Montreal options exchange trading hours

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montreal options exchange trading hours

Trading hours and holidays for many Cboe products are somewhat similar to those of many major US stock exchanges, except that, for example, the trading in some stock index options contracts continues until pm Chicago time. Montreal Exchange: A Canadian derivatives exchange that facilitates the trading of stock options, interest rate futures and options, as well as index options and futures. Located in Montreal. The Montréal Exchange's options market is divided into three main categories: interest rate, equity and currency options. MX's trading market model comprises all the features that are highly valuable to users: direct access, transparency, fairness and speed.


Montreal Exchange


Procedures for ensuring compliance with System usage guidelines. The hours of operation of the System, and the date on which applicant intends to commence operation of the System.

If applicant proposes to hold funds or securities on a regular basis, describe the controls that will be implemented to ensure safety of those funds or securities.

Only persons that have applied and been approved by the Exchange as BOX Options Participants will be permitted to transact business via the System. To be eligible for status as a BOX Options Participant, one must be a broker-dealer registered under Section montreal options exchange trading hours b of the Exchange Act and meet the other standards set forth in the Rule Series of the proposed Rules of the Exchange "Exchange Rules".

BOX Options Participants will be entitled to enter orders into and receive executions through the Book.

Liquidity will be derived from orders to buy and orders to sell submitted to the System electronically by BOX Options Participants from remote locations. Market Makers have certain rights and bear certain responsibilities beyond those of other Options Participants.

Market Makers may register for appointment in any options class listed and traded on the System, and such registration is approved by the Exchange. All Market Makers are designated as specialists for all purposes under the Exchange Act and the rules thereunder.

The Exchange Rules place no limit on the number of qualifying entities that may become Market Makers. The means of access to the System.

BOX will also provide multiple interface options that will allow its Options Participants that are already using such protocols to connect to the System with minimal effort.

BOX Options Participants will be permitted to send orders to buy and sell securities listed or traded on the System by using a variety of electronic systems. BOX has designed its System to allow its Options Participants to individually determine the best method for accessing the System. Thus, BOX Options Participants may develop their own customized front-end software using protocols determined by the Exchange, or may use third-party vendors to route orders to the System.

BOX Options Participants will be able to access the System remotely through a variety of methods and connections, so long as they support a minimum data exchange rate, as may montreal options exchange trading hours determined by BOX from time to time. To accommodate independent software vendors and approved BOX Options Participants who want to connect their own front-end trading applications to the System, BOX will offer an open platform.

BOX would provide a an interface which will allow its Options Participants who are already using either of these protocols for order routing and management to other options markets to connect to the System with a minimum of effort. BOX Options Participants will be responsible for having procedures reasonably designed for safeguarding access to the System and for notifying the Exchange upon learning that such safeguards have been compromised.

Connectivity to the System will occur through secure telecommunications "pops" or points of presence, montreal options exchange trading hours. Specifically, each BOX Options Participant will be assigned a specific port, or multiple ports, each of montreal options exchange trading hours has a unique session identification code provided only to such BOX Options Participant.

If admitted as a participant to the Plan, other plan participants would be able to send orders to the System in accordance with the terms of the plan as applied to the Exchange. Procedures governing entry and display of quotations and orders in the System.

Orders entered into the System must be priced and must have a designated size "Limit Orders" or must be orders to buy or sell a stated amount of a security at the national best bid or offer "NBBO" when the order reaches the System "Market Orders". Orders will be accepted for any such security, whether submitted by a BOX Options Participant on a proprietary or agency basis, in any quantity up to 99, montreal options exchange trading hours, contracts.

Order Entry Order Types. Limit Orders entered into the Book are executed at the stated limit price or better. Any residual volume left after part of a Limit Order has traded is retained in the Book until it is withdrawn or traded unless a specific designation is added which prevents the untraded part of a Limit Order from being retained.

Any residual volume is converted by the System to a limit order at the price at which the initial BOX-Top order was executed.

GTC orders remain in the Book until the order A trades; Montreal options exchange trading hours is withdrawn by the relevant responsible trader or BOX at the BOX Options Participant's request; C is automatically withdrawn by the System at market close on the date specified at the time of order entry; or D is automatically cancelled by the System on expiration of the contract month to which the order related.

FAK orders are immediately executed against any existing orders at the specified price or better, up to the volume of the FAK order. Any residual volume left after part of the Montreal options exchange trading hours order has traded will be automatically cancelled. The Exchange will maintain a full audit trail of every order submitted to the System. BOX Options Participants may receive status reports regarding submitted orders montreal options exchange trading hours orders can be changed or canceled after they are submitted to the Book.

The System will trade all securities in decimals. The minimum price increment for securities orders trading on the System will be consistent with any Exchange Rules, Commission rules or regulations adopted in this regard, montreal options exchange trading hours. Order Display. The number of orders and the total quantity at each of the five best price levels in the Book will be displayed to all BOX Options Participants on an anonymous basis.

