TSX Dark Liquidity Guide

8 limit price, the order will become executable, attempt to trade, and if unsuccessful will re-enter the book and maintain its time priority. • Upon entry, DRK Midpoint Peg orders are eligible to trade against any contra dark resting orders (except for resting CMO+ orders). • Resting DRK Midpoint Peg orders may trade with any incoming orders , subject to conditions on the incoming order. • DRK Midpoint Peg orders will only execute at the Protected NBBO midpoint. • Can result in a trade price that is an invalid trading increment, in which case the reported Last Sale Price will also be an invalid trading increment. 2.1.2 DRK Primary Peg Orders • Pegs to the same-side Protected NBBO. • Offsets are allowed and can be aggressive or passive but must be entered in valid tick increments. • Booked DRK Primary Peg orders with aggressive offsets that would otherwise lock or cross with the opposite side Protected NBBO will be pegged at one tick inside the opposite side Protected NBBO. • Where there is no opposite-side Protected NBBO, a DRK Primary Peg order will be executable at the less aggressive of its pegged value or its limit price, subject to current TSX bid/ask tick limits. • Where the Protected NBBO spread is one tick, a DRK Primary Peg order with an aggressive offset will be pegged at the midpoint. • Upon entry, DRK Primary Peg orders with an aggressive offset are eligible to trade with any price improving dark orders. Resting DRK Primary Peg orders with an aggressive offset may trade with any incoming orders, subject to their limit price. • Resting DRK Primary Peg orders with a 0 offset are eligible to trade with any incoming Large Orders once all visible orders at that price level are exhausted. 2.1.3 DRK Market Peg Orders • Pegs to the opposite-side Protected NBBO • Only passive offsets are allowed and must be entered in valid tick increments. • Where no offset or a zero offset is entered, a DRK Market Peg order will default to one-tick inside the opposite- side Protected NBBO. A DRK Market Peg order will never lock or cross with the opposite-side Protected NBBO. • DRK Markets Peg orders become non-executable where there is no opposite-side Protected NBBO • Upon entry, DRK Market Peg orders are eligible to trade with passive dark orders, subject to their booked price. Resting DRK Market Peg orders are eligible to trade with any incoming orders, subject to their entered price and conditions. 2.1.4 DRK Minimum Price Improvement (MPI) Peg Orders DRK MPI Peg orders will behave in the same manner as a DRK Primary Peg order with a one-tick aggressive offset, except as follows: • Where the pegged value would otherwise be the midpoint of the Protected NBBO spread (e.g., where the Protected NBBO spread compresses to two cents or less for a stock priced over $0.50), the peg will rest as a dark order at the same-side Protected NBBO. • DRK MPI Pegs will never rest at the midpoint of the Protected NBBO. • Upon entry, DRK MPI Pegs are eligible to trade with resting contra orders subject to the above-noted conditions affecting the pricing of the DRK MPI Peg. • Resting DRK MPI Pegs are eligible to trade with any incoming order, subject to conditions on the incoming order.