As it does in the U.S., POSIT will offer an electronic equity matching system to institutional investors in Canada, allowing for large blocks of TSE listed stocks to trade confidentially and with minimal market impact. Trades will cross at the midpoint of the bid/offer spread, resulting in substantial cost savings to investors. Institutions will be able to access the POSIT match directly, or through their chosen broker/dealer, resulting in the creation of a new and substantial pool of alternative liquidity in TSE-listed stocks.
"Our customers are very optimistic about the availability of POSIT in new markets such as Canada" said Ray Killian, chairman, president and chief executive officer of ITG. "POSIT is a product they know and trust. In addition, the availability of POSIT as a facility of the Toronto Stock Exchange is an innovative approach that we believe will encourage usage by all market participants."
Adam Conyers, senior vice president - TSE Equity Markets, said, "We are excited about being able to offer such an internationally recognized product to our institutional customers. While completing the transition to our new trading environment remains our first priority, the TSE will continue to explore opportunities such as POSIT to provide our different customer groups with products that meet their needs."
