Definition
Canadian ATSs (e.g., NEO, CSE2, Liquidnet, MatchNow) compete with the TSX/TSX Venture for order flow. UMIR Rule 5.2 (Best Execution) requires dealers to consider all marketplaces, not just the listing exchange. ATSs typically charge lower fees and may offer dark or hidden order types.
Source
NI 21-101; UMIR 5.2
Where this shows up on the CIRE
- Outcome 7.1
- Outcome 7.2