TSX DRK Liquidity Guide

39 14.2.4 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 (DRK) 10.01 10.11 100 200 (DRK) 10.01 2000 MIS 600 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. 14.2.5 Active DRK Limit order with MinQty not eligible to trade TSX Order Book Volume Bid Offer Volume 100 (DRK) 10.02 10.10 100 100 (Visible) 10.01 10.10 500 100 (DRK) 10.01 200 (DRK) 10.01 200 (DRK) 10.01 100 (Visible) 10.00 A Sell DRK Limit MinQty order Volume 5000, MinQty 1000 @$10.00 is entered. The Trading Engine determines that there is not sufficient volume to satisfy the MinQty condition on the incoming order. In this case, the order will be booked at a price that will prevent it from locking or crossing the TBBO. The order will book at 10.02. The cap price = limit price on the order.

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