TSX Dark Liquidity Guide

4 1. Introduction 1.1 Overview TSX DRK is a dark pool with deep liquidity and rich functionality, offering fully hidden orders and features on TSX and TSXV-listed securities, and is uniquely integrated with the TSX and TSXV displayed order books, Canada’s deepest pool of visible liquidity. TSX DRK offers a variety of unique features to accommodate a wide range of dark strategies, including more efficient dark active sweeping strategies to help facilitate best execution at reduced costs, and mechanisms to control the environment under which a trade is executed to help minimize information leakage. • Posting orders on TSX DRK facilitates continuous access to both orders expressly seeking dark price-improving liquidity and orders otherwise seeking interaction with Canada’s deepest displayed order book, providing increased fill opportunities. • Liquidity takers can find significant value through meaningful price improvement and reduced trading costs. All TSX DRK functionality is available on both TSX and TSX Venture listed symbols. 1.2 Purpose The purpose of the product guide is to provide the reader with a firm understanding of TSX DRK, with respect to: • TSX DRK related tags and values • Conditions for submission and matching eligibility of TSX DRK orders • Pricing and re-pricing of TSX DRK orders • Interaction with and between TSX DRK orders and displayed liquidity • Order entry and feed variations specific to TSX DRK • When TSX DRK functionality may be disabled 1.3 Glossary TERM Definition ABBO The best away protected market quote ABB Protected Away Best Bid ABO Protected Away Best Offer Continuous Trading Trading activity that occurs during the Post Open and MOC Imbalance market states. (9:30 – 16:00) Executable price The price at which a dark order is eligible to trade