Coming this fall: a new approach to trading at the close

first_img Sprucing up trading at the close TSX proposes new order type James Langton Keywords Trading rules,  Indexes,  Financial benchmarksCompanies TSX Venture Exchange, TSX Group Inc., Alberta Securities Commission, British Columbia Securities Commission, Ontario Securities Commission Facebook LinkedIn Twitter The Toronto Stock Exchange (TSX) will switch on its new end-of-day trading model in the fall.After receiving regulatory approval for its “market-on-close” (MOC) modernization proposal, the TSX said that the new model is expected to launch on Oct. 18. Related news notepad, laptop and coffee cup on wood table karandaev/123RF Share this article and your comments with peers on social media TSX’s new-look closing session gets OSC blessing Following industry consultation, the TSX proposed a series of reforms to its MOC facility that are designed to enhance transparency, improve execution and better align the Canadian markets with others around the world.The new model is intended to attract more trading at close, improving liquidity and enhancing an increasingly-important exchange function — setting daily closing prices — which are used in market benchmarks, to price investment funds and derivatives, and for index rebalancing.The announcement of the planned launch date follows the TSX Venture Exchange receiving approval from the British Columbia Securities Commission (BCSC) and the Alberta Securities Commission (ASC).The changes had already been approved for the senior market by the Ontario Securities Commission (OSC) in late January.The TSX said that it’s “confident that the significant efforts undertaken alongside our client community to reimagine our TSX MOC facility will reap wide-reaching and long-lasting benefits.”The new MOC model will be available for testing in July.last_img read more