27 4.2 Market Orders A market priced order is an instruction to trade the order at prices currently established by the opposite side of the market. Such orders have no trader defined limit on the potential trade price but these orders are subject to TMX bid/ask price limits and TMX freeze price limits to prevent unintentional trade-to-trade price gaps which may otherwise occur if the opposite side of the market is thinner than the trader submitting the market order had expected. If there is not enough volume in the book to fill the order, the unfilled quantity of the Market order is booked at the Last Sale Price. Example: Market Orders Assume the CLOB is as follows: BID OFFER Order # Quantity Price Price Quantity Order # 001 100 10.00 10.02 400 003 002 100 9.99 10.02 100 004 If an incoming sell order #005 for 500 shares @ MKT is entered, then the following trades occur: BUYER ORDER # Seller Order # Quantity Price 001 005 100 10.00 002 005 100 9.99 The remaining unfilled quantity is booked at the LSP, and the resulting CLOB will be: BID OFFER Order # Quantity Price Price Quantity Order # 9.99 300 005 10.02 400 003 10.02 100 004 4.3 Market On Open (MOO) Orders A MOO order is designed to ensure execution at the market’s opening price. It is a market order with a limited duration, intended to participate exclusively in the opening auction. Any portion of the order that is not executed during this period will be automatically cancelled prior to the start of the continuous trading session. This order type supports board lot, odd lot, and mixed lot orders, providing participants with a way to trade a wide range of share quantities at the final determined opening price.
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