TSX Dark Liquidity Guide

7 which will have the Accept Undisplayed tag set to “N”. Once the issue has been addressed, that symbol may have its eligibility reinstated. When this occurs a stock status message will be disseminated with the Accept Undisplayed tag set to “Y”. These events will be followed by external notification by TSX/TSXV Trading Support serving as further notification of the event. 1.5 Regulatory requirements applicable to dark trading UMIR requires that meaningful price improvement be provided to Small Orders when trading against dark resting orders. Meaningful price improvement is a full trading increment, or a half trading increment where the Protected NBBO spread is one tick. No price improvement is required to be provided to Large Orders when executing against dark resting orders – currently, a Large Order is one that is more than 50 board lots and $30,000 in value or one that is more than $100,000 in value. A Large Order can execute against dark resting orders on TSX/TSXV at the Protected NBBO so long as any displayed orders at that price level on TSX/TSXV have been satisfied. Please consult UMIR Section 6.6 Provision of Price Improvement by a Dark Order for the latest requirements. 2. DRK Order Features – Details and Functionality 2.1 DRK Pegged Orders The following applies to all pegged orders: • TSX DRK pegs, with the exception of DRK Midpoint Pegs and CMO+ orders, will be priced only as aggressively as their stated limit price, and will remain executable at their stated limit. DRK pegged executions are protected in the form of existing TSX/TSXV marketplace threshold parameters and bid/ask tick limits. • Pegged orders will not trade when the Protected NBBO is locked or crossed • Normal priority rules apply. • Pegged orders become non-executable during the opening and closing auctions, and during the extended trading session. • Pegged orders are sent to the IIROC Market Regulation feed upon entry or trade. No updates / messages are sent to the IIROC Market Regulation feed from repricing of the pegged order value arising from changes in the Protected NBBO. 2.1.1 DRK Midpoint Peg Orders • DRK Midpoint Peg orders are eligible to trade with all contra-side orders regardless of order size, as meaningful price improvement is provided on all executions. • DRK Midpoint Peg orders are pegged to execute at the floating midpoint of the Protected NBBO with an optional client-assigned limit price. • The optional client-assigned limit price is permitted to be an invalid trading increment to ensure that an order limit can be set at the midpoint price in all circumstances. • If the Protected NBBO midpoint is beyond the range of the limit price, the midpoint order will not execute but remain queued retaining priority. When the Protected NBBO midpoint floats back within range of the order’s