Order Handling Procedures

Ordering Handling Procedures

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. For those securities listed in Canada, the principal marketplace will be the Exchange on which the security is listed. Currently there are four equity Exchanges in Canada - The TSX, TSX Venture, Alpha Exchange Inc. and the CSE. Please be advised that unless otherwise agreed to between an Investment Advisor (“IA”)or Registered Representative (“RR”)and our client:


    1. a. 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. b. an order received after 4:00 p.m. will be entered the next business day to the pre-opening of the principal marketplace.


  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 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".
Achievements