INFORMATION ON MULTIPLE MARKETS
As a result of Canada’s evolving multiple marketplaces, GMP Securities L.P., Griffiths McBurney Corp. and the affiliated entities of Richardson GMP Limited (“GMP”), wish to advise their clients on how orders will be handled.
  1. Hours of Operation for Trading in Listed Canadian Securities
    GMP trading staff will be available for order execution between the hours of 9:30 a.m. and 4:00 p.m., Eastern Standard Time ("EST"), Monday through Friday, not including Canadian statutory holidays. Staff may be further available before and after these hours, however, GMP will not guarantee any order taking and/or trade execution outside of the hours noted above.
  2. Principal Marketplace
    For those securities listed in Canada, the principal marketplace will be the Exchange on which the security is listed. Currently there are four equities Exchanges in Canada - The TSX, TSX Venture, Alpha Exchange Inc. and the CNSX Exchanges. Please be advised that unless otherwise agreed to between an Investment Advisor (“IA”) or Registered Representative (“RR”) of GMP and the client:
    1. an order received prior to 9:30 a.m. will book to the pre-opening of the principal marketplace for execution on the opening; and
    2. an order received after 4:00 p.m. will be entered the next business day to the pre-opening of the principal marketplace.
  3. Day Orders
    A Day Order (“DO”) is an order that is only valid on and for the day it is entered. DO’s will only be valid between the hours of 9:30 a.m. and 4:00 p.m. EST. A DO received prior to the opening of the principal marketplace at 9:30 a.m. EST will not route to an alternative marketplace. Instead the order will route into the opening sequence of the principal marketplace. If received after the opening of the principal marketplace, the order will be routed for trading via a Smart Order Router (“SOR”). This will ensure that any immediately executable portion of the order will trade against the best price available on any marketplace GMP has access to and/or can access for the purpose of best price and best execution. The unexecuted portion of the order will then book on a marketplace according to the specific SOR settings. Any untraded portion of a DO will expire at 4:00 p.m. (unless otherwise agreed to between the client and the IA/RR of GMP).
  4. Special Terms Orders
    Special Terms Orders ("STO") are orders with specific terms that are not immediately executable in the regular marketplace. STO’s will only post to the Special Terms Market of the principal marketplace unless they are immediately executable on an alternative marketplace at the time of entry. STO’s will only be live between 9:30 a.m. and 4:00 p.m., at which time they expire.
  5. Good ‘Till Cancelled Orders
    Good ‘Till Cancelled Orders ("GTC") are orders that the client wants to remain open until a specified date of expiry. These orders will be routed for trading via an SOR. This will ensure that any immediately executable portion of the order will trade against the best price available on any marketplace GMP has access to and/or can access for the purpose of best price and best execution. Any unexecuted portion of the order will then book on a marketplace according to the specific SOR settings. The order will remain in the system until it is executed or it expires, whichever comes first. It is the client's responsibility to ensure they know what the date of expiry will be and to contact their IA/RR on the expiry date should they wish that the order be reinstated.
  6. Market Orders
    A Market Order ("MO") is an order where the client has instructed a dealer to buy or sell at whatever prices are available in the marketplace to help ensure a complete and full fill. These orders require immediate completion. If the IA/RR determines, based on market conditions, that immediately trading the entire order would not be in the best interest of the client then the client will be consulted and the trade desk will manage the order accordingly. A MO received prior to the opening of the principal marketplace at 9:30 a.m. will not book to an alternative marketplace. Instead, it will book into the opening sequence of the principal marketplace. If received after the opening of the principal marketplace the order will be routed for trading via an SOR. This will ensure that any immediately executable portion of the order will trade against the best price available on any marketplace GMP has access to and/or can access for the purpose of best price and best execution. Any unexecuted portion of the order will then book on a marketplace according to the specific SOR settings. Any unfilled portion of the order will expire at 4:00 p.m. (unless otherwise agreed to between the client and the IA/RR of GMP).
  7. Market on Close Orders
    A Market on Close ("MOC") order must trade on the close at the calculated closing price of the principal marketplace. Currently the TSX is the only marketplace that offers a MOC facility. All MOC orders will therefore be entered into the TSX, as the principal marketplace. Please be advised that this is an anonymous price facility. Execution price will only be available after execution is complete. Limit orders are allowed but may, by the nature of a limit order, negate execution. For further details of this facility, please contact your IA/RR.
