Table of Contents 1. Introduction 4 1.1 Overview 4 1.2 Purpose 4 1.3 Glossary 4 1.4 TSX DRK Order Features 6 1.5 Regulatory Requirements Applicable to DRK Trading 7 2. DRK Order Features – Details and Functionality 7 2.1 DRK Pegged Orders 7 2.1.1 DRK Midpoint Peg Orders 8 2.1.2 DRK Primary Peg Orders 8 2.1.3 DRK Market Peg Orders 8 2.1.4 DRK Minimum Price Improvement (MPI) Peg Orders 9 2.1.5 Contra Midpoint Only Plus (CMO+) Orders 9 2.1.6. Conditional Orders 9 2.2 DRK Limit Orders 9 3. Conditional Order Functionality 11 3.1 Conditional Order Types 11 3.2 Invitations 11 3.3 Firm-up & Allocations 12 4. Interacting with DRK Liquidity in the CLOB 12 4.1 Eligibility 12 4.2 Seeking/Providing DRK Liquidity without Interacting with Visible Volume 12 4.2.1 Seek DRK Liquidity feature 12 4.2.2 Provide DRK Liquidity feature 13 4.2.3 Self Trade Prevention feature for PDL & SDL orders 13 4.2.4 Use of DRK Peg orders with IOC or FOK 13 4.2.5 Priced limit orders 13 4.3 Avoiding the Taking of Resting DRK Liquidity 14 4.3.1 Bypass orders 14 4.3.2 Post Only orders 14 5. Conditions on DRK orders 14 5.1 Post Only DRK orders 14 5.2 Minimum Quantity and Minimum Interaction Size 14 5.2.1 Minimum Quantity 14 5.2.2 Minimum Interaction Size 15 6. Allocation Priority and Order Matching 15 6.1 Phase 1: Board Lot Allocation 15 6.2 Phase 2: Re-Pricing of DRK Pegged Orders 16 6.3 Mixed Lot Allocation 16 6.4 DRK Orders and the Closing Auction 16 6.4.1 DRK order Tag Combinations 16 7. Assigning the Limit Price & Executable Price to DRK Orders 17 7.1 Assigning a Limit Price to a DRK order 17 7.2 Executable Price 17 7.3 DRK Midpoint Peg & Contra Midpoint Only Plus (CMO+) Executable Price 17 7.4 Other DRK Pegged Executable Prices 18 7.4.1 DRK order Tag Combinations 18
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