TSX DRK Liquidity Guide

7 There is full post-trade transparency of DRK execution prices which will update the last sale price and be provided to the TMX information processor’s Consolidated Last Sale (CLS) feed. All DRK tag details, with the exception of the IsDark and IsMidOnly tags, are classified as private content and therefore fully encrypted. The IsMidOnly tag will identify all CMO+ to CMO+ trades on the public market-data feeds, allowing for executions within the CMO+ facility to be clearly distinguished. This does not apply to CMO+ orders that trade on entry against resting nonCMO+ dark liquidity. The IsDark tag will enhance transparency of dark trading on TSX and TSXV by identifying all trades where the passive side of the trade is dark. The TSX/TSXV securities that are enabled to accept DRK orders are identified based on information communicated by TSX/TSXV through notices to Participants/Members, as well as designations on a daily basis within the symbol status message distributed on TMX market data feeds. If technical issues arise such that a symbol is unable to accept DRK orders, any change to that symbol’s eligibility will be communicated to all participants through a stock status message 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 DRK 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.

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