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Cancel on Disconnect (COD)
COD Confirmation and Acknowledgement
Cancel on Disconnect is an optional gateway session feature that will restrict order entry on user-specified session bundles and attempt to cancel all open orders per session upon an involuntary loss of connectivity between TMX and the client. Cancel on Disconnect will assist users to mitigate risks associated with managing open orders on Toronto Stock Exchange (TSX), TSX Venture Exchange (TSXV), and TMX Select when there is an involuntary loss of connectivity.
Once COD is triggered, the session bundle will be blocked, new orders entered on that order entry port will not be accepted and order acknowledgments will not be sent. All open orders pertaining to the triggered session bundle will be cancelled, with the exception of duration orders (i.e. GTC/GTD), MOC cancels after 3:40 pm and cancellation due to the stock/stock group state (e.g. stock is frozen, stock state is inhibited). A session can only be re-activated after a COD event by contacting TMX Market Operations at 416 947-4357 or 416 947-4705.
COD will be available in post open session (9:30 am - 4:00 pm), including Limit on Close (LOC) orders. It will also be available during extended hour cancellation (4:10 pm - 4:15 pm) and extended hours ( 4:15 pm - 5:00 pm) session. Note that COD will only be available for non-MOC orders during MOC Imbalance (3:40 pm - 4:00 pm).
COD functionality is available for all gateway sessions connecting to Toronto Stock Exchange, TSX Venture Exchange and TMX Select. Order cancellation confirmation messages as result of COD will be designated with new FIX and STAMP tags.
To enable the Cancel on Disconnect feature, the COD Application Form must be completed and submitted to a TMX Account Manager by a TSX Participating Organization, TSXV Member, or TMX Select Subscriber, including for DMA client sessions through which access to TSX, TSXV, or TMX Select is provided.
Additional Information
For technical specifications regarding the new tags introduced related to COD, please refer to the latest TSX FIX and STAMP protocol specifications, or contact TMX Market Operations at 416 947-4357 or 416 947-4705.
Any questions related to Cancel on Disconnect or the COD Application Form can be directed to your
TMX Account Manager
© 2011 TSX Inc. All rights reserved. This information is provided for information purposes only. Neither TMX Group Inc. nor any of its affiliated companies guarantees the completeness of the information contained in this presentation, and we are not responsible for any errors or omissions in or your use of, or reliance on, the information.
