8 Section 2 Trading Sessions 2.1 Hours of Operation 2.1.1 TSX and TSX Venture Exchange TIME (ET) Session 7:00 AM – 9:30 AM Pre Open – Orders may be entered, but will not be executed. The COP is displayed and continuously updated. 9:30 AM Market on Open (MOO) – All matching orders are executed at a single opening trade price. Any remaining orders not filled during the opening, with the exception of Limit on Open orders, are carried through to the continuous limit order book. 9:30 AM – 4:00 PM Continuous Trading – All regular order types are accepted. 3:50 PM – 4:00 PM Market On Close (MOC) – The MOC facility consists of 2 market states: 3:50 pm Imbalance Period – Allow entry of new Market on Close orders, with no cancels or amends. Allow entry of Limit on Close orders on either side and with any volume, with no cancels and aggressive price amends only. 3:56 pm Freeze Period – The Freeze Period begins simultaneously across all symbols at a random point between 3:56 pm and 3:57 pm. Allow entry of Limit on Close orders on either side and with any volume, with no cancels or amends. Limit on Close orders entered are treated as “Pegged LOC orders”, which means that if the price is more aggressive than the MOC Reference Price, then it is repriced to the MOC Reference Price Imbalance messages are published every 10 seconds during this time. Trades publish at 4:00 unless a Price Movement Extension is required. 4:00 PM – 4:10 PM Price Movement Extension – The PME period is designed to solicit further liquidity to offset a remaining imbalance. If the calculated closing price (“CCP”) exceeds the PME range and requires a Price Movement Extension, a new MOC imbalance is calculated and published after which LOC orders opposite to the imbalance are accepted subject to a new price collar. If the new CCP does not exceed the CPA parameters, trades publish at 4:10 pm. During this time, open orders may be cancelled by the dealer for symbols that are not in a “closing delayed” stock state. 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.
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