TSX Dark Liquidity Guide

5 TERM Definition Executable state The order state in which a dark order is eligible to trade. Large Order An order with a volume greater than 50 board lots and $30,000 in value OR an order with greater than $100,000 in value, as defined in UMIR Section 6.6. Limit price A client or system assigned upper or lower limit which a dark order may have its executable price assigned to. LSP TSX/TSXV last sale price Meaningful price improvement A half-trading increment on a single trading increment NBBO spread, or one trading increment on a greater than one trading increment NBBO spread Protected NBBO The best protected bid and the best protected offer as applicable for the purposes of the Order Protection Rule in Part 6 of National Instrument 23-101. Protected NBB The best protected bid as applicable for the purposes of the Order Protection Rule in Part 6 of National Instrument 23-101. Protected NBO The best protected offer as applicable for the purposes of the Order Protection Rule in Part 6 of National Instrument 23-101. Non-executable state The order state in which a dark order is ineligible to trade. Minimum Interaction Size (MIS) MIS is an optional instruction that specifies the minimum size that any single contra-side order must be in order to be eligible to trade against the ‘MIS order’. Small Order An order which is not a Large Order, as defined in UMIR Section 6.6. MinimumQuantity (MinQty) MinQty is an optional instruction that specifies the minimum aggregate tradable volume that must be satisfied in order for a ‘MinQty order’ to trade. TBBO TSX/TSXV Best Bid/Offer Trading increment The price interval at which an order may be submitted and trade Aggressive offset When applied to a pegged order, results in a price that is more aggressive than the peg reference price Passive offset When applied to a pegged order, results in a price that is less aggressive than the peg reference price