Proposed & Recent Changes

Proposed Amendments to the TSX Rule Book and the TSX Venture Exchange Rule Book - Dark Trading Enhancements

Amendments are being proposed to the TSX and TSXV Rule Books to implement several enhancements to the current on-book dark trading functionality on TSX and TSXV. Comments are due May 29, 2017.

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Proposed Amendments to the TSX Rule Book and the TSX Venture Exchange Rule Book - Opening Auction Functionality

Amendments are being proposed to the TSX and TSXV Rule Books to introduce a new 'Limit on Open' order type for use in the opening auction. This order type will allow participants to specify that a limit order is only eligible to participate in the opening auction. Comments are due May 29, 2017.

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Housekeeping Amendments to the TSX Rule Book

Housekeeping amendments have been approved to the TSX Rule Book to conform Rule 4-305 Sales from Control Block Through the Facilities of the Exchange to the issuer rules in Part VI, Section M of the TSX Company Manual.

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Proposed Amendments to the TSX Rule Book - Market Making

TSX has proposed amendments to the TSX Rule Book to implement changes to TSX's market making program. Related changes to marketplace functionality are also being proposed. Key changes include addition of a secondary market maker to TSX-listed equity securities (excluding ETFs) and improvements to the Minimum Guaranteed Fill (MGF) facility.

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Proposed Amendments to the TSX Rule Book

TSX has proposed amendments to the TSX Rule Book in connection with its planned introduction of the 'TSX International Board', a separate board of TSX that will post for trading certain US-listed equity securities in Canadian dollars. Related changes to trading functionality to accommodate trading of US-listed securities are also being proposed.

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Housekeeping Amendments to TSX Alpha Exchange Trading Policy Manual

Housekeeping amendments have been approved to the TSX Alpha Exchange Trading Policy to conform to the final guidance published by the Investment Industry Regulatory Organization of Canada ("IIROC") requiring the establishment and operation of price thresholds by all Canadian marketplaces.

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Approval of Amendments to the TSX Venture Exchange Rule Book

Amendments have been approved to the TSX Venture Exchange Rule Book to implement the following enhancements to the Market-on-Close ("MOC") facility: i) a second MOC imbalance will be calculated and broadcast in the event of a delay of the closing call due to the invocation of the price movement extension; ii) following the broadcast of the second MOC imbalance, MOC limit orders may be entered in the MOC book on the opposite side of the second MOC imbalance; and iii) MOC limit orders that are not included in the first MOC imbalance (and offsetting MOC limit orders entered between 4:00 and 4:10 p.m.) may be cancelled.

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Approval of Amendments to the TSX Rule Book

Amendments have been approved to the TSX Rule Book to implement the following enhancements to the Market-on-Close ("MOC") facility: i) a second MOC imbalance will be calculated and broadcast in the event of a delay of the closing call due to the invocation of the price movement extension; ii) following the broadcast of the second MOC imbalance, MOC limit orders may be entered in the MOC book on the opposite side of the second MOC imbalance; and iii) MOC limit orders that are not included in the first MOC imbalance (and offsetting MOC limit orders entered between 4:00 and 4:10 p.m.) may be cancelled.

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Proposed Amendments to the Toronto Stock Exchange and TSX Venture Exchange Rule Book to reflect enhancements to the Market-on-Close ("MOC") facility and other housekeeping matters

Amendments have been proposed to the Toronto Stock Exchange and TSX Venture Exchange Rule Book to (a) reflect the following enhancements to the Market-on-Close ("MOC") facility: i) a second MOC imbalance will be calculated and broadcast in the event of a delay of the closing call due to the invocation of the price movement extension; ii) following the broadcast of the second MOC imbalance, MOC limit orders may be entered in the MOC book on the opposite side of the second MOC imbalance; and iii) MOC limit orders that are not included in the first or second MOC imbalance may be cancelled subject to the time constraints set by the applicable exchange, and (b) housekeeping changes to references to determining the availability of MOC for specified securities, and cancellation or modification of Limit-On-Close orders once the imbalance has been published.

