The TSX Venture Exchange has announced that it is now accepting initial reservation requests for four letter root trading symbols. Currently, root trading symbols on the Exchange are limited to three letters. The Exchange anticipates that four letter symbols will commence trading by the end of the fourth quarter of 2016.
In order to provide issuers with an equitable allocation process, the period for initial application for a four letter symbol will expire on May 20, 2016. After May 20, 2016, reservations for four letter symbols will be made by the usual reservation process on a "first come, first serve" basis.
In order to apply for a four letter symbol, issuers must provide a request in writing to their Listed Issuer Services Team Manager that includes: (i) the desired four letter symbol; (ii) the name of the issuer; (iii) the issuer's current symbol, if applicable; and (iv) confirmation as to whether the four letter symbol requested is used on a Recognized Exchange (as such term is defined in the Company Manual of Toronto Stock Exchange) or OTCQX and, if so, the name of that exchange or market place.
The Exchange cannot guarantee the availability of a requested four letter symbol. In the event that there are multiple requests for the same symbol during the initial symbol allocation and reservation period, the symbol will be allocated by the Exchange as follows:
- first priority will be given to issuers that already use the four letter symbol on a Recognized Exchange or OTCQX;
- second priority will be given to Exchange Traded Products (as such term is defined in the Company Manual of Toronto Stock Exchange) that are wrappers of securities listed on a Recognized Exchange or OTCQX;
- if the same symbol is requested by both a corporate issuer and a non-corporate issuer, priority will be given to the corporate issuer; and
- if the same symbol is requested by multiple corporate issuers or multiple non-corporate issuers, the Exchange will allocate the symbol by lottery.
The Exchange will confirm the symbols allocated as part of the initial symbol allocation and reservation period in early June.
For a complete copy of the Exchange bulletin, click here.
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