MATCH Now is designed to offer better execution to institutional, proprietary and retail customers alike. Users of MATCH Now gain several strategic advantages in Canada’s capital markets.
- CONFIDENTIAL CONTINUOUS
- Broker- neutral dark book
- Combines frequent call matches with continuous execution
TriAct Canada Marketplace introduces MATCH Now, a new style of trading; one that combines frequent call matches with continuous execution opportunities. MATCH Now is designed to offer better execution to institutional, proprietary and retail market bound order flow, all within a fully-confidential electronic marketplace.
- AVAILABLE TO ALL
- Canadian Registered Dealers
- Canadian Buy Side and U.S. firms (through sponsoring Canadian Dealers)
- Participants connect via 3rd party Access Vendors or directly via FIX
Canada's premier Access Vendors are adding MATCH Now as a new marketplace within their current trading applications and new "smart routing" services. You can access MATCH Now as easily as selecting a new market destination for your order. No onerous new system to apply or pay for.
- SWEEP MULTIPLE MARKETS
IN ONE STEP
- Trade TSX and TSX-Venture listed securities
- Smart order routers send your order to MATCH Now only if a potential match exists
- Unmatched orders are routed directly to the marketplace of your choice
MATCH Now trades all TSX-listed securities. When you select "smart routing" as your Canadian destination, your order "glances" into the MATCH Now marketplace. Access Vendors will route the order to MATCH Now only if a potential match exists; otherwise, the order does not enter MATCH Now and instead routes directly on to a transparent Canadian marketplace.
- AUTOMATIC PRICE
- Trade inside the Canadian National Best Bid/Offer (NBBO)
- All orders are traded at mid-point
- Smart-routed orders gain 50% of the spread
- Liquidity providers have access to contra passive orders and streaming active orders from Smart Order Routers
When a match occurs in MATCH Now it is priced according to the Canadian National Best Bid/Offer (NBBO) at the time of the transaction. Passive liquidity providers gain a minimum of 80% of the NBBO spread; active marketflow/smart routed orders gain up to 20% of the spread (up to $0.01). When two liquidity providers match, they share the price improvement 50/50.
- REDUCE EXECUTION
- Gain access to firm wide flow (including retail)
- No maker/taker rebate arbitrage
- Cost effective liquidity without crossing the spread
- MATCH Now Fee Structure
All Client-Principal transactions in MATCH Now automatically comply with UMIR price improvement requirements. While all customers enjoy the cost savings of automatic price improvement, institutional clients now have direct exposure to dealers' firm-wide flow (including retail). Dealers enjoy the cost savings of retaining their own order flow.
- FIRST STOP FOR
SMART ORDER ROUTERS
- Large price improvement incentive for natural active flow to check MATCH Now before the lit market
- Reduce information leakage by trading at mid-point
- Designed to help natural investors source liquidity
MATCH Now offers a competitive new fee structure. Dealers and their respective clients can achieve substantial savings over traditional execution venues.
- NO PUBLIC
- No pre-trade information on participants, order sizes, or pricing
- Post-trade information is only publicly displayed on the consolidated tape post-trade
- No tiered market data, eliminate latency arbitrage
Access Vendors receive secure MATCH Now liquidity information (symbol and side), which is used only to determine whether marketable orders are routed to MATCH Now. No pre-trade information on participants, order sizes or pricing is publicly displayed, as the system is fully confidential.
- ZERO MARKET
- Opportunity for size improvement with zero market impact when entering large orders – no fear of disclosure
- Using the “anonymous” feature virtually eliminates any information leakage
- Rest a large block with minimum fill quantities, while taking visible liquidity
MATCH Now provides an opportunity for "size improvement" with zero market impact by allowing participants to submit large orders without fear of disclosure. Information leakage can be virtually eliminated through anonymous trade reporting.
- EXECUTION CONTROL &
- MATCH Now offers unique features (e.g. Order Expiration Time, Price Protection, etc.)
- Users can control trade execution, minimize risk, and achieve overall trading goals
MATCH Now combines a number of unique features that enable the trader to automate key trading criteria. Settings such as Order Expiration Time, Rate of Execution, Price Protection, and Portfolio Constraints empower the trader to control trade execution, minimize risk, and achieve overall trading goals.