34 4.8.1 Short Market Exempt (SME) marker UMIR rule amendments respecting short sales and failed trades have required the use of a Short Marking Exempt tag. Certain types of traders are not required to mark their orders as short, irrespective of their position (long or short) at the time of order entry. Instead, their orders (buys, sells, and crosses) are designated as Short Marking Exempt via the SME flag. The SME flag is indicative only, and has no effect on how the order interacts with the order book. All other traders enter Short Sell orders when appropriate, and do not use the SME flag on any order. The Short Marking Exempt tag will reside in the private layer of feed messages securing the anonymity of the designation. The Short Marking Exempt designation will automatically be added to unsolicited messages resulting from market making/odd lot responsibilities. Impacted unsolicited messages include trades due to odd lot responsibilities, minimum guarantee fills and RT participation. 4.9 Anonymous Orders On an order-by-order basis, a trading participant may elect attribution or anonymity. Anonymous orders on TSX, TSXV, and TSX Alpha may have board lot, mixed lot or odd lot volumes. If attributed, the Participating Organization’s unique numeric ID will be publicly displayed on all associated market data feeds. If marked anonymous, the non-specific numeric “001” will be associated with the order for the life of that order, including after execution, in all market information displays. 4.9.1 Broker Preferencing Broker preferencing is a unique feature of Canadian markets. As described earlier, TSX Alpha follows Price/ Broker/Time priority while the TSX and TSXV follow Price/Broker/Long Life/Time priority. This means incoming orders to a trading venue to match with other orders from the same broker ahead of similarly priced orders from other brokers, before time priority is considered. In the case of the TSX and TSXV, orders submitted by the same broker and identified as Long Life will receive priority over orders without this attribute from the same broker. An order must be attributed in order to participate in broker preferencing. Jitney orders are excluded from broker preferencing opportunities. Example: Broker Preferencing Assume the CLOB is as follows: BID OFFER Broker Quantity Price Price Quantity Broker A 1,000 9.90 10.20 1,000 B B 500 9.90 C 1,000 9.90 An incoming order from Broker C to sell 1,500 shares @ MKT is entered, the following trades occur in the following order: BUYER ORDER # Seller Order # Quantity Price C C 1,000 9.90 A C 500 9.90 While Broker C was third in priority, their order was filled first due to broker preferencing.
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