Price Improvement

Price Improvement on MATCHNow®

Avoid crossing the spread again and expensive maker/taker fee structures. MATCHNow® provides price improvement to every participant over two price levels: midpoint and minimum price improvement.

Using real-time direct quotes from all protected transparent Canadian markets, MATCHNow® automatically executes orders at a price between the Canadian National Best Bid/Offer (NBBO) at the time of the match, to a maximum of four decimal places.1

  • Trading is done at mid-point by default
  • Active orders can save up to 50% of the NBBO spread, providing an attractive option to crossing the spread
  • Liquidity providers gain access to active flow higher in the routing table, finding size while avoiding the noise on the lit markets
  • Liquidity providers also trade with other liquidity providers, finding sizable liquidity matching off against natural contra passive orders
  • Control your orders with “Minimum Fill Quantity”, “Minimum Tradelet Size Executed” and “Cash Constraints” to lock in the liquidity you’re looking for
  • Trade odd lots for free at the quote in the dark

Since it began operations in July 2007, MATCHNow® has generated substantial savings for participating dealers and their clients, comprised of price improvement over the NBBO, and execution cost savings over displayed market fees for active (liquidity taking) orders.

As dealer participation continues to expand, industry savings will grow accordingly, demonstrating the true contribution of MATCHNow® to best execution, and efficient Canadian markets.

1 In a locked market, MATCHNow® will not trade.
Four decimal trading is available November 6, 2014

  • Price Levels on MATCHNow®

    Watch this video to understand how orders interact on MATCHNow®.

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Latest Updates

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  • Week Ending June 16th, 2017

    MATCHNow’s market share by volume for the week ending June 16th was 4.50% compared to previous week of 5.71%. MATCHNow’s market share by value for the week ending June 16th was 4.06% compared to previous week of 5.39%.

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  • Week Ending June 9th, 2017

    MATCHNow’s market share by volume for the week ending June 9th was 5.71% compared to previous week of 6.15%. MATCHNow’s market share by value for the week ending June 9th was 5.39% compared to previous week of 5.66%.

    Read More