TMX Group announced today that its plan to launch TMX SelectTM, Canada's newest equities alternative trading system, is progressing well. TMX Select, which was announced in October 2010, is a wholly-owned subsidiary of TMX Group that will offer a visible marketplace for trading equity securities. Updated order entry and market data specification documents have recently been made available to clients through the TMX Select website at www.tmxselect.com.
“TMX Group is committed to marketplace transparency and providing our clients with regular communication and progress updates,” said Gary Knight, Vice President, Trading and CEO of TMX Select. “We are excited that TMX Select has entered the next phase and that it will be ready for client testing early in the second quarter.”
In addition to seamless connectivity for existing clients and competitive pricing, key TMX Select market features include: expanded trading hours, providing additional opportunities to execute trades; a simplified market structure with continuous trading of board lots only and no special terms; and strict price-time priority for all orders.
The fee schedule and more information about functionality will be communicated to market participants prior to the launch in June 2011, which is subject to regulatory approval.