34 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 4.9 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. 4.9.1 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.
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