TSX Dark Liquidity Guide

34 2.0.3 Scenario 3 – DRK Limit with MIS matching with passive DRK order to satisfy MIS condition TSX Order Book Volume Bid Offer Volume Order # 1 200 (Dark) 10.01 10.10 100 Order # 2 200 (Dark) 10.01 Order # 3 2000 MIS 600 (Dark) 10.01 Order # 4 100 10.00 An incoming DRK Limit order to sell 3000 shares at $10.01, with a MIS size 600 shares will skip over the DRK orders # 1 and 2 at $10.01 as they do not satisfy its MIS criteria, and trade with the resting DRK MIS order # 3 at $10.01. 2.0.4 Scenario 4 – Active DRK Limit order with MIS not eligible to trade with a passive visible order TSX Order Book Volume Bid Offer Volume 5000 (Visible) 10.01 10.10 500 200 (Dark) 10.01 10.11 100 200 (Dark) 10.01 2000 MIS 600 (Dark) 10.01 100 10.00 An incoming DRK Limit order to sell 3000 shares at $10.01, with a MIS size 600 shares is not eligible to trade with passive visible order. The Trading Engine determines that the DRK order with a MIS condition cannot trade through the visible quote against the passive DRK orders. Since a MIS order cannot lock or cross the TBBO, the order will book at 1 tick off the Bid.