TMX Select is what their Project Photon grew up to be.
Why it's different:
- only board lots (no odd-lot trades)
- price-time priority
for most "normal" purposes, point #2 is the important one.
if two orders have the same price, whichever was entered first will be executed ahead of the other.
that differs from TSX, which allows brokers to jump the queue if one of them has matching orders.
of the ATSes, I'm not sure which way Omega and the others roll, but the same thing is available at Chi-X and Alpha -- even though Maple now also owns Alpha, the back-end platform (Cinnober) is different than the one Maple uses on TSX.
price-time works to the advantage of smaller brokers that may have fewer orders on their books.
Select might have a few niche order types (speed bump, post-only, etc.) in their quiver versus what's in the others as well.
They're trying to be a domestic copy of Brad's IEX, which is (imo) a hundred zillion times better in every way.
Here's their blurb, if you feel like the read.
GLAL,
R.
