MX

MX

MX Overview

The Montreal Exchange (MX), part of the TMX Group, 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.

MX Exchange API

TT® supports the following:

  • Prices: HSVF (SOLA)
  • Orders: SAIL

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.

Basis Trade on Close

MX provides Basis Trade on Close functionality, which allows futures trades at a price equal to the close of its underlying cash market plus a price differential (positive or negative) known as "the basis". TT supports trading of basis contracts, which use different ticker symbols than their underlying instruments.

Connectivity Options

Refer to TT Access for more details about your connectivity options for connecting to TT.