33 Example: Iceberg Orders Assume the CLOB is as follows: LSP: 10.05 BID OFFER Order # Hidden Qty. Visible Qty. Price Price Visible Qty. Hidden Qty. Order # 001 100 10.00 10.20 400 002 003 500 9.90 004 Iceberg 9,900 100 9.90 005 200 9.90 An incoming order (Order 006) to sell 1,500 shares @ $9.90 is entered, then the order trades with all displayed liquidity at each price level first. The remaining volume is matched against the hidden iceberg volume in one single trade: BUYER ORDER # Seller Order # Quantity Price 001 006 100 10.00 003 006 500 9.90 004 006 100 9.90 005 006 200 9.90 004 006 600 9.90 Resulting CLOB: BID OFFER Order # Hidden Qty. Visible Qty. Price Price Visible Qty. Hidden Qty. Order # 004 Iceberg 9,200 100 9.90 10.20 400 002 4.8 Short Sales A short sale is an order to sell shares that are not owned. Short sell orders are available on TSX, TSXV and TSX Alpha and will be permitted to have the following attributes: • A Short Sell order is treated identically to a Sell order from a matching allocation perspective. • Market priced short sell orders will be accepted in the pre-open session and also when a symbol is halted. • Short sell orders will be accepted with Mixed lot or Odd lot volumes. • Market on Close (MOC) and Limit on Close (LOC) orders may be short sell orders.
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