8 4:10 PM – 4:15 PM Post Market Cancel Session – During this session, open orders may be cancelled by the dealer. 4:15 PM – 5:00 PM Extended Trading Session – Orders at the last sale price are accepted, but trades may only occur at the last sale price except when the last sale price is an invalid tick and for regulatory approval of a specialty price cross. If the last sale price is at invalid tick, a rounded equivalent of the last sale price, Rounded LSP, will be utilized instead. Day orders participate in this session. MBF session for option expiry takes place during Extended Trading once per month, the evening before an option expiry day. 2.1.2 TSX Alpha Exchange TIME (ET) Session 7:00 AM – 8:00 AM Pre Open – New orders or CFO’s are not allowed, only cancels are permitted. 8:00 AM – 5:00 PM Continuous Trading – At 8:00 am continuous trading commences. All regular order types are accepted. 5:00 PM – 5:30 PM Post Market Cancel Session – During this session, open orders may be cancelled by the dealer. 2.2 Pre-Open The TSX, TSX Venture and TSX Alpha markets support a pre-open session. During the TSX and TSX Venture pre-open session, market and limit priced orders, including Limit on Open (LOO) orders, can be entered but will not be executed until the market opens. Limit orders that were previously booked as GTC or GTD are available to be CFO’ed and/or cancelled during this session. Odd lot orders may be entered as well. During the TSX Alpha pre-open session new orders or order amendments are not permitted. Orders resting in the TSX Alpha order book may be cancelled. 2.2.1 Calculated Opening Price (COP) The COP is calculated as follows. It is displayed and continuously updated during the entire Pre-Open session on the TSX and TSXV. 1. The COP is determined as the price where the most shares can trade. 2. If there is more than one price that satisfies the first criterion, then the COP is the price that leaves the least imbalance. 3. If there is more than one price that satisfies the second criterion, then the COP is the price that is closest to the previous trading day’s Closing Price. (The TSX/TSXV closing price is used on TSX/TSXV markets). The following orders participate in the COP calculation: • Previously booked duration orders (GTC or GTD). • Regular board lot sized market and limit orders received during the pre-open session; odd lots do not contribute to COP formation. • LOO orders are treated the same as standard limit orders for the opening priority allocation. • The entire board lot disclosed and undisclosed portions of iceberg orders are included in the COP calculation; however the remaining imbalance will not include the reserve volume of any icebergs.
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