In a continuing effort to provide enhancements to ease cross border trading, TSX Markets today launched “Multiple Give-Up” to give Toronto Stock Exchange and TSX Venture Exchange investors greater choice in clearing and settlement decisions.
Multiple Give-UP allows firms the ability to direct large or multiple orders to their choice of dealers for execution, yet have the various trades tagged for clearing by a single clearing firm.
“Simply put, we are leveling the playing field for our participants,” said Rik Parkhill, senior vp, trading, TSX Markets, in a release. “Our customers have told us that introduction of this capability should lead to more competitive pricing for this part of the trading process, which we believe will lead to more order flow.”
Multiple Give-Up is the latest in a series of market initiatives aimed at making the Canadian marketplace a more attractive alternative for all investors and of particular note, for U.S. traders of Canadian based issuers. The feature is already available in U.S. marketplaces.
Among the advantages of Multiple Give-Up:
- Investors can more efficiently select the most competitive or most efficient clearing options independent of their choice of dealer; and
- Investors can more effectively distribute their trading relationships among multiple PO’s, without complicating the settlement process.