35 4.10 Bypass Orders Orders sent containing the bypass flag trade only with passive visible volume, and bypass all undisclosed iceberg volume or any other non-displayed volume including dark orders, dark undisclosed RT participation and RT MGF board lot obligations. Bypass orders may be single-sided or double-sided (a cross). 4.11 Long Life Orders The long life order type is designed to enhance the quality of execution by rewarding those willing to commit liquidity to the book for a minimum period of time. Allocation Priority Orders that are identified as Long Life will receive an allocation benefit within a price level. The allocation priority on TSX and TSXV will be Price/Broker/Long Life /Time. Orders submitted by the same broker and identified as Long Life will receive priority over orders without this attribute from the same broker. Once all orders from the same broker have been exhausted, orders from other brokers at that price level will be allocated to, with Long Life orders receiving priority over others. Durations Long Life orders commit to a minimum resting time of one second in the order book, during which time the order cannot be modified or cancelled. If a cancel or order modification request is received for a Long Life order whose minimum resting time has not elapsed, that cancel or order modification request will be queued by the system. Once the minimum resting time has elapsed, the system will apply a random delay to the message prior to releasing the message to cancel or modify the Long Life order. If a cancel or order modification request is received for a Long Life order whose minimum resting time has elapsed, the cancel or order modification request will incur the random delay before being processed. 4.12 Cross Types A cross is a trade resulting from the entry by a broker of both the order to purchase and the order to sell a security, but does not include a trade in which the broker has entered one of the orders as a jitney order. Cross Interference On TSX and TSXV, crosses are subject to interference from orders in the book. During continuous trading an attributed cross will seek to match previously booked attributed orders from the same broker at the cross price. The contra-side of the cross that remains unfilled (because it gives up this volume) is then killed immediately. Regular crosses are subject to this “cross interference” and only allowed at or inside the market’s best bid/ask with the exception of internal and bypass crosses. On TSX Alpha, crosses are not subject to interference from orders in the book, and must be entered at a price that is at or inside the market’s best bid price and best ask price, unless otherwise noted. 4.12.1 Basis Cross A Basis Cross is a trade whereby a basket of securities or an index participation unit is transacted at prices achieved through the execution of related exchange-traded derivative instruments which may include index futures, index options and index participation units in an amount that will correspond to an equivalent market exposure. A basis cross may be executed as a board lot, mixed lot or odd lot trade during the regular trading sessions on TSX, TSXV and TSX Alpha and the extended trading session on TSX. The price of the basis cross may be printed outside the best bid and ask and may be up to five decimal places. A basis cross will not set the last sale price.
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