Canadian traders looking to execute odd lots are about to get a new venue to conduct their business.
Chi-X Canada is opening the CX2s Odd Lot Facility, which will offer unique features such as the ability to immediately execute marketable odd lot IOC orders for all TSX listed and TSX Venture listed securities at the contra-side of the Canadian Best Bid Offer (CBBO).
Odd lots are considered to be orders totaling less than the standard 100 shares for stocks. To better trade odd lots, sometimes they are combined or bunched with other odd lot orders to make a larger round lot of stock which is easier to trade.
CX2 opens today, Wednesday, April 1, 2015.
The pricing schedule is as follows:
TSX & TSXV listed securities $1 & up Liquidity removing fee: $0.0020
TSX & TSXV listed securities below $1 Liquidity removing fee: $0.0005
The Odd Lot Facility will be available from 9:30am to 4:00pm ET.
Chi-X Canada is a subsidiary of Chi-X Global, and operates the Chi-X Canada and CX2 exchanges.
Chi-X Global is owned by a consortium of major financial institutions and operates market centers in Australia, Canada and Japan.
