10 Must Be Filled orders (TSX only) will be filled as part of the opening. Registered Market Makers (TSX) and odd lot dealers (TSXV) will auto-execute marketable odd lots at the NBBO at the end of the opening. 2.3.1 Opening Allocation At the opening call, matching of orders is performed sequentially at the COP (Note each starts with orders from the imbalance side using the total volume of guaranteed fill1 orders and then limit orders priced at the COP, allocated to orders from the non-imbalance side) 1. Trade with the disclosed volume of offsetting Guaranteed Fill orders entered by the same PO, provided that neither order is an unattributed or jitney order; then 2. Trade with the disclosed volume of offsetting Guaranteed Fill orders, then 3. Trade with the disclosed volume of offsetting limit orders priced at the COP entered by the same PO, according to time priority, provided that neither order is an unattributed or jitney order; then 4. Trade with the disclosed volume of offsetting limit orders priced at the COP according to price/time priority; then 5. Trade with the undisclosed volume of offsetting Guaranteed Fill orders, according to time priority; then 6. Trade with the undisclosed volume of offsetting limit orders priced at the COP according to time priority. When trades are executed in the Opening Auction, the COP sets the last sale price. If there are no trades at the Opening, the close price from the previous trading day sets the open price. If the round lot portion of a mixed lot order is fully filled in the Opening Auction, the odd lot portion of the order is auto-executed at the opposite side of the Protected NBBO immediately following the Opening Auction. If the Protected NBBO is locked or crossed, odd lot matched is suspended until the Protected NBBO is no longer locked or crossed. Undisclosed portions of iceberg orders have the same priority as disclosed portions. If during the opening allocation, the displayed portion of an iceberg order partially trades, its remaining displayed volume retains priority after the opening. There is no distinction between Active or Passive orders during the Opening Allocation. Please refer to the TSX Markets Fee Schedule posted on the TMX website for more information on opening fees. On the TSX, Must Be Filled (MBF) orders for option expiry are treated the same as any other regular market priced order in the opening and the MBF marker is not publicized on any of these orders. Example: Opening Allocation Assume at 9:30 a.m., the following orders exist in the system: Previous Day’s Close price: $10.02 BID OFFER Order # Broker Quantity Price Price Quantity Broker Order # 001 A 1,000 10.00 MKT 200 79 002 003 B 200 9.99 9.99 500 79 004 005 C 200 9.99 10.00 100 80 006 10.01 100 2 007 1. The following orders are guaranteed a complete fill at the Calculated Opening Price (COP): MBF, MKT and Better Price Limit orders (those priced better than the COP). Undisclosed order volume of Iceberg orders that meet these criteria are not guaranteed a fill if the order is on the side that has the imbalance.
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