The Toronto Stock Exchange is seeking the power to change its trading hours without prior regulatory approval.

The current TSX Rules provide that, unless otherwise changed by a resolution of its board of directors, the exchange shall open its regular trading session at 9:30 a.m. ET and close at 4:00 p.m. ET. It is seeking to remove these set times from its rules to allow the board to make changes to the opening and closing times without formally amending the rules.

“TSX anticipates that this will shorten the implementation process to change the exchange’s opening or closing time by at least two months, as the change will not trigger a regulatory submission and will not necessitate a public comment period,” it says.

The exchange notes that it does not currently intend to change its trading hours. However, it allows that it may decide to make a change in the future to respond to competition from other trading venues.

“As competition among marketplaces intensifies globally and domestically, the TSX rules must be flexible so that TSX can respond nimbly to competitive threats, while ensuring that marketplace participants have sufficient time to adapt to changes at the exchange,” it says. “These new trading demands may necessitate a shift in trading hours at the exchange in the future. It will be beneficial for TSX to have the ability to make these changes after a minimum of 60 days’ notice to our constituents, but without the additional delay and uncertainty that envelopes the formal amendment process for TSX rules.”

The TSX pledges to work with all stakeholders if it determines that a change in trading hours would be beneficial. It also says it will provide at least 60 days notice to market participants before changing its hours, and will consult with regulators before any announcements are made.

The TSX board has approved amendments to the rules to allow this change. The amendments require approval by the Ontario Securities Commission following public notice and comment. Comments are due in 30 days.