December 10, 2025
TMX IP Notice 2025-118
TMX Information Processor
REMINDER: TMX IP Feed Change - CIRO Net Asset Value Orders and Intentional Crosses
Attention TMX IP Customers
Further to TMX Information Processor notice , the TMX IP will implement the upcoming changes following the publication of to the Net Asset Value Order (NAV) and Intentional cross effective January 13, 2026.
The TMX IP will implement this change by introducing a new tag value on the Consolidated Data Feed (CDF) and the Consolidated Last Sale (CLS) feed as outlined below. Please note there are no changes to the feed specifications for Intentional cross.
Feed Change Summary:
| Feeds | Message Type | New Values (for existing tag) |
| CDF | TradeReport | -Field Identifier # 390 = CrossType New tag value: "NAV"; Net Asset Value Order |
| CLS | TradeReport | -Field Identifier # 390 = CrossType New tag value: "NAV"; Net Asset Value Order |
*NAV crosses do not set the open, high, low, last sale and close prices. They are included in the volume, value and number of transactions.
The latest updated/amended version of CDF (version 7.2.8) and CLS (version 5.4) specifications are now available on the .
Regards,
TMX IP Team