TSX Dark Liquidity Guide

27 1.0.5 Small incoming order trading with a DRK Limit order at the NBBO 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 1000 10.00 10.03 100 DL 1000 10.00 10.04 100 1000 9.99 1000 9.98 The TSX quote is alone at the NBB with a DRK Limit order resting at this price. An order to Sell 2000 @ 10.00 is submitted. The system determined that the order is a Small Order requiring meaningful price improvement when interacting with dark liquidity. The order will trade 1000 @ 10 with the visible bid and 1000@ 10.00 with the DRK Limit order. Once the visible volume at 10.00 is traded the DRK order resting at 10.00 is providing 1 tick price improvement over the ABB, and therefore is eligible to trade with the sell order. TSX Order book Volume Bid Offer Volume 100 9.99 10.03 100 100 9.98 10.04 100