The Exchange intends to become a participant in the OPRA Plan and will collect and submit to the relevant plan processor the best-ranked price level to buy and to sell in the Book and the aggregate size of orders associated with such prices. This information will be submitted for dissemination pursuant to the requirements under Rule of Regulation NMS under the Exchange Act, montreal options exchange trading hours.

Filtering of In-Bound Orders to Prevent Trade-Throughs With the exception of certain orders submitted during a PIP and Directed Orders, montreal options exchange trading hours, all orders submitted to the System whether on behalf of Customers, non-BOX Options Participant broker-dealer proprietary accounts or market makers at other exchanges will be filtered by the System, montreal options exchange trading hours, to ensure that such orders will not execute at a price outside of the current NBBO, prior to their being placed on the Book.

The filter operates according to Rule Unlike all other orders submitted to the System, Directed Orders are not anonymous. Procedures governing the execution, reporting, clearance and settlement of transactions in connection with the System, montreal options exchange trading hours. Trades will execute when orders or quotations on the Book match one another. The priority of orders at the same price will be determined by time of order entry. Limit Orders would trade immediately with any orders already in the Book at the limit price or better, up to the available quantity.

Before being placed on the Book, any remaining Limit Order quantity will be filtered to ensure that it does not trade at a price outside the NBBO. The Exchange will have a policy that will permit it to address those instances in which transactions occurring on the Exchange involve obvious or catastrophic errors.

The Exchange proposes to permit the Exchange to either bust a transaction or adjust the execution montreal options exchange trading hours of a transaction that results from an obvious error. The Exchange will review the transaction to determine whether, in fact, the transaction was the result of an Obvious Error, and work with the parties to the transaction to determine if the appropriate action is to bust the trade or adjust the price of the trade to achieve an equitable rectification of the error.

Similarly, under the Catastrophic Error Procedure in proposed Rule hif a Participant believes it has participated in a transaction that qualifies as a Catastrophic Error as defined in proposed Rule dthe Participant must notify MOC. The Exchange will review the transaction to determine whether, in fact, the transaction qualifies as a Catastrophic Error.

With certain exceptions, a BOX Options Participant is not otherwise permitted to trade with its agency orders, montreal options exchange trading hours. During a pilot period to be established, there will be no minimum size requirement for Customer Orders to be eligible for the PIP Process. Clearance and Settlement of Transactions.

The Exchange intends to become a participant in the Options Clearing Corporation. Proposed montreal options exchange trading hours. The Exchange will file with the Commission any proposed changes in fees in accordance with the process set forth in Section 19 b of the Exchange Act, montreal options exchange trading hours, montreal options exchange trading hours amended.

The Exchange may, however, prescribe such reasonable dues, fees, and assessments or other charges for BOX Options Participants as it may deem appropriate in the future. BOX Options Participants will be subject to fees for orders executed on the System as set forth in the Exchange Rules or as may otherwise be determined by the Exchange Board from time to time, montreal options exchange trading hours.

The Exchange does not intend to charge a fee for modifications or cancellations of orders. BOX Options Participants will be solely responsible for all telecommunications montreal options exchange trading hours and all other expenses incurred in linking to, and maintaining links to the System and the Exchange. The Exchange will assess a variable Point of Presence Connection fee based on the number of connections for each BOX Options Participant to maintain network communications with the System, and the bandwidth associated with such connections.

In addition, montreal options exchange trading hours BOX Options Participant may enter orders in test securities to ensure compatibility with System protocols. BOX Options Participants also must agree to maintain an adequate connection to the System, montreal options exchange trading hours, including a connection of sufficient speed and equipment of a certain minimum quality, as defined from time-to-time by the Exchange.

BOX Options Participants with a proprietary order management system must successfully complete all mandatory test cases associated with their business profile for each of the applications that they intend to use on the System.

The Exchange proposes that BOX trading be continuous after the opening of the underlying equity security or exchange traded fund "ETF" in its primary market at a. EST until the close of the equity markets at p.

Transactions in certain ETF option classes and options on certain indexes may be effected on the System until p. EST each business day or during any other day or time approved by the Exchange Board. Attach a copy of the users' manual. See Exhibit E Exhibit F A complete set of all forms pertaining to: Application for membership, participation or subscription to the entity. Application for approval as a person associated with a member, participant or subscriber of the entity.

 

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montreal options exchange trading hours

 

The Montréal Exchange's options market is divided into three main categories: interest rate, equity and currency options. MX's trading market model comprises all the features that are highly valuable to users: direct access, transparency, fairness and speed. Jan 26,  · BOX Options Exchange LLC (the “Exchange”) has been formed but has not commenced operations and does not yet have audited financial statements for the latest fiscal year. Prior to the launch of the Exchange, the Exchange represents that BOX Options Exchange LLC will allocate sufficient assets to operate the Exchange. The Montreal Exchange or MX (Bourse de Montréal, formerly Montreal Stock Exchange (MSE)) is a derivatives exchange, located in Montreal, that trades futures contracts and options on equities, indices, currencies, ETFs, energy and interest rates. Since , it has been located in the Tour de la Bourse (Stock Exchange Tower), Montreal's third-tallest yqeselepydyz.ml people: Luc Fortin (President & CEO).