Launch Date set for July 11, 2011
Unique pricing schedule to be introduced
TORONTO, June 6, 2011 /CNW/ - TMX SelectTM, TMX Group Inc.'s alternative equities trading system, today announced
that it has received regulatory approval from the Investment Industry
Regulatory Organization of Canada and the Ontario Securities
Commission. This important milestone allows TMX Select to proceed with
a planned launch date of July 11, 2011.
"We are very excited about bringing TMX Select to market in July and
providing additional execution opportunities and choice for market
participants," said Gary Knight, Vice President, Trading, TSX Markets
and CEO of TMX Select. "We are also introducing an innovative pricing
model for TMX Select that further illustrates our commitment as a
market leader in the Canadian marketplace."
TMX Select's pricing model offers a unique and differentiated value
proposition, is customer-focused, and extends significant savings to
liquidity takers. By charging both liquidity seekers and liquidity
providers the same nominal fee, TMX Select's "symmetrical pricing" is
significantly different from the standard maker-taker model currently
maintained by Canadian marketplaces. TMX Select charges both sides of
a trade $0.0002 per share for stocks priced $1 and over, and $0.0001
per share for stocks priced under $1, representing a significant cost
saving opportunity for net liquidity takers.
"In launching TMX Select, we are supporting a platform that is different
from what is being offered by Canadian and US visible marketplaces,"
added Mr. Knight. "The TMX Select pricing model equally recognizes the
importance and value of both types of participants to the marketplace -
the one that displays liquidity and is willing to wait and the
participant that is willing to transact immediately."
"TMX Select and its pricing model is another achievement in TMX Group's
continuing efforts to provide the industry with new and innovative
services. Driving innovation and meeting evolving customer needs
through initiatives such as TMX Select, Dark Orders, leading edge TSX
Quantum® technology and our Enterprise Expansion initiative,
Co-location, and Smart Order Routing Automated Jitney, continue to be
top priorities for TMX Group," said Tom Kloet, CEO, TMX Group.
Since April 1, 2011 TMX Select has been available for customer and
industry testing in the TMX Gateway Testing Environment. The pricing
schedule and all documentation related to trading on TMX Select,
including a TMX Select Subscriber Manual, are available through the TMX
Select website at www.tmxselect.com.
About TMX Group (TSX-X)
TMX Group's key subsidiaries operate cash and derivative markets for
multiple asset classes including equities, fixed income and energy.
Toronto Stock Exchange, TSX Venture Exchange, Montreal Exchange,
Canadian Derivatives Clearing Corporation, Natural Gas Exchange, Boston
Options Exchange (BOX), Shorcan, Shorcan Energy, Equicom and other TMX
Group companies provide listing markets, trading markets, clearing
facilities, data products and other services to the global financial
community. TMX Group is headquartered in Toronto and operates offices
across Canada (Montreal, Calgary and Vancouver), in key U.S. markets
(Houston, Boston and Chicago) as well as in London. For more
information about TMX Group, visit our website at www.tmx.com.
SOURCE TMX GROUP INC.
For further information:
Manager, Corporate Communications