The Canadian Securities Exchange provides an alternative to traditional exchanges as it has lower costs and capitalization requirements than the other primary markets in Canada.
Currency: Canadian Dollar (CAD)
CSE uses the same underlying technology for its primary market as it does for its alternative trading venue PURE.
Note: not all order types are available for every gateway.
|Price Range||Board Lot|
|$0.10 to $1||500|
|Price Range||Board Lot|
This section provides a basic overview of trading on the systems operated by the Canadian Securities Exchange (CSE). It is not intended to be a comprehensive description of all the functionality of the trading systems.
The CSE has retained the Investment Industry Regulatory Organization of Canada (IIROC) as its regulation services provider, or market regulator. The Universal Market Integrity Rules (UMIR) apply to all activity on the CSE. All markers, identifiers, and order types required by UMIR are available.
Orders entered during the pre-open market state are queued in the regular term book and an opening price is calculated (the Calculated Opening Price or COP). Each symbol has only one opening price per move from pre-open to open market state. The COP is based only on the regular term book. Terms and odd lot orders match and trade only after the opening state change. The following criteria are used to calculate the opening price in consecutive order:
The pre-opening phase is from 08:00:00 - 09:30:00. During this phase, orders can be entered and cancelled but will not be matched. Matching takes place at the open (09:30:00).
The closing price is defined by the following closing auction mechanism. Auction means an auction conducted in a trading platform to match the Central Limit Order book with any orders in the closing order book.
1. Pre-Imbalance (07:00 - 15:40)
2. Post-Imbalance (15:40 - 16:00)
3. Calculated Closing Price (CCP) (16:00)
3b. Price Movement extension (PME) (16:00 - 16:10)
3c. Price Movement extension close (16:10)
Order Types: traders may enter Market-On-Close orders prior to the 3:40 pm publishing of the imbalance, after which only Limit-On-Close and regular limit orders opposing the imbalance will be accepted to participate in the closing auction.
For more information on the auction mechanisms on the Canadian Securities Exchange, see the Order Types and Functionality page. CSE operates under rules similar to the TSX.