兔子先生

October 28, 2025
Equities Notice 2025-042

TMX

TMX Equity Trading Notice

Implementation Details Regarding CIRO Amendments Respecting Net Asset Value and Jitney Crosses

TMX Equities is pleased to announce upcoming changes following the publication of . These changes take effect on January 13th, 2026, to align with the changes to CIRO's Universal Market Integrity Rules.

Overview of Key Changes
  • Updated Intentional Cross Definition and Functionality: The revised definition removes the prohibition on one side of the intentional cross being marked as jitney. As a result, crosses marked as jitney will be permitted at the NBBO, however will not be subject to cross interference.
  • Introduction of NAV Speciality Cross: This new cross is designed for executing a trade at the net asset value price of a security. NAV crosses will be permitted at up to five decimal places, but will not set the last sale price.
GTE Availability: November 13th, 2025
Production Launch: January 13th, 2026

Specification Summary
The following is a summary of the specification changes being made as part of these amendments. Updated specifications are available for download on the .
Feed New Values (for Existing Tags) Affected Message Type
FIX Order Entry #6773 TSXCrossType
- Added value N		 - New Order – Cross
- Exec Report - Cross Acknowledgement
- Exec Report - Partial/Complete Fill
Broadcast Feed (TBF/CBF/ABF/PBF) #390 CrossType
- Added value NAV		 - Cross Confirmation Report
- Trade Report
QRTMD L1
TL1/CL1/AL1/PL1		 Cross Type field
- Added value N		 - A (Trade)
- X (Trade Correction)
QRTMD L2
(TL2/CL2/AL2/PL2)		 #390 CrossType
- Added value NAV		 - Trade Report
Binary L1 (TQL1/VQL1/AQL1/PQL1) Cross Type field
- Added value N		 - Trade
Binary L2 (TQL2/VQL2/AQL2/PQL2) Cross Type field
- Added value N		 - Trade Report
- Trade Report - Terms
- Trade Correction
- Trade Correction - Terms

For more information regarding this notice, please contact the Account Management Team.

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