Another new alternative trading system, Lynx ATS, will be launching on Feb. 3, 2014, according to a notice Friday from the Investment Industry Regulatory Organization of Canada (IIROC).
IIROC reports that, at launch, the Lynx ATS will offer trading in all securities that are listed by the Toronto Stock Exchange, TSX Venture Exchange and CNSX, as well as in certain securities that it posts for trading, such as unlisted debt instruments, and other securities that are not listed by any Canadian exchange. It will operate as a fully transparent marketplace, with pre-trade order transparency and post-trade execution transparency.
The new venue, which is operated by Omega Securities Inc., is only available to IIROC members. It will be open for continuous trading between 8:30 and 17:00 ET; and orders that remain at the end of each trading day will expire and be cancelled. Under the trading rules, all visible orders for listed securities entered on Lynx will be considered protected orders, IIROC notes.
Omega launched testing of the new trading venue with its subscribers, vendors and traders on Oct. 21. At the time, it noted that the Lynx ATS will be launching with the same functionality, order types, and matching priority currently available on Omega ATS. Initially, the only notable differences between them will be that brokers entering orders on Lynx ATS will be attributed by default; and, that Lynx will have a ‘maker/taker’ pricing model.