Canadian Equities

Trading

Nasdaq offers three platforms for trading TSX and TSX-Venture listed securities, Nasdaq CXC, Nasdaq CX2, and Nasdaq CXD.

Market Hours: 8:30 AM, EST – 5:00 PM, EST

Advanced Orders

NameDescription
MID PEG Mid Peg Orders will float at the mid point of the CBBO in the Nasdaq CXC order book (non-displayed) to limit price. Orders can execute at the half penny.
POST-ONLY Post-Only Orders will post on Nasdaq CXC or will be passively re-priced one tick increment and booked on Nasdaq CXC.
Nasdaq CXC SWEEP (CSO) Nasdaq CXC Sweep Orders will route directly to Nasdaq CXC and will ignore CBBO.
PRIMARY PEG Primary Peg Orders are pegged to the passive side of the CBBO. Orders are displayed in the Nasdaq CXC order book and will float up to your limit price.
HIDDEN Hidden Orders hide all shares, no shares are displayed.
MINIMUM QUANTITY Minimum Quantity Orders will only execute if the minimum quantity is available. Orders are non-displayed at the limit price in the Nasdaq CXC order book.
PEGGED OFFSET Pegged Order Offset is an order that an increment/decrement may be set to allow a pegged order to become more passive/aggressive.
X-BERG X-Berg Orders are a reserve quantity order (iceberg order), the displayed quantity will randomly increase or decrease up to the limit each time the displayed quantity is refreshed.
IMMEDIATE OR CANCEL (IOC) Immediate or Cancel Orders will execute to the limit price in the Nasdaq CXC order book. Residual is immediately cancelled back.
CANCEL/REPLACE Cancel/Replace Order is an order where price and/or size may be changed on an active order and a limit order may be changed to a market order.
ICEBERG/RESERVE Iceberg/Reserve Orders have a minimum displayed size which is one standard trading unit. Displayed volume has priority over reserve quantities.
FILL OR KILL (FOK) Fill or Kill Orders will execute entirely in the Nasdaq CXC order book or be cancelled back.
SWEEP AND CROSS Allows participants to sweep all protected quotes and print a cross order in one step by sending IOC bypass orders to all protected venues before printing the cross on Nasdaq CXC.
SPECIALTY CROSS Basis Cross
Can be outside the CBBO
VWAP Cross
Can be outside the CBBO
Contingent Cross
Must be within the CBBO
Internal Cross
Must be within the CBBO
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