Information on Multiple Markets



As a result of Canada’s evolving multiple marketplaces, GMP Securities L.P., Griffiths McBurney Corp., FirstEnergy Capital (USA) Corp. and FirstEnergy Capital LLP (“GMP”) and the affiliated entities of Richardson GMP Limited, wish to advise their clients on how orders will be handled at our firm in those instances where a security trades on more than one marketplace.

  • Hours of Operation for Trading in Listed Canadian Securities
    GMP trading staff will be available for order execution between the hours of 9:30 a.m. and 4:00 p.m., Eastern Standard Time ("EST"), Monday through Friday, not including Canadian statutory holidays. Staff may be further available before and after these hours; however, GMP will not guarantee any order taking and/or trade execution outside of the hours noted above.

  • Primary Marketplace
    For those securities listed in Canada, the primary marketplace will be the Exchange on which the security is listed. Currently, there are five equities Exchanges in Canada - The TSX, TSX Venture, Alpha Exchange Inc., Canadian Securities Exchange (CSE) and the Aequitas NEO Exchange Inc. Please be advised that unless otherwise agreed to between an Investment Advisor (“IA”) or Registered Representative (“RR”) of GMP and the client:

    • an order received prior to 9:30 a.m. will book to the pre-opening of the primary marketplace for execution on the opening; and
    • an order received after 4:00 p.m. will be entered the next business day to the pre-opening of the primary marketplace.
  • Day Orders
    A Day Order (“DO”) is an order that is only valid on and for the day it is entered. DO’s will only be valid between the hours of 9:30 a.m. and 4:00 p.m. EST. A DO received prior to the opening of the primary marketplace at 9:30 a.m. EST will not route to an alternative marketplace. Instead the order will route into the opening sequence of the primary marketplace. If received after the opening of the primary marketplace, the order will be routed for trading via a Smart Order Router (“SOR”). This will ensure that any immediately executable portion of the order will trade against the best price available on any protected marketplace GMP has access to and/or can access for the purpose of best execution. The unexecuted portion of the order will then book on a marketplace according to the specific SOR settings. Any untraded portion of a DO will expire at 4:00 p.m. (unless otherwise agreed to between the client and the IA/RR of GMP).

  • Special Terms Orders
    Special Terms Orders ("STO") are orders with specific terms that are not immediately executable in the regular marketplace. STO’s will only post to the Special Terms Market of the primary marketplace unless they are immediately executable on an alternative marketplace at the time of entry. STO’s will only be live between 9:30 a.m. and 4:00 p.m., at which time they expire.

  • Good ‘Till Cancelled Orders
    Good ‘Till Cancelled Orders ("GTC") are orders that the client wants to remain open until a specified date of expiry. These orders will be routed for trading via an SOR. This will ensure that any immediately executable portion of the order will trade against the best price available on any protected marketplace GMP has access to and/or can access for the purpose of best price and best execution. Any unexecuted portion of the order will then book on a marketplace according to the specific SOR settings. The order will remain in the system until it is executed or it expires, whichever comes first. It is the client's responsibility to ensure they know what the date of expiry will be and to contact their IA/RR on the expiry date should they wish that the order be reinstated.

  • Market Orders
    A Market Order ("MO") is an order where the client has instructed a dealer to buy or sell at whatever prices are available in the marketplace to help ensure a complete and full fill. These orders require immediate completion. If the IA/RR determines, based on market conditions, that immediately trading the entire order would not be in the best interest of the client then the client will be consulted and the trade desk will manage the order accordingly. A MO received prior to the opening of the primary marketplace at 9:30 a.m. will not book to an alternative marketplace. Instead, it will book into the opening sequence of the primary marketplace. If received after the opening of the primary marketplace the order will be routed for trading via an SOR. This will ensure that any immediately executable portion of the order will trade against the best price available on any protected marketplace GMP has access to and/or can access for the purpose of best execution. Any unexecuted portion of the order will then book on a marketplace according to the specific SOR settings. Any unfilled portion of the order will expire at 4:00 p.m. (unless otherwise agreed to between the client and the IA/RR of GMP).

