9 2.2 Pre-Open The TSX, TSX Venture and TSX Alpha markets support a pre-open session. During the TSX and TSX Venture preopen 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. Orders priced more aggressively than the current COP are displayed at the COP price instead of revealing their true limit price. Market priced orders are also displayed at the COP instead of revealing their unconditional market price. Example: Calculated Opening Price Assume at 9:00 a.m., the following orders exist in the system: Previous Day’s Close price: $10.02 BID OFFER Order # Broker Quantity Price Price Quantity Order # 001 A 1,000 10.00 MKT 200 002 003 B 200 9.99 9.99 500 004 005 C 200 9.99 10.00 100 006 10.01 100 007
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