Alternative trading system Omega ATS is planning to introduce several new order types and a new odd lot trading book.
In Thursday’s OSC Bulletin, Omega published for comment a handful of proposed innovations. For one, it plans to create a new book that will provide a venue for trading odd and mixed lots. Omega says that this will improve competition in trading odd lots, and market function.
“We believe that having an odd lot/mixed lot book is a core feature for a marketplace,” it says, adding that, “the addition of this feature supports Omega’s desire to have a fully functional marketplace…”
Omega also proposes to introduce several new order types: a new opening order, which aims to encourage immediate post-open participation on Omega by placing orders to the top of book at the open. And, orders that will help institutional firms print crosses at the calculated opening price, and at the close. Omega suggests that the new order types will provide some added competition to the market.
Omega expects to implement the changes in the first quarter of 2013. Comments are due by October 22.