TSX Dark Liquidity Guide

12 • The MinQty instruction will be enforced on active as well as passive fills. • When enforced on active fills, MinQty determines the minimum aggregate volume that must be filled (regardless of the size of each individual fill) in order to execute actively. • When enforced on passive fills, MinQty allows the resting order to be filled against a contra-side incoming order if the resting order will receive an execution of at least the MinQty size condition. • MinQty orders will book at their limit price, subject to the constraints to prevent them from locking/crossing with a contra-side visible order • MinQty orders will trade All or None once the order’s remaining quantity is less the MinQty size. 4.2.2 Minimum Interaction Size MIS is an optional instruction that may be submitted on DRK orders. This optional instruction specifies the minimum size that any single contra-side order must be in order to be eligible to trade against the ‘MIS order’. • MIS will be enforced on both active and passive fills. • For active fills, MIS will be enforced to allow executions against resting contra-side DRK orders that meet or exceed the specified MIS size. • An order with MIS will book at its limit price, subject to constraints that would prevent it from locking/crossing with a contra-side visible order. • When an incoming order attempts to match against a resting order with MIS, it will compare the incoming order’s original volume against the MIS value to determine eligibility of the incoming order to match. • Active orders with the MIS condition will not execute against passive displayed orders. • When the remaining quantity of resting order with MIS is less than its MIS size, the order is able to trade in any board lot sized volume. 5. Allocation Priority and Order Matching 5.1 Phase 1: Board Lot Allocation Throughout the board lot allocation fully visible orders and the disclosed and undisclosed volume of iceberg orders will have priority over DRK orders at the same price. At each price level the allocation will adhere to the following sequence: 1. Broker Preference amongst displayed portions of orders a. Broker Preference among displayed portions of Long Life orders (in time priority if multiple matches exist). b. Broker Preference among displayed portions of non-Long Life orders (in time priority if multiple matches exist). 2. Displayed portions of all other orders a. Displayed portions of Long Life orders (in time priority if multiple matches exist). b. Displayed portions of non-Long Life orders (in time priority if multiple matches exist). 3. Undisclosed portions of icebergs (There is no broker preferencing amongst undisclosed portions of icebergs).