19 A visual representation of the fee application is as follows: For more information, please refer to the Trading Fee Schedule on the TSX website. 3.2.3 Underperformance by a Single Market Maker A single MM may be removed from the assignment when they have: • 3 consecutive months of 20% or less Contribution Score, or • 4 months of 20% or less Contribution Score in the past 12 month period, or • 3 underperforming months on a symbol level in the past 12 month period as detailed in Section 3.2.4 below, or • Performed in a manner that may be otherwise deemed unsatisfactory at TSX discretion In this case, the Market Maker is replaced in accordance with the policy detailed in Section 2.7.2 Single Market Maker Replacement. 3.2.4 Underperformance – Overall Stock Level A failing result in any of a stock’s five Performance Obligations is deemed as an underperforming month on that stock for both assigned Market Makers, provided that the assigned Market Maker has a Contribution Score of less than 80%. If a Market Maker assigned to the underperforming stock has a Contribution Score of 80% or greater, then that stock is not deemed as an underperforming month for that Market Maker. ** **Notwithstanding the above, TSX will monitor all assignments for stock level underperformance. Should TSX determine that a particular symbol underperforms consistently, regardless of a MM’s Contribution Score, TSX may take such action as deemed appropriate to maintain symbol performance including removal of either or both assigned MMs.
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