22 b. Where an assignment closes at $0.50 or higher, and the existing Spread Goal target is less than $0.02, the Spread Goal target is increased to $0.02 on the next trading day. The above adjustments are intended to keep targets in line with maximum bidding levels. 3.3.3 TMX-initiated stock level targets TSX, from time to time, assesses existing Market Maker performance targets and, where a stock split or decrease in price on an assignment results in an increase in board lot size or a price change from above $0.50 to below $0.50, TSX may request the Market Makers to increase their existing targets accordingly. Should the incumbent Market Makers not wish to increase their targets as requested by TSX, TSX may, in its sole discretion, place the assignment into the next competitive bid process that is no less than 15 days from notification of the requested target change(s). 3.4 MGF Facility The MGF facility is a uniquely Canadian facility designed to benefit investors by providing guaranteed fills at the TBBO when there is insufficient liquidity to provide a complete fill for an investor’s order in the CLOB, subject to a maximum size. The facility is supported for all TSXlisted securities that have assigned Market Makers. Orders resting in the CLOB receive priority of fills ahead of MGF fills. 3.4.1 MGF Sizes Each Market Maker assigned to a security must maintain their Individual MGF size at all times throughout market hours. The Total MGF is broadcast as the security’s MGF on public feeds. Market Makers may adjust their Individual MGF size electronically intraday by entering their MGF size in total number of shares. If the Total MGF size changes, a public message notifies industry participants in real time. Each security is subject to a maximum Total MGF size of 50 board lots. By default, each Market Maker has an individual maximum MGF size of 25 board lots. At any time, each Market Maker has the option to increase its Individual MGF size up to an amount that is the difference of the Individual MGF size of the other Market Maker assigned to the security and 50 board lots. For example, if one Market Maker is at the minimum Individual MGF size of 1 board lot, the other Market Maker has the option to increase its Individual MGF size to an amount that is up to 49 board lots. However, in order to maintain the Total MGF size of 50 board lots, a Market Maker’s Individual MGF size may be adjusted automatically down to the default maximum of 25 board lots at any time. The following table below shows the effective Total MGF minimum and maximum sizes by security price set by the previous day’s close and effective board lot size. Table 4 – MGF Minimum and Maximum Sizes in Shares Security Price Range Board Lot Size Individual MGF Minimum Individual MGF Maximum* Total MGF Maximum $1 and up 100 100 2,500 5,000 $0.10 and less than $1 500 500 12,500 25,000 Under $0.10 1,000 1,000 25,000 50,000 * Individual MGF Maximum may go up to 49 board lots as long as the Total MGF Maximum stays at 50 board lots (e.g. MM1 MGF = 1 board lot and MM2 MGF = 49 board lots).
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