Connecting to MATCHNow®
MATCHNow® is represented by three FIX-based destinations accessible through existing trading applications.
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.
The MATCHNow® system uses real-time quotes for all protected transparent Canadian markets. All orders matched within MATCHNow® are executed at a price inside the national best bid and offer (NBBO) at the time of the match, to a maximum of 4 decimal places. MATCHNow® matches board lot and odd lot orders, for regular, short and long settlement, and is available from 8:00am daily, operating during normal market hours, 9:30am to 4:00pm. (Holiday trading hours may be adjusted in accordance with protected transparent Canadian markets.)
Cancel on Disconnect (COD) Feature
COD functionality provides automated cancellation of outstanding orders in the event of connectivity loss. This automated cancellation service is made available to subscribers and their respective access vendors to mitigate the risks associated with open orders on a session disconnect. COD is only available on the liquidity supplier sessions. All orders sent through a market flow session are “immediate-or-cancel” orders and do not remain open in MATCHNow®.
When the COD is invoked, the liquidity supplier order entry session bundle will send, on behalf of the subscriber, cancel requests for all open orders associated with that designated session. All cancel messages are kept in the FIX message queue. Upon re-establishing the session during the same trading day, all canceled messages will be delivered with a request to recover.
The COD feature is available when MATCHNow® order entry sessions are established before market open 9:30 am EST and until market close at 4:00 pm EST.
COD will be triggered if there is no activity in the session for two consecutive heartbeat periods; or if MATCHNow® detects a session disconnect without receiving any logout or sign-off requests from the subscriber or access vendor; or if the session is gracefully disconnected after MATCHNow® receives the log-out/sign-off request from the client.
All orders cancelled due to a COD trigger will receive order cancellation confirmation messages once the associated session is reconnected.