11 2.2 DRK Limit Orders • DRK Limit Orders • DRK Limit orders, offering meaningful price improvement over the Protected NBBO, are eligible to trade with all contra flow. • DRK Limit orders resting on TSX/TSXV at the Protected NBBO are eligible to trade with Large Orders once all visible volume at that price level is exhausted on the marketplace where the dark order is resting. • If the marketplace quote is alone at the Protected NBB or NBO, a DRK Limit order resting at this price will be eligible to execute with any-sized incoming order once the displayed liquidity is exhausted. (Please see Appendix • 1.0.5 for an example of an incoming Small Order trading with a DRK Limit order at the Protected NBBO). • DRK Limit orders can be entered with a full tick limit price or a market price. TSX/TSXV may assign a limit price based on the original limit or the existing bid/ask tick limits. • Upon entry, DRK Limit orders are eligible to trade against contra DRK Limit or DRK Pegged orders, and, unless the DRK Limit order was entered with a MIS condition, visible orders. (See section on MIS for the active order restrictions). • DRK Limit executions are protected in the form of bid/ask tick limits. • DRK Limit orders are automatically protected from unintentional trade-throughs by only executing at prices at or inside the Protected ABBO. When the Protected ABBO changes, a resting DRK Limit order may be re-priced to ensure it does not trade through the opposite side Protected ABBO price. When the DRK Limit order is re- priced it may execute against a contra order if it is determined to be tradable. (Please see Appendix 1.0.3).
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