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Approval of Amendments to the TSX Venture Exchange Rule Book

Amendments have been approved to the TSX Venture Exchange Rule Book to implement a new ‘Long Life' order that will receive priority over other orders but will be committed to a minimum resting time, and to allow specialty price crosses on TSXV as are currently available on TSX.

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Approval of Housekeeping Amendments to TSX Alpha Exchange Trading Policies

Housekeeping amendments have been approved to the TSX Alpha Exchange Trading Policies to provide for consistency with amendments that the Investment Industry Regulatory Organization of Canada has made to UMIR to accommodate trading on unprotected lit marketplaces.

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Approval of Housekeeping Amendments to TSX Rule Book

Housekeeping amendments have been approved to the TSX Rule Book to provide for consistency with amendments that the Investment Industry Regulatory Organization of Canada has made to UMIR to accommodate trading on unprotected lit marketplaces.

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Approval of Amendments to the TSX Rule Book

Amendments have been approved to the TSX Rule Book to implement a new Long Life order that will receive priority over other orders but will be committed to a minimum resting time, and to provide for the auto-execution of odd lots at the National Best Bid/Offer.

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Proposed Amendments to the TSX Rule Book

TSX has proposed amendments to the TSX Rule Book to implement a new Long Life order that will receive priority over other orders but will be committed to a minimum resting time, and to provide for the auto-execution of odd lots at the National Best Bid/Offer.

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Proposed Amendments to the TSX Venture Exchange Rule Book

TSX Venture Exchange has proposed amendments to the TSX Venture Exchange Rule Book to implement a new ‘Long Life' order that will receive priority over other orders but will be committed to a minimum resting time, and to allow specialty price crosses on TSXV as are currently available on TSX.

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Approved Amendments to the TSX Alpha Exchange Trading Policies to implement new trading model, and other changes to simplify and streamline current offerings

Amendments have been approved to the TSX Alpha Exchange Trading Policies to facilitate the introduction of an innovative trading model that will include the application of an order processing delay ("speed bump") for orders that have the potential to remove liquidity from the order book, a minimum size requirement for Post Only orders, and the provision of rebates for active order flow via implementation of an inverted maker/taker fee model. Other changes are also being made that are intended to simplify and streamline current Alpha offerings. An updated Order Types and Functionality Guide, highlighting changes necessary to implement the Amendments, provides additional detail.

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Proposed Amendments to the TSX Alpha Exchange Trading Policies to implement new trading model, and other changes to simplify and streamline current offerings

Amendments have been proposed to the TSX Alpha Exchange Trading Policies to facilitate the introduction of an innovative trading model that will include the application of an order processing delay ("speed bump") for orders that have the potential to remove liquidity from the order book, a minimum size requirement for Post Only orders, and the provision of rebates for active order flow via implementation of an inverted maker/taker fee model. Other changes are also being proposed that are intended to simplify and streamline current Alpha offerings. An updated Order Types and Functionality Guide, highlighting changes necessary to implement the Proposed Amendments, provides additional detail.

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Approval of Amendments to the TSX Venture Exchange Rule Book in respect of Market-on-Close ("MOC")

Amendments have been approved to the TSX Venture Exchange Rule Book to: (i) remove the board lot volume restriction for MOC and Limit-on-Close ("LOC") orders (MOC and LOC orders will be accepted into the MOC book with board lot, mixed lot and odd lot volumes); (ii) allow LOC order entry prior to the imbalance dissemination; (ii) allow MOC Limit Orders that do not contribute to the MOC Imbalance at the time of broadcast to be cancelled after the MOC Imbalance is broadcast; (iii) revise the definition of "MOC Imbalance" in order to reflect the fact that In addition to MOC orders, LOC orders that are priced equal to or more aggressive than the TSXV BBO mid-point at the time of the calculation will be considered when determining the MOC imbalance; and (iv) clarify that Rule c.2.55(2)(c) is intended to refer to MOC Limit Orders that are not included as part of the MOC Imbalance broadcast.

