Trading Opportunities on Canada Dark Pools

November 11, 2019

Dear Manager,

We would like to remind traders of the big opportunities on Canadian dark pools. The volume traded through dark venues is increasing constantly, making these venues highly lucrative—especially for passive order flow.

Aequitas NEO-D

Pegged/Limit/Market Orders that will access the Aequitas NEO-D book. All trading will occur at the midpoint price of the NBBO. Use TIF Day to send a passive order (TIF IOC + aggressive price to send an active order).

Nasdaq CXD

Limit, Market, and Pegged orders that will reach the Nasdaq CXD dark pool.

MATCHNow

MATCHNow offers different ways to access liquidity:
  • LP At the Quote: Limit or Market orders will be treated as “Passive” orders and will be sent to the full price. This destination is exclusive for “Large” order sizes; only orders of at least 51 board lots/standard trading units (for stocks greater than $1.00, this is 5,100 shares) will be accepted.
  • LP Midpoint Only: Limit or Market orders will be treated as “Passive” orders and will be defaulted to midpoint price improvement on the MATCHNow dark book.
  • MF Trade All: Limit or Market orders will be treated as “Active” orders and will be defaulted to remove all available dark liquidity. First level removal will sweep through midpoint resting orders. Second level will take out minimal price improved orders. Finally, active ETF orders that qualify as large will take out resting CBBO liquidity.
  • MF Midpoint Only: Limit or Market orders will be treated as “Active” orders and will be defaulted to remove all available dark liquidity at the midpoint.

Nighthawk

Limit and Market orders that reach the Nighthawk dark liquidity aggregation algorithm.

TSX Dark

Limit and Pegged orders that access TSX Dark liquidity.

CSE Dark

  • CSE Pegged: Peg orders on the CSE are dark orders that can trade with other Peg orders and with incoming displayed orders. The CSE has three types of peg orders: Primary, Midpoint, and Market Pegs, which trade between the NBBO, and if the spread of the NBBO is one tick then they can trade at the half tick (with support for four decimal places for stocks trading under $0.495). Primary, Midpoint, and Market peg orders will not trade in a locked or crossed market.
  • CSE Pegged Post Only: orders marked as “Post Only” will be prevented from trading against other opposing pegged orders already on the book.
  • CSE Dark SDL: Seek Dark Liquidity orders are active IOC orders that will trade against dark resting orders.

Let us know if you have any questions or comments by creating a mojo.

With thanks,

Communications Team

*Remember to visit our PPro8 Wiki and Knowledge Base to learn more.

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