TMX Group Limited and its affiliates do not endorse or recommend any securities issued by any companies identified on, or linked through, this site. Please seek professional advice to evaluate specific securities or other content on this site. All content (including any links to third party sites) is provided for informational purposes only (and not for trading purposes), and is not intended to provide legal, accounting, tax, investment, financial or other advice and should not be relied upon for such advice. The views, opinions and advice of any third party reflect those of the individual authors and are not endorsed by TMX Group Limited or its affiliates. TMX Group Limited and its affiliates have not prepared, reviewed or updated the content of third parties on this site or the content of any third party sites, and assume no responsibility for such information.
Copyright © 2021 TSX Inc. All rights reserved
TSX Market on Close (MOC®)
TORONTO STOCK EXCHANGE
THE NEW TSX MOC MODEL
Imbalance message to be sent every 10 seconds starting at the beginning of the Imbalance period (currently sent only once)
Paired Volume
Market Order
Imbalance Volume
Market Order
Imbalance Side
Near Indicative
Closing Price
Add 6 new fields of indicative TSX MOC information (currently 4 fields only)
Enhanced transparency by increasing imbalance message content and frequency of communication
1
Price Variation
Far Indicative
Closing Price
10
SEC
MOC Imbalance market state starts at
Allow entry of new Market on Close orders, with no cancels or amends
(currently no new Market on Close orders allowed)
Allow entry of Limit on Close orders on either side and any volume, with no cancels and aggressive price amends only
(currently limited to Limit on Close orders with side, volume and price restrictions)
Newly defined MOC Imbalance market state to align with global models
2
3:50 p.m.
LOC orders received will be treated as Pegged LOC orders and price capped to be no more aggressive than the MOC Reference Price
Add a new MOC Freeze market state to mitigate volatility and help prevent unexpected price and imbalance movements
3
Closing Offset order type will be removed as this is redundant with Pegged LOC orders
MOC Freeze market state has a randomized start time between 3:56 p.m. and 3:57 p.m. to mitigate speed advantages
CONTACT
For more information regarding this notice, please contact the Account Management Team.
Introduced in 2004, TMX’s Market On Close (TSX MOC) facility plays a vital role in Canada’s equities markets and broader financial services industry: setting the official closing price for eligible Toronto Stock Exchange (TSX) and select TSX Venture Exchange (TSXV) listed issues.
Operating as an electronic call market, the TSX MOC facility aims to provide equal access and opportunity for investors looking to source liquidity and participate in trades at the closing price, efficiency and accuracy in setting the closing price, and reduced volatility at the close.
In 2019, based on industry feedback, TMX’s equity markets team embarked on a large-scale consultation process to explore ways in which we could improve the TSX MOC facility. TMX’s ongoing commitment to providing fair and transparent markets for all participants requires a measured and thoughtful approach, considering the interests of the full scope of participants and gauging the potential impacts proposed changes will have on the broader ecosystem.
Provide equal access and opportunity for investors looking to source liquidity
RESOURCES
TMX is confident that the significant efforts undertaken alongside our client community to reimagine our TSX MOC facility will reap wide-reaching and long-lasting benefits.
The new TSX MOC model introduces three high level changes, each designed to address the issues of transparency, alignment with global markets, and consistency of execution:
EQUITIES TRADING NOTICES
EUROPE
GENERAL INQUIRIES:
THE NEW
UNITED STATES
CANADA
JON SCHNEIDER
T. (416) 947 - 4484
LAURA HANSCHKE
T. (416) 947 - 4569
PAUL DIMTSIS
T. (416) 947 - 4335
PETER OSBORNE
T. +44 7555 690 996
MICHAEL TINTINAGLIA
T. (416) 947 - 6679
(currently 3:40 p.m.)
TSX MOC Modernization Proposal Receives Regulatory Approval
January 28, 2021
TSX MOC Modernization Proposal Filed for Regulatory Approval
October 15, 2020
TMX Equities Publishes TSX MOC Proposal
July 22, 2020
MOC® | MODEL DIAGRAM
TSX MOC Modernization
Launch Date and Specifications Availability
March 25, 2021
TSX MOC Modernization - GTE Availability
June 21, 2021