12 2.4 Continuous Trading TSX/TSXV TSX and TSX Venture operate a real-time, continuous auction market that matches individual orders with continual price discovery from 9:30 AM to 4:00 PM in the central limit order book (CLOB). This period is referred to as the Regular Session. All regular order types are accepted during this session. During the regular session, orders are individually displayed in the CLOB. Displayed portions of CLOB orders are given trading priority based on Price/Broker/Long Life/Time priority. Broker priority does not apply if either side has marked their order Anonymous or Jitney. For more information, see the Broker Preferencing section. At a given price, orders will be processed in the following sequence: 1. Broker Preference amongst displayed portions of Long Life orders (in time priority if multiple matches exist). 2. Broker Preference amongst displayed portions of non-Long Life orders (in time priority if multiple matches exist). 3. Displayed portions of all other Long Life orders (in time priority if multiple matches exist). 4. Displayed portions of all other non-Long Life orders (in time priority if multiple matches exist). 5. At this step, if the incoming order was marked ‘bypass’ the undisclosed portions of icebergs are replenished and there is no further matching. 6. Undisclosed portions of Long Life icebergs (in time priority if multiple matches. There is no broker preferencing amongst undisclosed portions of icebergs). 7. Undisclosed portions of non-Long Life icebergs (in time priority if multiple matches. There is no broker preferencing amongst undisclosed portions of icebergs). 8. Broker preference amongst dark volume in time priority. 9. Dark order volume in time priority. 10. Any remaining portion of the incoming order is then booked or cancelled (depending on the trader’s “duration” instructions). TSX Alpha Alpha also operates a real-time, continuous auction market that matches individual orders with continual price discovery from 8:00 AM to 4:00 PM in the central limit order book (CLOB). This period is referred to as the Regular Session. All regular order types are accepted during this session. During the regular session on TSX Alpha, the same Price/Broker/Time priority exists as on TSX/TSXV, with the exception of interactions with dark orders. At a given price, orders will be processed in the following sequence: 1. Broker Preference amongst displayed portions (in time priority if multiple matches exist). 2. Displayed portions of all other orders (in time priority if multiple matches exist). 3. At this step, if the incoming order was marked ‘bypass’ the undisclosed portions of icebergs are replenished and there is no further matching. 4. Undisclosed portions of icebergs (in time priority if multiple matches exist. There is no broker preferencing amongst undisclosed portions of icebergs). Example: Matching Priority on TSX / TSXV / TSX Alpha during Continuous Trading Assume the CLOB is as follows: (ordered in time priority) Last Sale Price: $10.00
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