Opções de estoque do manual da empresa tsx
opções de estoque da empresa Tsx
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Em 19 de outubro de 2017, a Bolsa de Valores de Toronto (TSX) anunciou que adotou dois conjuntos de alterações ao Manual da Companhia TSX após um longo processo consultivo - veja os nossos posts anteriores de 4 de junho de 2018 e 5 de maio de 2017. Em resumo , as alterações referem-se aos requisitos de divulgação de acordos de compensação baseados em segurança, tais como planos de opções de ações e à divulgação do website de determinados documentos corporativos. Esta publicação tratará cada uma delas.
Arranjos de compensação baseados em segurança.
Os requisitos de divulgação alterados para acordos de compensação com base em segurança serão efetivos para exercícios findos em 31 de outubro de 2017 ou após esse período. Em outras palavras, essas mudanças são efetivas quase que imediatas. Tecnicamente, os novos requisitos estão definidos em emendas à seção 613 (d) e na nova seção 613 (p) do Manual da Empresa TSX.
Nos termos da seção 613 (d), conforme alterada, para uma assembléia de acionistas em que a aprovação é solicitada para um acordo de remuneração baseado em segurança, como um plano de opção de compra de ações ou outro plano similar, e também anualmente, a circular de informações de gestão deve estabelecido, conforme o caso, (i) o número máximo de valores mobiliários emissíveis ao abrigo do plano como um número fixo, juntamente com a porcentagem que o número fixo representa do número de ações emitidas e em circulação, ou a porcentagem fixa do número de emissão e partes em circulação; (ii) o número de títulos em circulação outorgados de acordo com o plano, juntamente com a porcentagem que este número representa do número de ações emitidas e em circulação; e (iii) o número total de valores mobiliários que permanecem disponíveis para concessão ao abrigo do plano, juntamente com a porcentagem que este número representa do número de ações emitidas e em circulação.
Nos termos da seção 613 (d) conforme alterada, esta divulgação deve ser apresentada no final do ano fiscal mais completo do emissor, se esses materiais estiverem incluídos em uma circular para uma reunião anual (o que geralmente é o caso). Esta alteração facilitará a preparação das circulares, já que anteriormente a informação precisa ser na data da circular, como o número de opções de compra em circulação, o que criou problemas práticos para as empresas listadas. Além disso, não será mais necessário divulgar "o número total de valores mobiliários emitidos ...". sob cada acordo ", que exigia que a empresa listada forneça informações desde o início do plano, o que novamente criou problemas práticos.
À luz da seção 613 (d) conforme alterada, se uma empresa listada tiver um plano de opção de compra de ações que prevê a emissão de um máximo de 3 milhões de ações e, no final de seu último ano fiscal, tivesse 50 milhões de ações e 2 milhões de ações opções pendentes, a circular inclui a divulgação nas seguintes linhas:
"Há um máximo de 3 milhões de ações emitidas de acordo com nosso plano de opção de compra de ações, representando 6% de nossas ações emitidas e em circulação no final do nosso último ano fiscal. Ao final do nosso último ano fiscal, havia 2 milhões de opções de compra de ações no âmbito do plano de opção de compra de ações, representando 4% de nossas ações então emitidas e em circulação, e 1 milhão de opções de ações permaneceram disponíveis para concessão, representando 2% de nossas ações então emitido e pendente ".
Alternativamente, se uma empresa listada tiver um plano de opção de compra de ações "permanente" que prevê a emissão de ações em um número máximo igual a 10% do número de ações emitidas e em circulação, de tempos em tempos e no final de sua O último ano fiscal teve 50 milhões de ações e 2 milhões de opções de ações em circulação, a circular incluirá divulgação nas seguintes linhas:
"O número máximo de ações que podem ser emitidas de acordo com nosso plano de opção de compra de ações é igual a 10% do número de nossas ações emitidas e em circulação de tempos a tempos. No final do nosso último ano fiscal, havia 2 milhões de opções de compra de ações no âmbito do plano de opção de compra de ações, representando 4% de nossas ações então emitidas e em circulação, e 3 milhões de opções de ações permaneceram disponíveis para concessão, representando 6% de nossas ações então emitido e pendente ".
No caso de uma assembléia de acionistas (que não seja uma reunião anual) em que é solicitada a aprovação de um acordo de remuneração com base em segurança (por exemplo, uma reunião especial), a divulgação deve ser feita na data da circular. Isso será excepcional.
E agora para algo novo; A alteração à seção 613 requer a divulgação da "taxa de queima anual" (ABR) para cada plano. O método de cálculo da ABR está estabelecido na nova seção 613 (p) do Manual da Empresa TSX. Em resumo, o ABR deve ser expresso como uma porcentagem, onde o numerador é o número total de valores mobiliários outorgados ao abrigo do plano durante o ano fiscal aplicável (por exemplo, o número de opções de ações, unidades de participação no desempenho, unidades de ações diferidas, unidades de participação restrita ou outros prêmios similares concedidos durante o ano fiscal) eo denominador é a média ponderada de títulos (por exemplo, ações) em circulação durante o ano fiscal aplicável. O Manual da Empresa TSX observa que a média média ponderada de títulos em circulação deve ser calculada de acordo com o Manual do CPA Canadá; Como resultado, o valor utilizado no cálculo da ABR será consistente com o das demonstrações financeiras da empresa.
Aplicando o que precede, se o número médio ponderado de ações da empresa listada em circulação durante o último ano fiscal foi de 50 milhões e a empresa concedeu 1 milhão de opções de compra de ações durante o ano fiscal, ABR será de 2%.
A ABR deve ser divulgada para cada um dos últimos três exercícios fiscais, na medida em que seja aplicável. Se o plano não existe há três exercícios fiscais, a empresa listada deve divulgar ABR por cada ano fiscal completo desde que o plano foi adotado. A ABR pode ser omitida para o primeiro ano fiscal de um plano recém-adotado. A justificativa para esta exceção não é imediatamente clara, se o plano existe há pelo menos um ano fiscal completo.
A Seção 613 (d) requer a divulgação anterior para as reuniões nas quais a aprovação do acionista para um acordo de remuneração baseado em segurança é procurada, por exemplo, quando um plano é estabelecido pela primeira vez ou para um plano de opção de ações "sempre verde" sem um número máximo fixo de ações , para o qual a TSX exige aprovação a cada três anos. Contudo, a seção 613 (g) do Manual da Empresa TSX exige divulgação anual em relação a cada um dos itens estabelecidos na seção 613 (d). Como a seção 613 (d) agora inclui ABR, os emissores listados serão obrigados a divulgar ABR todos os anos.
As alterações relativas à divulgação do site entrarão em vigor em 1º de abril de 2018. Sujeito a exceções limitadas, as empresas listadas na TSX serão obrigadas a manter um site acessível ao público e a publicar versões atualizadas de numerosos documentos, incluindo os artigos de incorporação, amalgamação ou continuação e estatutos societários; e, se aprovado, o seguinte: política de voto por maioria, política de aviso prévio, descrição do cargo do presidente do conselho, descrição do cargo do diretor principal, mandato do Conselho de Administração e cartas dos vários comitês do Conselho. Além disso, a (s) página (s) que contém esses documentos devem ser "facilmente identificáveis" (por exemplo, "Documentos e políticas corporativas") e acessíveis a partir da página inicial do site ou da página de relações com investidores.
Os novos requisitos para divulgação do site estão estabelecidos na seção 473 do Manual da Empresa TSX.
A TSX reconhece que muitos desses documentos devem ser arquivados no SEDAR (notavelmente, artigos corporativos e estatutos), mas observa que podem ser difíceis de localizar no SEDAR. O objetivo da emenda é tornar todos esses documentos "mais facilmente acessíveis para o público investidor", fornecendo um local centralizado para a informação de governança corporativa de uma empresa listada. Não se pode argumentar com essa lógica.
Muitas empresas da TSX já estão em conformidade com o requisito de divulgação do site, disponibilizando documentos corporativos e várias políticas em seus respectivos sites. A partir de 1º de abril de 2018, todas as empresas listadas na TSX terão que fazê-lo.
Copyright Fasken Martineau DuMoulin LLP. Todos os direitos reservados.
TSXV Corporate Finance Manual - Formulários.
Clique nos links apropriados abaixo para acessar os arquivos da Internet, PDF, Word e Excel para esta área.
Formulários de troca de risco da TSX.
(Aceito até 30 de junho de 2018)
* A TSX Venture Exchange continuará a aceitar o formulário em papel do Formulário de Informações Pessoais até 30 de junho de 2018. Se você enviar o formulário em papel, você também deve enviar o Anexo 1 - Verificação de triagem de segurança OPP.
** A TSX Venture Exchange continuará a aceitar o formulário em papel da Declaração até 30 de junho de 2018. Se você estiver enviando o formulário em papel, você também deve enviar o Anexo 1 - Verificação de triagem de segurança OPP.
Clique aqui para acessar as Políticas e formulários do NEX.
Comunicados de imprensa.
8 de janeiro de 2018.
5 de janeiro de 2018.
5 de janeiro de 2018.
O Grupo TMX Limited e suas afiliadas não endossam ou recomendam quaisquer valores mobiliários emitidos por empresas identificadas ou vinculadas através deste site. Por favor, procure aconselhamento profissional para avaliar títulos específicos ou outros conteúdos neste site. Todo o conteúdo (incluindo quaisquer links para sites de terceiros) é fornecido apenas para fins informativos (e não para fins de negociação) e não se destina a fornecer conselhos legais, contábeis, fiscais, de investimento, financeiros ou outros, e não devem ser invocados para tais conselhos. As opiniões, opiniões e conselhos de terceiros refletem os dos autores individuais e não são aprovados pela TMX Group Limited ou suas afiliadas. TMX Group Limited e suas afiliadas não prepararam, revisaram ou atualizaram o conteúdo de terceiros neste site ou o conteúdo de terceiros, e não assumem qualquer responsabilidade por tais informações.
Listagens.
Bolsa de Valores de Toronto (TSX) e TSX Venture Exchange (TSXV): onde ideias e inovações cumprem o capital.
Listagem com nós.
As Trocas forneceram às empresas acesso a capital social por mais de 160 anos. Nossa lista de emissores junto com seus pares e se beneficiam de serem listadas em uma troca global líder com integridade, liquidez e oportunidade.
TSX & amp; Recursos da Emissora TSXV.
Estatísticas atuais do mercado.
A TMX facilita a negociação totalmente eletrônica sobre as principais bolsas de ações do Canadá, Bolsa de Valores de Toronto (TSX), TSX Venture Exchange (TSXV) e TSX Alpha Exchange (TSXA).
Indústria.
TORONTO STOCK EXCHANGE.
PEDIDO DE COMENTÁRIOS.
ALTERAÇÕES AO MANUAL DA COMPANHIA DE TORONTO.
A Bolsa de Valores de Toronto ("TSX" ou "Exchange") está publicando propostas de emendas para: (i) introduzir os requisitos de divulgação do site para os emissores listados na TSX (as "Emendas da Parte IV"); e (ii) alterar os requisitos de divulgação referente aos acordos de compensação com base em segurança (as "Emendas da Parte VI") no Manual da Empresa TSX (o "Manual"). As alterações propostas prevêem mudanças de interesse público nas Partes IV e VI do Manual e para introduzir o Formulário 15 - Divulgação de Arranjos de Compensação Baseados em Segurança ("Formulário 15"). As Alterações da Parte IV, as Emendas da Parte VI, o Formulário 15 e certas mudanças auxiliares são coletivamente referidas como as "Emendas". As mudanças de interesse público serão publicadas para comentários públicos por um período de trinta (30) dias.
As emendas entrarão em vigor após a aprovação pela Comissão de Valores Mobiliários do Ontário (o "OSC") após aviso e comentário públicos. Os comentários devem ser feitos por escrito e entregues até 27 de junho de 2018 para:
Uma cópia também deve ser fornecida para:
Os comentários estarão disponíveis publicamente, a menos que seja solicitada confidencialidade.
A TSX está buscando comentários públicos sobre as emendas ao Manual. Este pedido de comentários explica os motivos e os objetivos das alterações. Após o período de comentários, a TSX irá analisar e considerar os comentários recebidos e determinar se deve prosseguir com as alterações propostas ou modificadas como resultado de comentários.
PARTE IV ALTERAÇÕES.
Alterações propostas.
As alterações da Parte IV introduzem uma nova Seção 473 do Manual e alteram a Seção 461.3 como um assunto auxiliar.
A Seção 473 apresentaria o requisito para que os emissores listados mantenham uma publicação do site publicamente acessível, conforme aplicável, cópias atuais de:
uma. Constatando documentos;
b. Políticas corporativas que afetam as reuniões dos segurados e as votações;
c. Planos de direitos de titular de segurança;
d. Arranjos de compensação baseados em segurança ("Arranjos"); e.
e. Certos documentos de governança corporativa.
As Emendas da Parte IV também simplificam o requisito de divulgação para os emissores que adotam uma política de voto maioritário de acordo com a Seção 461.3, substituindo o requisito para que os emissores descrevam tais políticas em uma base anual nos materiais enviados aos segurados com a obrigação de, em vez disso, publicar uma cópia da política no site do emissor.
Consulte o texto da nova Seção 473 e a alteração auxiliar da Seção 461.3 conforme estabelecido no Apêndice A.
Fundamentação das emendas.
A Seção 473 está sendo proposta para fornecer aos participantes nos mercados de capitais canadenses acesso pronto aos principais documentos do titular da segurança. Os emissores informantes são obrigados a apresentar determinados documentos materiais com reguladores de valores mobiliários canadenses que estão disponíveis publicamente no Sistema de Análise e Recuperação Eletrônica de Documentos ("SEDAR"). No entanto, esses documentos podem ser difíceis de encontrar no SEDAR devido às diferentes práticas dos emissores para identificar e arquivar materiais em categorias consistentes. Além disso, algumas das políticas e documentos de governança corporativa exigidos na Seção 473 podem não ser obrigados a ser arquivados no SEDAR. Portanto, a TSX acredita que a Seção 473 será benéfica para os segurados, tornando tais documentos mais facilmente acessíveis para o público investidor.
Além disso, as alterações da Parte IV e da Parte VI devem reduzir as obrigações de divulgação anuais dos emissores listados sobre políticas e acordos de maioria de votos, em vez disso, exigindo que esses documentos sejam disponibilizados publicamente nos sites dos emissores listados.
A TSX considera que os requisitos de postagem propostos não são onerosos nem onerosos para os emissores listados porque praticamente todos os emissores listados pela TSX atualmente possuem sites e que a divulgação beneficiará os detentores de títulos e o mercado em geral, melhorando o acesso a documentos atualizados. O Exchange também acredita que isso pode reduzir os custos de impressão e envio das circulares de informação.
Práticas de outras trocas.
A tabela abaixo fornece um resumo de alto nível dos requisitos do site do emissor de outras trocas:
É necessário o site do emissor.
Recomendado, mas não obrigatório.
Documentos específicos necessários para ser postados no site do emissor.
Aceita a publicação de determinados documentos no site do emissor para satisfazer os requisitos.
Recomendado, mas não obrigatório.
A New York Stock Exchange ("NYSE") exige que todos os emissores listados tenham e mantenham um site acessível publicamente dos Estados Unidos. Os documentos no site do emissor devem estar disponíveis em uma versão em inglês imprimível. Os emissores listados da NYSE são obrigados a divulgar suas diretrizes de governança corporativa e seu código de negócios e a sua ética em seu site. Os emissores devem publicar as cartas do comitê para seu comitê de nomeação e governança corporativa, bem como para seus comitês de compensação e auditoria em seus sites. Se alguma função desses comitês tiver sido delegada a outra comissão, a carta do comitê a quem a função foi delegada também deve ser postada no site do emissor. Os emissores listados da NYSE podem usar seus sites para fazer alguma outra divulgação necessária. Se o site do emissor for usado para atender a esses requisitos de divulgação, esse fato deve ser divulgado na declaração anual de procuração ou relatório anual, conforme aplicável, juntamente com o endereço do site do emissor.
