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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

Detailed GuideOriginal Proposal

Post-Trade

CDCC

CDS

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 

2021-0022020-0212020-017

EUROPE

GENERAL INQUIRIES: 

trading_sales@tmx.com

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

FRANÇAIS

2021

OCTOBER 18 

LAUNCH

0

Launch date in

SpecificationsTechnical Overview

TSX MOC Modernization
Launch Date and Specifications Availability

March 25, 2021

2021-007
FAQ2021-012

TSX MOC Modernization - GTE Availability 

June 21, 2021