TSX DRK Liquidity Guide

44 Dark Order Book Order Broker Volume Side Invitation? 1 A 10,000 Buy 03 4 D 5,000 Buy 3 (Active) C 1,000 Sell New DRK active order arrives during the period where the invitation has not expired, and is still outstanding. Firm DRK orders will execute against DRK orders that have issued an invitation to the conditional book. Order 1 has time priority over order 4 to trade with order 3 and receives a partial fill for 1000, and order 3 receives a full fill. Resulting Order Book Order Broker Volume Side Resulting trades 1 A 10,000 Buy Order 1 tradeswithOrder 3 for 1,000 share. Remainder volume 9,000 3 C 1,000 Sell Order 3 is fully filled for 1,000 shares with Order 1 Allocation between a Dark Opt-in and a regular Dark orders Conditional Order 2 firms for full sell volume, and Opts to sweep DRK (Market Instruction= ‘02’). Total Conditional Sell Volume=15,000 Total Dark MP Buy Volume= 9,000 Order 1 still meets global minimum size and is fully executed against the Firm-up order 2. Order 2 receives 9,000 share partial fill. Resulting Order Book Order Broker Volume Side Resulting trades 1 A 10,000 Buy Order 1 tradeswithOrder 2 for 9,000 shares. 2 B 15,000 Sell Order 2 trades with Order 1 for 9,000 shares. Remaining volume 6,000 sweeps dark with Order 4. 4 D 5,000 Buy Order 4 is fully filled for 5,000 shares with Order 2 Allocation between a Firm-up order and a Dark Opt-in order

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