The CFFiM welcomes the continued efforts of the TSX Inc. and TSX Venture Exchange Inc. (together, the Exchanges) to enhance global competitiveness through more flexible, market access infrastructure offerings. The Proposed Elastic Market Access Products represent a constructive step toward improving scalability and accessibility – particularly for smaller market participants.

Variable Pricing: The CFFiM also welcomes the adoption of variable pricing as previously recommended by the CFFiM to enable smaller participants to compete more effectively.

A Holistic Review: Yet, Elastic Market Access (EMA) Products must be viewed holistically. Greater transparency mitigates the risk of structural latency disparities.

Competitiveness Beyond Latency: While EMA Products attract latency-sensitive trading in the most liquid names, their broader impact on Canadian interlisted shares, trading volumes in common stocks and secondary market depth warrants data-based review.

Innovation in access is welcome. Innovation accompanied by data and transparency best serves participants, issuers, and investors.

The CFFiM’s full analysis is ici.

For all inquiries please contact CFFiM Public Affairs.