Erroneous Trade & Trade Amendment Policy

The TSX Alpha Exchange Erroneous Trade Policy may be found in section 5.7 and 5.8 of the Trading Policies:

Section 5.7 Cancellation And Correction Of Trades By TSX Alpha Exchange

Subject to Section 5.8, the TSX Alpha Exchange (TSXA) retains the discretion to cancel and correct executed trades on TSXA that have not yet been submitted by TSXA to the clearing agency clearance and settlement process for the purposes of mitigating errors made by TSXA in order execution. Cancellation or correction of trades involving orders with regulatory markers (insider or significant shareholder) will be subject to the guidelines set out by Market Regulator or any other applicable regulator.

Commentary: Decisions may require consultation with and instructions by Market Regulator and/or other marketplaces and the counterparties of the trade.

Section 5.8 Error Corrections Requested By Member

A Member, and persons authorized by the Member to do so, may seek to have a trade cancelled or changed.

Trade Cancellations or Amendments at the Opening:

(a) Requests for cancelling trades that occurred at the opening. Any trade that occurs during the opening can only be cancelled upon consent of both parties to the trade or upon instructions of the Market Regulator. The trader can seek the consent of the party on the other side to cancel the trade, request TSXA to seek consent from the contra‐party or can call the Market Regulator who can then instruct TSXA to cancel or correct the trade.

(b) Requests to amend or correct a trade at the opening. Any request to change the price or increase the volume of a trade that occurs during the opening can only be amended upon consent of both parties to the trade and consent of a representative of the Market Regulator or upon instructions of a representative of the Market Regulator. Any request to decrease the volume of a trade that occurs during the opening can only be amended upon consent of both parties to the trade or upon instructions of the Market Regulator. The trader can seek the consent of the party on the other side to cancel the trade, request TSXA to seek consent from the contra‐party or can call the Market Regulator who can then instruct TSXA to cancel or correct the trade.

Trade Cancellations or Amendments during Continuous Session:

(a) Requests for cancelling trades that occurred during the continuous trading session. Any trade that occurs can only be cancelled upon consent of both parties to the trade or upon instructions of the Market Regulator. The trader can seek the consent of the party on the other side to cancel or correct the trade, request TSXA to seek consent from the contra‐party or can call the Market Regulator who can then instruct TSXA to cancel or correct the trade.

(b) Requests to amend or correct a trade during the continuous trading session. Any request to change the price or increase the volume of a trade that occurs during the continuous trading session can only be amended upon consent of both parties to the trade and consent of a representative of the Market Regulator or upon instructions of a representative of the Market Regulator. Any request to decrease the volume of a trade that occurs during the continuous trading session can only be amended upon consent of both parties to the trade or upon instructions of the Market Regulator. The trader can seek the consent of the party on the other side to cancel the trade, request TSXA to seek consent from the contra‐party or can call the Market Regulator who can then instruct TSXA to cancel or correct the trade.

Requests for trade cancellations or amendments on T+1 and T+2:

Members must send requests for trade cancellations or amendments on T+1 or T+2, for trades executed on T, directly to the Clearing Corporation. TSXA cannot process these requests.

Commentary: Market Regulator time limit. It is the Member's obligation to promptly contact the Market Regulator if it wants to seek a decision from it regarding whether it will permit a cancellation or amendment. Generally the Market Regulator must be contacted within 30 minutes of the time of the trade.

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