TMX Group has launched a new Canadian trading platform consisting of two order books, Alpha-X and Alpha DRK, which the company says are designed to create an “optimised trading environment to enhance execution quality”.
These two new equities order books aim to provide high-quality execution for natural order flow, limit adverse selection resulting from natural speed advantages in the trading ecosystem, and improve the overall trading experience for all participants.
Alpha-X is a visible order book that has all of the same order types and trading functionalities currently available on TSX Alpha Exchange, and features the new Smart Limit order type.
Alpha DRK is a fully dark order book with a comprehensive suite of pegged (Primary, Market, Minimum Price Improvement, Midpoint) market and limit order types, and has the new Smart Peg™ order type.
Smart Limit and Smart Peg are new order types designed to help clients navigate fast moving markets and optimise their trade execution by dynamically adjusting their orders based on realtime market conditions.
