8 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 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.
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