TSX DRK Liquidity Guide

19 Please see Appendix 1.0.4 for an example of a DRK Limit order’s Executable Price being reassigned due to a Small Order bypassing the DRK Limit order. 7.7Identifying a Delayed Active Assignment When a DRK order is assigned a new Executable Price it has the potential to trade. If assigned the active leg of the trade, the trade report will be flagged with “A” (Delayed Active) in position seven of the Exchange Admin tag. This identifier will give full transparency to the trader that the order has been assigned as the active side of a trade. Please note that this identifier will not be exclusive to DRK orders, and will be available to applicable displayed orders as well (triggered on-stops), Please see Table 2 for the Delayed Active specification details. 8. CFOing a DRK 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. 9. 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. 10. Identifying an Execution Against DRK 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. 11. Disabling an 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.

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