INFORMATION ON MULTIPLE MARKETS
With the emergence of multiple marketplaces in Canada, GMP Securities L.P., Griffiths McBurney Corp. and the affiliated entities of GMP Private Client L.P. ("GMP"), wish to advise their clients of some conditions that could affect them in this new trading environment and relevant trade characteristics.
  1. Hours of Operation for Trading in Listed Canadian Securities
    GMP trading staff will be available for order execution between the hours of 9:30 a.m. and 4:00 p.m., Eastern Standard Time ("EST"), Monday through Friday, not including statutory Canadian holidays. Staff may be further available before and after these hours however, GMP will not guarantee any order taking and/or trade execution outside of the hours noted above.
  2. Principal Marketplace
    For those securities listed in Canada, The principal market place will be the Exchange on which the security is listed. Currently there are only three Exchanges in Canada – The TSX, The TSX Venture and the CNQ Exchange unless notified otherwise by GMP.
    Please be advised that unless otherwise agreed to between an Investment Advisor or Registered Representative of GMP and the client:
    1. an order received prior to 9:30 a.m. will book to the pre-opening of the principal marketplace for execution on the opening; and
    2. an order received after 4:00 p.m. will be entered the next business day to the pre-opening of the principal marketplace.
  3. Day Orders
    A Day Order is an order that is only valid on and for the day it is entered. Day Orders will only be valid between the hours of 9:30 a.m. and 4:00 p.m. EST. A Day Order received prior to the opening of the principal marketplace at 9:30 a.m. EST will not route to an alternative marketplace. Instead the order will route into the opening sequence of the principal marketplace. If received after the opening of the principal marketplace, the order will be entered into GMP’s Smart Order Router (SOR) to ensure that any immediately executable portion of the order will trade against the best price available on any marketplace GMP has access to and/or can access for the purpose of best price and best execution. The unexecuted portion of the order will then book in the securities principal market. If not filled in full, on the principal market where the last portion of the order remains live, the order will expire at 4:00 p.m. (unless otherwise agreed to between the client and the Investment Advisor/Registered Representative of GMP).
  4. Special Terms Orders
    Special Terms Orders ("STO") are orders with specific terms that are not executable in the regular marketplace. STO orders will only post to the Special Terms Market of the principal marketplace unless they are immediately executable on an alternative marketplace at the time of entry. STO will only be live between 9:30 a.m. and 4:00 p.m., at which time they expire.
  5. Good Till Cancelled Orders
    Good Till Cancelled Orders ("GTC") are orders that the client wants to remain open until a specified date of expiry. These orders will be entered in the principal marketplace if they are not immediately executable on an alternative marketplace at the time of entry (on or after 9:30 a.m. EST). The order will remain in the principal marketplace until executed or expiry, whichever comes first. GMP policy will only allow the entry of orders with a 30-calendar-day maximum good-til-cancel date. It is the client's responsibility to ensure they know what the date of expiry will be and to contact their Investment Advisor/Registered Representative on the expiry date should they wish the order to be re-instated.
  6. Market Orders
    A Market Order ("MO") is when the client has instructed a dealer to buy or sell at whatever prices available are in the marketplace to help ensure a complete and full fill. These orders require immediate completion. A market order received prior to the opening of the principal marketplace at 9:30 a.m. will not book to an alternative marketplace. Instead, it will book into the opening sequence of the principal marketplace. If received after the opening of the principal marketplace the order will be entered into GMP’s Smart Order Router (SOR) to ensure that any immediately executable portion of the order will trade against the best price available on any marketplace GMP has access to and/or can access for the purpose of best price and best execution. The unexecuted portion of the order will then book in the securities principal market. If not filled in full, on the principal market where the last portion of the order remains live, the order will expire at 4:00 p.m. Market on Close Orders
    A Market on Close ("MOC") order must trade on the close, at the calculated closing price, of the principal marketplace. Currently the TSX is the only marketplace that offers a MOC facility. All MOC orders will therefore be entered into the TSX, as the principal marketplace. Please be advised that this is an anonymous price facility. Therefore you do not know the price at which you will be executed until after execution has completed. Limit orders are allowed but may, by the nature of a limit order, negate execution. For further details of this facility, please contact your Investment Advisor or Registered Representative
  7. Limit Orders ("LO")
    A limit order has a specific minimum sale price or maximum purchase price provided by the client. A limit order received prior to the opening of the principal marketplace at 9:30 a.m. will not book to an alternative marketplace. Instead, they will book into the opening sequence of the principal marketplace. On or after 9:30 a.m., if a limit order is not immediately executable on any marketplace, the client may designate their marketplace of choice for booking of the un executable order. If the client does not direct the un executable order to a specific marketplace, the order will be entered into GMP’s Smart Order Router (SOR) to ensure that any immediately executable portion of the order will trade against the best price available on any marketplace GMP has access to and/or can access for the purpose of best price and best execution. The unexecuted portion of the order will then book in the securities principal market. If not filled in full, on the principal market where the last portion of the order remains live, the order will expire at 4:00 p.m.
  8. Disclosure of Marketplace
    For an order executed using one marketplace or alternative marketplace in Canada, the trade confirmation will specifically state which marketplace the trade occurred on. For an order executed on one or more US marketplaces the trade confirmation will indicate that the purchase or sale was made on a North American Marketplace. If multiple marketplaces were used in the completion of the order, the trade confirmation will indicate that the purchase or sale was made on multiple market places.
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GMP Capital Inc. Privacy Notice. GMP SEC Rule 606. Information on Multiple Markets.
Complaints Procedure. Griffiths McBurney Corp. Business Continuity Plan Notice. GMP NI24-101 Trade-Matching Statement.
All references to GMP Europe mean GMP Securities Europe LLP.