Nasdaq Canada

The Nasdaq Canada exchange operates three trading books for trading TSX, TSX-Venture and CSE listed securities.

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Nasdaq CXC (CXC)

This trading book is contains a key pool of liquidity in Canada, CXC is a lit book providing clients with a reliable platform for trading Canadian equities, offering the benefits of anonymous or attributed trading and price/broker/time priority.

Nasdaq CX2 (CX2)

The CX2 trading book is designed to provide additional cost savings and trading efficiencies. Through a unique pricing model and broker preferencing functionality, this lit book helps to improve investment performance and to drive positive market structure change. Leveraging Nasdaq’s INET technology and global experience, CX2 benefits investors and issuers alike.

Nasdaq CXD (CXD)

Launched due to customer demand, our CXD trading book provides an alternative source of non-displayed liquidity, which facilitates robust size discovery and price improvement opportunities. CXD delivers:

  • Price Improvement
  • Trade-at-the-touch opportunities
  • Competitive, low pricing
  • Broker priority
  • Seamless, easy-to-access technology

Key Benefits

Order Matching

Nasdaq Canada offers three trading books to meet a variety of trading styles.

Orders are matched based upon price/broker/time priority.

Order Handling

Industry-standard FIX protocol order entry via third-party and proprietary execution management systems.

Nasdaq Canada offers a range of traditional and specialized order types; order attributes are used to provide flexibility and control to the trader.

Special Facilities

Odd Lot Trading: Each Nasdaq Canada Trading Book enables Members to trade Odd Lot orders with guaranteed fills for orders that are marked IOC and are immediately marketable against the NBBO.

Guaranteed Execution Facility: Nasdaq CX2 enables Members to receive guaranteed auto-executions of at least the size of the GMV for the residual portion of GEF eligible orders.

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