13 TSX shall, in its discretion, determine the primary responsibility of the Performance Obligations between both Market Makers assigned to a security, which determination of responsibility may include being jointly primarily responsibility for all Performance Obligations on a daily basis or alternating, on a daily basis, primary responsibility for one or more of the Performance Obligations. TSX shall provide reasonable notice to the Market Makers of any change of allocation of primary responsibility. 1. Spread Goal • This requirement measures the cost of transacting immediately, reflecting the degree of liquidity provided on TSX. • The Spread Goal is the difference between TSX Best Bid (TBB) and TSX Best Offer (TBO), measured in dollar terms (e.g., $0.03), that the Market Maker needs to maintain. • At the end of the month, the system calculates the percentage of time that the security’s Spread Goal was maintained during the sum of all trading hours that month. In order to be considered a pass, the percentage of time must be equal to or greater than 95%. • Measured during continuous trading hours only (9:30:00 AM – 4:00 PM), and excludes periods where a security may be halted, suspended or delayed. 2. % Time at NBBO • The minimum % of time TSX is at the Protected NBBO requirement is intended to measure the degree of competitiveness of the TSX market, as compared to other protected marketplaces in Canada. • % Time at NBBO = (average time TSX is at protected NBB per day + average time TSX is at protected NBO per day) / 2. • If there is no protected NBB or protected NBO (meaning there is no quote on any marketplace including TSX), then this is treated as time that TSX is not at the Protected NBBO. • Measured during continuous trading hours only (9:30 AM – 4:00 PM), and excludes periods where a security may be halted, suspended or delayed or when quotes are locked or crossed. 3. Top of Book Size • This minimum Top of the Book Size represents the minimum number of shares that must be available on any combination of the TSX best bid (TBB), TSX best offer (TBO) or the MGF facility at any given time. It may be distributed between the CLOB and MGF contributed by that Market Maker subject to the minimum MGF being met, and one board lot on each side of the CLOB. • Measured at the security level for CLOB component and the Market Maker level for the MGF component. • Average Size = time weighted average of (shares at TBB + shares at TBO + shares available through Individual MGF x 2). • Measured during continuous trading hours only (9:30AM – 4:00 PM), and excludes periods where a security may be halted, suspended or delayed. 4. Liquidity Factor • This requirement measures the extent to which Market Makers are ensuring the book is lined with reasonable depth such that excessive price gaps do not occur.
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