TSX Dark Liquidity Guide

Table of Contents 1. Introduction 4 1.1 Overview 4 1.2 Purpose 4 1.3 Glossary 5 1.4 TSX DRK Order Features 6 1.5 Regulatory requirements applicable to dark trading 7 2. DRK Order Features – Details and Functionality 7 2.1 DRK Pegged Orders 7 2.1.1 DRK Midpoint Peg Orders 7 2.1.2 DRK Primary Peg Orders 8 2.1.3 DRK Market Peg Orders 8 2.1.4 DRK Minimum Price Improvement (MPI) Peg Orders 8 2.1.5 Contra Midpoint Only Plus (CMO+) Orders 9 2.2 DRK Limit Orders 9 3. Interacting with Resting Dark Liquidity 10 3.1 Eligibility 10 3.2 Seeking Dark Liquidity without Interacting with Visible Volume 10 3.3 Avoiding the Taking of Resting Dark Liquidity 11 3.3.1 Bypass Orders 11 3.3.2 Post Only Orders 11 4. Conditions on DRK Orders 11 4.1 Post Only DRK Orders 11 4.2 Minimum Quantity and Minimum Interaction Size 11 4.2.1 Minimum Quantity 11 4.2.2 Minimum Interaction Size 12 5. Allocation Priority and Order Matching 12 5.1 Phase 1: Board Lot Allocation 12 5.2 Phase 2: Re-Pricing of DRK Pegged Orders 13 5.3 Mixed Lot Allocation 13 5.4 DRK Orders and the Closing Auction 13 Table 1: DRK order tag combinations 13 6. Assigning the Limit Price and Executable Price to DRK Orders 14 6.1 Assigning a Limit Price to a DRK Order 14 6.2 Executable Price 14 6.3 DRK Midpoint Peg and Contra Midpoint Only Plus (CMO+) Executable Price 14 6.4 Other DRK Pegged Executable Prices 14 6.4.1 DRK Primary Peg 14 6.4.2 DRK Market Peg 15 6.4.3 DRK Minimum Price Improvement (MPI) Peg 15 6.5 DRK Limit Executable Price 15 6.6 Executable Price Reassignment Due to Small Order Bypassing a DRK Limit 15 6.7 Identifying a Delayed Active Assignment 15 7. CFOing a Dark Order 16 8. Last Sale Price for DRK Midpoint Peg and CMO+ Orders 16 9. Identifying an Execution Against Dark Liquidity 16

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