11 LR Ratio Ranges Points Awarded LR stock ≥ 95% 100 90% ≤ LR stock < 95% 75 80% ≤ LR stock < 90% 50 60% ≤ LR stock < 80% 25 LR stock < 60% 0 3.1.2 Underperformance – ETFs Each month, TSX advises ETF Market Makers of their securities of responsibility that underperformed in the previous month. All securities of responsibility with a score below 60 in the prior three consecutive months are placed on a probationary list. Securities of responsibility for which the security score has not improved to 60 or greater by the end of the fourth month may be re-assigned to another Market Maker. Exemptions may be made at the discretion of TSX in certain cases. Issuer endorsed Market Makers are still subject to performance measurement, regular reporting and the underperformance policy described in this section. However, TSX may maintain an issuer endorsed assignment at the issuer’s request irrespective of underperformance. 3.1.3 ETF – Monthly Tier B Credits and Tier A Bonus Incentive Pool Tier B Symbol Credits A Tier B symbol credit per symbol of responsibility per month is awarded to ETF Market. Makers who meet their monthly performance scores and who have at least one execution during the month on their symbol of responsibility. In addition, ETF Market Makers must ensure the TSX Minimum % Time at NBBO is 90% on an assignment. Tier B symbol credit ($) where the tier classification is: B1 B2 B3 B4 B5 B6 B7 B8 B9 B10 $50 $60 $70 $80 $90 $100 $130 $140 $150 $160 ETF Tier A Bonus Incentive Pool The Tier A Bonus Incentive Pool is available to ETF Market Makers with Tier A assignments, based on the unpaid amounts of the total available Tier B credit pool (if any) for that month. Market Makers receive a total number of points across all of their Tier A assignments based on the criteria set out below:
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