TORONTO (Reuters) - TMX, operator of Toronto and the TSX Venture Exchange, junior bag group said on Monday before regulatory filings to set up an alternative material system, a place where buyers and sellers can match trade offices.
New ATS, called TMX select, operate on the existing trading platform of TMX and customers can access the system from their links with the TSX.Su functionality, and pricing models will be separated from the TSX and TSX Venture, said the company.
Select TMX will offer market participants "a new source of liquidity, innovative pricing and leading technology in Canada," Kevan Cowan, President of TSX and head of group actions markets.
Key features include expanded trade hours, simplified market structure with the "continuous negotiation of batches of plate only and no special terms."Thus, the ATS will offer precios-tiempo strict priority trade for orders of visible, which essentially means best-priced orders will be filled in the first place.
"Select TMX is created with an agile market structure to allow aggressive innovation, designed to meet the needs of the customer - that evolve rapidly," said Cowan.
TMX, stating that it will provide more information on pricing and functionality in the coming months, said hopes to release the ATS in the second quarter of the year 2011.
Shares of TMX climbed 0.6 per cent to C $ 31.77 morning end Monday on TSX.
(1 Dollar = $ 1.02 Canadian)
(Reporting by Jennifer Kwan; editing by Rob Wilson)
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