November 4, 2025
TMX IP Notice 2025-109
TMX Information Processor
TMX IP Feed Change - CIRO Net Asset Value Orders and Intentional Crosses
Attention TMX IP Customers
Further to CIRO bulletin 25-0200, the proposed amendments to the Net Asset Value Order (NAV) and Intentional cross will be effective on January 13, 2026.
The TMX IP will implement this change by introducing a new tag value on the Consolidated Data Feed (CDF) and the Consolidated Last Sale (CLS) feed as outlined below. Please note there are no changes to the feed specifications for Intentional cross.
Feed Change Summary:
| Feeds | Message Type | New Values (for existing tag) |
| CDF | TradeReport | - Field Identifier # 390 = CrossType New tag value: "NAV"; Net Asset Value Order |
| CLS | TradeReport | - Field Identifier # 390 = CrossType New tag value: "NAV"; Net Asset Value Order |
For further information, refer to the updated CDF and CLS specifications available now on our TMX Webstore.
Regards,
TMX IP Team
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