11 The following trades are allocated in the following order: TRADE Buy Order # Sell Order # Volume Price 1 001 002 200 $10.00 2 001 004 500 $10.00 3 001 006 100 $10.00 Resulting order book: BID OFFER Order # Broker Quantity Price Price Quantity Broker Order # 001 A 100 10.00 10.01 100 2 007 003 B 200 9.99 005 C 200 9.99 2.3.2 Guaranteed Orders On TSX and TSXV, aggressively priced displayed limit orders that are better than the COP and displayed market priced orders are both guaranteed to trade fully in the opening. Non-displayed portions of these orders will contribute to COP formation but the non-displayed portions are not guaranteed. A guarantee means that the security will not open unless the guaranteed portions of these orders are completely filled. In the event that the guaranteed portions of orders are not filled the security will move into a Delayed Open state. 2.3.3 Delayed Opening The opening occurs automatically at 9:30 a.m. unless otherwise delayed due to either: 1. A systematic delay due to a price movement relative to the previous day’s closing price beyond acceptable system parameters configured by TMX staff. If the symbol is an ETF, then the systematic delay is due to a price movement relative to the midpoint of the protected NBBO just before the previous day’s close. Most opening delays are systematic due to price movements, and typically cleared within a few minutes. 2. A manual delay initiated by TMX staff where more time is needed to validate an appropriate opening price. TMX staff will open the market manually (re-scheduled or immediately) once the opening price has been validated. 3. An automatic delay due to an unfilled imbalance of guaranteed orders. In the case of an automatic delay the market is opened manually (re-scheduled or immediately) by TMX staff once the imbalance of guaranteed orders has been resolved. (Either more liquidity is provided to offset the guaranteed portions of orders or the guaranteed orders themselves are either removed or price adjusted.) Special openings in unusual circumstances can be delayed longer and scheduled by TMX staff to open at a specific time to coincide with other external events. During an opening-delay orders can still be entered and/or cancelled until the opening takes place. A rescheduled opening can be cancelled and either further delayed or opened immediately.
RkJQdWJsaXNoZXIy MjgzMzQ=