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Approval of Amendments to the Toronto Stock Exchange Rule Book in respect of Market-on-Close ("MOC")

Amendments have been approved to the TSX Venture Exchange Rule Book to: (i) remove the board lot volume restriction for MOC and Limit-on-Close ("LOC") orders (MOC and LOC orders will be accepted into the MOC book with board lot, mixed lot and odd lot volumes); (ii) allow LOC order entry prior to the imbalance dissemination; (ii) allow MOC Limit Orders that do not contribute to the MOC Imbalance at the time of broadcast to be cancelled after the MOC Imbalance is broadcast; (iii) revise the definition of "MOC Imbalance" in order to reflect the fact that In addition to MOC orders, LOC orders that are priced equal to or more aggressive than the TSX BBO mid-point at the time of the calculation will be considered when determining the MOC imbalance; and (iv) clarify that Rule 4-902(2)(d) is intended to refer to MOC Limit Orders that are not included as part of the MOC Imbalance broadcast.

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Proposed Amendments to the Toronto Stock Exchange and TSX Venture Exchange Rule Book to remove the board lot volume requirement for Market-on-Close ("MOC") orders and permit MOC Limit orders to be entered prior to the imbalance broadcast

Amendments have been proposed to the Toronto Stock Exchange and TSX Venture Exchange Rule Book to remove the board lot volume requirement for Market-on-Close ("MOC") orders and permit MOC Limit orders to be entered, cancelled and modified in the MOC Book on each trading day from 7:00 a.m. until the time the MOC Imbalance is broadcast.

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Proposed Changes to TSX Dark Midpoint Orders

TSX is seeking public comment on the following Proposed Changes to decrease the minimum volume required for the Minimum Quantity instruction to be accepted from 20 to 5 board lots for Dark Midpoint orders with a Minimum Quantity instruction.

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Proposed Changes to (i) the Self-Trade Order Types on Toronto Stock Exchange and TSX Venture Exchange and (ii) Specialty Priced Crosses on Toronto Stock Exchange

TSX and TSX Venture Exchange are seeking public comment on the following Proposed Changes to (i) enhance self-trade order features on TSX and TSXV and (ii) accept mixed lot and odd lot volumes for specialty priced crosses on TSX.

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Approval of Amendments to the TSX Exchange and TSX Venture Exchange Rule Book to introduce an additional class of Direct Market Access ("DMA") eligible clients

Amendments to the TSX and TSX Venture Exchange Rule Books have been approved by the Ontario Securities Commission and British Columbia Securities Commission which allow for an additional class of clients eligible to transmit orders using direct electronic access.
The rule amendments are effective September 30, 2013.

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Approval of Amendments to the TSX Venture Exchange Rule Book to introduce the Market On Close (MOC) Facility and the Extended Trading Session on the TSX Venture Exchange

The Amendments to the TSX Venture Exchange Rule Book have been approved by the British Columbia Securities Commission and the Alberta Securities Commission, which allow for the provision of an automated market-on-close (MOC) facility and a special/extended trading session (Special Trading Session) to Members and Participating Organizations of TSX Venture Exchange.
The rule amendments are effective December 12, 2011.

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Approval of Amendments to the Rules of the Toronto Stock Exchange for changes that impact Market Making (February 2012)

Amendments to the Rules of theToronto Stock Exchange have been approved by the Ontario Securities Commission. These amendments assist TSX Market Makers in performing their market making obligations in a multi-marketplace and increasingly electronic trading environment. The Amendments provide for: elimination of the anti-scooping rule; elimination of Market Maker capital requirements; elimination of the Market Maker stabilization rule; the ability for Market Makers to execute booked oddlots at their limit price; and new requirements on the use of the Minimum Guaranteed Fill and oddlot facilities.

