TMX Group has launched a new US-based alternative trading system (ATS) venue, designed to create a trading environment with enhanced execution quality.
Named AlphaX US, the ATS is TMX Group’s first venue expansion outside of Canada for its markets division.
The ATS will trade US-listed securities only (Reg NMS), with TMX Group adding that participants will be FINRA-registered broker dealers.
“After continuous consultation with our clients, we are proud to introduce AlphaX US, a venue that is focused on execution performance, and provides innovation and ease to the broker dealer community,” said Heidi Fischer, president, TSX Alpha US.
“There are several unique offerings within AlphaX US, and we have combined that functionality with a model that provides easy implementation, customisation, and strong analytics for our partners. It’s through feedback and collaboration with our stakeholders that we are able to deliver solutions that make markets better.”
AlphaX US provides trading in all Regulation NMS common stock, exchange-traded funds and American depository receipts.
The venue follows the US equity market holiday calendar and matches trades during regular US market hours.
TMX Group added that AlphaX US allows order entry starting 60 minutes prior to the open and continuing throughout the trading day.
“One of our top priorities is solving for the business needs of our clients,” said Luc Fortin, global head of trading at TMX Group.