London Stock Exchange ("LSE") Os emissores listados pela AIM são obrigados a manter um site que contenha descrições de: negócios do empreendedor, diretores e comitês do conselho; detalhes de conselheiros-chave; quaisquer outras bolsas ou plataformas de negociação em que o emissor listou valores mobiliários; o número de ações emitidas e em circulação e informações sobre a identidade e porcentagem de ações detidas por detentores de títulos significativos; detalhes de qualquer restrição na transferência de valores mobiliários listados pela AIM; o país de incorporação do emissor e, se essa jurisdição não é o Reino Unido, uma declaração de que os direitos dos detentores de títulos podem ser diferentes dos detentores de direitos de propriedade teria em uma empresa incorporada no Reino Unido. Os emissores listados da AIM também devem publicar cópias atuais de documentos constantes, as cópias mais recentes de relatórios anuais e trimestrais publicados de acordo com as regras do AIM, o documento de admissão mais recente do emissor, juntamente com as circulares ou publicações similares enviadas aos segurados nos últimos 12 meses e todos notificações feitas pelo emissor nos últimos 12 meses.
Além do que em relação às Ações do Fundo do Índice, o NASDAQ não exige especificamente que os emissores mantenham ou divulguem informações específicas no site do emissor. O NASDAQ permite que os emissores façam determinada divulgação usando o site do emissor. Por exemplo, os emissores podem publicar seu relatório anual aos acionistas em seu site, desde que haja um compromisso proeminente de fornecer aos acionistas uma cópia impressa desse relatório, gratuitamente, mediante solicitação, juntamente com um comunicado de imprensa que indique que o relatório anual foi arquivado e o endereço do site onde está disponível.
A Bolsa de Valores australiana ("ASX") não exige que os emissores mantenham um site de acordo com suas regras de listagem, mas, no entanto, recomendam que uma empresa listada forneça informações sobre si e sua governança corporativa para os segurados através do site do emissor. Os emissores ASX podem usar seus sites em certos casos para simplificar a divulgação exigida em seus relatórios anuais, fornecendo um link para o endereço do site onde a divulgação foi feita. Os Princípios e Recomendações do Conselho de Governança Corporativa da ASX ("Princípios e Recomendações do CG") estabelecem uma lista de divulgação sugerida que os emissores devem fazer em seus sites, incluindo uma página de destino de governança corporativa a partir da qual as informações de governança corporativa relevantes podem ser acessadas. A divulgação deve incluir itens como: detalhes sobre o conselho e executivos seniores; a carta do conselho e os comitês; políticas e materiais de governança corporativa referenciados nos Princípios e Recomendações do CG. Também devem ser incluídas cópias de relatórios anuais, demonstrações financeiras e anúncios para a ASX e seguradoras. Os Princípios e Recomendações do CG listam informações adicionais do emissor que os detentores de segurança acham úteis para terem incluído em um site, como uma visão geral do negócio, uma descrição das classes de valores mobiliários e os direitos que lhes estão associados e um calendário de eventos-chave. Embora o cumprimento dos Princípios e Recomendações do CG não seja obrigatório, os emissores listados da ASX que não os seguem são obrigados a explicar os motivos da não conformidade anual em um extrato.
Aequitas Neo Exchange Inc. ("Aequitas") exige que os emissores mantenham um site com informações atualizadas e precisas, prontamente corrigidas ou removidas se desatualizadas. Todos os comunicados de imprensa, bem como quaisquer avisos relacionados a repreensões, suspensões ou exclusão da Aequitas também devem ser postados no site do emissor.
No Canadá, nem a TSX Venture Exchange ("TSXV") nem a Canadian Securities Exchange ("CSE") possuem requisitos específicos do site do emissor abrangente. O Mercado Principal da LSE não possui os requisitos do site do emissor.
Ao responder a qualquer uma das questões abaixo, explique sua resposta.
1. É adequado que a TSX introduza os requisitos estabelecidos na Seção 473?
2. Existem documentos adicionais que devem ser incluídos na Seção 473?
3. Existem documentos que não devem ser incluídos?
4. Existem custos ou esforços adicionais necessários para cumprir os requisitos propostos?
5. Há preocupações de que os detentores de segurança possam confiar na divulgação do site que pode não ser mantida atualizada?
6. Quanto tempo os emitentes devem ter após a entrada em vigor da Seção 473 para estabelecer ou atualizar seu site com os documentos necessários? 60 dias a partir da data em que a regra entra em vigor tempo suficiente para cumprir os requisitos?
PARTE VI ALTERAÇÕES.
Alterações propostas.
As alterações da Parte VI alteram as alíneas b) ed) da Secção 613, eliminam a secção 613 (g), alteram a Secção 613 (l) e introduzem o Formulário 15 conforme estabelecido no Apêndice A.
A Seção 613 (b) foi alterada para refletir os acordos de compensação baseados em segurança mais atualizados arquivados na TSX. Os arranjos podem assumir a forma de planos ("Planos") que estabelecem os termos e condições gerais das opções, unidades de ações de desempenho, unidades de ações diferidas, unidades de estoque restritas ou outros prêmios (coletivamente "Prêmios"); Prêmios individuais não concedidos de acordo com um Plano; compras financiadas de títulos; e outros mecanismos de compensação ou incentivo envolvendo a emissão de títulos de capital próprio. O Formulário 15 foi desenvolvido para a maioria dos Planos adotados pelos emissores listados.
Atualmente, a Seção 613 (d) do Manual exige que os materiais fornecidos aos segurados em relação a uma reunião em que a aprovação de um Acordo será solicitado devem fornecer a divulgação prescrita dos termos do Arranjo, bem como qualquer outra informação relevante que pode ser razoavelmente exigido por um detentor de segurança para aprovar os Arranjos (os "Elementos de Divulgação"). Quando a aprovação do titular da segurança será solicitada para um Acordo ("Reuniões de Aprovação"), os materiais devem ser previamente cancelados pela TSX. Os materiais para reuniões que não sejam Reuniões de Aprovação ("Outras Reuniões Anuais") devem conter todos os Elementos de Divulgação, mas não precisam ser previamente cancelados. Materiais para Reuniões de Aprovação e outras Reuniões Anuais são coletivamente referidos como "Materiais de Reunião".
As Alterações da Parte VI são propostas para simplificar a divulgação exigida nos Materiais da Reunião e introduzir um novo formulário, Formulário 15, com uma tabela amigável para a divulgação simplificada.
Os Emissores seriam obrigados a divulgar os itens no Formulário 15 em Materiais da Reunião para Reuniões de Aprovação e Outras Reuniões Anuais, com exceção de um item descrito abaixo.
Divulgação necessária para Reuniões de Aprovação e Outras Reuniões Anuais em relação a Arranjos:
• Número máximo de títulos emitidos.
Divulgação adicional necessária para reuniões de aprovação:
• Outros termos fundamentais com detalhes suficientes, que o detentor de segurança pode razoavelmente exigir para aprovar o Acordo ou emendas ao mesmo.
As alterações da Parte VI incluem alterações auxiliares para excluir a Subsecção 613 (g) e modificar a Seção 613 (l), que atualmente contêm requisitos para os Elementos de Divulgação, que foram consolidados na Subsecção 613 (d) e no Formulário 15.
As alterações da Parte VI não afetam quaisquer requisitos relativos a quando e como a aprovação do detentor de segurança é solicitada em conexão com os arranjos.
Requisitos novos ou modificados.
Prêmios destacados. As Alterações exigem a divulgação contínua do número de prêmios atualmente pendentes em um Arranjo, no entanto este Elemento de Divulgação foi modificado para exigir ainda que, se o prêmio inclui um multiplicador, que o pagamento máximo no multiplicador deve ser usado para calcular o número de títulos cotados em circulação sob o prêmio. Os emissores também devem continuar a divulgar a porcentagem que este número representa em relação ao número de títulos emitidos atualmente e em circulação. Os detalhes relativos ao multiplicador devem ser incluídos em uma nota de rodapé para a divulgação.
Taxa de queima. A TSX decidiu adicionar um novo Elemento de Divulgação para a taxa de queima de um Arranjo após discussões com determinados participantes do mercado. O cálculo da taxa de queima proposta é o seguinte e deve ser expresso como uma porcentagem:
Número de prêmios concedidos de acordo com o Plano, líquido de cancelamentos durante o último ano acumulado X multiplicador, se aplicável.
Número de títulos emitidos e em circulação no início do último ano fiscal concluído.
Se o prêmio inclui um multiplicador, o pagamento máximo no multiplicador deve ser usado para calcular a porcentagem. A taxa de queima anual para o ano fiscal completado mais recentemente é necessária para outras reuniões anuais. A taxa de queima anual para cada um dos três (3) exercícios fiscais mais recentes é necessária para as Reuniões de Aprovação.
Vesting. As alterações continuam a exigir divulgação em relação à aquisição de direitos, no entanto, é necessária divulgação mais específica sobre as provisões de aquisição de inadimplência e se a aquisição é tempo e / ou desempenho baseado.
Alterações. As emendas a prêmios ou um acordo sem a aprovação do detentor de segurança feito durante o último ano fiscal completo devem continuar a ser divulgados. Este requisito foi modificado para remover um requisito de divulgação para emendas anteriormente aprovadas pelos detentores de valores mobiliários.
Outros termos principais. A TSX não exigirá mais a divulgação de outros termos-chave nos materiais da reunião para outras reuniões anuais, no entanto, este elemento de divulgação continua a ser exigido para reuniões de aprovação. Qualquer um dos outros Elementos de Divulgação que a TSX propõe excluir pode ser incluído na opção do emissor. A oportunidade de omitir esta informação para Outras Reuniões Anuais pode simplificar os requisitos de divulgação, assegurando a divulgação de características importantes de um Arranjo quando os detentores de segurança estão sendo convidados a aprovar o Acordo ou emendas.
Obtendo uma cópia do plano. As alterações da Parte VI introduzem um novo requisito para divulgar a localização no site do emissor onde uma cópia de qualquer Arranjo pode ser encontrada.
Data dos Elementos de Divulgação. Para as reuniões anuais de titulares de valores mobiliários (quer reuniões de aprovação ou outras reuniões anuais), a divulgação do Formulário 15 será fornecida no final do último ano fiscal completo, que foi modificado a partir do requisito atual, a partir da data de os materiais. Para as Reuniões de Aprovação que não sejam as reuniões anuais dos segurados, as informações constantes do Formulário 15 continuarão a ser fornecidas a partir da data dos materiais que, em geral, não deverão ter mais de trinta (30) dias antes da data dos Materiais da Reunião .
Número máximo de títulos emitidos. As Emendas da Parte VI continuam exigindo a divulgação do número máximo de valores mobiliários emissores de acordo com um Convênio, expressado como um número fixo ou porcentagem fixa dos valores emitidos e em circulação do emissor. Para Arranjos onde o máximo é expresso como um número fixo, os emissores devem incluir a porcentagem que esse número representa em relação aos valores emitidos atualmente e em circulação do emissor.
Elegibilidade. As alterações da Parte VI mantêm o requisito de divulgar os participantes elegíveis de acordo com cada Arrangement.
Pré-despacho de materiais de reunião para reuniões de aprovação. As Emendas da Parte VI continuam exigindo a pré-remoção da TSX dos Materiais da Reunião para as Reuniões de Aprovação.
Os seguintes Elementos de Divulgação não serão mais exigidos nas alterações propostas da Parte VI: (i) valores mobiliários máximos disponíveis para iniciados; (ii) títulos máximos disponíveis para uma pessoa ou empresa; (iii) método para determinar o preço de exercício; (iv) método para determinar o preço da compra; (v) fórmula para cálculo da apreciação do mercado de direitos de valorização de ações ("SARs"); (vi) capacidade de transformar opções de ações em SARs envolvendo emissão de títulos de tesouraria; (vii) termo; (viii) causas de cessação do direito e efeito da rescisão de empregado; (ix) atribuição; (x) procedimento de alteração; (xi) assistência financeira; e (xii) direitos anteriormente concedidos, mas sujeitos à ratificação do segurado.
A tabela a seguir resume os elementos de divulgação novos, modificados, continuados e descontinuados, de acordo com os requisitos de divulgação atuais e as alterações da Parte VI:
Requisitos atuais de divulgação.
Pré-autorização pela TSX para Reuniões de Aprovação.
Valores mobiliários emitidos e emissíveis em Arranjos; e valores mobiliários que podem ser emitidos por meio de premiação.
[verificar] Modificado. Valores máximos emitidos em Arranjos; e valores mobiliários que podem ser emitidos sob prêmios feitos (se o prêmio incluir um multiplicador, o pagamento máximo deve ser usado e divulgado).
Valores máximos disponíveis para iniciados.
Valores máximos disponíveis para uma pessoa ou empresa.
Método para determinar o preço de exercício.
Método para determinar o preço da compra.
Fórmula para calcular a valorização do mercado de direitos de valorização de ações ("SARs")
Capacidade de transformar opções de ações em SARs envolvendo emissão de títulos de tesouraria.
[verificar] Obrigatório apenas para opções de estoque.
[verificar] Modificado. Resumo das provisões de aquisição de inadimplência, se aplicável, e se a aquisição é o tempo e / ou o desempenho exigido para todos os arranjos.
[verificar] Obrigatório apenas para opções de estoque.
Causas de cessação do direito e efeito da rescisão de empregado.
Procedimento para alteração.
Direitos já concedidos, mas sujeitos à ratificação do titular da segurança.
Outras informações relevantes / termos-chave.
[verificar] Modificado. Apenas reuniões de aprovação.
[verificar] Novo. Veja a discussão acima para obter detalhes.
Obtendo cópia do Plano.
[verificar] Novo. A divulgação do site do emissor proposto da Seção 473 exige a publicação de uma cópia de cada Plano.
[verificar] Seção 613 (g).
[verificar] Modificado. Veja a discussão acima para obter detalhes.
Fundamentação das alterações da Parte VI.
A TSX introduziu pela primeira vez a Seção 613 (d) em 2005 e revisou ligeiramente esta seção em 2018. A TSX considerou apropriado reavaliar a relevância dos Elementos de Divulgação à luz da evolução das expectativas do mercado, bem como da mudança das práticas de divulgação e compensação.
Em um esforço para reduzir a carga regulatória para os emissores listados, a TSX realizou uma revisão dos Elementos de Divulgação, que incluiu discussões com certos participantes do mercado e nosso Comitê Consultivo de Listagem. Como resultado, a TSX está propondo remover determinados Elementos de Divulgação para Arranjos que são duplicativos dos requisitos de divulgação de acordo com a legislação canadense sobre valores mobiliários ou que os detentores de segurança podem não encontrar significado e, em vez disso, apresentar informações mais relevantes. Em conexão com a remoção de certos Elementos de Divulgação atualmente prescritos na Seção 613 (d), a TSX propõe a introdução da Seção 473, que exigirá que as cópias atuais de cada Arranjo sejam postadas no site acessível ao público do emissor. Após discussões com certos participantes do mercado, entendemos que seria preferível ter uma divulgação simplificada complementada com fácil acesso aos Arranjos, em vez de um resumo mais substantivo conforme prescrito atualmente.
Além disso, certos elementos de divulgação foram adaptados às opções de estoque. À luz da evolução das práticas de remuneração baseadas em segurança, a TSX adaptou os Elementos de Divulgação para se candidatar a uma gama mais ampla de Arranjos e a Seção 613 (b) foi atualizada para refletir melhor os acordos de compensação baseados em valores mobiliários mais atuais.
