MX

MX

MX Overview

The Montreal Exchange (MX) was founded in 1874 and is Canada’s oldest exchange. By 1999, MX was the only financial derivatives exchange in Canada. It became a for-profit corporation on October 1, 2000, and became the first traditional exchange in North America to be fully electronic in 2001.

Matching Engine

MX provides matching via their SOLA® electronic trading platform and matching (i.e. Trading) engine. The SOLA Trading engine is located in Markham, Ontario.

Matching Algorithms

MX matches orders by price/time priority (FIFO) and Opening matching algorithms.

Support for MX Anti-Wash functionality

TT supports the MX Anti-Wash functionality, which prevents self-matching orders. The Anti-Wash functionality protects participants and clients of participants from the involuntary act of engaging in “Wash Trade” transactions as long as both sides contain the same Anti-Wash ID Key. The keys are user-defined and configured for each user in Setup.

Anti-wash is configured per user on the Users tab. For each user, click Exchanges, select MX, and set the Anti-Wash Id and Anti-Wash Instruction options.

If populated in Setup, TT sends the Anti-Wash Id and Anti-Wash Instruction fields in the SAIL fields "AntiWashID" and "AntiWashInstruction" on all order messages sent to the exchange by that user.

For order modifications, the original Ant-Wash Id and instruction from the working order are sent to the exchange. Fill and Quote acknowledgements also include the user’s Anti-Wash Id.

Consider the following when using the Anti-Wash functionality on TT:

  • TT rejects orders with a blank AntiWash Instruction when an AntiWashId is populated for the user.
  • Anti-Wash rules apply to all Limit and Market order types, qualifiers, restrictions, and expiries natively supported by the exchange except for Committed orders and Stop orders.
  • The functionality is available for instruments that are in Open or Pre-open trading sessions, which allow order cancellations.

Connectivity options

The TT® platform supports connectivity to the exchange, so you do not have to contact the exchange regarding connectivity options.