December 10, 2025
Ops Notice 2025-060
TMX Operational Notice
REMINDER: 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 open, high, low, last sale and close prices. They are included in the volume, value and number of transactions.
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 |
*NAV crosses do not set the open, high, low, last sale and close prices. They are included in the volume, value and number of transactions.
For more information regarding this notice, please contact TMX Equities Operations.
TMX Group Limited and its affiliates do not endorse or recommend any securities issued by any companies identified on, or linked through, this site. Please seek professional advice to evaluate specific securities or other content on this site. All content (including any links to third party sites) is provided for informational purposes only (and not for trading purposes), and is not intended to provide legal, accounting, tax, investment, financial or other advice and should not be relied upon for such advice. The views, opinions and advice of any third party reflect those of the individual authors and are not endorsed by TMX Group Limited or its affiliates. TMX Group Limited and its affiliates have not prepared, reviewed or updated the content of third parties on this site or the content of any third party sites, and assume no responsibility for such information.