Becoming a Dealer
Most Canadian securities dealers are connected to CNSX. These firms range from fully-integrated investment dealers to medium and smaller sized dealers with specialties in retail brokerage, corporate finance, registered professional trading and market making. Several firms are acting as market markers in CNSX securities although this is not a requirement to participate.
CNSX is a fully recognized and regulated stock exchange. CNSX’s marketplace is an auction market which supports competitive market making. Orders are entered into a central limit order book for execution by the automated trading system. CNSX’s Trading Rules are designed to ensure full price and time priority while market makers receive order flow from non market makers and their clients, concentrating the available liquidity to facilitate active trading. CNSX is NOT an Over-The-Counter (OTC) marketplace.
CNSX recognizes the regulatory standards for membership in IIROC and membership in this organization is the qualifying requirement to become a CNSX Dealer, thus providing investors and issuers with confidence in the marketplace and its participants, as well as relieving dealers from a lengthy approval process.
Each CNSX Dealer firm must meet the following minimum requirements in order to obtain access to the trading facilities of CNSX:
Dealers will be approved once the completed application and payment have been received and reviewed. CNSX is committed to providing service excellence and will make every effort to process applications expeditiously.
ACCESS & TRADER WORKSTATIONS
Dealers may use their existing order entry systems (IRESS, Belzberg, ITS-Online) to access the CNSX markets. Once approved, Dealers should contact their order entry vendor to request the upgrade software for their terminals. CNSX will provide stamp gateway access to the Order Entry Vendor of the Dealer's choice. Dealers will use the same trading number identification currently assigned to them by other Canadian exchanges.
CLEARING & SETTLEMENT
CNSX is connected to the Canadian Depository for Securities (CDS) and to CNSX Dealers. The trading system will assign a ticket number to each trade. CNSX will download a daily trade activity report to CDS which will then be responsible for clearing and settling the trades under the Continuous Net Settlement System.
Each CNSX Dealer must pay a one-time application fee of $2,500 plus GST/HST with their completed application. As the trading volume on CNSX grows, CNSX may introduce a monthly access fee for dealers, although this fee has been waived until further notice.
CNSX Approved Traders may apply to CNSX to become a market maker for any number of CNSX Issuer securities. Market Makers agree to post a continuous two-sided market with a reasonable spread for a minimum of three consecutive months. There may be more than one market maker per CNSX Issuer. Applications for market making are processed within 24 hours.
MARKET MAKER OBLIGATIONS
A market maker given an order from a non market maker has the option of trading immediately with the order or entering the order into the book. The same order exposure rules and best execution obligations apply on CNSX as they do on other exchanges.
REAL TIME DATA Data may be obtained by request to your existing vendor.
The following Data Vendors are authorised to provide real-time market data for CNSX's stock exchange.
For Further information on becoming a CNSX Dealer, please contact Adam, Schmidt, 416-572-2000 Ext. 2285
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