A TSX acredita que os Elementos de Divulgação simplificados atingem o equilíbrio adequado entre a divulgação significativa, eliminando informações desnecessárias. Além disso, as Alterações da Parte IV complementam os Elementos de Divulgação simplificados fornecendo uma cópia completa de todos os Arranjos, se os detentores de segurança desejarem revisá-los na sua totalidade.
Práticas de outras trocas.
Ao considerar as Emendas da Parte VI, a TSX revisou os requisitos dos EUA e de outras trocas canadenses. A TSX acredita que essas trocas são as comparações mais relevantes para a divulgação de Arranjos. Geralmente, os requisitos de divulgação são uma combinação de requisitos de troca e leis de valores mobiliários. Os requisitos canadenses são mais semelhantes aos EUA, do que outras jurisdições.
A Comissão de Valores Mobiliários dos Estados Unidos (a "SEC") requer a divulgação do seguinte sobre os Arranjos:
• horários de aquisição de direitos e quaisquer condições de aquisição baseadas em desempenho e quaisquer outras condições materiais para um prêmio;
• divulgação de re-pricings ou modificação material de prêmios; e.
• se existe a capacidade de alterar um acordo para aumentar o custo do plano ou alterar a alocação dos benefícios do plano entre os participantes sem a aprovação do detentor de segurança.
Os requisitos da SEC geralmente se aplicam à divulgação de remuneração do diretor executivo em oposição à divulgação sobre os arranjos em geral.
Requisitos da NYSE.
Issuers listed on NYSE are required to file Meeting Materials under the Securities Exchange Act of 1934. Proxy-related materials must be pre-cleared with NYSE "[i]f any action to be taken at a shareholders' meeting relates to matters which may affect substantially the rights or privileges of listed securities of the company, or will result in the creation of new issues or classes of securities which the company may desire to list on the Exchange. " With some limited exceptions, NYSE also requires security holder approval of Arrangements and material revisions to Arrangements involving: a material increase in the number of securities available under the Arrangement; an expansion of the types of awards available; a material expansion of the class of participants eligible to participate; a material change to the method of determining the strike price of options; and the deletion or limitation of provisions prohibiting repricing of options.
Requirements of NASDAQ.
With some limited exceptions, issuers listed on NASDAQ are required to obtain security holder approval when implementing or materially amending an Arrangement . Such material amendments include: a material increase in the number of securities to be issued under the Arrangement; a material increase in benefits to participants, including any material change to: permit a repricing of outstanding options, reduce the price at which shares or options to purchase shares may be offered, or extend the duration of the Arrangement; a material expansion of the class of participants eligible to participate; and an expansion in the types of awards available. Listed issuers that establish or materially amend an Arrangement must give NASDAQ fifteen (15) calendar days' notice. NASDAQ reviews this notice to ensure compliance with its rules, including security holder approval requirements. There is no requirement to pre-clear Meeting Materials with NASDAQ in connection with an Approval Meeting for an Arrangement, but they must be filed on the Electronic Data Gathering, Analysis and Retrieval system ("EDGAR") or in accordance with NASDAQ rules.
Other Canadian Exchanges.
Aequitas requires issuers to file and pre-clear Meeting Materials for an Approval Meeting at least ten (10) trading days prior to the circular being distributed to security holders. The Meeting Materials must contain sufficient detail to permit security holders to form a reasoned judgment concerning the Arrangement. Aequitas provides the following examples of disclosure that should be included in Meeting Materials in the commentary of its Listing Manual:
• Maximum number of securities that may be issued;
• Maximum number of securities that may be awarded to related persons of the issuer and, for options, the number of securities that may be issued on exercise of the options to related persons as compensation or under an Arrangement;
• Financial assistance or support agreements with participants or related entities of the issuer to facilitate purchases under the Arrangement;
• Maximum term for options and basis for determination of exercise price;
• Details regarding options or other entitlements granted, including transferability;
• Process for amending the Arrangement and awards granted under the Arrangement, including whether discretion is granted to the issuer's board of directors to make amendments to specified material terms without security holder approval; e.
• The number of votes attached to securities that will not be included for the purpose of determining whether security holder approval has been obtained.
On an annual basis, Aequitas-listed issuers are required to disclose:
• The terms of their Arrangements and any amendments adopted since the beginning of the last fiscal year;
• The process for amending the Arrangement and awards granted under the Arrangement, including whether discretion is granted to the issuer's board of directors to make amendments to specified material terms without security holder approval; e.
• Whether or not security holder approval was obtained (and if, not, reasons for why) for: (i) the adoption of or amendment to, any Arrangement adopted or amended since the beginning of the issuer's last fiscal year; and (ii) for the amendment of any award since the beginning of the listed issuer's last fiscal year .
TSXV does not require disclosure regarding Arrangements in Meeting Materials for annual meetings. However, TSXV and security holder approval are required at the time an Arrangement is adopted and for amendments thereto. TSXV does not require pre-filing and clearance of Meeting Materials containing disclosure about Arrangements. For Approval Meetings, TSXV requires disclosure in the Meeting Materials of the particulars of an Arrangement in sufficient detail to permit security holders to form a reasoned judgment concerning the acceptability of the Arrangement. Policy 4.4 -- Incentive Stock Options of the TSXV Corporate Finance Manual sets out examples of appropriate disclosure for a stock option plan:
• Maximum number or percentage of shares that may be reserved under the plan for issuance pursuant to the exercise of stock options;
• Plan limits for any person or category of persons, such as insiders;
• Method of determining option exercise price;
• Maximum term of options; e.
• Expiry and termination provisions for options.
CSE does not have disclosure requirements for Arrangements beyond those set out in securities law.
In responding to any of the questions below, please explain your response.
1. Do proposed Section 613(d), Form 15 and the website requirements in Section 473 provide meaningful and sufficient disclosure in respect of Arrangements?
2. Are there any other key Disclosure Elements that should be included in Form 15? If so, should the disclosure be required in Meeting Materials for both Approval Meetings and Other Annual Meetings or for Approval Meetings only? Please consider the value of the additional disclosure in light of the efforts by the issuer to prepare the additional information.
3. Are there any disclosure items that should be removed from Form 15? If so, should the disclosure be removed from the Meeting Materials for both Approval Meetings and Other Annual Meetings?
4. Should the Disclosure Elements which are static terms of an Arrangement be required given that the information is available in an Arrangement on a listed issuer's website? Isto é, Plan Maximum, Eligibility and Vesting. Please consider whether these items ought to be excluded for Approval Meetings and/or Other Annual Meetings?
5. Is the burn rate and the formula for calculating it useful and appropriate disclosure? In particular, is the use of the maximum payout of the multiplier appropriate? If not, please provide other measure would be preferable. Would it be more appropriate to permit the use of a historic midpoint payout of the multiplier, rather than the maximum?
6. Is it sufficient to have the burn rate only for the most recently completed year, rather than the last three years for both Approval Meetings and Other Annual Meetings?
Public Interest.
TSX is publishing the Amendments for a thirty (30) day comment period, which expires •, 2018. The Amendments will only become effective following public notice and the approval of the OSC.
NYSE Listed Company Manual, s. 307.00.
AIM Rules for Companies, rule 26.
See Aequitas Listing Manual, ss. 4.09, 5.05(3) and 11.07.
NYSE Listing Manual Section 402.02.
NASDAQ Listing Rule 5365(c).
Aequitas Listing Manual, ss. 10.13(12) and (13).
APÊNDICE A.
BLACKLINES OF PUBLIC INTEREST AMENDMENTS.
PART IV AMENDMENTS.
If an issuer adopts a Policy to satisfy the Majority Voting Requirement, it must fully describe the Policy on an annual basis, in its materials sent to holders of listed securities in connection with a meeting at which directors are being elected post a copy of the Policy on its website in accordance with Sec. 473.
Website Disclosure of Security Holder Information.
473. Listed issuers must maintain a publicly accessible website and post the following documents, as applicable:
(a) Constating documents including articles, trust indentures, partnership agreements, by-laws and other similar documents;
(b) Corporate policies that may impact meetings of security holders and voting, including advance notice and majority voting policies;
(c) Security holder rights plans, commonly known as poison pills;
(d) Security based compensation arrangements; e.
(e) Corporate governance documents, including charters of board committees, code of ethical business conduct, position descriptions, board mandate, anti-corruption policies and other environmental and social policies and whistleblower policies.
The webpage(s) containing the above noted documents should be easily identifiable and accessible from the listed issuer's home page or investor relations page. If a listed issuer's website is shared with other issuers, each listed issuer should have a separate, dedicated webpage on the website.
PART VI AMENDMENTS.
Types of Security Based Compensation Arrangements.
(b) For the purposes of this Section 613 applies to security based compensation arrangements include; which involve the issuance or potential issuance of securities from treasury, such as:
i) stock option plans for the benefit of employees, insiders, service providers or any one of such groups ;
ii) individual stock options granted to employees, service providers or insiders awards if not granted pursuant to a plan previously approved by the listed issuer's security holders;
iii) stock purchase plans where the listed issuer provides financial assistance or where the listed issuer matches the whole or a portion of the securities being purchased;
iv) stock appreciation rights involving issuances of securities from treasury;
v) full value equity-based plans involving the issuance or potential issuances of securities of the listed issuer;
vi) any other compensation or incentive mechanism involving the issuance or potential issuances of securities of the listed issuer; e.
vi vii ) security purchases from treasury by an employee, insider or service provider which is are financially assisted by the listed issuer by any means whatsoever .
For the purposes of this Section 613, "awards" include stock options, restricted stock, full value equity-based awards (restricted stock units, deferred stock units and performance stock units), share appreciation rights and other similar grants and entitlements. The majority of security based compensation arrangements take a form of "plans" which set out the general terms and conditions in respect to awards granted to employees, officers, directors or service providers .
For greater certainty, arrangements which do not involve the issuance from treasury or potential issuance from treasury of securities of the listed issuer are not security based compensation arrangements for the purposes of this Section 613.
For the purposes of Section 613, a "service provider" is a person or company engaged by the listed issuer to provide services for an initial, renewable or extended period of twelve months or more.
Disclosure Required when Seeking Security Holder Approval & Annually.
(d) Materials provided to security holders in respect of a meeting at which the approval of security based compensation arrangements will be requested must be pre-cleared with TSX. Such materials must provide disclosure, as of the date of the materials, in respect of: On an annual basis and in connection with any security based compensation arrangement matter where security holder approval will be sought, listed issuers must disclose the items described in Form 15 -- Disclosure of Security Based Compensation Arrangements in their information circular.
(i) the eligible participants under the arrangement;
Eu. for plans with a fixed maximum number of securities issuable (A) the total number of securities issued and securities issuable under each arrangement and (B) this total as a percentage of the number of the listed issuer's securities currently outstanding,
ii. for plans with a fixed maximum percentage of securities issuable, the total number of securities issued and securities issuable under each arrangement as a percentage of the number of the listed issuer's securities currently outstanding, and.
iii. the total number of securities issuable under actual grants or awards made and this total as a percentage of the number of the listed issuer's securities currently outstanding;
iii) the maximum percentage, if any, of securities under each arrangement available to insiders of the listed issuer;
iv) the maximum number of securities, if any, any one person or company is entitled to receive under each arrangement and the percentage of the listed issuer's currently outstanding capital represented by these securities;
v) subject to Section 613(h)(i), the method of determining the exercise price for securities under each arrangement;
vi) the method of determining the purchase price for securities under security purchase arrangements, with specific disclosure as to whether the purchase price could be below the market price of the securities;
vii) the formula for calculating market appreciation of stock appreciation rights;
viii) the ability for the listed issuer to transform a stock option into a stock appreciation right involving an issuance of securities from treasury;
xi) the causes of cessation of entitlement under each arrangement, including the effect of an employee's termination for or without cause;
xii) the assignability of security based compensation arrangements benefits and the conditions for such assignability;
xiii) the procedure for amending each arrangement, including specific disclosure as to whether security holder approval is required for amendments;
xiv) any financial assistance provided by the listed issuer to participants under each arrangement to facilitate the purchase of securities under the arrangement, including the terms of such assistance;
xv) entitlements under each arrangement previously granted but subject to ratification by security holders; e.
xvi) such other material information as may be reasonably required by a security holder to approve the arrangements.
Should a security based compensation arrangement not provide for the procedure for amending the arrangement,
Where security holder approval will be required for such amendments, as provided for in Subsections 613(a) and (i). In addition, the votes attaching to any securities held by insiders who hold securities subject to the amendment will be excluded. Please see Subsection 613(l) for more information. sought in connection with a security based compensation arrangement matter, the materials must be pre-cleared with TSX.
(g) Listed issuers must disclose on an annual basis, in their information circulars, or other annual disclosure document distributed to all security holders, the terms of their security based compensation arrangements and any amendments that were adopted in the last fiscal year (this includes amendments to individual security agreements and amendments to security based compensation arrangements, including, in both instances, those assumed or created by the listed issuer as part of an acquisition). The information circular must provide disclosure in respect of each of the items in Section 613(d), as of the date of the circular, as well as the nature of the amendments adopted in the last fiscal year, including whether or not (and if not, why not) security holder approval was obtained for the amendment.
(l) Security based compensation arrangements (including individual option or other security amendments) cannot be amended without obtaining security holder approval unless the arrangement contains a provision empowering the listed issuer's board of directors (who may delegate this to a committee of the board) to make the specific amendment. Security holder approval is required for the introduction of and subsequent amendments to, such amending provisions. Disclosure provided to security holders voting on amending provisions, and annually, must state that security holder approval will not be required for amendments permitted by the provision.
PART XI AMENDMENTS.
This section sets out the requirements that are specifically applicable to Non-Corporate Issuers.
In addition to the specific requirements outlined in this Part XI, Non-Corporate Issuers must also comply with the following sections of the Manual:
Part IV MAINTAINING A LISTING.
All Sections, other than Shareholders' Meeting and Proxy Solicitation (Sections 455-465) and Website Disclosure of Security Holder Information (Section 473).
Form 15 Disclosure of Security Based Compensation Arrangements.
This Form 15 sets out the disclosure requirements for security based compensation arrangements described in Subsection 613(b) of the TSX Company Manual. These arrangements may take the form of plans ("Plans") which set out the general terms and conditions of options, performance stock units, deferred stock units, restricted stock units or other awards (collectively, "Awards"); individual Awards not granted pursuant to a Plan; financially assisted purchases of securities; and other compensation or incentive mechanisms involving the issuance of equity securities. This form has been developed for the majority of Plans adopted by listed issuers. For arrangements other than Plans, the substantive elements of the information below should be disclosed, as applicable.
Presentation of the information should be in the following tabular format. However, where the information may be better presented in another format or where customization of the table would improve the disclosure of the information, the table may be modified. Issuers with multiple or omnibus Plans which allow for the issuance of a variety of Awards may choose to use multiple columns or separate tables for disclosure.
For annual security holder meetings, the information should be prepared as at the end of the most recently completed fiscal year. For other security holder meetings where security holder approval will be sought in connection with a security based compensation arrangement matter, the information should be prepared as at the date of the materials, unless otherwise noted.