The rule amendments are effective February 24, 2012 with the exception of the elimination of the anti-scooping rule and the amendment to permit Market Makers to execute booked oddlots at their limit price, which will be implemented at a later date.

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Approval of Amendments to the Rules of Toronto Stock Exchange to permit trading of securities listed on other Canadian exchanges (February 2012)

Amendments to the Rules of the Toronto Stock Exchange have been approved by the Ontario Securities Commission. These amendments confirm the exchange's ability to facilitate trading in securities that are not listed by Toronto Stock Exchange. The rule amendments clarify the ability of Toronto Stock Exchange to facilitate trading in securities that have been listed by another exchange that is recognized in a Canadian jurisdiction.

The rule amendments are effective February 24, 2012.

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Approval of Amendments to the TSX Venture Exchange Rule Book and Rules of the Toronto Stock Exchange to introduce a minimum size condition for certain dark orders

The Amendments to the TSX Venture Exchange Rule Book have been approved by the British Columbia Securities Commission and the Alberta Securities Commission and the amendments to the Rules of the Toronto Stock Exchange have been approved by the Ontario Securities Commission. The amendments allow non-displayed orders (Dark Orders) with a minimum size condition to have trading priority over other Dark Orders without such a condition, provided the Dark Orders are at the same price.

The rule amendments are effective January 13, 2012.

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Proposed Amendments to the TSX Venture Exchange Trading Rules to remove the anti-scooping rule

Amendments have been proposed to the TSX Venture Exchange Trading Rules to eliminate the anti-scooping rule.

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Proposed Amendments to the TSX Venture Exchange Trading Rules to permit trading of securities listed on other Canadian exchanges (May 2011)

Amendments have been proposed to theTSX Venture Exchange Trading Rules to confirm the exchange's ability to facilitate trading in securities that are not listed by TSX Venture Exchange. The rule amendments clarify the ability of TSX Venture Exchange to facilitate trading in securities that have been listed by another exchange that is recognized in a Canadian jurisdiction.

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Approval of Amendments to the Rules of Toronto Stock Exchange to Eliminate the Indicative Calculated Closing Price Feature on the Market On Close Facility

Rule amendments to the Rules of the Toronto Stock Exchange have been approved by the Ontario Securities Commission. These amendments eliminate the Indicative Calculated Closing Price (ICCP) feature on the Market On Close Facility (MOC).

The rule amendments are effective April 19, 2010.

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Approval of Amendments to the TSX Venture Exchange Rule Book to Delete Remaining Member Rules (October 2009)

Rule amendments to the TSX Venture Exchange Rule Book to delete the remaining member rules in Rule F have been approved by the British Columbia and Alberta Securities Commissions. The amendments are effective as of October 23, 2009.

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Approval of Amendments to the Rules of Toronto Stock Exchange and TSX Venture Exchange - (September 2009)

Rule amendments to the Rules of the Toronto Stock Exchange and TSX Venture Exchange have been approved by the Ontario Securities Commission, and the Alberta and British Columbia Securities Commissions respectively. The rule amendments enable Toronto Stock Exchange and TSX Venture Exchange to offer Dark Midpoint orders and Dark Limit orders as well as Inside Spread Orders and discretionary orders. The rule amendments also clarify that a displayed order will always execute prior to an undisclosed order at the same price, even if the undisclosed order was posted first. Other ancillary amendments have been made to the rules of the Toronto Stock Exchange to confirm that market maker responsibilities and the MGF facility's operations apply only at displayed prices.

The Dark Midpoint order and the Dark Limit order are operational and available for use as of March 1, 2011. The Inside Spread Order and the discretionary order type are not operational. TMX Group will provide notice prior to implementation of the Inside Spread Order and the discretionary order type.

