Price applicable for a trade on company shares, units of exchange-traded funds or currencies

What market price is used to process buy and sell orders

Participants' transaction orders are recorded by recording the date and time of the participant's placing of the order, based on Eastern Standard Time or Advanced Time.

A special rule applies regarding the time of registration for limit orders.This rule reads as follows: Limit price transaction orders, at a price the participant wants, received until 3:45 pm on the day of a market session, expire at the end of the same day if they have not been executed, and all those received after 3:45 pm will be valid only for the next day of trading session.

Transaction orders recorded by participants in the simulation during regular market sessions on the Toronto Stock Exchange and on other markets are processed in real time based on the prevailing price on the relevant reference market.The market that serves as a reference for each title is indicated in the table listing all titles in the "Documentation" section of the Bourstad website.Transaction orders recorded after the close of trading, and on Saturdays and Sundays, as well as public holidays, are treated on the basis of the prevailing prices of the next trading day in the reference market.

Buy orders at market price for stocks, index funds and currencies are processed using the ask price, effective one minute after the order was placed.For sell orders at market price during market sessions, the bid price is used.If a market price order is placed after the moment when the last daily upload of quotations is carried out (between 15h 58 and 16:00, the order will be treated using the first quotations of the next trading session (between 9.30am and 9.31am).

Buy and sell Limit orders will only be executed if the prevailing price on the reference market reaches the limit price or better before the expiry of this order.The price used will be that of the first market data collection where the limit price is reached or exceeded.

During market trading sessions, the Bourstad simulations application performs market data collections once a minute between 9.30am and 4.00pm.