  • Market on Close Orders
    A Market on Close ("MOC") order must trade on the close at the calculated closing price of the primary marketplace. Currently the TSX and TSXV are the only marketplaces that offer a MOC facility. All MOC orders will therefore be entered into the TSX or TSXV, as the primary marketplace. Please be advised that this is an anonymous price facility. Execution price will only be available after execution is complete. Limit orders are allowed but may, by the nature of a limit order, negate execution. For further details of this facility, please contact your IA/RR.

  • Limit Orders
    A limit order (“LO”) has a specific minimum sale price or maximum purchase price provided by the client. A limit order received prior to the opening of the primary marketplace at 9:30 a.m. will not book to an alternative marketplace. Instead, it will book into the opening sequence of the primary marketplace. A LO received on or after 9:30 a.m. will be routed for trading via an SOR. This will ensure that any immediately executable portion of the order will trade against the best price available on any marketplace GMP has access to and/or can access for the purpose of best execution. The unexecuted portion of the order will then book on a marketplace according to the specific SOR settings. Any untraded portion of the order will expire at 4:00 p.m. (unless otherwise agreed to between the client and the IA/RR of GMP).

  • Stop Orders
    Stop Orders (“SO”) are orders to buy or sell a security when its price surpasses a particular point. Once the price surpasses the predefined entry/exit point, the stop order is triggered. SO’s can only be triggered by trading activity on the marketplace on which they are booked. SO’s will post on a marketplace that supports SO’s (currently TSX or TSXV) where they will sit until they are triggered or until they expire. Once triggered, the order will trade at the stop price. Any unexecuted portion will be managed by the trade desk. GMP does not accept Market Stop Orders.

  • Disclosure of Marketplace
    For orders executed on one or more marketplace in Canada, the trade confirmation will state that the purchase or sale was made on one or multiple marketplaces. For an order executed on one or more US marketplace the trade confirmation will indicate that the purchase or sale was made on a US marketplace. Full details of specific marketplace execution are always available to all clients upon request.

Hours of Operation (EST) for Multiple Marketplaces in Canada That are Accessible by GMP

 

 

Toronto Stock Exchange (TSX)

  • pre-open: 7:00am to 9:30am
  • continuous trading: 9:30am to 4:00pm
  • closing match: 4:00pm to 4:10pm
  • post market cancel session: 4:10pm to 4:15pm
  • extended trading session: 4:15pm to 5:00pm

 

 

TSX Venture Exchange (TSXV)

  • pre-open: 7:00am to 9:30am
  • continuous trading: 9:30am to 4:00pm
  • closing match: 4:00pm to 4:10pm
  • post market cancel session: 4:10pm to 4:15pm
  • extended trading session: 4:15pm to 5:00pm

 

 

TSX Alpha Exchange

  • pre-open: 7:00am to 8:00am
  • continuous trading: 8:00am to 5:00pm
  • post market cancel session: 5:00pm to 5:30pm

 

 

Canadian Securities Exchange (CSE)

 

 

CSE Listed Securities:

  • pre-open: 7:00am to 9:30am
  • continuous trading: 9:30am to 4:00pm

 

Other Listed Securities:

  • pre-open: 7:00am to 8:00am
  • continuous trading: 8:00am to 5:00pm

 

 

Aequitas NEO Exchange

  • Lit Book - pre-open: 7:00am to 9:30am; continuous trading: 9:30am to 4:00pm; extended trading session: 4:00pm to 5:00pm
  • NEO Book - continuous trading: 8:00am to 5:00pm
  • Crossing Facility - continuous trading: 8:00am to 5:00pm

 

Chi-X/CX2

  • continuous trading: 8:30am to 5:00pm
  • 9:30am to 4:00pm: pegged orders accepted eligible for trading
  • 4:00pm to 5:00pm: pegged orders remaining on the book will be cancelled. Pegged orders entered after 4:00pm will be rejected.

 

 

Omega ATS/Lynx ATS

  • continuous trading: 8:00am to 5:00pm

 

 

MATCH Now (operated by Tri-Act)

  • pre-open: 8:00am to 9:30am
  • continuous trading: 9:30am to 4:00pm

 

 

Liquidnet Canada

  • continuous trading: 8:00am to 5:00pm