TSX Dark Liquidity Guide

16 7. CFOing a Dark Order Traders will be able to CFO all currently permissible tags (e.g., Limit price, Volume) on a DRK order with the exception of the Undisplayed tag and the Peg Type. Once an order has been entered as dark it may not be changed to a visible order. The DRK order would first need to be cancelled and a new order submitted. 8. Last Sale Price for DRK Midpoint Peg and CMO+ Orders A midpoint execution can result in a trade price at a non-standard trading increment. When this occurs the last sale price will be set at the non-standard trading increment. 9. Identifying an Execution Against Dark Liquidity To aid clients in determining their transaction costs, any order executing with a passive DRK order will have this interaction identified privately in position 4 (Pos. 4 = D) of the exchange admin tag which is returned in fill and trade reports. Please see Table 2 for the specification details. 10. Disabling and Re-enabling DRK Orders DRK orders may be manually disabled by TSX/TSXV at the symbol or market level. Once DRK orders have been disabled, all booked DRK orders will be transitioned into a non-executable state maintaining their priority timestamp. New DRK orders and CFO’s will be rejected by the system; however users may cancel DRK orders previously accepted by the system. 10.1 Disabling of DRK Orders Market or technical issues may require DRK orders to be disabled by TSX/TSXV Trading Support at the symbol or market level due to market issues such as triggering of volatility parameters or technical issues such as an away market sending erroneous quote data. When DRK orders have been disabled at the symbol level, all DRK orders for that symbol will be transitioned into a non-executable state and a stock status notification will be disseminated with the Accept Undisplayed value set to “N”. This will be followed by a General message being disseminated by TSX/TSXV Trading Support as further notification of the action.