TSX Dark Liquidity Guide

25 Resulting TSX Order book Volume Bid Offer Volume 100 9.98 10.01* 100 100 9.97 10.03 100 10.03 100 * DRK Midpoint Peg (Please note when a DRK Midpoint Peg order has its executable price reassigned, a price assigned message will not be disseminated.) 1.0.3 Assigning the executable price of a DRK Limit order Starting values: ABBO = (9.99, 10.03) TBBO = (10.00, 10.03) NBBO = (10.00, 10.03) Bid/Ask tick parameter: $0.50 TSX Order book Volume Bid Offer Volume 100 10.00 10.03 100 100 9.98 10.04 100 100 9.97 DRK Limit order to Sell 500 @ MKT is entered The trading system calculates the limit price and executable price to be assigned to the DRK Limit order Limit Price = TSX bid – 0.50 = 9.50 Executable price = the greater of the Limit price and the ABB = 9.99 The DRK Limit order trades 100 shares at the visible bid (10.00) and books the remaining volume at the executable price. Resulting TSX Order book Volume Bid Offer Volume 100 9.98 9.99* 400 100 9.97 10.03 100 10.04 100 * DRK limit