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TMX to Change Equity Exchange Rules to Slow Speed Traders

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TMX Group Ltd., the operator of Canada’s largest stock exchange, announced a plan to slow down high-frequency traders and simplify the nation’s equity markets.

TMX will introduce minimum order sizes for brokers and a speed bump on its Alpha Exchange from next June. The exchange operator will add a so-called long-life order type to both the Toronto Stock Exchange and the TSX Venture Exchange in the fourth quarter of 2015. These orders will have a minimum resting time, and in return they will get priority over other orders at the same price.