October 28, 2025
Equities Notice 2025-042
TMX Equity Trading Notice
Implementation Details Regarding CIRO Amendments Respecting Net Asset Value and Jitney Crosses
Overview of Key Changes
- Updated Intentional Cross Definition and Functionality: The revised definition removes the prohibition on one side of the intentional cross being marked as jitney. As a result, crosses marked as jitney will be permitted at the NBBO, however will not be subject to cross interference.
- Introduction of NAV Speciality Cross: This new cross is designed for executing a trade at the net asset value price of a security. NAV crosses will be permitted at up to five decimal places, but will not set the last sale price.
Production Launch: January 13th, 2026
Specification Summary
The following is a summary of the specification changes being made as part of these amendments. Updated specifications are available for download on the TMX Webstore.
| Feed | New Values (for Existing Tags) | Affected Message Type |
| FIX Order Entry | #6773 "TSXCrossType" - Added value "N" |
- New Order – Cross - Exec Report - Cross Acknowledgement - Exec Report - Partial/Complete Fill |
| Broadcast Feed (TBF/CBF/ABF/PBF) | #390 "CrossType" - Added value "NAV" |
- Cross Confirmation Report - Trade Report |
| QRTMD L1 TL1/CL1/AL1/PL1 |
"Cross Type" field - Added value "N" |
- A (Trade) - X (Trade Correction) |
| QRTMD L2 (TL2/CL2/AL2/PL2) |
#390 "CrossType" - Added value "NAV" |
- Trade Report |
| Binary L1 (TQL1/VQL1/AQL1/PQL1) | "Cross Type" field - Added value "N" |
- Trade |
| Binary L2 (TQL2/VQL2/AQL2/PQL2) | "Cross Type" field - Added value "N" |
- Trade Report - Trade Report - Terms - Trade Correction - Trade Correction - Terms |
For more information regarding this notice, please contact the Account Management Team.
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