Questions regarding the content or presentation of information may be directed to your Listed Issuer Services Senior Manager:
<<Description Instructions and guidance notes>>
<<Disclose the maximum number of securities issuable under the Plan, expressed as a fixed number or fixed percentage of the number of issued and outstanding securities>> <<.>>
<<Where the Plan maximum is expressed as a fixed number, include the percentage this number represents relative to the number of issued and outstanding securities>> <<.>>
<<Disclose the number of outstanding Awards under the Plan, together with the percentage this number represents relative to the number of issued and outstanding securities>> <<.>>
<<If the Award includes a multiplier, the maximum payout of the multiplier should be used to calculate the number of listed securities issuable and the percentage this number represents relative to the number of issued and outstanding securitiesi. Details regarding the multiplier should be included in a footnote.>>
<<This information may be omitted for the first fiscal year of newly adopted Plans, but must be included for new Plans adopted in replacement of similar Plans.>>
<<Disclose the annual burn rate of the Plan, calculated as follows and expressed as a percentage:>>
<<Number of Awards granted under the Plan, net of any cancellations during the most recently completed fiscal year X multiplier, if applicable>>
<<Number of issued and outstanding securities as at the beginning of the most recently completed fiscal year>>
<<If the Award includes a multiplier, the maximum payout of the multiplier should be used for the calculation. Details in respect to the multiplier should be provided in a footnote.>>
<<The annual burn rate for the most recently completed fiscal year should be disclosed for the purposes of annual disclosure. The annual burn rate for each of the three most recently completed fiscal years should be disclosed where security holder approval is being sought with respect to a Plan.>>
<<Where the Plan has not existed for last three fiscal years (including predecessor plans which were similar) or was approved by security holders within the last three fiscal years, disclose the annual burn rate for each of the fiscal years completed since adoption or the most recent security holder approval.>>
<<Disclose the eligible participants under the Plan such as directors, non-executive directors, officers, employees, consultants, etc.>>
<<Disclose whether the Awards under the Plan are subject vesting provisions, a summary of default vesting provisions (if any applicable) and whether vesting is time and/or performance based.>>
<<Disclose any amendments to Awards or the Plan that were made without security holder approval in the most recently completed fiscal year.>>
<<This information may be omitted where security holder approval is not being sought in connection with a security based compensation arrangement matter.>>
<<Disclose any other key terms of the plan in sufficient detail to enable reasonable security holders to form a reasoned judgment whether to approve the Plan or amendments thereto.>>
<<This item may be presented in a narrative or tabular format. Issuers using a tabular format should consider using a separate line item for each key term.>>
<<Obtaining a Copy of the Plan>>
<<Section 473 requires that a copy of the Plan be made available on the issuer's website. Include a hyperlink or webpage address as well as a description of the location on the issuer's website where the Plan can be found.>>
Issuers with more than one class of participating securities may combine the number of issued and outstanding securities of each class provided that the class of securities issuable under the arrangement does not have a greater voting and/or equity entitlement as the other class(es) of participating securities.
APPENDIX B.
CLEAN VERSION OF PUBLIC INTEREST AMENDMENTS.
PART IV AMENDMENTS.
If an issuer adopts a Policy to satisfy the Majority Voting Requirement, it must post a copy of the Policy on its website in accordance with Sec. 473.
Website Disclosure of Security Holder Information.
473. Listed issuers must maintain a publicly accessible website and post the following documents, as applicable:
(a) Constating documents including articles, trust indentures, partnership agreements, by-laws and other similar documents;
(b) Corporate policies that may impact meetings of security holders and voting, including advance notice and majority voting policies;
(c) Security holder rights plans, commonly known as poison pills;
(d) Security based compensation arrangements; e.
(e) Corporate governance documents, including charters of board committees, code of ethical business conduct, position descriptions, board mandate, anti-corruption policies and other environmental and social policies and whistleblower policies.
The webpage(s) containing the above noted documents should be easily identifiable and accessible from the listed issuer's home page or investor relations page. If a listed issuer's website is shared with other issuers, each listed issuer should have a separate, dedicated webpage on the website.
PART VI AMENDMENTS.
Types of Security Based Compensation Arrangements.
(b) Section 613 applies to security based compensation arrangements which involve the issuance or potential issuance of securities from treasury, such as:
i) stock option plans;
ii) individual awards if not granted pursuant to a plan previously approved by the listed issuer's security holders;
iii) stock purchase plans where the listed issuer provides financial assistance or where the listed issuer matches the whole or a portion of the securities being purchased;
iv) stock appreciation rights involving issuances of securities from treasury;
v) full value equity-based plans involving the issuance or potential issuances of securities of the listed issuer;
vi) any other compensation or incentive mechanism involving the issuance or potential issuances of securities of the listed issuer; e.
vii) security purchases from treasury which are financially assisted by the listed issuer by any means whatsoever.
For the purposes of this Section 613, "awards" include stock options, restricted stock, full value equity-based awards (restricted stock units, deferred stock units and performance stock units), share appreciation rights and other similar grants and entitlements. The majority of security based compensation arrangements take a form of "plans" which set out the general terms and conditions in respect to awards granted to employees, officers, directors or service providers.
For greater certainty, arrangements which do not involve the issuance from treasury or potential issuance from treasury of securities of the listed issuer are not security based compensation arrangements for the purposes of this Section 613.
For the purposes of Section 613, a "service provider" is a person or company engaged by the listed issuer to provide services for an initial, renewable or extended period of twelve months or more.
Disclosure Required when Seeking Security Holder Approval & Annually.
(d) On an annual basis and in connection with any security based compensation arrangement matter where security holder approval will be sought, listed issuers must disclose the items described in Form 15 -- Disclosure of Security Based Compensation Arrangements in their information circular.
Where security holder approval will be sought in connection with a security based compensation arrangement matter, the materials must be pre-cleared with TSX.
(l) Security based compensation arrangements (including individual option or other security amendments) cannot be amended without obtaining security holder approval unless the arrangement contains a provision empowering the listed issuer's board of directors (who may delegate this to a committee of the board) to make the specific amendment. Security holder approval is required for the introduction of and subsequent amendments to, such amending provisions.
PART XI AMENDMENTS.
This section sets out the requirements that are specifically applicable to Non-Corporate Issuers.
In addition to the specific requirements outlined in this Part XI, Non-Corporate Issuers must also comply with the following sections of the Manual:
Part IV MAINTAINING A LISTING.
All Sections, other than Shareholders' Meeting and Proxy Solicitation (Sections 455-465) and Website Disclosure of Security Holder Information (Section 473).
Form 15 Disclosure of Security Based Compensation Arrangements.
This Form 15 sets out the disclosure requirements for security based compensation arrangements described in Subsection 613(b) of the TSX Company Manual. These arrangements may take the form of plans ("Plans") which set out the general terms and conditions of options, performance stock units, deferred stock units, restricted stock units or other awards (collectively, "Awards"); individual Awards not granted pursuant to a Plan; financially assisted purchases of securities; and other compensation or incentive mechanisms involving the issuance of equity securities. This form has been developed for the majority of Plans adopted by listed issuers. For arrangements other than Plans, the substantive elements of the information below should be disclosed, as applicable.
Presentation of the information should be in the following tabular format. However, where the information may be better presented in another format or where customization of the table would improve the disclosure of the information, the table may be modified. Issuers with multiple or omnibus Plans which allow for the issuance of a variety of Awards may choose to use multiple columns or separate tables for disclosure.
For annual security holder meetings, the information should be prepared as at the end of the most recently completed fiscal year. For other security holder meetings where security holder approval will be sought in connection with a security based compensation arrangement matter, the information should be prepared as at the date of the materials, unless otherwise noted.
Questions regarding the content or presentation of information may be directed to your Listed Issuer Services Senior Manager:
Description Instructions and guidance notes.
Disclose the maximum number of securities issuable under the Plan, expressed as a fixed number or fixe percentage of the number of issued and outstanding securities .
Where the Plan maximum is expressed as a fixed number, include the percentage this number represents relative to the number of issued and outstanding securities .
Disclose the number of outstanding Awards under the Plan, together with the percentage this number represents relative to the number of issued and outstanding securities .
If the Award includes a multiplier, the maximum payout of the multiplier should be used to calculate the number of listed securities issuable and the percentage this number represents relative to the number of issued and outstanding securities . Details regarding the multiplier should be included in a footnote.
This information may be omitted for the first fiscal year of newly adopted Plans, but must be included for new Plans adopted in replacement of similar Plans.
Disclose the annual burn rate of the Plan, calculated as follows and expressed as a percentage:
Number of Awards granted under the Plan, net of any cancellations during the most recently completed fiscal year X multiplier, if applicable.
Number of issued and outstanding securities as at the beginning of the most recently completed fiscal year.
If the Award includes a multiplier, the maximum payout of the multiplier should be used for the calculation. Details in respect to the multiplier should be provided in a footnote.
The annual burn rate for the most recently completed fiscal year should be disclosed for the purposes of annual disclosure. The annual burn rate for each of the three most recently completed fiscal years should be disclosed where security holder approval is being sought with respect to a Plan.
Where the Plan has not existed for last three fiscal years (including predecessor plans which were similar) or was approved by security holders within the last three fiscal years, disclose the annual burn rate for each of the fiscal years completed since adoption or the most recent security holder approval.
Disclose the eligible participants under the Plan such as directors, non-executive directors, officers, employees, consultants, etc.
Disclose whether the Awards under the Plan are subject vesting provisions, a summary of default vesting provisions (if any applicable) and whether vesting is time and/or performance based.
Disclose any amendments to Awards or the Plan that were made without security holder approval in the most recently completed fiscal year.
Other Key Terms.
This information may be omitted where security holder approval is not being sought in connection with a security based compensation arrangement matter.
Disclose any other key terms of the plan in sufficient detail to enable reasonable security holders to form a reasoned judgment whether to approve the Plan or amendments thereto.
This item may be presented in a narrative or tabular format. Issuers using a tabular format should consider using a separate line item for each key term.
Obtaining a Copy of the Plan.
Section 473 requires that a copy of the Plan be made available on the issuer's website. Include a hyperlink or webpage address as well as a description of the location on the issuer's website where the Plan can be found.
Issuers with more than one class of participating securities may combine the number of issued and outstanding securities of each class provided that the class of securities issuable under the arrangement does not have a greater voting and/or equity entitlement as the other class(es) of participating securities.
Bolsa de Valores de Toronto.
last edited 12/16/13.
The Toronto Stock Exchange (TSX) is one of North America's oldest and largest stock exchanges. The main function of a stock exchange is to serve as a central meeting place for those who seek investment in their company and those who are willing to provide such investment.
Bolsa de Valores de Toronto.
The Toronto Stock Exchange (TSX) is one of North America's oldest and largest stock exchanges. The main function of a stock exchange is to serve as a central meeting place for those who seek investment in their company and those who are willing to provide such investment. Share certificates provide proof of such investment and are auctioned off to the highest bidder, resulting in a trade during which the share certificate or some other proof of the transaction is exchanged for the funds to be invested.
The TSX is Canada's principal stock exchange. Nominally, the trading of securities such as shares is regulated at the provincial level and, until the late 1990s, some provinces operated their own exchanges. In 1999 the TSX was designated as the only exchange for the trading of senior equities whereas the Montréal stock exchange, operating as the "Canadian Derivatives Exchange," became responsible for the trading of derivatives (futures, options, forward contracts), and the Vancouver, Alberta and Winnipeg exchanges merged to provide a trading environment for junior equities (venture/start-up capital) under the banner of Canadian Venture Exchange (CDNX).
At the end of 2003, the TSX was home to 1340 companies representing a total market capitalization (number of shares outstanding times share price) of some $1.3 trillion. Over the course of its existence it has been at the forefront of efforts to reinvent the business of trading worldwide.
The TSX traces its informal beginnings back to the formation of an association of brokers by 12 Canadian businessmen in 1852. On 25 October 1861 the stock exchange was officially founded through the passage of a formal resolution at Toronto's Masonic Hall. A total of 18 stocks could be traded. Trading in the early days consisted of half-hour sessions, which allowed for small numbers of trades.
In 1871 there were 14 firms that traded stocks on the exchange, having paid $250 each for the privilege, a so-called "seat." By 1901 the price for a seat had risen to $12 000 and trading volume was close to one million shares per day. The increased popularity of stock trading caused the exchange to move to bigger offices. In total, the exchange moved five times over the course of its existence and today is located in the Exchange Tower at 130 King Street West in Toronto.
The onset of World War I caused the exchange to suspend operations on 28 July 1914 (one month after the war broke out) as a result of the prevailing uncertainty in financial markets; the New York Stock Exchange did so as well.
The stock market crash of 1929 did not have any significant effect on Canadian trading activity. While more than 2000 investment and brokerage firms went out of business in the US, no members of the Toronto Stock Exchange went into default.
In 1955 the price for a seat rose to $100 000, and in 1958 the TSX began to require formal disclosures from its listed companies concerning anything that could influence the price of their respective offerings.
The TSX became the world's first stock exchange to introduce computer-assisted trading, in 1977, and, in the same year, created the TSE 300 index, an indicator similar to the Dow Jones Index for the New York Stock Exchange, comprising 300 representative stocks that are reviewed on a regular basis. The TSE 300 was followed by the Toronto 35, made up of 35 of Canada's largest corporations, in 1987, the same year that the world's stock markets "crashed," pushing all major indices into a freefall. The TSE 300 dropped by more than 300 points and the TSX overall lost $37 billion, or 11.3 percent of its value.
In the late 1990s the TSX provided leadership in a number of areas: it became the first exchange to introduce decimal trading (switching from fractions); it became the largest North American stock exchange to move to a completely electronic trading environment; and the TSX was the first exchange to have a female president, Barbara G. Stymiest, who immediately embarked on a major reorganization of the exchange's activities.
In 1999 the exchanges in Vancouver, Calgary (known as the "Alberta Stock Exchange"), and Montréal agreed to focus on specialty trades, leaving the TSX to handle the vast majority of the trading services. The Vancouver and Alberta Stock Exchanges joined to form the Canadian Venture Exchange (CDNX), which focused on junior stocks. It was also agreed at that time that the Winnipeg Stock Exchange would become a CDNX member as well. It formally joined in late 2000. The Montréal stock exchange became the centre for the trading of futures, options, and other derivatives. Also in 1999, the TSX paved the way for turning itself into a public company by obtaining vice-regal assent to become a for-profit organization.
The beginning of the 21st century saw the TSX consolidate its own activities and those of other exchanges across the country even further - under the umbrella of the TSX Group. The Canadian Venture Exchange ceased to exist and became the TSX Venture Exchange while the Montréal exchange continued to be responsible for the trading of derivatives. This move all but cemented the TSX Group's role as the country's national stock market operator and regulator in spite of the absence of a formal national mandate.
In 2002 the TSX went public and was thus placed in the curious position of trading its own shares, necessitating a stronger focus on independence and corporate governance among its board of directors. Among other steps it took to preserve its integrity was the transfer of regulatory duties to Market Regulation Services Inc and the Investment Dealers Association. In the same year, Standard and Poor's assumed responsibility for the TSE 300 index, which was subsequently rebranded the "S & P/TSX Composite Index."
2004 saw the expansion of the TSX's activities into the trading of natural resources when it acquired NGX Canada Inc, an exchange dealing in electricity and natural gas contracts.
Scope of Activities.
The TSX Group today operates all of the Canadian stock markets as well as an exchange where natural gas and electricity contracts are traded, NGX Canada Inc. In addition, the group re-sells data of the activity occurring on its exchanges through a venture called TSX Datalinx, and also provides technology products and services to third-party clients such as the Shanghai Stock Exchange.
Companies just starting out as a public company are listed on the Venture Exchange, the marketplace for so-called "junior stocks." Once they have proven themselves as a public company and gained sufficient financial flexibility, they may then attempt to "graduate" to the main exchange, the Toronto Stock Exchange.
How to List.
A company wishing to list and continue to be listed must meet strict requirements and conform to a set of rules. For example, companies must have at least one million shares that can be traded freely with a market value of at least $4 million ($10 million for a "Technology Company"). These shares must be held by at least 300 shareholders who, in turn, must hold a minimum number of shares, a so-called "board lot." Companies must also provide references and, if they belong to a certain industry, meet additional, industry-specific requirements. Listing fees for Canadian companies are between $15 000 and $150 000 per class of share a company wishes to list. Following a successful listing, the company must then pay fees on a regular basis to maintain its listing. In addition, a number of other fees are payable to investment dealers, provincial securities commissions, and professionals such as lawyers or accountants.
