TMX Equity Trading Notice

TBBO Price Setting Feature

TMX Equities is excited to announce the introduction of a new allocation priority for orders which create a new Toronto Best Bid / Offer ("TBBO") price level on the Toronto Stock Exchange ("TSX") and TSX Venture Exchange ("TSXV"). Effective August 22nd, 2022, orders in the central limit order book which create a new TBBO price level will receive the same allocation priority as Long Life Orders ("LL'') during post-open market hours (the "TBBO Price Setting priority").

Extending the long life priority benefit to orders responsible for creating new price levels on TSX and TSXV will decrease spreads and increase price discovery, which may further contribute to the best execution value proposition of TSX and TSXV.

The TBBO Price Setting priority will be available for testing within the GTE environment starting on June 20th, 2022, and the new allocation priority will be implemented in production on August 22nd, 2022. This functionality has been filed for regulatory approval and a Request for Comment has been published. Clients are encouraged to provide their views and feedback on the TBBO Price Setting priority. The public comment period ends on June 6, 2022.

Technical Implementation Details

Updated specifications can be found on the TMX Webstore and the following fields have been modified to facilitate the integration of this new feature:

* the tag is "private" and thus fully encrypted

For more information regarding this notice, please contact the Account Management Team.