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Approval of Amendments to the Rules of the Toronto Stock Exchange to Update the Order Designation Provisions including Normal Course Issuer Bid (NCIB) Markers

Rule amendments to the Rules of the Toronto Stock Exchange have been approved by the Ontario Securities Commission. These amendments update the order marker provisions and introduce the requirement for an NCIB marker.

The rule amendments are effective August 14, 2009.

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Approval of Amendments to the Rules of the Toronto Stock Exchange - (July 2009)

Rule amendments to the Rules of the Toronto Stock Exchange have been approved by the Ontario Securities Commission. These housekeeping amendments repeal the ATX Rules.

The rule amendments are effective July 24, 2009.

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Approval of Amendments to the Rules of the Toronto Stock Exchange and the TSX Venture Exchange Rule Book (September 2008)

Amendments to the Rules of the Toronto Stock Exchange and TSX Venture Exchange Rule Book have been approved by the Ontario Securities Commission, and the Alberta and British Columbia Securities Commissions respectively. The rule amendments remove the imbedded opening and closing times of Toronto Stock Exchange and TSX Venture Exchange. The operating times of the Market-On-Close facility on Toronto Stock Exchange have also been removed and replaced with generic references. The amendments also include a clarification of Toronto Stock Exchange's opening allocation process. The amendments also recognize the merger of the Investment Dealers Association of Canada and Market Regulation Services Inc. to form the Investment Industry Regulatory Organization of Canada. The rule amendments are effective September 12, 2008.

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Approval of Amendments to the Rules of Toronto Stock Exchange and TSX Venture Exchange - (July 2008)

Rule amendments to the Rules of the Toronto Stock Exchange and TSX Venture Exchange have been approved by the Ontario Securities Commission, and the Alberta and British Columbia Securities Commissions respectively. The rule amendments reflect the manner in which Toronto Stock Exchange and TSX Venture Exchange will automate the bypass order function which was recently brought into the Universal Market Integrity Rules.

The rule amendments are effective January 19, 2009.

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Approval of Amendments to the Rules of Toronto Stock Exchange and TSX Venture Exchange - (December 2007)

Rule amendments to the Rules of the Toronto Stock Exchange and TSX Venture Exchange have been approved by the Ontario Securities Commission, and the Alberta and British Columbia Securities Commissions, respectively. The rule amendments broaden the categories of eligible client for direct market access trading to include clients that are non-individuals with total securities under administration or management exceeding $10 million, where the client is resident in a Basle Accord Country. The rule amendments are effective December 14, 2007.

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Approval of Amendments to the TSX Venture Exchange Rule Book to Change Opening Allocation Methodology and Odd Lot Trading (May 2009)

Rule amendments to the TSX Venture Exchange Rule Book to change opening allocation metholodogy and odd lot trading provisions have been approved by the British Columbia and Alberta Securities Commissions. The odd lot trading rule amendments are effective as of May 1, 2009. The opening allocation methodology rule amendments are effective as of May 4, 2009.

Approval of Amendments to the Rules of Toronto Stock Exchange: Direct Access Trading - Connectivity (July 2007)

Rule amendments to the Rules of Toronto Stock Exchange and TSX Venture Exchange to clarify connectivity requirements for direct market access trading have been approved by the Ontario Securities Commission and British Columbia Securities Commission, respectively. The rule amendments are effective July 27, 2007.

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Approval of Amendments to the Rules of Toronto Stock Exchange: Alternative Trade eXecutions (ATX) (June 2007)

Rule amendments to the Rules of Toronto Stock Exchange regarding implementation of Alternative Trade eXecutions (ATX) have been approved by the Ontario Securities Commission, effective June 13, 2007.

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Approval of Amendments to the Rules of Toronto Stock Exchange: Part 6 - Exchange Take-Over Bids and Exchange Issuer Bids (June 2007)

Rule amendments to Part 6 of the Rules of Toronto Stock Exchange have been approved by the Ontario Securities Commission, effective June 1, 2007.

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