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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

FRANÇAIS

2021

NOVEMBER 22

LAUNCH

TSX DRK OverviewPOV: Conditional Orders

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. 

Why trade using Conditional orders 
Global minimum size

Requires large orders, greater than 50 boardlots and  $30,000, or $100,000  assuring only larger executions
Price improvement 
Trades at the midpoint only 
TSX DRK to Conditionals opt-in
 
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.

 
Short firm-up period
Reduces leakage, cancels and missed trading opportunities
Conditionals residual opt-in to TSX DRK 

Opportunity to complete order and size without entering another order 
Enhanced enforcement
Improves behaviour, integrity and quality of facility
Fair trade allocation  
Achieved on a pro-rata basis
Conditional Order Benefits

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. 

Gain seamless, anonymous access to large amounts of hidden and natural liquidity with TSX DRK.  
How to access Conditional Orders 

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.

Resources
Specifications

Conditional Differentiators

DRK FeaturesPOV: Deeper Dive into Dark PoolsTSX DRK Brochure