Select is being created with a nimble market structure to allow for aggressive innovation designed to meet rapidly-evolving client needs,” Kevin Cowan, the global head of equities at TSX Markets said in a release.
The company added that it expects TMX Select to launch during the second quarter of 2011 and that more information about pricing and functionality will be released in the coming months.
As the Senior Editor of Advanced Trading, Justin Grant plays a key role in steering the magazine's coverage of the latest issues affecting the buy-side trading community. Since joining Advanced Trading in 2010, Grant's news analysis has touched on everything from the latest ... View Full Bio