Risk Management Tools

Drop Copy service

Participants subscribing to the Drop Copy feed will receive order and quotes (optional) acknowledgments and trade notifications messages. Participants will be able to receive all confirmation messages from a single feed, irrespective of the multiple trading applications that may be used by the firm. Participants will thus be able to recreate their order book and their trades in real time.

Drop Copy is available via 3 formats:

  1. SAil Drop Copy
  2. FIX Drop Copy
  3. ATR Feed Drop Copy

Global Cancel functionality

Participants will also have the option of sending a cancellation message (see Global Cancel functionality below) via a SAIL KB (Kill Button) connection. With one single SAIL message, Participants subscribing to this service can instruct the system to cancel their firm's orders or quotes, according to the granularity level that they have determined.

While Connected functionality for day orders

Day orders with "While Connected" functionality are automatically withdrawn from the central order book in the event that the participant's server is disconnected from MX. Upon reconnection, participants will receive the standard SAIL or FIX cancellation message.

Pre-Trade Risk Control service

This service is intended for risk management departments at both the clearing member level and the Approved or Foreign Approved Participant (F)AP level. Pre-Trade Risk Control gives clearing members the ability to set specific controls to mitigate exposure to risks from Direct Market Access Clients or non-clearing Approved Participants. It also allows participants to set specific and global pre-trade controls on internal and client order flow to MX.

This risk management service is provided by:

  1. Via a new simple and convenient Web user interface provided by MX called Pre-Trade Risk Control, which is available on TMX Connect, the single sign-on technology for MX Derivatives Customers.


More information about TMX Connect can be found here: TMX Derivatives Experience

  1. In the SAIL protocol, Participants wishing to send risk limits and receive PTV dedicated messages must certify to the PTV functions.

More information is available in the Risk Management Tools technical notice.

See the List of Fees to validate if your AP Bundle includes the services described above or contact derivatives.operations@tmx.com for more information on any of the services above.