Tuesday May 7 2024
News Source: Global Exchanges
Focus: Trading Systems and Technology
Type: General
Country: Canada
On 3rd May 2024, Canadian Securities Exchange (CSE) has proposed to introduce a Market-on-Close facility (CSE MOC).
The Exchange is introducing the CSE MOC to operate on CSE, CSE’s primary book, for select CSE Listed securities. Based on feedback received during stakeholder consultations, the Exchange have adopted a model substantively similar to one that already operates in Canada.
The CSE MOC Process
To facilitate the implementation of the CSE MOC, CSE will introduce two new MOC specific order types: a Marketon-Close Order (MOC Order) and a Limit-on-Close Order (LOC Order). CSE will also introduce three new market states: the MOC Imbalance, the MOC Freeze, and the EOP.
CSE MOC Order Types
At launch, the CSE MOC will offer participants two new order types to facilitate participation in the closing auction for CSE MOC eligible symbols – the MOC Order and the LOC Order.
The Exchange has requested to submit comments on the proposed amendments no later than May 31, 2024.
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