TSX Group to launch new alternative high-velocity market

    TORONTO, Feb. 28 /CNW/ - TSX Group announces its intent to launch a new
parallel, distinct order book that will operate alongside the TSX Quantum(TM)
central limit order book. Internally codenamed TSX Photon, it will feature a
differentiated market structure and pricing schedule optimized for
high-velocity traders trading high-velocity symbols in a transparent auction
    "Our TSX Quantum central limit order book will continue to deliver rich,
high-speed, diverse functionality to address complex trading issues and to
provide the deep liquidity that our customers have become accustomed to, while
the TSX Photon marketplace will offer the core functions and market structure
adaptations that are critical to high velocity strategies," said Thomas
Kalafatis, Vice-President TSX Markets. "Specifically, TSX Photon will be based
on a first-in first-out price-time priority allocation and provide full broker
anonymity. It is the first alternative transparent order book offered by TSX
Markets in response to strong demand from automated traders who execute
high-velocity trading strategies and models designed specifically for a
fragmented marketplace." TSX Photon's launch is subject to regulatory
    Toronto Stock Exchange would be the first Exchange in the world offering
parallel transparent market structures within one rule set, continuing a long
history of innovation in the trading, listing and technology areas.
    As a specialized high-performance market, it will feature functionality
to maximize speed and will:

    -  be based on our highly scalable TSX Quantum technology delivering
       trusted availability, high capacity and throughput at a low
       incremental capital cost
    -  leverage existing dealer connectivity on our Gateway, such that all
       Participating Organizations connected to our original central limit
       order book would have access to TSX Photon upon its launch
    -  offer a first-in first-out price time priority allocation
    -  provide full broker ID anonymity
    -  offer differentiated trading fees

    TSX Photon is expected to increase accessible liquidity in all Toronto
Stock Exchange-listed high velocity symbols. TSX Photon is expected to launch
in 2009 subject to regulatory approval and development of the TSX's
proprietary smart order router.

    About TSX Group Inc. (TSX-X)
    TSX Group operates Canada's two national stock exchanges, Toronto Stock
Exchange serving the senior equity market and TSX Venture Exchange serving the
public venture equity market, Natural Gas Exchange (NGX), a leading North
American exchange for the trading and clearing of natural gas and electricity
contracts and Shorcan Brokers Limited, the country's first fixed income
inter-dealer broker. TSX Group also owns The Equicom Group Inc., a leading
provider of investor relations and related corporate communication services in
Canada. TSX Group is headquartered in Toronto and maintains offices in
Montreal, Calgary and Vancouver.

For further information:

For further information: Steve Kee, Director, Media & Marketing, TSX
Group Inc., Toronto Office, (416) 947-4682, Toll Free 1-888-873-8392, Cellular
(416) 358-3714, Vancouver Office (604) 602-6902, Calgary Office (403)
218-2892, steve.kee@tsx.com

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