Canadian Equities

Trading

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

Advanced Orders

NameDescription
MID PEG Mid Peg Orders will float at the mid point of the CBBO in the Nasdaq Canada order book (non-displayed) to the limit price. Orders can execute at the half tick.
POST-ONLYPost-Only Orders will post on Nasdaq Canada or will be passively re-priced one tick increment and then booked on Nasdaq Canada.
Directed Action Order (DAO)DAO Orders will route directly to Nasdaq Canada and will ignore the CBBO.
PRIMARY PEGPrimary Peg Orders are pegged to the passive side of the CBBO. Orders are displayed in the Nasdaq Canada order book and will float up to the limit price.
HIDDENHidden Orders hide all shares, no shares are displayed.
MINIMUM QUANTITYMinimum Quantity (MQ) orders will only execute if the minimum quantity is available to trade. MQ orders can aggregate shares from several contra orders. MQ orders are always hidden.
MINIMUM QUANTITY AT THE TOUCHA Minimum Quantity at the Touch (MQ ATT) order is an active order which specifies a minimum size quantity that must be met by the aggregate of contra-side resting orders at the NBBO (at the touch) in order to trade, after all other better priced orders have been displaced.
MINIMUM ACCEPTABLE QUANTITYMinimum Acceptable Quantity (MAQ) orders will only execute if the minimum quantity is available to trade against one single order. MAQ orders will not aggregate shares from several contra orders. MAQ orders are always hidden.
MINIMUM ACCEPTABLE QUANTITY AT THE TOUCHA Minimum Acceptable Quantity at the Touch (MAQ ATT) order is an active order which specifies a minimum size quantity that must be met by individual contra-side resting orders at the NBBO (at the touch) in order to trade, after all better priced orders have been displaced.
MINIMUM PRICE IMPROVEMENTMinimum Price Improvement orders are designed to provide minimum price improvement within the bid/ask spread. MPI orders peg at a price that is one tick more aggressive than the CBBO.
PEG OFFSETPeg Offset is an increment/decrement of the peg price that allows a pegged order to become more passive or aggressive.
X-BERGX-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 Canada order book. Residual is immediately cancelled back.
CANCEL/REPLACEA 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/RESERVEIceberg/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 Canada order book or be cancelled back.
SEEK PRICE IMPROVEMENTSPI orders are treated as IOC orders with an execution price that is one tick increment more passive than the far side of the NBBO or the midpoint of the NBBO is the spread is one tick wide.
SPECIALTY CROSSBasis 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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