Order Handling Procedures and Best Execution Policies

Order Handling Procedures and Best Execution Policies

Maison Placements Canada Inc’s Order Handling Disclosure


As a result of Canada’s evolving multiple marketplaces, Maison Placements Canada Inc. wishes to advise their clients on how orders will be handled.  Our trading system is connected to a Smart Order Router, which will ensure that our clients receive the best price for their equity transaction.


  1. Hours of Operation for Trading in Listed Canadian Securities

  2. Our 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 Canadian statutory holidays. Staff may be further available before and after these hours, however, we will not guarantee any order taking and/or trade execution outside of the hours noted above.


  3. Principal Marketplace

  4. The “Principal Marketplace” for all securities listed on the Toronto Stock Exchange, TSX Venture Exchange, Canadian Securities Exchange or Aequitas NEO Exchange, will be the exchange on which the security is listed, whether or not the security is trading on other alternate marketplaces.


    All orders will be routed to either the Principal Marketplace or alternative marketplaces as follows, unless specific instructions are received from the customer to do otherwise:


    1. • Orders received prior to 9:30 a.m. and intended to trade at the opening price of the security are queued and will be routed to the best marketplace(s) at the opening of the Principal Marketplace that day.

    2. • Orders received after 4:00 p.m. are queued and will be routed to the best marketplace(s) at the opening of the Principal Marketplace on the following business day.


    3. • Orders received between 9:30 a.m. and 4:00 p.m. will be routed to the marketplace(s) which provide the best opportunity for our clients to obtain Best Execution at the time of entry.


    4. • Changes to an outstanding order, or portion of an outstanding order, will be handled the same as a new order received and will be treated according to routing conditions.


  5. Day Orders

  6. A Day Order (“DO”) is an order that is only valid on and for the day it is entered. DO’s will only be valid between the hours of 9:30 a.m. and 4:00 p.m. EST. A DO 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 routed for trading via a Smart Order Router (“SOR”). This will ensure that any immediately executable portion of the order will trade against the best price available on any marketplace we have access to and/or can access for the purpose of best price and best execution. The unexecuted portion of the order will then book on a marketplace according to the specific SOR settings. Any untraded portion of a DO will expire at 4:00 p.m. (unless otherwise agreed to between the client and the IA/RR).


  7. Special Terms Orders

  8. Special Terms Orders ("STO") are orders with specific terms that are not immediately executable in the regular marketplace. STO’s 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’s will only be live between 9:30 a.m. and 4:00 p.m., at which time they expire.


  9. Good ‘Till Cancelled Orders

  10. Good ‘Till Cancelled Orders ("GTC") are orders that the client wants to remain open until a specified date of expiry. These orders will be routed for trading through a SOR. This will ensure that any immediately executable portion of the order will trade against the best price available on any marketplace we have access to and/or can access for the purpose of best price and best execution. Any unexecuted portion of the order will then book on a marketplace according to the specific SOR settings. The order will remain in the system until it is executed or it expires, whichever comes first. It is the client's responsibility to ensure they know what the date of expiry will be and to contact their IA/RR on the expiry date should they wish that the order be reinstated.


  11. Market Orders

  12. A Market Order ("MO") is an order where the client has instructed a dealer to buy or sell at whatever prices are available in the marketplace to help ensure a complete and full fill. These orders require immediate completion. If the IA/RR determines, based on market conditions, that immediately trading the entire order would not be in the best interest of the client then the client will be consulted and the trade desk will manage the order accordingly. A MO 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 routed for trading via a SOR. This will ensure that any immediately executable portion of the order will trade against the best price available on any marketplace we have access to and/or can access for the purpose of best price and best execution. Any unexecuted portion of the order will then book on a marketplace according to the specific SOR settings. Any unfilled portion of the order will expire at 4:00 p.m. (unless otherwise agreed to between the client and the IA/RR).


  13. Market on Close Orders

  14. 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 Canadian MOC orders will therefore be entered into the TSX, as the principal marketplace. Please be advised that this is an anonymous price facility. Execution price will only be available after execution is complete. Limit orders are allowed but may, by the nature of a limit order, negate execution. For further details of this facility, please contact your IA/RR.


  15. Limit Orders

  16. A limit order (“LO”) 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, it will book into the opening sequence of the principal marketplace. A LO received on or after 9:30 a.m. will be routed for trading via a SOR. This will ensure that any immediately executable portion of the order will trade against the best price available on any marketplace we have access to and/or can access for the purpose of best price and best execution. The unexecuted portion of the order will then book on a marketplace according to the specific SOR settings. Any untraded portion of the order will expire at 4:00 p.m. (unless otherwise agreed to between the client and the IA/RR).


  17. Stop Orders

  18. Stop Orders (“SO”) are orders to buy or sell a security when its price surpasses a particular point. Once the price surpasses the predefined entry/exit point, the stop order is triggered. SO’s can only be triggered by trading activity on the marketplace on which they are booked. SO’s will post on the principal marketplace where they will sit until they are triggered or until they expire. Once triggered, the order will trade at the stop price. Any unexecuted portion will be managed by the trade desk. We do not accept Market Stop Orders.


    Marketplace Disclosure


    An order executed on one or more marketplaces or alternative marketplaces in Canada or the US will be reported in a trade confirmation. If multiple marketplaces were used in the completion of the order, the trade confirmation will state that it was "traded or was executed" on multiple markets, details upon request".

    Best Execution


    Best Execution means obtaining the most advantageous execution terms reasonably available under the circumstances.


    Pursuant to IIROC Rule 3300.10, despite any instruction or consent of the client, achieving best execution for a client order for any listed security is subject to compliance with the Order Protection Rule under Part 6 of the Trading Rules by:


    1. • The marketplace on which the order is entered; or,

    2. • The Dealer Member, if the Dealer Member has marked the order as a “direct-action order”, in accordance with the Universal Market Integrity Rules (UMIR), sub-section 6.2.


    The requirement for best execution is met by taking into account at a minimum, the following: the price at which the trade would occur, the speed and certainty of execution and the overall cost of the transaction, when costs are passed on to clients.


    Disclosure to the best execution policy can be found on the website of our carrying broker - Fidelity Clearing Canada ULC on the main page under Policies (https://clearingcanada.fidelity.com/app/home).

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