New companies wishing to list early in their existence and requiring an influx of capital to continue to develop can list on the TSX Venture Exchange. The TSX Venture Exchange is much more than a stock market; it offers a comprehensive support system including access to legal, financial and other professionals that can help the company to meet the listing requirements. The TSX Venture Exchange has its own fee schedule and, on an aggregate basis, the fees are lower than for companies wishing to list on the main exchange.
Atividade comercial.
Trading activity on the exchanges of the TSX Group is dependent on several factors such as the economy, industry or company developments and resulting investor confidence. Academic researchers spend a lot of time trying to determine the influences in a precise manner but, in general, stock market indices are taken as a proxy for the overall health of the economy.
Stock Market Terms.
Speak the language of the stock market - consult our Stock Market Terms for a glossary of terms and vocabulary that may help you better understand the capital markets. NOTE: Some of the definitions are TSX-specific and, as a result, may differ from standard general definitions.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z.
Companies listed on TSX Venture Exchange that meet higher asset, market value and shareholder distribution requirements than those classified as venture companies. This classification is related to TSX Venture Exchange Tier 1 status.
A securities firm is classified as an agent when it acts on behalf of its clients as buyer or seller of a security. The agent does not own the security at any time during the transaction.
Alberta Securities Commission (ASC)
The provincial regulatory agency responsible for overseeing the capital market in Alberta.
An order that must be filled completely or the trade will not take place.
Options that can be exercised any time during their lifetime. These are also known as open options.
A publication, including financial statements and a report on operations, issued by a company to its shareholders at the company's fiscal year-end.
Permits Participating Organizations to voluntarily withhold their true broker identities when entering orders and trades on TSX trading systems.
The simultaneous purchase of a security on one stock market and the sale of the same security on another stock market at prices which yield a profit.
The lowest price at which someone is willing to sell the security. When combined with the bid price information, it forms the basis of a stock quote.
The aggregate size in board lots of the most recent ask to sell a particular security.
Everything a company or person owns, including money, securities, equipment and real estate. Assets include everything that is owed to the company or person. Assets are listed on a company's balance sheet or an individual's net worth statement.
The notification to the seller of an option by the clearing corporation that the buyer of the option is enforcing the terms of the option's contract.
When the price of the underlying equity, index or commodity equals the strike price of the option.
Statistical tools that measure the state of the stock market or the economy, based on the performance of stocks, bonds or other components. Examples are the S&P/TSX Venture Composite Index, the S&P/TSX Composite Index, the Dow Jones Industrial Average and the Consumer Price Index.
Buying more of a security at a price that is lower than the price paid for the initial investment. The aim of averaging down is to reduce the average cost per unit of the investment.
One-hundredth of a percentage point. For example, the difference between 5.25% and 5.50% is 25 basis points.
A market in which stock prices are falling.
A type of underwriting where the investment firm acts as an agent. The firm agrees to use its best efforts to sell the new issue of securities, but does not guarantee the issuing company that the securities to be issued will be sold.
A measurement of the relationship between the price of a stock and the movement of the whole market.
An order with a limit price better than the best price on the opposite side of the market. A better-priced buy order has a limit price higher than the best offering. A better-priced sell order has a limit price lower than the best bid. These are available only at the opening.
The highest price a buyer is willing to pay for a stock. When combined with the ask price information, it forms the basis of a stock quote.
The aggregate size in board lots of the most recent bid to buy a particular security.
A mathematical model used to calculate the theoretical price of an option.
Stocks of leading and nationally known companies that offer a record of continuous dividend payments and other strong investment qualities.
A standard trading unit as defined in UMIR (Universal Market Integrity Rules). The board lot size of a security on Toronto Stock Exchange or TSX Venture Exchange depends on the trading price of the security, as follows:
Trading price per unit is less than $0.10 - board lot size is 1,000 units Trading price per unit is $0.10 to $0.99 - board lot size is 500 units Trading price per unit is $1.00 or more - board lot size is 100 units.
Promissory notes issued by a corporation or government to its lenders, usually with a specified amount of interest for a specified length of time.
An electronic record of all pending buy and sell orders for a particular stock.
Orders that do not trade immediately upon entry. These orders are also known as outstanding orders.
A type of underwriting where the brokerage firm acts as principal. The brokerage firm risks its own capital to purchase all of the securities to be issued. If the price of the securities decreases before the brokerage firm has had a chance to resell the securities to its clients, the firm absorbs the loss.
British Columbia International Commercial Arbitration Centre (BCICAC)
An arbitration centre established to resolve business disputes that have not been resolved through normal channels. As part of its services, the centre will accept claims up to $50,000 from clients of participating members of the Investment Dealers Association of Canada (Pacific Division) and TSX Venture Exchange.
British Columbia Securities Commission (BCSC)
The provincial government agency responsible for administering and enforcing the Securities Act and the Commodity Contract Act of British Columbia.
Broker or Brokerage Firm.
A securities firm or a registered investment advisor affiliated with a firm. Brokers are the link between investors and the stock market. When acting as a broker for the purchase or sale of listed stock, the investment advisor does not own the securities but acts as an agent for the buyer and seller and charges a commission for these services.
A market in which stock prices are rising.
Any day from Monday to Friday, excluding statutory holidays.
A trust that usually generates cash flows from one business or operating company, unlike an investment fund, which generates income from a diversified pool or portfolio. The trust holds debt and equity interests of an operating business. Businesses that exhibit these characteristics may opt for a trust structure over a corporate structure to take advantage of tax efficiency.
If a broker fails to deliver securities sold to another broker on the settlement date, the receiving broker may buy the securities at the current market price of the stock and charge the delivering broker the cost difference of such a purchase.
A type of order that is filled only in a visible ("lit") market. A bypass order ignores dark pools and undisplayed orders.
An option which gives the holder the right, but not the obligation, to buy a fixed amount of a certain stock at a specified price within a specified time. Calls are purchased by investors who expect a price increase.
Canadian Depository for Securities Limited (CDS)
CDS Clearing and Depository Services Inc. (CDS) is Canada's national securities depository, clearing and settlement hub. CDS supports Canada's equity, fixed income and money markets, and is accountable for the safe custody and movement of securities, accurate record keeping, the processing of post-trade transactions, and the collection and distribution of entitlements relating to the securities that have been deposited by participants.
Canadian Derivatives Clearing Corporation (CDCC)
The designated central clearing corporation for options and futures trading on the Bourse de Montrйal. Anteriormente conhecido como Trans Canada Options Inc. (TCO).
Canadian Investor Protection Fund (CIPF)
A fund established to protect customers in the event of insolvency of a member of any of the following sponsoring self-regulatory organizations: the Bourse de Montrйal, Toronto Stock Exchange, TSX Venture Exchange and the Investment Dealers Association of Canada.
Canadian Securities Institute (CSI)
The national educational organization of the securities industry sponsored by the Investment Dealers Association of Canada, Toronto Stock Exchange, the Bourse de Montrйal and TSX Venture Exchange.
To an economist, capital means machinery, factories and inventory required to produce other products. To investors, capital means their cash plus the financial assets they have invested in securities, their home and other fixed assets.
Profit or loss resulting from the sale of certain assets classified under the federal income tax legislation as capital assets. This includes stocks and other investments such as investment property.
Capital Gains Distribution.
A taxable distribution out of taxable gains realized by the issuer. It is generally paid to security holders of trusts, partnerships, and funds. Like all distributions, it may be paid in securities or cash. The amount, payable date, and record date are established by the issuer. The exchange that the issue is listed on sets the ex-dividend/distribution (ex-d) date for entitlement.
The TSX Venture Exchange Capital Pool Company (CPC) program offers a unique listing opportunity that brings experienced management teams with proven public financing ability together with development-stage companies in need of capital and management expertise. Unlike traditional public companies, capital pools list and begin trading without an operating business. The nature of their business is to find and acquire a promising early-stage venture, and their treasuries are funded expressly for the search and due diligence process.
All shares representing ownership of a company, including preferred and common shares.
A form of financial trust that differs from other trusts in that it looks more like a fixed income instrument than an equity issue. Capital trusts are generally issued by banks or other financial intermediaries. These investment vehicles trade like a debt instrument with $1,000 face value and trade with accrued interest.
Any change in the issued and outstanding listed securities of an issuer. This change may involve the issuance, repurchase, or cancellation of listed securities or listed securities that are issuable upon conversion or exchange of other securities of an issuer.
Capitalization Effective Date.
The date that the capitalization change is reflected in the issuer's share register, regardless of when it is reported to the Exchange.
Capitalization or Capital Structure.
Total dollar amount of all money invested in a company, such as debt, preferred and common stock, contributed surplus and retained earnings of a company.
Indices for which there is a maximum relative weight by market capitalization for any one constituent. Any individual constituent of the index can represent no more than a specified percent of the index. The individual constituents of the S&P/TSX Capped Composite and S&P/TSX Capped 60 indices are capped at 10%, while the individual constituents of the S&P/TSX Capped sector indices are capped at 25%.
A special term attached to an equity order that requires the trade to be settled either the same day or the following business day for cash.
Cash Dividend / Distribution.
A dividend/distribution that is paid in cash.
Settlement of an option contract not by delivery of the underlying shares, but by a cash payment of the difference between the strike or exercise price and the underlying settlement price.
The physical document that shows ownership of a bond, stock or other security.
Any modification to the list of tradable issues of an exchange. These modifications include: new listings, supplemental security listings, substitutional listings, deletions, name changes, and stock symbol changes.
TSX Venture Level 1 (CL1) is a real-time service for listed junior equities that provides trades, quotes, corporate actions and index information from TSX Venture Exchange.
TSX Venture Level 2 (CL2) is a real-time service for junior equities that shows all of the committed orders and trades for each TSX Venture Exchange listed security in real time.
Any business day on which the clearing corporation is open to effect trade clearing and settlement.
The trading number of the clearing Participating Organization or Member.
An order from a retail customer of a Participating Organization.
The price of the last board lot trade executed at the close of trading. See also: Board Lot.
Closed-End Investment Fund.
An investment trust that issues a fixed number of securities that trade on a stock exchange or in the over-the-counter market. Assets of a closed-end fund are professionally managed in accordance with the fund's investment objective and policies and may be invested in a wide range of financial instruments/assets. Like other publicly traded securities, the market price of closed-end fund securities fluctuates and is determined by supply and demand in the marketplace.
An order to close out an existing open futures or options contract.
The fee charged by an investment advisor or broker for buying or selling securities as an agent on behalf of a client.
Products used for commerce that are traded on a separate, authorized commodities exchange. Commodities include agricultural products and natural resources such as timber, oil and metals. Commodities are the basis for futures contracts traded on these exchanges.
Common Shares or Common Stock.
Securities that represent part ownership in a company and generally carry voting privileges. Common shareholders may be paid dividends, but only after preferred shareholders are paid. Common shareholders are last in line after creditors, debt holders and preferred shareholders to claim any of a company's assets in the event of liquidation.
When an order trades all of its specified volume.
Conditional Listing Application (CLA)
When a company applies to list on Toronto Stock Exchange, a CLA consists of the Toronto Stock Exchange listing agreement and the company's prospectus.
Consolidated Short Position Report.
A consolidated report that includes the total shares short (as of the trade date) and the net change from the previous report, for both TSX and TSX Venture Exchange listed issues. Under UMIR rule 10.10, all TSX and TSX Venture Exchange Participating Organizations and Members must report the firm's short position on a semi-monthly basis to TSX Datalinx. Non-clearing firms may report through the firm that is responsible for their clearing.
A company's ongoing obligation to inform the public of significant corporate events, both favourable and unfavourable.
A security of an issuer (for example - bonds, debentures, or preferred shares) that may be converted into other securities of that issuer, in accordance with the terms of the conversion feature. The conversion usually occurs at the option of the holder of the securities, but it may occur at the option of the issuer.
A form of business organization created under provincial or federal laws that has a legal identity separate from its owners. The shareholders are the corporation's owners and are liable for the debts of the corporation only up to the amount of their investment. This is known as limited liability.
A trade that occurs when two accounts within the same Participating Organization/Member wish to buy and sell the same security at an agreed price and volume. With some approved exceptions, crosses can only occur within the current bid and ask for the stock.
After the close of the regular trading day, crosses can be executed between 4:10 p. m. e 5:00 p. m. ET at the last sale price of the stock.
With dividend. The owner of shares purchased cum dividend is entitled to an upcoming already-declared dividend. The opposite of this is ex dividend.
With rights. The owner of shares purchased cum rights is entitled to forthcoming, already-declared rights. The opposite of this is ex rights.
The trading day before the ex-dividend/distribution (ex-d) date. It is the last day on which the securities can be traded and on which the buyer is entitled to the dividend/distribution.
CUSIP © (Committee on Uniform Security Identification Procedures) is a standard system of securities identification and securities description, which is used in electronic processing and recording of securities transactions in North America. As a service bureau to the Canadian financial industry, CDS INC., a subsidiary of CDS, acts as liaison between Standard & Poor's (S&P) and the issuing companies for the assignment of CUSIP numbers and descriptions. A CUSIP number uniquely identifies a Canadian or American security issue and its issuer.
A stock of a company in an industry sector that is particularly sensitive to swings in economic conditions.
The maximum price advance or decline permitted for a futures contract in one trading session compared to the previous day's settlement price.
An order that is valid only for the day it is entered. If the order is still outstanding when the market closes, it will be purged overnight.
A long-term debt instrument issued by corporations or governments that is backed only by the integrity of the borrower, not by collateral. A debenture is unsecured and subordinate to secured debt. A debenture is unsecured in that there are no liens or pledges on specific assets.
The price paid per $100 of a debt instrument's face value traded. A debt instrument trading at par would have a price of $100. A price below face value (for example, $99.1) indicates that the debt instrument has traded at a discount. A price above face value (for example, $101.1) indicates that the debt instrument has traded at a premium.
The total dollar value of volume traded on one side of the transaction for a specified period. It equals price multiplied by volume divided by 100.
The number of debt instruments traded on one side of the transaction for a specified period multiplied by the face value of the debt instrument.
A stock purchased from a company that has maintained a record of stable earnings and continuous dividend payments through periods of economic downturn.
A special term order in which there is a clear understanding between the buying and selling parties that the delivery of the securities will be delayed beyond the usual three-day settlement period to the date specified in the order.
The removal of a security's listing on a stock exchange. This is done when the security no longer exists, the company is bankrupt, the public distribution of the security has dropped to an unacceptably low level, or the company has failed to comply with the terms of its listing agreement.
The status of a security that is no longer listed on the Exchange. The security could trade on another market.
An issuer whose securities are no longer listed on Toronto Stock Exchange or TSX Venture Exchange. A listed issuer is delisted when the last listed security of the issuer is delisted.
The tender and receipt of the underlying commodity or the payment or receipt of cash in the settlement of an open futures contract.
The calendar month in which a futures contract may be satisfied by making or taking delivery.
A ratio that measures an option's price movement compared to the underlying interest's price movement. Delta values have a range of 0 to 1. Deep in-the-money options have deltas that approach 1.
The combined desire, ability and willingness on the part of consumers to buy goods or services. Demand is determined by income and by price, which are, in part, determined by supply.
A securities account created when a client gives a partner, director or qualified portfolio manager of a Participating Organization specific written authorization to select securities and execute trades on the client's behalf.
