9 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 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. 2.1.5 Contra Midpoint Only Plus (CMO+) Orders CMO+ orders will function in the same way as DRK Midpoint Peg orders, except as noted below: • Upon entry, CMO+ orders are subject to a randomized 400 to 600 millisecond delay before reaching the order book. • Active CMO+ orders are only eligible to trade against other contra resting CMO+ orders, except when using the Dark Sweep option. Active CMO+ orders with the Dark Sweep option can trade against all resting midpoint- eligible dark liquidity. Any unfilled quantity will then rest at the midpoint where it will be eligible to trade only against active CMO+ orders. All trades will be at the midpoint of the Protected NBBO. • Resting CMO+ orders, with or without the Dark Sweep Option, may only trade with an incoming CMO+ order. • The matching of two CMO+ orders will occur irrespective of other dark orders resting in the order book at a better price, or at the midpoint, with a higher time priority (except in the aforementioned case of an active CMO+ order with the Dark Sweep option). • All CMO+ to CMO+ executions will be flagged with a post-trade marker, isMidOnly, on the public market-data feeds to identify a CMO+ trade. 2.1.6 Conditional Orders • Requires large orders, greater than 50 board lots and $30,000 or $100,000 assuring only larger executions – global minimum size. • Trades at the midpoint only – providing potential price improvement. • Reduces missed dark trading opportunities – No locked- in period with conditionals opt-in. • Reduces leakage, cancels and missed trading opportunities with short firm-up period. • Opportunity to complete order and size without entering another order – Conditions residual opt-in to TSX DRK. • Improves behaviour, integrity and quality of facility - enhanced enforcement • Achieve fair trade allocation on a pro-rata basis. 2.2 DRK Limit Orders • DRK Limit Orders • DRK Limit orders, offering meaningful price improvement over the Protected NBBO, are eligible to trade with all contra flow. • DRK Limit orders resting on TSX/TSXV at the Protected NBBO are eligible to trade with Large Orders once all visible volume at that price level is exhausted on the marketplace where the dark order is resting.
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