Canadian Best Execution Quality Suite

Reporting and trade exception management solutions that optimize trade execution, facilitate order routing analysis and provide the insight on execution quality arising from differing market conditions between the U.S. and Canada.

S3’s Canadian Best Execution Quality Suite includes a number of components designed to offer traders sophisticated information on differing market conditions between the U.S. and Canada, especially as execution considerations become more complicated and change in real-time for dual-listed stocks. Traders can search for, view and filter execution analysis for stocks listed on both U.S. and Canadian venues. This unique feature ensures that S3’s clients are always able to determine where and when best execution occurs, enabling them to identify and prove the optimal destination for their orders regardless of whether the destination is Canada- or U.S.-based.

The Suite provides traders with a number of execution monitoring tools that factor in market conditions across the U.S. and Canada, including:

  • CBBO (Canadian Best Bid and Offer) Data from all Canadian venues, including TMX, Pure Trading, Omega ATS, etc.
  • Symbols: S3 maintains a complete securities “master list” of all Canadian-listed companies and their ticker symbols for greater cross-border market intelligence.
  • Cross-Listing: S3’s database incorporates a complete list of dual-listed stocks that are traded in both the U.S. and Canada, including those stocks that are fully listed in Canada but trade over-the-counter (OTC) in the U.S.
  • Matching: Canadian customers can access the same advanced match types that S3 provides for its U.S. clients, such as millisecond matching, quote-before-trade, time window, and more.
  • Portal: S3’s full suite of best execution reports are available for the Canadian marketplace, incorporating factors such as limit performance, missed fills, etc.
  • Exchange Fees: Depending on the information provided by clients, S3 has the capability to offer reporting on U.S.-Canadian exchange fees on a per trade basis.

The Canadian Best Execution Quality Suite is the first market structure analytics offering included as part of the Company’s World View reporting platform. With World View, S3 provides its clients greater transparency through cross-border trade monitoring and analytics in an easy-to-use dashboard, streamlining the search for best execution. Canada is the first market to be included in the World View platform, and in the near future S3 plans to incorporate data from other advanced trading markets.