The Toronto Stock Exchange is planning to implement time priority trading protocols.

The TSE says that on April 23, the Ontario Securities Commission approved amendments to the TSE’s trading rules, which will change the current Equal-by-Member based allocation to time priority allocations. In other words, orders at a particular price will be executed on a first in, first out basis.

However, the TSE says it has not yet determined when time priority protocols will be introduced. It says brokers will be provided information about the implementation at a later date.

The rule changes note that an order will lose time priority if its volume is increased, and shall rank behind all other orders at that price. Crosses will have priority over other orders.