TSX PROPOSED AMENDMENTS CONCERNING DEFINITION OF “TSX CLOSING PRICE”, “TSX ASK” AND “TSX BID”
IIAC Comment Letter
The IIAC responded to the TSX’s proposed amendments concerning the definition of “TSX Ask,” “TSX Bid” and “TSX Closing Price”. The IIAC is supportive of the TSX’s objectives – namely to introduce an improved methodology for determining closing price and closing bid/ask for thinly traded securities. The IIAC, however, recommended the TSX amend its planned approach for non-ETF securities so that it better mirrors that which it proposes for ETFs. The IIAC also noted that for the initiative to be most impactful to dealers and their clients, regulatory support is required to enable broad industry use of the prices and quotations determined by the TSX.
To read the IIAC comment letter, click here. For more information, please contact Jack Rando.