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NOTICE 2014-008 - CSE Market Makers and the Guaranteed Minimum Fill – Pilot Phase

November 14, 2014

 

On October 23, 2014 the Canadian Securities Exchange (the “CSE” or the “Exchange”) announced OSC approval and the implementation of certain amendments to the CSE Trading Rules and changes to the manner in which oddlot orders are matched in the CSE trading system.
The changes were implemented to introduce a new level of service primarily for retail orders, provided by Exchange appointed Market Makers on designated securities (the “Market Maker Program”).  As designated Market Makers, Dealers will commit to:

1. Maintaining a bid/ask spread goal;
2. Providing a Guaranteed Fill;
3. Providing automatic odd lot execution, so that all incoming market or better limit odd lot orders will be auto traded at the bid/ask if they cannot be filled by booked odd lot orders;
4. Ensuring a reasonable bid/ask in the context of current conditions;
5. Undergoing periodic performance reviews.

Guaranteed Minimum Fill – In general, client orders with a total volume less than or equal to the Guaranteed Minimum Fill amount on a designated security that are entered with a price at or better than the market at the time of entry will be entitled to a complete fill.  An incoming order will first trade with available orders in the book, and the Market Maker will fill the balance if necessary.

 

Odd Lot Auto Trading- Odd lot orders that are priced at or better than the market at the time of entry (i.e. tradeable) will be filled automatically by the Market Maker.
  
Pilot Program

 

The CSE is pleased to announce the Market Maker Program will start with a “soft launch” on November 17, 2014.  The Guaranteed Fill and automatic execution for oddlots will be available on only the following symbols:

 

Symbol: AFI

Market Maker: Ellen Levy, Mackie Research Capital Corporation #83

Guaranteed Minimum Fill volume: 10,499

 

Symbol: ATT

Market Maker: Darren Cudmore, Mackie Research Capital Corporation #83

Guaranteed Minimum Fill volume: 10,499

 

Following the launch, the Exchange will announce the details of the application and selection process and begin accepting applications for Market Makers on all other CSE listed securities.  

Additional Information

For a description of the rule amendments related to Market Makers see:  Notice 2014-002 – Notice and Request for Comments – Amendments to Rule 4 Trading of Securities, published April 11, 2014.

For a description of the changes to odd-lot matching see:  Notice 2014-005 – Notice and Request forComments – Changes to Oddlot Matching, Published September 4, 2014.

Amendments were approved and implemented in October, 2014.  See:

Notice 2014-006 – Notice of OSC Approval: Rule 4 Amendments and Changes to OddlotMatching, published October 23, 2014.

For questions about the eligibility requirements for Market Makers, or order entry on a Market Maker security, please contact:

Adam Schmidt
416.367.7362

trading@thecse.com

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