Order Handling Policies & Procedure on Equities Marketplaces
Order Handling Policies & Procedures on Equities Marketplaces
In accordance with Best execution and Order Protection Rules obligations, Société Générale Capital Canada Inc. (“SGCC”) uses the TSX Smart Order Router service to route orders to Canadian visible marketplaces during regular market hours.
The TSX Smart Order Router service consolidates order information from multiple marketplaces to enable the subscriber to transmit equity securities orders to the Marketplace with the best price.
During regular market hours SGCC achieves best execution by using Smart Order Routers that will route the submitted orders to the best visible market. All available visible markets are considered during the continuous trading session.
SGCC is a participating organization of the following marketplaces:
CANADIAN LISTED SECURITIES
Marketplaces that provide opening auctions may have different methodologies in calculating the opening price. Price discrepancies between marketplaces may occur.
Orders submitted by clients to SGCC representatives to participate in a pre-opening session must be communicated before 9:25 a.m. ET. to provide enough time to SGCC representatives to submit them before market opens at 9:30 a.m.
SGCC will transmit pre-open orders to the Toronto Stock Exchange or TSXV depending on where the security is listed.
Unless instructed by client, all orders for Canadian stocks received between 9:30 a.m. and 4:00 p.m. ET, Monday through Friday, not including statutory Canadian holidays ("Regular Trading Hours"), will be transmitted for best execution through TSX Smart Order Router.
There are multiple marketplaces in Canada on which orders to trade listed securities can be placed and executed. In accordance with Best execution and Order protection rules obligations, SGCC uses the TSX Smart Order Router service to route orders to all Canadian visible marketplaces.
The TSX Smart Order Router service consolidates order information from multiple marketplaces to enable SGCC to transmit equity securities orders to the Marketplace with the best price.
In exercising reasonable diligence, SGCC representatives will consider among other things:
- The character of the markets or security (e.g. price, volatility, relative liquidity),
- The size and type of the transaction,
- The terms and conditions of the order as communicated to the firm by the customer.
Some marketplaces offer additional order execution facilities outside of their normal trading hours. Clients should consult the web sites of the marketplace where they intend to trade outside of regular business hours.
Unless instructed by client, orders received after the close of the regular session will be held and transmitted to the market on the following business day.
Please be advised that price determination and liquidity may vary from market to market during these trading sessions.
Unless instructed by client, SGCC will not transmit to U.S. equities markets orders on Canadian securities inter-listed on U.S marketplace to provide best execution.
A market order is an instruction to trade at prices available on marketplaces. Market orders are immediately traded upon order entry provided there is sufficient volume and liquidity.
A Limit Order has an explicit minimum sale price or maximum purchase price provided by the client. Limit orders are not guaranteed a fill unless the security trades above the specified order price in the case of a sell order, and below the specified order price in the case of a buy order.
Market On Close Order (“MOC order”)
A Market on Close order will trade on the Market on close facility at the calculated closing price. Market on close orders must be entered into the MOC Facility before 3:40 p.m.
Day orders expire at 5:00 p.m. and can participate in all trading sessions.
Good Till Cancel Order (“GTC order”)
Good till cancelled orders expire at 5:00 p.m., 90 calendar days after order entry. These orders participate in all regular sessions.
Good Till Date Order (“GTD order”)
Good till date orders expire at 5:00 p.m. on a specific day. These orders participate in all regular sessions.
FOREIGN EXCHANGE TRADED SECURITIES.
The handling of customer orders in foreign securities that do not trade in Canada may differ from the handling of orders in Canadian traded securities. The character of the particular foreign market, the accessibility of quotations may vary significantly.
SGCC transmits orders on foreign exchange traded securities using its affiliates routing systems.
SGCC will make a reasonable effort to obtain a price for the customer that is fair and reasonable in relation to prevailing market conditions, considering the availability of the securities involved in the transaction, the fair market value of the securities at the time of the transaction and the total dollar amount of the transaction.