The portion of the issuer's equity paid directly to the security holders. It is generally paid to security holders of trusts, partnerships, and funds. The issuer or its representative provides the amount, frequency (monthly, quarterly, semi-annually, or annually), payable date, and record date. The exchange that the issue is listed on sets the ex-dividend/distribution (ex-d) date for entitlement.
Limiting investment risk by purchasing different types of securities from different companies representing different sectors of the economy.
The portion of the issuer's equity paid directly to shareholders. It is generally paid on common or preferred shares. The issuer or its representative provides the amount, frequency (monthly, quarterly, semi-annually, or annually), payable date, and record date. The exchange that the issue is listed on sets the ex-dividend/distribution (ex-d) date for entitlement. An issuer is under no legal obligation to pay either preferred or common dividends.
Dividend Reinvestment Plan.
A means of reinvesting dividends, which would otherwise be paid to the shareholder in cash, in additional stock of the company.
Equal to the indicated annual dividend rate per share divided by the security's price. For example, if the indicated dividend rate is $1.00 and the closing price is $50.00, $1 divided by $50.00 equals 2%.
Dividend/Distribution Payable Date.
The date set by the issuer on which the dividend/distribution will be paid.
Dividend/Distribution Record Date.
The date on which a security holder must be registered as a holder of an issue to receive the dividend/distribution.
Investing a fixed amount of dollars in a specific security at regular set intervals over a period of time. Dollar cost averaging results in a lower average cost per share, compared with purchasing a constant number of shares at set intervals. The investor buys more shares when the price is low and buys fewer shares when the price is high.
Dow Jones Industrial Average (DJIA)
An average made up of 30 actively traded stocks. The DJIA is calculated by adding the prices of each of the 30 stocks and dividing by a divisor. The DJIA is one of the most widely quoted stock market averages in the media.
A trade is on a downtick when the last trade occurred at a price lower than the previous one.
Investment vehicles that may engage in the development, acquisition, and/or production of oil and gas reserves. The trust receives royalty income from producing properties (essentially, net cash flow) and then sells interests in the trust (called trust units) to investors. Conventional oil and gas royalty trusts are actively managed portfolios holding assets of mature producing properties. Substantially all of the cash flow generated by the oil and gas assets, net of certain deductions, such as administrative expenses and management fees, is passed on to the unit holders as royalty income. Capital expenses may also be deducted, but are usually subject to restrictions on the amount. The distributions are highly dependent upon the cash flow generated by the trust. In general, the largest variable in determining the level of cash flow is the price of crude oil and natural gas.
Common and preferred stocks, which represent a share in the ownership of a company.
The dollar value of securities issued in accordance with a TSX or TSX Venture Exchange approved transaction. The value equals the number of securities multiplied by the offering price. The various forms of financial instruments may have an effect on determining the price or the number of securities.
An option contract that grants the holder the right to buy or sell a specific number of shares of stock at a specified price during a specific period of time.
The price per share traded.
The total dollar value of volume traded on one side of the transaction for a specified period. It equals price multiplied by volume.
The total number of shares traded on one side of the transaction.
The outstanding securities of an issuer that are not freely tradable, because they are subject to an escrow agreement that restricts the ability of certain security holders of that issuer from trading or otherwise dealing in those securities until certain conditions are satisfied.
Options that can be exercised only on their expiration date.
The holder of shares purchased ex dividend is not entitled to an upcoming already-declared dividend, but is entitled to future dividends.
The holder of shares purchased ex rights is not entitled to already-declared rights, but is entitled to future rights issues.
Exchange Offering Prospectus (EOP)
A form of prospectus that allows a company to conduct a prospectus offering through the facilities of a stock exchange, rather than issuing them directly to the public. The company then applies to list the securities on the exchange.
A security of an issuer that is exchangeable for securities of another issuer (usually a subsidiary) in accordance with the terms of the exchange feature. The exchange may be at the option of the holder or at the option of the issuer of the securities.
A special type of financial trust that allows an investor to buy an entire basket of stocks through a single security, which tracks and matches the returns of a stock market index. ETFs are considered to be a special type of index mutual fund, but they are listed on an exchange and trade like a stock. Also known as an index participation unit (IPU).
Ex-dividend/distribution date. The date that the buyer of a stock is not entitled to the upcoming declared dividend/distribution, because the buyer will not be a holder of record. The ex-d date is two clearing days before the record date. The exchange that the issue is listed on sets the ex-d date.
A listed issuer that has satisfied listing requirements as outlined in Section 502 of the Listing Requirements Manual. An exempt issuer is not subject to special reporting rules. This status is generally reserved for senior listed issuers.
The act of an option holder who chooses to take delivery (calls) or make delivery (puts) of the underlying interest against payment of the exercise price.
The date at which an option contract expires. This means that the option can't be exercised after that date.
Extra Dividend / Distribution.
A dividend/distribution paid in addition to the regularly established dividend/distribution of the issuer. Like all dividends/distributions, it may be paid in securities or cash and the amount, payable date, and record date are established by the issuer. The exchange that the issue is listed on sets the ex-dividend/distribution (ex-d) date for entitlement. Extra dividends/distributions are sometimes referred to as special dividends/distributions.
The cash denomination of the individual debt instrument. It is the amount of money that the holder of a debt instrument receives back from the issuer on the debt instrument's maturity date. Face value is also referred to as par value or principal.
A disclosure document submitted by a listed company to outline material changes in its affairs. Filing statements are not used for the purposes of a financing.
Is eligible to receive a full fill and if not fully filled is cancelled immediately.
Float Quoted Market Value (QMV)
The last price multiplied by the number of outstanding shares. For the S&P/TSX index, the QMV is based on float shares, not on total outstanding shares. Float shares are total outstanding shares less any control block position, as defined by the Standard & Poor's index methodology.
A security whose interest rate or dividend changes with specified market indicators. A floating rate is one that is based on an administered rate, such as a prime rate.
Flow-Through Shares Financing.
The dollar value of flow-through shares issued in accordance with a TSX or TSX Venture Exchange approved transaction. The price is determined by the policies of the TSX Company Manual or TSX Venture Corporate Finance Manual; the price is not adjusted for the value of the flow-through tax benefit available to the security holder. It can be an initial public offering (IPO), secondary offering, or private placement.
An interruption in trading on a stock, triggered when an order violates parameters set by TSX.
Frequency refers to the given time period on an intraday, daily, weekly, monthly, quarterly or yearly perspective. Typically, choosing a weekly or monthly perspective when looking at several years of data makes it easier to identify long-term trends. Daily charts are useful for active traders and short-term time period charts.
The closest month to expiration for a futures or option contract.
Contracts to buy or sell securities at a future date.
The Global Industry Classification Standard (GICS®) is a consistent set of global economic sector and industry definitions. GICS are used to classify the constituents of many indices worldwide. GICS is a four-level classification system. The four levels are: sector, industry group, industry, and sub-industry. Standard & Poor's and Morgan Stanley Capital International (MSCI), two providers of global indices, jointly launched GICS in 1999.
The term used to describe a security that is in proper form to transfer title, which means that the registered owner has endorsed it. To settle a sale, the certificate must be surrendered on good delivery by the seller. A certificate that bears a share transfer restriction will not constitute good delivery.
A GTC order will remain in the system until the date that it is filled or until a maximum of 90 calendar days from date of entry, whichever happens first. This type of order is also referred to as an open order. A Participating Organization can cancel a GTC order at any time.
A GTD order will remain in the system until it is either filled or until the date specified, at which time it is automatically cancelled by the system. This is another kind of open order. A Participating Organization can cancel a GTD order at any time.
The shares of companies that have enjoyed better-than-average growth over recent years and are expected to continue their climb.
Guaranteed Investment Certificate (GIC)
A deposit instrument most commonly available from trust companies or banks requiring a minimum investment at a predetermined rate of interest for a stated term, such as one or five years. GICs are generally non-redeemable and non-transferable before maturity.
A temporary stoppage of trading of the listed securities of an issuer, which may be imposed by the Exchange, its agent (Market Regulation Services Inc. (RS)), or voluntarily requested by the issuer. Usually an issuer's listed securities are halted pending a public announcement of material information about the issuer, but the Exchange or RS may also impose a halt if the issuer is not in compliance with Exchange requirements or if the Exchange determines that it is in the public interest to do so.
A strategy used to limit investment loss by making a transaction that offsets an existing position.
High Speed Data Feed is a real-time broadcast of market data related to Toronto Stock Exchange and TSX Venture Exchange markets.
The highest price at which a board lot trade on a security was executed during a trading session. See also: Board Lot.
An order that either raises the bid price or lowers the offering price is said to be improving the market. The market improves because the spread between the bid and offer decreases.
Income Deposit Security (IDS)
An exchange-traded, fixed income-like instrument consisting of a subordinated debt security and a share of common stock packaged together to form a tax-efficient delivery mechanism to distribute an issuer's free cash flow to its investors. Investors are paid dividends from the common share component and interest from the subordinated debt. The structure was created for U. S.-based companies to replicate the economic attributes of the Canadian income trust structure - providing steady, high-yield returns to U. S. and Canadian investors in U. S. companies. IDSs do not use the trust structure. Also known as income participating securities (IPS).
Income Participating Security (IPS)
See Income Deposit Security (IDS).
A security with a solid record of dividend payments and which offers a dividend yield higher than the average common stock.
Also called income funds. Income trusts are trusts structured to own debt and equity of an underlying entity, which carries on an active business, or has royalty revenues generated by the assets of an active business. By owning securities or assets of an underlying business, an income trust is structured to distribute cash flows, typically on a monthly basis, from those businesses to unit holders in a tax-efficient manner. The trust structure is typically utilized by mature, stable, sustainable, cash-generating businesses that require a limited amount of maintenance capital expenditures. An income trust is an exchange-traded equity investment that is similar to a common share.
A statistical measure of the state of the stock market, based on the performance of stocks. Examples are the S&P/TSX Composite Index and the S&P/TSX Venture Composite Index.
Index Participation Unit (IPU)
See Exchange-Traded Fund (ETF).
Indicated Annual Dividend/Distribution.
For an issue with a committed dividend/distribution policy, the indicated annual dividend/distribution (IAD) equals the most recent dividend/distribution multiplied by the payment frequency. For example, if an issuer pays $0.04 quarterly, then the indicated rate is $0.04 X 4 or $0.16. In the case of issuers with no committed policy, the IAD is obtained by adding the dividend/distribution amounts paid in the last 12-month period. Indicated annual dividend/distribution is also referred to as indicated rate.
Indicative Calculated Closing Price (ICCP)
A feature of Market On Close (MOC), a TSX electronic call market facility, the Indicative Calculated Closing Price (ICCP) provides a preliminary indication of what the calculated closing price for a MOC security would be assuming the regular trading session had ended at the time of calculation. The ICCP is calculated without reference to volatility parameters. The ICCP for each MOC security will be broadcast to the trading community at 3:50 PM ET on each trading day, 10 minutes prior to the actual Market On Close execution. A key objective of broadcasting the ICCP is to provide market participants with an early indication of potentially large price movements at the close. The ICCP for all MOC securities will be included in the MOC Imbalance Report that is made available on tmxmoney.
An overall increase in prices for goods and services, usually measured by the percentage change in the Consumer Price Index.
Oferta pública inicial (IPO)
A company's first issue of shares to the general public.
Non-public information pertaining to the business affairs of a corporation that could affect the company's share price should the information be made public.
All directors and senior officers of a company, and those who are presumed to have access to inside information concerning the company. An insider is also anyone owning more than 10% of the voting shares of a company.
There are two types of insider trading. The first type occurs when insiders trade in the stock of their company. Insiders must report these transactions to the appropriate securities commissions. The other type of insider trading is when anyone trades securities based on material information that is not public knowledge. This type of insider trading is illegal.
For TSX reporting purposes, interlisted is defined as any issue listed on TSX or TSX Venture Exchange and also listed on a U. S. exchange or NASDAQ.
Intermarket Surveillance Group (ISG)
An international committee comprised of members from 31 exchanges around the world, including every major stock exchange. Membership in the ISG allows all members to share surveillance and investigative information to ensure that each regulator has access to the necessary information to effectively regulate its marketplace. The ISG promotes effective market surveillance among international exchanges and RS involvement helps ensure they are continually in touch with other regulators and part of the development of international best practices.
International Securities Identification Number (ISIN)
The international standard that is used to uniquely identify securities. It consists of a two-character alphabetic country code specified in ISO 6166, followed by a nine-character alphanumeric security identifier (assigned by a national security numbering agency), and then an ISIN check-digit.
The difference between the current market value of the underlying interest and the strike price of an option. In-the-money is a term used when the intrinsic value is positive.
The purchase or ownership of a security in order to earn income, capital or both. Investments may also include artwork, antiques and real estate.
A person employed by an investment dealer who provides investment advice to clients and executes trades on their behalf in securities and other investment products.
Initial investment capital necessary for starting a business. Investment capital usually consists of inventory, equipment, pre-opening expenses and leaseholds.
A specialist in the investment industry paid by fee to provide advice and research to investors with large accounts.
Securities firms that employ investment advisors to work with retail and institutional clients. Investment dealers have underwriting, trading and research departments.
Investment Dealers Association of Canada (IDA)
The national self-regulatory organization of the securities industry. The Association's role is to foster efficient capital markets by encouraging participation in the savings and investment process and by ensuring the integrity of the marketplace.
A closed-end fund that offers investors the ability to buy a security that represents a portfolio of investments with a specific investment strategy. These products use funds raised through a public offering to invest in a portfolio of securities, which are actively managed to create income streams for investors, typically through a combination of dividends, capital gains, interest payments, and in some cases, income from derivative investment strategies. These funds are not directly related to an operating business. Some examples are: funds of income funds, senior loan funds, mortgage-backed security funds, and commodity funds.
A corporate function, combining finance, marketing and communications, to provide investors with accurate information about a company's performance and prospects.
The dollar value of initial public offering (IPO) securities issued in accordance with a TSX or TSX Venture Exchange approved transaction. It is the stated prospectus price multiplied by "the number of securities issued under the IPO plus the over allotment".
Any of a company's securities or the act of distributing the securities. Issued shares refer to the portion of a company's shares that have been issued for sale. A company does not have to issue the total number of its authorized shares.
The trading status of a class or series of an issuer's listed securities, such that a class or series of listed securities of an issuer may be halted, suspended, or delisted from trading.
Issued and Outstanding Securities.
Commonly refers to the situation where the number of issued securities equals the number of outstanding securities. However, under certain corporate statutes in Canada, an issuer may have issued securities and then repurchased those securities without cancelling them. In that case, the securities are issued but are not outstanding. As a result, the number of issued securities does not equal the number of outstanding securities.
The trading status of a listed or formerly listed issuer. Issuer status types include: delisted, listed, suspended, and trading.
The execution and clearing of orders by one member of a stock exchange for the account of another member. For example, investment dealer A is a small firm whose volume of business is not sufficient to maintain a trader on the exchange. Instead, investment dealer A gives its orders to investment dealer B, a larger organization which is a member of the exchange, for execution. Investment dealer A pays a reduced percentage of the normal commission.
A young company in the early stages of operations and growth.
For a Market On Close (MOC)-eligible security, the last sale price equals the calculated closing price. If the MOC closing price acceptance parameters are exceeded, it equals the last board lot sale price of the security on the exchange in the regular trading session.
The last day on which a futures or option contract may be traded.
The debts and obligations of a company or an individual. Current liabilities are debts due and payable within one year. Long-term liabilities are those payable after one year. Liabilities are found on a company's balance sheet or an individual's net worth statement.
An order to buy or sell stock at a specified price. The order can be executed only at the specified price or better. A limit order sets the maximum price the client is willing to pay as a buyer, and the minimum price they are willing to accept as a seller.
An order to close out an existing open futures or options contract. A liquidating order involves the sale of a contract that has been purchased or purchase of a contract that has been sold.