  8. Limit Orders
    A limit order (“LO”) has a specific minimum sale price or maximum purchase price provided by the client. A limit order received prior to the opening of the principal marketplace at 9:30 a.m. will not book to an alternative marketplace. Instead, it will book into the opening sequence of the principal marketplace. A LO received on or after 9:30 a.m. will be routed for trading via an SOR. This will ensure that any immediately executable portion of the order will trade against the best price available on any marketplace GMP has access to and/or can access for the purpose of best price and best execution. The unexecuted portion of the order will then book on a marketplace according to the specific SOR settings. Any untraded portion of the order will expire at 4:00 p.m. (unless otherwise agreed to between the client and the IA/RR of GMP).
  9. Stop Orders
    Stop Orders (“SO”) are orders to buy or sell a security when its price surpasses a particular point. Once the price surpasses the predefined entry/exit point, the stop order is triggered. SO’s can only be triggered by trading activity on the marketplace on which they are booked. SO’s will post on the principal marketplace where they will sit until they are triggered or until they expire. Once triggered, the order will trade at the stop price. Any unexecuted portion will be managed by the trade desk. GMP does not accept Market Stop Orders.
  10. Marketplace Disclosure
    For an order executed using one marketplace or alternative marketplace in Canada or the US, the trade confirmation will state which marketplace on which the trade occurred. If multiple marketplaces were used in the completion of an order, the trade confirmation will state that the purchase or sale was made “on multiple markets, details are available”.
Hours of Operation (EST) for Multiple Marketplaces in Canada That are Accessible by GMP TSX
  • pre-open: 7:00am to 9:30am
  • continuous trading: 9:30am to 4:00pm
  • closing match: 4:00pm to 4:10pm
  • extended trading session: 4:15pm to 5:00pm
TSXV
  • pre-open: 7:00am to 9:30am
  • continuous trading: 9:30am to 4:00pm
CNSX
  • pre-open: 7:00am to 9:30am
  • continuous trading: 9:30am to 4:00pm
Alpha Exchange
  • pre-open:7:00am to 9:30am
  • continuous trading: 9:30am to 4:00pm
  • extended trading session: 4:15pm to 5:00pm
Chi-x
  • continuous trading: 8:30am to 5:00pm
  • 8:30am to 9:30am: pegged orders accepted
  • 9:30am: pegged orders are booked and become eligible for trading
  • 4:00pm to 5:00pm: pegged orders remaining on the book will be cancelled. Pegged orders entered after 4:00pm will be rejected.
Pure
  • pre-open: 7:00am to 8:00am
  • continuous trading: 8:00am to 5:00pm
Omega
  • continuous trading: 8:30am to 5:00pm
Match Now
  • pre-open: 8:00am to 9:30am
  • continuous trading: 9:30am to 4:00pm
Sigma X
  • pre-open: 7:00am to 9:30am
  • continuous trading: 9:30am to 4:00pm
Instinet ICX VWAP Cross
  • pre-open: 7:00am to 9:15am
  • first match: 9:15am
  • additional matches (considered if demand warrants these): 8:35am & 8:50am
Instinet BLX
  • continuous trading: 9:30am to 4:00pm
Bloomberg Tradebook Canada
  • pre-open: 7:30am to 9:30am
  • opening match: 9:30am to 9:31am
  • continuous trading: 9:30am to 4:00pm
  • closing match: 4:00pm to 4:10pm
  • extended trading session: 4:15pm to 5:00pm
© 2009 GMP Securities L.P. All rights reserved. Terms and Conditions. -- Contact the Webmaster
GMP Capital Inc. Privacy Notice. Griffiths McBurney Corp. SEC Rule 606. Information on Multiple Markets.
Complaints Procedure. Griffiths McBurney Corp. Business Continuity Plan Notice. GMP NI24-101 Trade-Matching Statement.
GMP Securities, LLC Business Continuity Plan Notice. GMP Securities, LLC SEC Rule 606
All references to GMP Europe mean GMP Securities Europe LLP.
All references to GMP Australia mean GMP Securities Australia Pty Limited