The Toronto Stock Exchange will begin phasing in a new trading feature to allow brokerage firms to execute “market-on-close” orders at the end of the regular session for symbols of the S&P TSX 60.
The exchange said believes the introduction of this new facility will provide the marketplace improved access, fairness and liquidity.
The MOC feature will be phased into the TSX senior market starting March 22 and throughout April. On March 29, it plans to turn on MOC eligibility for symbols A-B of the S&P TSX 60; symbols C-E on April 12; F-O will be added on April 19; and symbols P-Z on April 26.
At the end of the regular session these MOC and continuous market orders will be used to derive an official closing price. The TSX notice says that orders from all participants are treated equally in time and price priority; and, all information regarding the close is distributed electronically and equally.
New MOC feature will improve access, fairness, TSX says
Brokerage firms will be able to execute “market-on-close” orders at the end of the regular session for S&P TSX 60 symbols
- By: IE Staff
- March 1, 2004 March 1, 2004
- 12:40
IE Staff