This refers to how easily securities can be bought or sold in the market. A security is liquid when there are enough units outstanding for large transactions to occur without a substantial change in price. Liquidity is one of the most important characteristics of a good market. Liquidity also refers to how easily investors can convert their securities into cash and to a corporation's cash position, which is how much the value of the corporation's current assets exceeds current liabilities.
An issuer that has at least one class of securities listed on Toronto Stock Exchange or TSX Venture Exchange.
Shares of an issuer that are traded on a stock exchange. Issuers pay fees to the exchange to be listed and must abide by the rules and regulations set out by the exchange to maintain listing privileges.
The document that an issuer completes and submits to an exchange when it applies to list its shares on the exchange. The issuer must disclose its activities, plans, management and finances in the application.
A term that refers to ownership of securities. For example, if you are long 100 shares of XYZ, this means that you own 100 shares of XYZ company.
The lowest price at which a board lot trade was executed during a period of time. See also: Board Lot.
A client account that uses credit from the investment dealer to buy a security. A client needs to deposit a margin amount with the balance advanced by the investment dealer against collateral such as investments. The investment dealer can make a margin call, which means the client must deposit more money or securities if the value of the account falls below a certain level. If the client does not meet the margin call, the dealer can sell the securities in the margin account at a possible loss to cover the balance owed. The investment dealer also charges the client interest on the money borrowed to buy the securities.
The place where buyers and sellers meet to exchange goods and services. It also represents the actual or potential demand for a product or service.
The number of issued and outstanding securities listed for trading for an individual issue multiplied by the board lot trading price. Should a trading price not be available, a bid price, a price on another market, or if applicable, the price for an issue of the same issuer which the first issue is convertible into, may be used. Total market capitalization for a market is obtained by adding together all individual issue market capitalizations (warrants and rights excluded). Escrowed shares are excluded from TSX Venture market capitalization.
A trader employed by a securities firm who is required to maintain reasonable liquidity in securities markets by making firm bids or offers for one or more designated securities up to a specified minimum guaranteed fill. Market makers for the stock of issuers listed on Toronto Stock Exchange are referred to as Registered Traders.
A TSX electronic call market facility, which establishes the closing price for certain TSX-listed securities. MOC accepts confidential market orders from before the open and throughout the trading session, maintaining them in time priority. Twenty minutes before the close of the trading session, MOC publicly broadcasts an imbalance of buy and sell MOC market orders and asks for limit MOC orders to offset the imbalance. Ten minutes before the close of the trading session, MOC publicly broadcasts an Indicative Calculated Closing Price (ICCP) that provides market participants with an indication of what the calculated closing price would be assuming the regular trading session had ended at that time (see Indicative Calculated Closing Price for more details). At the close, MOC matches orders, from the MOC and continuous market books, at a calculated closing price (which assures the most matches closest to the last sale price), and allocates the fills according to price and time priority.
An order to buy or sell stock immediately at the best current price.
A real-time data feed that puts the order book directly on the customer's screen. This information product shows the committed, tradable volume of the top 5 bids and asks for each Toronto Stock Exchange or TSX Venture Exchange-listed stock.
A change in an issuer's affairs that could have a significant effect on the market value of its securities, such as a change in the nature of the business or control of the issuer. Under the principle of continuous disclosure, a listed issuer must issue a news release and report to the applicable self-regulatory organization as soon as a material change occurs.
See Participating Organizations (POs) and Members.
A special term order with a minimum fill condition will only begin to trade if its first fill has the required minimum number of shares. For example, an order to buy 5,000 shares with a minimum volume of 2,000 shares can only trade if 2,000 or more shares become available.
Minimum Guaranteed Fill (MGF) Orders.
These orders are guaranteed a complete fill upon entry. A Registered Trader will provide the stock should the book be below the required limit. To be eligible for MGF, an order has to be a tradable client order with a volume less than or equal to the MGF size, which varies from stock to stock.
Flutuação Mínima de Preços.
The minimum price change or tick on a futures contract.
An order with a volume that combines any number of board lots and an odd lot.
Part of the capital market established to buy and sell short-term financial obligations. These include federal government treasury bills, short-term Government of Canada bonds, commercial paper, bankers' acceptances and guaranteed investment certificates. Longer-term securities are also traded in the money market when their term shortens to three years.
Multijurisdictional Disclosure System (MJDS)
A disclosure system that facilitates certain Canadian-U. S. cross-border securities offerings, issuer bids and takeover bids. It is intended to reduce costly duplication of disclosure requirements and other filings when issuers from one country register securities offerings in the other. Under the rules, eligible cross-border offerings are governed by the disclosure requirements of the issuer's home country.
Orders placed before the market opens to buy or sell shares of stocks when their options expire. These orders are guaranteed a complete fill at the opening price to offset expiring options. They must be ordered between 4:15 p. m. e 5:00 p. m. on the Thursday before the third Friday of each month.
A fund managed by an expert who invests in stocks, bonds, options, money market instruments or other securities. Mutual fund units can be purchased through brokers or, in some cases, directly from the mutual fund company.
A seller of an option contract who does not own a position in the underlying security.
The difference between the previous day's closing price and the last traded price.
The difference between a company's or individual's total assets and its total liabilities. Also known as shareholders' equity for a company.
A stock or bond issue sold by a company for the first time. Proceeds may be used to retire the company's outstanding securities, or be used for a new plant, equipment or additional working capital. New debt issues are also offered by governments.
Occurs concurrently with the posting of the new issuer's securities for trading. The preconditions for listing include the acceptance by the Exchange that all listing requirements and conditions have been satisfied. The effective listing date is the date when the listed securities open for trading.
New Issuer Listing - Application.
An issuer whose application for listing was based on the TSX listing application or the TSX Venture Exchange listing application form. These applications in themselves provide prospectus-level disclosure; however, often the listing application is accompanied by an offering document or a prospectus.
New Issuer Listing - Graduate.
An issuer, previously listed on TSX Venture Exchange (including NEX), that applied for and was approved for listing on TSX. The issuer's security would be delisted from TSX Venture Exchange and listed on TSX at the same time, permitting continuous listing of the securities on contiguous exchanges.
New Issuer Listing - IPO (Initial Public Offering)
An IPO (initial public offering) is an issuer's first offering of its securities made to the public in accordance with a prospectus. The offering is often made in conjunction with an issuer's initial application for listing on an exchange.
New Issuer Listing - Plan of Arrangement.
An issuer listing as a result of a plan of arrangement. A plan of arrangement is a form of corporate reorganization that must be approved by a court and by the corporation's shareholders or others affected by the proposed arrangement, all as prescribed by corporate legislation. A plan of arrangement can take various forms, including:
An amalgamation of two or more corporations A division of the business of the corporation A transfer of all or substantially all of the property of the corporation to another corporation An exchange of securities of the corporation held by security holders of the corporation for other securities, money, or other property that is not a takeover bid A liquidation or dissolution of the corporation A compromise between the corporation and its creditors or holders of its debt Any combination of the foregoing.
New Issuer Listing - Spin-Off.
A reorganization that usually results in a newly listed issuer acquiring a business division or assets as its principal operating asset from another issuer (the reorganized issuer), with security holders of the reorganized issuer holding securities in both issuers, following completion of the reorganization.
New Issuer Listing - Transfer.
An issuer previously listed on TSX that applied for and was approved for listing on TSX Venture Exchange. The issuer's security would be delisted from TSX and listed on TSX Venture Exchange at the same time, permitting continuous listing of the securities on contiguous exchanges.
A security issue that is newly added to the list of tradable security issues of an exchange. It is accompanied with a new listing date.
A separate board of TSX Venture Exchange. NEX was launched by TSX Group, effective August 18, 2003, to trade as an open, continuous auction market, on the same TSX Venture trading engine, and to be governed by identical trading rules. NEX provides a trading forum for issuers that have fallen below TSX Venture's continuing listing requirements. They are identified with an extension of "H" added to their stock symbol.
An issue that is recorded on the transfer agent's electronic book rather than being held as a physical note.
An order from a Participating Organization or an order a firm is executing on behalf of an institution, such as a mutual fund. An "N" denotes a non-client order in the book.
A listed issuer that is subject to special reporting rules.
A special-term order when there is a clear understanding between the buying and selling parties that they will settle the trade directly with each other.
A special term order when one or more participants in the trade is not a Canadian resident.
North American Industry Classification System (NAICS)
A system for classifying business establishments. It was developed by the Economic Classification Policy Committee (ECPC) on behalf of the U. S. Office of Management and Budget (OMB), in cooperation with Statistics Canada and Mexico's Instituto Nacional de Estadistica, Geografia e Informatica (INEGI) to provide comparable statistics across the three countries. Launched in 1997, it is the replacement for the 1987 Standard Industrial Classification (SIC) codes.
A number of shares that are less than a board lot, which is the regular trading unit decided upon by the particular stock exchange. An odd lot is also an amount that is less than the par value of one trading unit on the over-the-counter market. For example, if a board lot is 100 shares, an odd lot would be 99 or fewer shares.
To liquidate or close out an open futures or option contract.
A market that has only buy orders or only sell orders booked for a particular security.
A special-term order placed with the intention of trading at a later date when the price of the stock reaches the specified stop price. An on-stop order becomes a limit order once a trade at the trigger price has occurred.
Comissão de Valores do Ontário.
The government agency that administers the Securities Act (Ontario) and the Commodity Futures Act (Ontario) and regulates securities and listed futures contract transactions in Ontario.
The net open positions of a futures or option contract.
An order that remains in the system for more than a day. See Good-Till-Cancelled or Good-Till-Date .
An investment fund that continuously offers its securities to investors and stands ready to redeem its securities at all times. Transactions in shares/units of mutual funds are based on their net asset value (NAV), determined at the close of each business day. Examples of an open-end fund are traditional mutual funds and exchange-traded funds (ETFs).
The market opens at 9:30 a. m. ET each business day.
The right, but not the obligation, to buy or sell certain securities at a specified price within a specified time. A put option gives the holder the right to sell the security, and a call option gives the holder the right to buy the security.
All options of the same type, either calls or puts, that have the same underlying security.
A set pattern of months when a class of options expires.
The buyer of an option contract who has the right to exercise the option during its lifetime.
An individual option contract for a given security.
A call or put contract.
The seller of an option contract who may be required to deliver (call option) or to purchase (put option) the underlying interest covered by the option, before the contract expires.
An eight or nine-digit number assigned to every order entered into the system.
Original Listing/Initial Listing.
A listing is designated as an original listing on TSX or initial listing on TSX Venture Exchange, if it satisfies the following three conditions:
It meets listing requirements. It pays applicable listing fees. It is described in the exchange bulletin as an original listing by TSX or a new listing by TSX Venture Exchange.
Typical examples of original/initial listings include:
An initial public offering (IPO) Transfer from another exchange A new entity created by a spin-off (such as a division, from an existing issuer, becoming its own publicly traded entity)
OTC (over-the-counter) foreign trading refers to UMIR Rule 6.4 (e), which permits a trade to be executed off the Exchange, if one or both Participating Organization/Member client accounts are outside of Canada, provided such trades are reported within a specific time frame to the Exchange for public dissemination of the transaction.
The market maintained by securities dealers for issues not listed on a stock exchange. Almost all bonds and debentures, as well as some stocks, are traded over-the-counter in Canada. An OTC market is also known as an unlisted market.
A security's nominal face value.
An order receives a partial fill when it trades only part of its total committed volume.
Participating Organizations (POs) and Members of TSX.
Firms that are entitled to trade through the facilities of TSX. However, only POs are also involved in all aspects of the securities business, including underwriting new issues and other financings, and assisting companies in the initial public offering (IPO) process.
Participating Organizations (POs) and Members of TSX Venture Exchange.
Firms entitled to trade through the facilities of TSX Venture Exchange. However, only POs of TSX and Members of TSX Venture Exchange are permitted to act as sponsors for listed issuers or issuers proposing to be listed on TSX Venture Exchange.
Low-priced speculative issues of stock selling at less than $1.00 a share.
Holdings of securities by an individual or institution. A portfolio may include various types of securities representing different companies and industry sectors.
The maximum number of futures or options contracts any individual or group of people acting together may hold at one time.
Power, Pipeline & Utility Trusts.
A type of income trust. They are investment vehicles that have underlying businesses that are utilities, power generation companies, or pipeline companies.
A class of share capital that entitles the owner to a fixed dividend ahead of the issuer's common shares and to a stated dollar value per share in the event of liquidation. It usually does not have voting rights, unless a stated number of dividends have been omitted.
An option contract's price.
A session from 7:00 a. m. to 9:30 a. m. (ET) when orders can be entered into the Toronto Stock Exchange's systems. Tradable orders will be queued until after 9:30 a. m. when the market opens.
A common stock's last closing market price per share divided by the latest reported 12-month earnings per share. This ratio shows you how many times the actual or anticipated annual earnings a stock is trading at.
A trade when a Participating Organization is either buying from, or selling to its client.
If there are several orders competing for a stock at the same price, a priority determines when one of these orders will be filled before any other at this price. Priority is based on the time at which the order is received into the system.
The private offering of a security to a small group of buyers. Resale of the security is limited. See Best Efforts and Bought Deal Underwriting .
Private Placement Financing.
The dollar value of privately placed securities issued in accordance with a TSX or TSX Venture Exchange approved transaction. The price is determined in accordance with the policies of the TSX Company Manual or TSX Venture Corporate Finance Manual. The number of securities is the actual number issued. The composition of the financing could take the form of units comprised of multiple securities.
Professional and Equivalent Real-Time Data Subscriptions.
The total number of professional accesses to real-time products of TSX and TSX Venture Exchange, as well as non-professional accesses that are priced the same or at a minimal discount to the professional access rate for the same product.
What is left over for the owners of a business after all expenses have been deducted from revenues. Gross profit is the profit before corporate income taxes. Net profit is the final profit of the business after taxes have been paid.
A legal document describing securities being offered for sale to the public. It must be prepared in accordance with provincial securities commission regulations. Prospectus documents usually disclose pertinent information concerning the company's operations, securities, management and purpose of the offering.
A push-out occurs during a stock split when new shares are forwarded to the registered holders of old share certificates, without the holders having to surrender the old shares. Both the old and new shares have equal value.
A put option is a contract that gives the holder the right to sell a specified number of shares at a stated price within a fixed time period. Put options are purchased by those who think a stock may decline in price.
See Market Capitalization .
A brisk rise in the general price level of the market or price of a stock.
Real Estate Investment Trust (REIT)
Typically, a closed-end investment fund that trades on an exchange and uses the pooled capital of many investors to purchase and manage income properties. Equity REITs primarily own commercial real estate, such as shopping centres, apartments, and industrial buildings. By taking advantage of the trust structure, REITs offer tax advantages (beyond traditional common equity investments) to investors and provide a liquid way to invest in real estate, which otherwise is an illiquid market.
See Dividend/Distribution Record Date .
A security that carries a condition giving the issuer a right to call in and retire that security at a certain price and for a certain period of time.
A trader employed by a securities firm who is required to maintain reasonable liquidity in securities markets by making firm bids or offers for one or more designated securities up to a specified minimum guaranteed fill.
Relative Position Report.
A TSX report that ranks each Participating Organization's/Member's trading activity relative to the total market and the other POs/Members. It is produced monthly for each TSX Group PO/Member.
Responsible Registered Trader.
The Registered Trader assigned by the Selection Committee to act as market maker in a security. Their duties include providing a minimum guaranteed fill, maintaining minimum spread and ensuring orderly trading.
A security that features an option for the holder to require the issuer to redeem it, subject to specified terms and conditions.
The total amount of funds generated by a business.
Reverse Takeover (RTO)/Backdoor Listing.
