Focusing on an optimised trading environment, TMX Group, the Canadian financial services company that operates equities, fixed income, derivatives and energy markets exchanges, has launched a new Canadian trading platform consisting of two order books, Alpha-X and Alpha DRK.
These two new equities TMX order books aim to provide high-quality execution for natural order flow. Furthermore, they limit adverse selection resulting from natural speed advantages in the trading ecosystem. They also improve the overall trading experience for all participants.
Alpha-X is a visible order book that has all of the same order types and trading functionalities currently available on TSX Alpha Exchange, and features the new Smart Limit order type.
Alpha DRK is a fully dark order book with a comprehensive suite of pegged (primary, market, minimum price improvement, midpoint) market and limit order types. It also has the new Smart Peg order type.
Smart Limit and Smart Peg are innovative new order types designed to help clients navigate fast-moving markets and optimise their trade execution by dynamically adjusting their orders based on real-time market conditions.
“TMX is committed to exploring new ways to meet the needs of clients across our diverse trading ecosystem, and to providing adaptive, responsive solutions to their competitive challenges here in Canada, and around the world,” said Rizwan Awan, president of equity trading and head of TMX markets, products and services.
“Alpha-X and Alpha DRK are designed to enable all participants, including institutional clients, to optimise trading strategies. Additionally, they can improve their execution quality in fast-moving, modern markets. We are grateful for the feedback and continued partnership of stakeholders in our marketplace, as we work to make our markets better today and into the future.”