10 2.1.4 DRK Minimum Price Improvement (MPI) Peg Orders DRK MPI Peg orders will behave in the same manner as a DRK Primary Peg order with a one-tick aggressive offset, except as follows: • Where the pegged value would otherwise be the midpoint of the Protected NBBO spread (e.g., where the Protected NBBO spread compresses to two cents or less for a stock priced over $0.50), the peg will rest as a dark order at the midpoint of the Protected NBBO. • Upon entry, DRK MPI Pegs are eligible to trade with resting contra orders subject to the above-noted conditions affecting the pricing of the DRK MPI Peg. • Resting DRK MPI Pegs are eligible to trade with any incoming order, subject to conditions on the incoming order. 2.1.5 Contra Midpoint Only Plus (CMO+) Orders CMO+ orders will function in the same way as DRK Midpoint Peg orders, except as noted below: • Upon entry, CMO+ orders are subject to a randomized 400 to 600 millisecond delay before reaching the order book. • Active CMO+ orders are only eligible to trade against other contra resting CMO+ orders, except when using the Dark Sweep option. Active CMO+ orders with the Dark Sweep option can trade against all resting midpoint- eligible dark liquidity. Any unfilled quantity will then rest at the midpoint where it will be eligible to trade only against active CMO+ orders. All trades will be at the midpoint of the Protected NBBO. • Resting CMO+ orders, with or without the Dark Sweep Option, may only trade with an incoming CMO+ order. • The matching of two CMO+ orders will occur irrespective of other dark orders resting in the order book at a better price, or at the midpoint, with a higher time priority (except in the aforementioned case of an active CMO+ order with the Dark Sweep option). • All CMO+ to CMO+ executions will be flagged with a post-trade marker, isMidOnly, on the public marketdata feeds to identify a CMO+ trade. 2.1.6 Conditional Orders • Requires large orders, greater than 50 board lots and $30,000 or $100,000 assuring only larger executions – global minimum size. • Trades at the midpoint only – providing potential price improvement. • Reduces missed dark trading opportunities – No locked- in period with conditionals opt-in. • Reduces leakage, cancels and missed trading opportunities with short firm-up period. • Opportunity to complete order and size without entering another order – Conditions residual opt-in to TSX DRK. • Improves behaviour, integrity and quality of facility - enhanced enforcement • Achieve fair trade allocation on a pro-rata basis.
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