Odd Lot Dealer Program

The role of the Alpha Odd Lot Dealer (OLD) Program is to provide a consistent and efficient way to service odd lot orders by providing an automatic immediate fill for incoming tradeable odd lots at the Protected NBBO. Odd lots resting in the Alpha Odd Lot book which later become tradeable due to a change in the Protected NBBO are also automatically filled by the Alpha Odd Lot Dealer.

Unlike the TSX Market Making program, VODs are only required to service odd lots and do not have market making responsibilities.

Benefits to Odd Lot Dealers:

  • Preferential trading fees and are eligible for a monthly symbol credit per symbol of responsibility designed to offset various costs incurred in carrying out their odd lot responsibilities
  • Reputational benefit and industry-wide visibility associated with being an established trading firm that meets TSX Alpha Exchange requirements

Odd Lot Dealers do not have any proprietary pre-trade information or access to information regarding trade order entry of other participants.


TSX Alpha Exchange member firms may apply to become Alpha Odd Lot Dealer members. The Odd Lot Member may assign the performance of their responsibilities for trading in their Assigned Securities to DMA Eligible Clients or Approved Traders of DMA Eligible Clients. (The UMIR exemptions applicable to "marketplace trading obligations" only apply with respect to the Market Maker's odd lot activities.)

Click here to access a list of Alpha Odd Lot Dealer firms. 

Allocation of securities of responsibility

Securities are allocated to firms at the discretion of the TSX Alpha Exchange. In general, a basic round robin process is used to evenly distribute symbols across all OLD firms to ensure equal treatment. From time to time, the TSX Alpha Exchange may temporarily modify this round robin assignment in order to rebalance symbol assignments.

If you are interested in becoming an Alpha Odd Lot Dealer, or for more information on the program, please contact a TMX Account Manager or TMX Manager of Market Quality.