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TSX DRK
TORONTO STOCK EXCHANGE
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Access Conditional Orders on Canada’s fastest growing dark pool
UNITED STATES
EUROPE
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
Traders can leverage Conditional orders to search for liquidity in multiple dark venues by representing their orders conditionally, without committing an order to any single market. When the contra side of the order meets specified criteria and is matched against the Conditional order, these orders must ‘firm up’ in order to execute, which confirms their intention to trade and cancels similar orders in other venues.
No locked in period reduces missed dark trading opportunities.
Additional liquidity in the Conditional book from the DRK book, increasing the opportunity to match and trade.
TSX DRK™️, Canada’s fastest-growing dark pool, is excited to launch Conditional orders on all TSX and TSXV listed securities. In an increasingly fragmented market, TSX DRK Conditional orders allow market participants to be represented anonymously in the TSX and other conditional markets simultaneously without the risk of overfilling or double execution, giving them access to natural block liquidity, while minimizing market impact. Later this year, institutional, retail, and market-making firms will have access to Conditional orders on Canada’s deepest pool of liquidity.
Similar to trading in dark markets with a minimum quantity requirement, Conditional orders reduce the institutional concern of information leakage and market impact on large orders. All TSX and TSX Venture Exchange member firms have the opportunity to trade in the TSX DRK and Conditional order books, in order to achieve non-displayed and non-committed order flow. Conditional orders will be accessed through dealer-provided or vendor algorithms and electronic trading systems.
Subject to regulatory approvals, Conditional orders are now available for testing within the GTE environment and are expected to be available for trading in late November.
Conditional Differentiators
