Only Canadian registered dealers are eligible to become MATCHNow® Subscribers, and can trade on MATCHNow® as principal, or as agent for their retail and institutional clients. Orders may also be sent directly to MATCHNow® by eligible clients of a Subscriber (Direct Access Clients). Third party networks and registered dealers that maintain their own proprietary market connections (collectively, Access Vendors) can connect to MATCHNow® for the purpose of transmitting orders submitted by Subscribers and Direct Access Clients.
Direct Access Clients
Direct Access Clients’ use of the MATCHNow® system is subject to certain terms and conditions specified in the TriAct Subscriber Agreement.
Prior to granting clients direct access to MATCHNow®, Subscribers must, among other things:
- Ensure that all orders are entered by clients that have direct access to the other marketplaces to which their orders may be routed; and
- Have the right to discontinue receiving any Direct Access Client’s orders at any time.
Subscribers must execute the TriAct Subscriber Agreement, which includes specification of the Access Vendors(s) through which the Subscriber will access MATCHNow®; and authorization of each Direct Access Client.
- Be registered in Canada as an Investment Dealer;
- Be regulated by the Investment Industry Regulatory Organization of Canada Inc. (IIROC) and comply with all applicable regulatory requirements and securities laws, including the Universal Market Integrity Rules (UMIRs); and
- Report and settle all MATCHNow® trades, either as a CDS Participant or through a qualified agent.
Access Vendors must execute the TriAct Network Connectivity Agreement, which includes, among other things, confidentiality provisions restricting the use of MATCHNow® liquidity information.
Access Vendors establish FIX connectivity to MATCHNow® to:
- Route Liquidity providing orders to the “MATCHNow® Liquidity” destination
- Route to the “MATCHNow® Marketflow” destination only those orders with a potential match
- Route Odd Lot Liquidity providing orders to the “MATCHNow® OLLP” destination