The Toronto Stock Exchange will launch its U.S. dollar trading book on February. This will allow investors to trade stock of participating TSX issuers in both Canadian and U.S. dollars.
The U.S. trading book is part of a TSX promise to expand and enhance the offerings of TSX Markets to investors. In recent months, the TSX has launched features like specialty priced crosses and reformed the market making process. This year, TSX Markets also intends to launch a Market on Close facility, to better provide for closing pricing of stocks on Canada’s senior exchange.
TSX Markets President Richard Nesbitt says, “We have done extensive consultation with Canadian and international investors concerning dual currency listings.” He adds that in-house research showed that TSX market features were of significant interest to investors that trade in U.S. dollars.
The following companies have agreed to participate in the first phase of the expansion of TSX dual currency trading:
The 12 companies are just the beginning. Rik Parkhill, senior VP, TSX Markets, says, “Depending on the demand of our market participants, we may in fact expand this list by February 2. We hope to have even more companies trading in the U.S. dollar book by year end.”
All of the 12 companies will continue to be listed and traded in both Canadian and U.S. dollars. The U.S. dollar trading symbol will consist of the Canadian symbol with an “U” extension.
The TSX says the trading of the U.S. dollar denominated securities is governed under the existing framework of rules, regulations and policies concerning the trading of securities in Canada.TSX supported market information feeds will provide all U.S. dollar trading data.