Supports Market Order, Limit Order, Minimum Fill and Time in Force

ICX CBX is a low-latency, continuous limit order book that provides the benefit of broker/time priority matching, with the option of trading anonymously or by having the trade attributed. It is fully closed with no IOIs sent, orders routed or quotes displayed in public markets.

ICX CBX supports advanced order types and uses an ultrafast matching engine based on technology developed for securities exchanges.

Crosses are printed on ICX and fill details are sent to subscribers, CDS and CIRO.

ICX participants may send conditional orders to the ICX Conditional Order Book. Conditional orders are non-firm indications of trading interest which cannot by themselves result in an executed trade and only interact with other conditional orders. In the event of a match identified on the ICX Conditional Order Book, each conditional order will be cancelled back in full and the participant will receive an invitation to "firm up". Subscribers may then respond by submitting a firm order to the ICX CBX book, where the normal ICX execution protocols will apply.

Supports Market Order, Volume, Minimum Fill, All-Or-None (AON), Buy Cash Constraint and Sell Cash Constraint. Limit orders not available.

1. Buy and Sell Orders are sent to the VWAP Cross destination via Newport, Portal, FIX, other EMS/OMS platforms etc. before 9:15 am.
2. Matched orders are "locked in" to end-of-day VWAP price.
3. When cross is done, an indicative fill is sent out – price of fill will be the previous close price. Reprice is done to the VWAP when the reprice event is sent.
4. Un-matched orders are cancelled, and the subscribers are notified.
5. Matched orders are priced at 4:10 pm consolidated Canadian VWAP price calculated from direct market feeds.
6. VWAP pricing up to 4 decimal points.
7. Matches are printed on ICX and fills details are sent to subscribers, CDS and CIRO.

DAY

A day Order will remain live on the ICX book for the duration of the trading day or until cancelled during the trading day by the subscriber. At the end of the ICX trading day (4:00 pm Eastern Time) all outstanding, unfilled day orders will be cancelled.

GTD

A "Good 'til Date" (GTD) order expires at the earlier of a specified Expire Time or the end of the ICX trading day. At the end of the ICX trading day (4:00 pm Eastern Time) all outstanding, unfilled day orders will be cancelled.