Order Types
Limit Orders
Limit orders are executed at the price (or better) specified in the order. All orders adding liquidity are placed on the book at the price in the order.
Day Orders
Day orders are effective during normal market hours. Subcribers with open orders at market close will receive “done for day” messages informing the originator that any open orders have been closed.
Fill Or Kill
If the order can not be completely filled immediately, it is cancelled instead of being placed on the book.
Immediate Or Cancel
The ATS matches as many shares as possible and any balance is cancelled.
All or None
Omega ATS accepts All-or-None order requests but they are treated as a Fill or Kill.
“Post Only” Orders
Subscribers can submit Execution Instructions that specify orders are to be “posted” to the book. Orders flagged as “Post Only” are not eligible to remove liquidity from the order book. If an order marked “Post Only” is immediately executable (i.e., it can remove liquidity from the order book), it is instead rejected.
If a subscriber enters an order without post-only instruction, it is matched against the ATS at the best price. If unable to match, the order is placed on the ATS book and presented to the market via the ATS data feed. Price improvement, if available, is given to orders that remove liquidity from the book.
Bypass Internal Cross
Subscribers can submit a Bypass Internal Cross for free. If the cross is not marked Bypass, the order will be rejected. Subscribers must displace visible liquidity up to the desired price prior for crossing. All Bypass Internal Crosses will have priority over posted liquidity and will not be subject to interference at the displaced price.
Order Priority Queue
Omega ATS’s order book follows Canadian industry-standard price/time priority rules
Tick Increments
Orders submitted below $0.50 can trade and quote in half penny increments and orders submitted at or above $0.50 can trade and quote in full penny increments.
Order Protection
Direct Action Order(DAO)
This marker is used by a broker dealer or their trader to indicate that the order has satisfied all checks for book through/trade through prevention before reaching the marketplace and will not require the marketplace to protect this order. To use this marker, the session must either be defaulted to DAO, or the order must have FIX tag 6820 = N.
OPR Re-price
If an order is designated to be OPR re-priced in the event it would either trade through or book through the CBBO, Omega will fill as much of the order as possible up to the far side of the CBBO. The remainder of the order would then be re-priced one tick away from the far side to prevent locking the CBBO. To use this option, the session must either be defaulted to OPR Re-price, or the order must have FIX tags 6820 = Y and 6821 = Y.
OPR Cancel
OPR Cancel – If an order is designated to be OPR Cancel, Omega will fill as much of the order as possible up to the far side of the CBBO. The remainder of the order would be canceled to prevent trade through or book through. To use this option, the session must either be defaulted to OPR Cancel, or the order must have FIX tags 6820 = Y and 6821 = N.
Market Regulation
The Investment Industry Regulatory Organization of Canada (“IIROC”) provides market surveillance. Omega ATS provides a streaming data feed to IIROC allowing the status and trading of all equity symbols to be monitored through the IIROC interface. Trading halts imposed by the TSX are co-ordinated with Omega ATS by IIROC. Regulatory halts (and resumptions) are enforced solely at IIROC’s discretion.
Trading Increments
Trading occurs in industry standard board lot increments based on the previous days closing price:
- $1.00 and up – 100 shares
- Between $0.10 and $1.00 – 500 shares
- Under $0.10 – 1000 shares
Odd lots, mixed lots and special terms are not supported.
