Table of Contents 2 Chapter 1 Introduction 4 Chapter 2 Entering the Program 4 2.1 Approval Process 4 2.2 Assignment of Securities 5 2.3 Tier System and the Tier A:B Ratio 6 2.4 Concentration Limits 6 2.5 Minimum Assignments 7 2.6 Competitive Bidding Process 7 2.7 Bidding Process 7 2.7.1 New Listings and Stock Underperformance Reallocations 7 2.7.2 Single Market Maker Replacement 9 Chapter 3 Responsibilities of Market Makers 9 3.1 ETFs 9 3.1.1 Performance Obligations – ETFs 9 3.1.2 Underperformance – ETFs 11 3.1.3 ETF – Monthly Tier B Credits and Tier A Bonus Incentive Pool 11 3.2 Corporate Equities 12 3.2.1 Performance Obligations – Stock Level 12 3.2.2 Measurement of Each Market Maker’s Contribution to Stock Level Performance Obligations 14 3.2.3 Underperformance by a Single Market Maker 19 3.2.4 Underperformance – Overall Stock Level 19 3.3 Adjustments to Corporate Equities Performance Obligations 21 3.3.1 Voluntary Rebid 21 3.3.2 Automatic Adjustments 21 3.3.3 TMX-initiated stock level targets 22 3.4 MGF Facility 22 3.4.1 MGF Sizes 22 3.4.2 MGF Eligibility 23 3.4.3 Allocation of MGF Fills 23 3.5 Participation 23 3.5.1 Allocation of Participation Fills 24 3.5.2 Participation Option 25 3.5.3 Participation Anti-wash 26 3.6 Odd Lot Facility 26 3.7 Assistance to Issuers and Other Market Participants 26 3.8 Gatekeeper Role 27 3.9 Designated Market Maker Contact 27
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