13 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 BID OFFER Broker Total Qty. Visible Qty Price Price Visible Qty. Total Qty. Broker A 1,000 9.99 10.01 200 A B 200 9.99 10.01 500 B C 10,000 100 9.99 D 100 9.99 An incoming order is received from Broker B to Sell 5,000 @ Market. The following trades take place in the following order: BUYER Seller Volume Price Comments B B 200 9.99 Given same price level, seeks same-broker order first. A B 1,000 9.99 Given same price level, and no same-broker orders remain, will prioritize by time. C B 100 9.99 D B 100 9.99 C B 3,600 9.99 Iceberg volume reloads to fill the entire remaining quantity of the active order.
RkJQdWJsaXNoZXIy MjgzMzQ=