The TSX Rule Book will be required to allow for the cancellation of LOO orders at the end of the opening allocation. The LOO order type is intended to provide additional options for participants to manage their opening orders by specifying that the order is to participate only in the opening auction, subject to its indicated limit price. Aequitas and U.S. equity marketplaces have similar features.
The proposal has been published for comment by May 29, 2017. The TSX expects the amendments to become effective in Q3 2017. For further information, please see TSX Equities Trading Notice 2017-012 - TSX Equities Proposes Changes to Dark Trading and Opening Auction Functionality(April 27, 2017) and TSX Inc. Notice of Proposed Amendment and Request for Comments Enhancement to the Opening Auction Functionality (April 27, 2017).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.