TSX Dark Liquidity Guide

33 2.0 MIN and MIS Scenarios 2.0.1 Scenario 1 – DRK Limit with MIS TSX Order Book Volume Bid Offer Volume 100 10.00 10.10 100 1000 MIS 500 (Dark) 10.00 A DRK Limit order with MIS Sell 5000 shares, MIS 100 @$10.00 is entered. The trading system calculates the executable price to be assigned to the MIS order. An incoming MIS is not eligible to trade with passive visible order. MIS is not allowed to trade through a visible order, and will never book at a price that will lock or cross the TBBO. The MIS order is assigned a Limit Price of $10.01 to prevent it from locking with the visible bid of $10.00 2.0.2 Scenario 2 – Active orders eligible to interact with a Passive DRK Limit with MIS TSX Order Book Volume Bid Offer Volume 5000 MIS 500 (Dark) 10.01 10.10 100 100 10.00 A DRK Limit Buy order Volume 5000, MIS 500 @$10.01 is booked (see TSX Order book above). The following orders are eligible to trade with the resting MIS order: An incoming visible sell order, with volume >= 500 shares that matches the limit price of the passive MIS order. An incoming sell DRK Limit order with a volume >= 500 shares, priced @$10.01 An incoming sell DRK Market Peg order priced @ MKT with a volume >= 500 shares and 0 offset An incoming sell SDL IOC/FOK with a volume >= 500 shares seeking dark price improving liquidity will be filled. An incoming sell DRK Primary Peg order with an aggressive offset that matches the limit price of the passive MIS order.