Attribution Choices

Following the introduction of new cross-marketplace regulations in 2001 making order attribution elective in Canada, TSX Markets introduced for its Participating Organizations the option of having a unique firm identifier shown on an order (an "attributed" order) or alternatively, remaining unattributed, or "anonymous." Order attribution for TSX Venture Exchange was launched in late 2005 and is also available on the TSX Alpha Exchange.

This choice combines the best features of an attributed marketplace with those offered by anonymous trading systems.

How it works

On an order-by-order basis, a Participating Organization or Member may elect attribution or anonymity. If attributed, the Participant's unique numeric ID will be provided via market information displays for all orders and trades. If anonymous, the non-specific numeric "001" will be associated with the order for the life of that order, including after execution, in all market information displays. At the end of the day where a trade is executed anonymously, Toronto Stock Exchange and TSX Venture Exchange will relay underlying Participant identity for that trade to the Canadian Depository for Securities Limited (CDS), in order that the trade may be settled.

Investment Industry Regulatory Organization of Canada, the independent trading regulator, tracks the "true" identity on all orders and trades. Where required, the compliance and risk management departments of the relevant Participating Organizations and Members may review their firm's anonymous orders and trades during the trading day, and, again where required, may retrieve the identity of an anonymous counterparty at the end of the trading day.


With the choice of attribution, Participating Organizations and Members, and their investing customers can:

  • Advertise an interest or activity in a security by choosing to attribute orders and trades, or
  • Avoid market impact costs associated with holding a known position or interest in a security.

For more information regarding use of Attribution Choices contact your TSX Markets Account Manager, or the Trading Services Helpline (Toronto area: (416) 947-4357 / Toll-free: (877) 370-0020).