Order Routing Policy (Multiple Marketplaces)
The following is to inform the clients of Electronic Transaction Clearing Canada, Inc. (“ETCC”) of its
policies and procedures on executing orders on one or more markets. Listed securities on the Toronto
Stock Exchange (“TSX”) and the Toronto Venture Exchange (“TSXV”) may also be executed on various
marketplaces such as the Alpha Exchange, TMX Select, CSE, OMEGA, and Chi-X. ETCC is committed to
using all reasonable efforts to ensure clients receive the “best execution” of their orders for securities
that are quoted or traded on all marketplaces.
1. Default Marketplace
Unless otherwise notified by ETCC the default marketplaces for all securities listed on
the TSX and TSXV, whether or not the security trades on other alternate marketplaces,
will be the TSX and TSXV.
2. Hours of Operation for Trading in Listed Securities
The TSX and TSXV operate from 9:30 A.M. (EST) and 4:00 P.M. (EST), Monday through
Friday (excluding statutory holidays). ETCC staff and systems will be available during
these hours for order execution. Staff and systems may possibly be available to assist
with trade execution outside these hours; however, ETCC does not guarantee order
execution services outside of regular hours of operation.
3. Order Routing Conditions
All orders received for Canadian listed securities will be routed as follows:
a) An order received prior to market open (9:30 A.M. EST) will be entered on the
default marketplace for execution on opening. Orders received prior to market
open on the default marketplace open will not be routed to an alternative
b) An order received after the default marketplace closes (4:00 P.M. EST) will not
c) An order received during the default marketplace hours of operation will be
entered through a Smart Order Routing system (SOR) to be executed in the best
market at the time of entry. The “best market” is the marketplace with the best
bid (buy price) or ask (sell price) or any marketplace to which ETCC has access
for the purpose of best execution.
d) Any order that cannot be immediately filled will continue to be routed through a
SOR until the order is filled, expired, changed or cancelled.
e) Changes to an outstanding order will be handled the same as a new order
received and treated as outlined in the conditions above.
4. Order Execution Definitions
a) Day Orders
A Day Order is an order to buy or sell a security that automatically expires if not
executed on the day the order is placed. A day order will be valid if received prior to
market open and during hours of operation.
b) Limit Order
A Limit Order is an order placed to buy or sell a set number of shares at a specific
price or better. A limit order will be handled in accordance to the Order Routing
Conditions in section 3 above and will expire at the close of the marketplace.
c) Good Til Cancelled Order (GTC)
A Good Til Cancelled Order (GTC) is an order to buy or sell a security at a set price
that is active until the client decides to cancel it or the trade is executed.
ETCC does not accept Good Til Cancelled Orders at this time
d) Market Order
A Market order is an order to buy or sell a security immediately at the best available
current price. ETCC does not accept Market Orders at this time
5. Trade Confirmations
If Multiple Marketplaces are used to facilitate the execution of an order, this
information will be disclosed on the trade confirmation.
From time to time, at the discretion of ETCC, changes may be made to this policy. All
changes will be posted at that time on ETCC’s website www.etc-canada.ca. If you have
any questions or concerns, please contact ETCC’s office at (416) 775-1040.