TSX Market Making Program Guide

TSX Market Making Program Guide Responsibilities of Market Makers TMX Group Page 13 Makers who meet their monthly performance scores and who have at least one execution during the month on their symbol of responsibility. In addition, ETF Market Makers must ensure the TSX Minimum % Time at NBBO is 90% on an assignment. Tier B symbol credit ($) where the tier classification is: B1 B2 B3 B4 B5 B6 B7 B8 B9 B10 $50 $60 $70 $80 $90 $100 $130 $140 $150 $160 ETF Tier A Bonus Incentive Pool The Tier A Bonus Incentive Pool is available to ETF Market Makers with Tier A assignments, based on the unpaid amounts of the total available Tier B credit pool (if any) for that month. Market Makers receive a total number of points across all of their Tier A assignments based on the criteria set out below: ETF Market Maker Passive % of CDN Volume (per each assignment) Points TSX Minimum % Time at NBBO (per each assignment) Points 2% 1 92% 1 2.5% 2 93% 2 3% 3 94% 3 3.5% 4 95% 4 4% 5 96% 5 5% 6 97% 6 A Market Maker’s % of the total amount of points awarded to all Market Makers across all Tier A assignments will determine their % received of Tier A Bonus Incentive Pool. 3.2 Corporate Equities 3.2.1 Performance Obligations - Stock Level The performance of both Market Makers is measured at the security level without specific focus on the contribution that the Market Makers make on each security. For each assigned security, Market Makers must collectively meet the established service levels for all of the following five performance criteria (each, a “Performance Obligation”) on a monthly basis in order for each Market Maker to be deemed as performing for that month. The specific service levels or parameters for each Performance Obligation are established at the time of security assignment either through the bidding process, or in accordance with Appendix A - Performance Guidelines. Each month, TSX provides Market Makers with performance reports showing the performance of the Market Maker that month. To better assist Market Makers with monitoring their progress,