A transaction or series of transactions that includes a securities issuance made by a listed issuer to parties vending securities or other assets into the listed issuer (the new security's holders), such that after completion of the transaction(s), the new security's holders will own more than 50% of the outstanding voting securities of the listed issuer, with an accompanying change of control of the listed issuer. A reverse takeover (RTO)/backdoor listing can be completed through various transactions, including a business or asset acquisition, an amalgamation, a plan of arrangement, or other form of reorganization. The listing of securities of an issuer formed in accordance with an RTO/backdoor listing is treated as a new listing.
A temporary privilege that lets shareholders purchase additional shares directly from the issuer at a stated price. The price is usually less than the market price of the common shares on the day the rights are issued. The rights are only valid within a given time period.
The future chance or probability of loss.
Includes all of the constituents of the S&P/TSX 60 Index. The relative weight by market capitalization of any single index constituent is capped at 10%.
An index of large, liquid, Canadian issuers listed on Toronto Stock Exchange. It is market capitalization weighted, with weights adjusted for available share float, and includes securities of 60 issuers balanced across ten economic sectors. Inclusion in the S&P/TSX Composite is a prerequisite to inclusion in the S&P/TSX 60 Index.
Includes all of the constituents of the S&P/TSX Composite Index. The relative weight by market capitalization of any single index constituent is capped at 10%.
Comprises the majority of market capitalization for Canadian-based, Toronto Stock Exchange listed companies. It is the leading benchmark used to measure the price performance of the broad, Canadian, senior equity market. It was formerly known as the TSE 300 Composite Index.
An index of mid-sized Canadian issuers that have been included in the S&P/TSX Composite Index but are not members of the S&P/TSX 60 Index. It is market capitalization weighted, with weights adjusted for available share float, and includes securities of 60 issuers balanced across ten economic sectors.
An index of smaller Canadian issuers that are included in the S&P/TSX Composite Index, but have not been added to the S&P/TSX 60 Index or the S&P/TSX MidCap Index. When a new issuer qualifies to be included in the S&P/TSX Composite, it is automatically added to the S&P/TSX SmallCap Index. This index does not have a fixed number of constituents.
Launched December 10, 2001, it is the leading benchmark used to measure the price performance of the Canadian public venture capital equity market.
The traditional term for membership on a stock exchange. An investment dealer or brokerage buys a seat on the exchange and one employee is designated as the seat holder. As Toronto Stock Exchange is now demutualized, there are no longer seats on the exchange.
Secondary Offering Financing.
The dollar value of secondary offering securities issued in accordance with a TSX or TSX Venture Exchange approved transaction. It is the stated prospectus price multiplied by the "number of securities issued under the offering plus the over allotment".
Transferable certificates of ownership of investment products such as notes, bonds, stocks, futures contracts and options.
Securities and Exchange Commission (SEC)
The federal regulatory body for interstate securities transactions in the United States.
Each province has a securities commission or administrator that oversees the provincial securities act. This act is a set of laws and regulations that set down the rules under which securities may be issued or traded in that province.
Securities Industry Association (SIA)
The trade association representing more than 600 securities firms throughout Canada and the United States. Members include banks, brokers, dealers and mutual fund companies.
The System for Electronic Document Analysis and Retrieval. SEDAR is an electronic filing system that allows listed companies to file prospectuses and continuous disclosure documents. The Canadian Securities Administrators, Canadian Depository for Securities Limited and the filing community developed it, with co-operation from legal firms and stock exchanges.
*SEDAR is a trademark of the Canadian Securities Administrators.
The shares or stock sold by a company to provide start-up capital before carrying out an initial public offering (IPO).
An organization recognized by securities administrators as having powers to establish and enforce industry regulations to protect investors and to maintain fair, equitable and ethical practices in the securities industry. Examples include Toronto Stock Exchange and the Investment Dealers Association.
The process that follows a transaction when the seller delivers the security to the buyer and the buyer pays the seller for the security.
The date when a securities buyer must pay for a purchase or a seller must deliver the securities sold. Settlement must be made on or before the third business day following the transaction date in most cases.
The price used to determine the daily net gains or losses in the value of an open futures or options contract.
A paper certificate that represents the number of shares an investor owns.
The selling of a security that the seller does not own (naked or uncovered short) or has borrowed (covered short). Short selling is a trading strategy. Short sellers assume the risk that they will be able to buy the stock at a lower price, cover the outstanding short, and realize a profit from the difference.
Orders which must trade under special conditions. For example, a cash order will be settled sooner than the usual three-day settlement period.
A session during which trading in a listed security is limited to the execution of transactions at a single price.
Someone prepared to accept calculated risks in the marketplace for attractive potential returns.
Capital and preferred shares issued by a split-share corporation. A split-share corporation holds common shares of one or more companies. The corporation then issues two classes of shares - capital shares and preferred shares. The objective is to generate fixed, cumulative, preferential dividends for the holders of preferred shares and to enable the holders of the capital shares to participate in any capital appreciation (or depreciation) in the underlying common shares.
Sponsor, TSX Venture Issuers.
A Participating Organization of TSX or a Member of TSX Venture Exchange that is qualified to carry out a due-diligence review of an issuer and prepare a sponsor report, which provides an opinion on the suitability of that issuer for listing or continued listing on TSX Venture Exchange.
The difference between the bid and the ask prices of a stock.
Committees formed for the purpose of assisting in decision-making on an ongoing basis.
A dividend/distribution paid in securities of the same issue or a different issue of the same issuer or another issuer. A stock dividend/distribution can be used as a means to list a new issuer. The issuer or its representative provides the amount, payable date, and record date. The exchange that the issue is listed on sets the ex-dividend/distribution (ex-d) date for entitlement.
Futures contracts which have a stock index as the underlying interest.
A security issue that is removed or delisted from the list of tradable security issues of an exchange. It is usually accompanied with a reason for deletion and the deletion date.
A statistical measure of the state of the stock market, based on the performance of certain stocks. Examples include the S&P/TSX Composite Index and the S&P/TSX Venture Composite Index.
Stock Price Index Value (SPIV)
The number that is usually quoted as the value of an index. SPIV is based on the aggregate, float quoted market value of the index constituents and is calculated for all S&P/TSX indices. SPIV is calculated at the end of the trading session for all S&P/TSX indices and throughout the trading session for certain S&P/TSX indices.
A corporate action that increases the number of securities issued and outstanding, without the issuer receiving any consideration for the issue. Approval by security holders is required in many jurisdictions. Each security holder gets more securities, in direct proportion to the amount of securities they own on the record date; thus, their percentage ownership of the issuer does not change. For example, a two-for-one stock split involves the issuance of two new securities for every old security.
A one-character to three-character, alphabetic root symbol, which represents an issuer listed on Toronto Stock Exchange or TSX Venture Exchange.
The character or characters that may follow the stock symbol to uniquely identify a listed security. It can be a single alphabetic character, two alphabetic characters, or a combination of two plus one characters with a maximum of eight characters for the stock symbol, extension and separator dots in between. For example, BMO. PR. U. Currently, they include:
A-B - class of shares DB - debenture E - equity dividend H - NEX market IR - installment receipts NO, NS, NT - notes P - Capital Pool Company PR - preferred R - subscription receipts RT - rights S - special U. S. terms U, V - U. S. funds UN - units W - when issued WT - warrants.
These are certificates registered in the name of a securities firm rather than the owner of the security. This makes the certificate easily transferable to a new owner.
The price the owner of an option can purchase or sell the underlying security. The purchases and sales are also known as calls and puts.
Closed-end or open-end investment funds, which provide innovative and flexible investment products designed to respond to modern investor needs, such as yield enhancement, risk reduction, or asset diversification. Structured products allow investors to buy a single unit/share of a fund that represents an interest in the investment portfolio. Based on the investment strategy, the portfolio can purchase a basket of securities, track an index, or hold a specific type of security or portion of a security.
A broad category of transactions that involves one security on the stock list being replaced by another security or securities.
A type of listing transaction, made after an issuer's original listing, that involves the listing and posting for trading of a new issue of securities. Typically, this involves the listing of preferred shares, rights, warrants, or debentures. Supplemental also covers the additional listing of when-issued shares through a secondary offering of an issue that is already listed.
Supplemental Listing Financing.
The dollar value of supplemental securities issued in accordance with a TSX or TSX Venture Exchange approved transaction. It is the stated prospectus price multiplied by the "number of securities issued under the supplemental listing plus the over allotment".
The status of a listed security of an issuer whose trading privileges have been revoked by the Exchange. All securities of the issuer remain suspended until trading privileges have been reinstated, or the issuer is delisted.
An issuer whose trading privileges for a listed security or securities have been revoked by Toronto Stock Exchange or TSX Venture Exchange. The listed issuer remains suspended until trading privileges have been reinstated, or the listed issuer is delisted.
A change in a listed issuer's stock symbol, which may be required by the Exchange in the context of an issuer's reorganization or may be made at the request of the issuer. A requested symbol is available for use if it is appropriate for the type of security and the issuer's voting structure.
A market that occurs when there are comparatively few bids to buy or offers to sell, or both. The phrase may apply to a single security or to the entire stock market. In a thin market, price fluctuations between transactions are usually larger than when the market is liquid. A thin market in a particular stock may reflect lack of interest in that issue, or a limited supply of the stock.
Slang used for minimum spread. Depending on the stock price it could be a half-cent, one cent or five cents.
Each time a stock is bought and sold, it is displayed on an electronic ticker tape. It is a record of current trading activity on an exchange.
The administrative fee charged for each trade.
The TSX Venture Exchange market has two tiers where securities are listed and traded. Tier 1 is for advanced companies with a certain level of net tangible assets and earnings. Tier 2 is for more junior venture companies.
Time refers to the time period you would like to see charted from the drop-down menu box labelled "Time". These options give you a choice of intraday pricing data ("Daily", "1-Minute", "5-Minute", "15-Minute" and "Hourly") options. The additional options refer to end-of-day pricing data. This term refers to a TSX Group Historical Performance charting feature.
The difference between an option's premium and its intrinsic value.
Timely Disclosure Policy.
This policy requires all listed companies to publicly disclose material information in a timely manner.
Toronto Level 1 (TL1) is a real-time service for listed senior equities that provides trades, quotes, corporate actions and index information from TSX.
Toronto Level 2 (TL2) is a real-time service for senior equities that shows all of the committed orders and trades for each TSX listed security in real time.
Canada's national stock exchange, which serves the senior equity market.
The total number of issued and outstanding shares for the security.
Total Return Index Value (TRIV)
Similar to the stock price index value (SPIV), except that the TRIV is based on the aggregate, float quoted market value of the index constituents (SPIV) plus their paid dividends/distributions. TRIV is calculated only at the end of the trading session for all S&P/TSX indices.
A trading halt is imposed by the exchange, usually due to the dissemination of news that might impact a stock's price.
The status of a listed security of an issuer whose trading privileges are active on the Exchange.
An issuer that has at least one class of securities whose trading privileges are active on Toronto Stock Exchange or TSX Venture Exchange.
The unique, 3-digit number assigned to each Participating Organization and Member to identify it for market transparency.
The period during which the Exchange is open for trading.
The total dollar value of shares traded during a trading session.
Trailing Twelve Months Earnings Per Share (TTM EPS)
Trailing, twelve-months earnings per share (TTM EPS), reported by TSX for listed issuers, is an annualized EPS calculation, based on EPS as presented by the issuer, from their latest annual financial statements and the latest subsequent interim financial statements, if any. It includes special items, such as extraordinary items or discontinued operations. It indicates the issuer's annualized earnings for the latest financial reporting period. It is also used to calculate the issuer's price/earnings (P/E) ratio that is reported on tmxmoney.
The date when the purchase or sale of a security takes place.
As reported in exchange trading statistics, represents the total number of trades for a specified period.
A trust company appointed by a listed company to keep a record of the names, addresses and number of shares held by its shareholders. Frequently, the transfer agent also distributes dividend cheques to the company's shareholders.
A security that can be transferred from one party holder to another without restrictions, provided that all proper documentation is included.
Includes all issuers that are not classified as mining or oil and gas.
TSX Industrial, Mines and Oil & Gas Categories (IMO)
The broad classification of issuers into an industrial, mining, or oil and gas category. The classification is done at the review of the original listing application or at a later review of the listed issuer. The classification determines which listing standard is to be applied to the issuer.
TSX Marker for U. S. or Non-U. S. Foreign Incorporated Issuer.
A marker used by TSX to classify trading (including interlisted shares) and market capitalization by domestic, U. S., and non-U. S. foreign issuers. The data source is the original listing bulletin, which includes a notation on the laws or jurisdiction the issuer was incorporated under. Non-U. S., foreign issuer data is not broken down by country of incorporation.
Mining issuers that have proven or probable reserves and are either in production or have made a production decision. Mineral exploration and development issuers that have a planned work program of exploration or development.
Includes oil and gas companies that have proven and developed reserves and ongoing operations.
Canada's national stock exchange, which serves the public, venture equity market.
The specific security, commodity, index or financial instrument that an option or futures contract is traded.
The purchase for resale of a new issue of securities by an investment dealer or group of dealers who are also known as underwriters. The formal agreements for these transactions are called underwriting agreements.
A security not listed on a stock exchange, but traded on the over-the-counter market.
A stock is said to be on an uptick when the last trade occurred at a higher price than the one before it.
Money raised by companies to finance new ventures.
A classification of TSX Venture Exchange-listed companies that are in the early stages of development and meet the minimum asset, market value and shareholder distribution requirements for Tier 2 listing.
A statistical measure of changes in price over a period of time.
See Debt Volume and Equity Volume .
Volume-weighted, average trading price of the listed securities, calculated by dividing the total value by the total volume of securities traded for the relevant period. Where appropriate, TSX may exclude internal crosses and certain other special terms trades from the calculation. This definition is generally used by listed issuers to price their shares.
A transaction for the purpose of executing a trade at a volume-weighted average price of a security traded for a continuous period, on or during a trading day on the Exchange. Marked as a specialty-priced cross, a VWAP cross may be executed outside the quote, will not set the last sale price, and is not subject to interference by other orders on the book. VWAP crosses may be executed in the post open and special trading sessions.
A security giving the holder the right to purchase securities at a stipulated price within a specified time limit. Exercise of the warrant is solely at the discretion of the holder. Warrants are not exercisable after the expiry date. A warrant is often issued in conjunction with another security as part of a financing. A warrant may be traded as a listed security or it may be held privately.
Occurs when the security has been listed and posted for trading, but the certificate representing the security itself is not yet issued and available for settlement. The exchange bulletin issued on listing of the security indicates if the trading will be done on a when-issued basis. In this case, the issuance of the security is guaranteed and the delay in issuance is often due to factors relating to the printing and distribution of the security. The period for when-issued trading is usually less than one week.
World Federation of Exchanges (WFE)
The World Federation of Exchanges (WFE) is a global trade association for the exchange industry. The membership is comprised of more than 50 regulated exchanges from all regions of the world. Together, these exchanges account for over 95% of world stock market capitalization, and most of its exchange-traded futures, options, listed investment funds, and bonds. TSX is a member of WFE, and is on the Federation's Board of Directors.
The seller of an option. The writer has an obligation associated with the contract to either purchase or sell a specified number of shares at the strike price on or before expiry.
Index Level 1 is a feed service that provides index and constituent data for the equity S&P/TSX indices. Current day constituent data is broadcast before market open. Complete index and constituent data is delivered at end of day.
This is the measure of the return on an investment and is shown as a percentage. A stock yield is calculated by dividing the annual dividend by the stock's current market price. For example, a stock selling at $50 and with an annual dividend of $5 per share yields 10%. A bond yield is a more complicated calculation, involving annual interest payments, plus amortizing the difference between its current market price and par value over the life of the bond.
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