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Best Execution of Client's Stock Trading Orders

The following information is provided to Clients and Advisors of IPC Securities Corporation in order to help both parties understand the methodology and trading hours for executing equity trading orders. IPC Securities is a non-clearing Participant of the TMX Group of Exchanges, of which the Toronto Stock Exchange is the most prominent. IPC Securities, acting as an “Introducing Broker”, enter trades with and trades through the facilities of National Bank’s Correspondent Network (“NBCN”) as our “Carrying Broker”.

National Bank Financial (NBF) is the parent company of NBCN and does the actual trade execution for IPC Securities. 
Click here to read the full NBF Best Execution Policy.

The following offers some brief information regarding trading hours and trade execution:

Hours of Operation
Equity orders: Toronto and American Exchanges 9:30AM – 4:00PM EST.
Equity Option orders: Montreal and American Exchanges 9:30AM – 4:00PM EST.

Passive Order Routing Decisions
Toronto Stock Exchange, Toronto Venture Exchange and New York Exchange for orders (quantity X price=) up to $300,000 and Unlisted (quantity X price=) up to $100,000 will print on the NBCN trade desk. Traders will verify that the order is properly completed with all essential information (price, symbol, quantity etc.) and accept it. If the order is not valid the trader will contact the appropriate Advisor.

Orders Received Outside Normal Trading Hours
After 4:00PM EST, all orders are accumulated and held until the next day’s trading when they are entered into the pre-opening of the applicable marketplace prior to the opening at 9:30AM EST.

Router Models Employed
All orders entered on the Toronto and Toronto Venture Exchanges sweep the Alternative Trading Systems for access to the best available price for client’s orders.
NBCN’s router is part of the IRESS trading system.

Access to Dark Liquidity Pools
NBCN traders have access to the TSX smart router with access to hidden liquidity in the Toronto and Toronto Venture Exchanges.

If you have any questions, please contact your Investment Advisor.

Disclaimer: The information contained herein is specifically for AB, BC, MB, NB, NS, NL, ON, PEI, QC and SK residents only and does not constitute an offer to sell or solicit sales in any other Canadian or foreign jurisdictions. IPC Securities Corporation is a member of the Investment Industry Regulatory Organization of Canada (IIROC) as well as a member of the Canadian Investor Protection Fund (CIPF).