38 4.13 Order Features 4.13.1 TSX Alpha Order Processing Delay New orders, order amendments and order cancels entered without an explicit post only instruction will incur a delay 1 millisecond prior to TSX Alpha processing the order. Post only orders that do not incur the processing delay will be subject to a minimum volume requirement on the order to encourage sizable liquidity provision. Conditions under which TSX Alpha will accept Post Only orders are described in section 3.4 Post Only. 4.13.2 Minimum Guaranteed Fill (MGF) See section 5.1.2 Minimum Guaranteed Fill (MGF) Size. 4.13.3 Buy-ins In order to support CDS in cases where a seller has failed to deliver a security following a trade, TSX has developed a special “Buy-In” facility to locate alternate sellers capable of immediately delivering the security, therefore enabling CDS to quickly and efficiently clear the failed position. Buy-In Procedures: On a daily basis, CDS provides a list of securities that Participating Organizations have failed to make delivery on. TIME (ET) Procedures 1:30 PM (1st Cycle) TSX receives and posts the preliminary Buy-In list. At this point, other Participating Organizations have the opportunity to provide liquidity by submitting Buy-In orders. 2:45 PM (2nd Cycle) TSX receives and posts the Final Buy-In list. This list identifies the remaining securities that still need to be delivered. 3:00 PM Cut-off for accepting Buy-In orders. Upon completion of the Buy-In period, TSX allocates fills on an equal by member basis to the sellers and calculates a price. This price is based on the last board lot trade before 3:00 p.m. plus a premium. TSX manually enters these trades under a generic trader ID for each PO that are cleared by CDS on a same-day basis. Between 3:20 p.m. and 3:40 p.m., TSX Trading Services will provide transaction confirmations. This process efficiently clears failed delivery trades and helps to maintain overall market integrity. Buy-In Price = Last Board Lot Sale Price + Premium For additional information about Buy-Ins or to participate in a Buy-In, please contact Trading Services.
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