Trade on Alpha
Alpha has responded to the Canadian trading community's need for flexible trading solutions in pursuit of best execution.
Products like Alpha IntraSpread™ have improved the quality of execution for retail liquidity, while lowering related trading costs.
Other trading solutions-such as cancelling open orders upon disconnect, protecting against market locking or crossing and managing wash trades-make it easy for our clients to implement a variety of trading strategies.
|
Product Name |
Description |
|
Alpha IntraSpread |
Alpha IntraSpread is a facility designed to optimize interaction of retail flow with lit and dark liquidity on Alpha, as well as to facilitate large size liquidity discovery without pretrade transparency. Members interact in IntraSpread using Dark and Seek Dark Liquidity™ (SDL™) orders. |
|
Protect Order Types |
Protect Cancel and Protect Reprice are optional Alpha order instructions allowing clients to execute orders on Alpha with protection from trade-throughs or locking/crossing the NBBO. This offering complements Alpha’s Smart Order Routing Service which upholds the Order Protection Rule by routing the orders to other marketplaces with better priced orders before trading on Alpha. |
|
Self Trade Management |
Self Trade Management is an optional Alpha trading feature that suppresses trades from the public feed where orders on both sides of the trade are from the same Member and contain the same “Self Trade Key” defined by the Member. Self Trade Management applies only to unintentional self trading and thereby does not affect the current handling of Internal Crosses. |
|
Self Trade Prevention |
An optional feature that prevents two orders from the same broker from executing against each other based on unique trading keys defined by the broker. An active order is rejected instead of trading against a resting order from the same broker with the same unique trading key. |
|
TSX Smart Order Router |
TSX Smart Order Router is a turnkey, centralized service offering marketplace-neutral, customizable routing algorithms to suit your evolving trading strategies. It also now offers Automated Jitney - a service that will utilize these algorithms to execute your orders at the best price across all protected Canadian markets, without having to join all marketplaces. |
For more on Alpha market structure, order types and markers click here.
For more on Alpha IntraSpread, click here.
For more on Protect Order Types, click here.
For more on Self Trade Management, click here.
For more on TSX Smart Order Router click here.
Become a Member of Alpha Exchange
Members of the Alpha gain access to Canada's second-largest equity market and enjoy the benefits of our innovative trading solutions, lower fees and premium customer service.To qualify for membership on Alpha your firm must be a member in good standing of the Investment Industry Regulatory Organization of Canada (IIROC). It must also report and settle your marketplace transactions, either directly or indirectly, through Clearing and Depository Services Inc (CDS).
Members' institutional clients may access Alpha directly through a dealer-sponsored access arrangement (Sponsored DMA client), or by contacting a member dealer's trading desk.
Members' access to Alpha Exchange is subject to Alpha's Trading Policies, as well as the terms and conditions specified in the Member Agreement.
Click here for pricing information or contact TMX Equity Trading Account Management (877.421.2369) for more information or assistance with the application process.