TSX Market Making Program Guide Appendix A - Performance Guidelines TMX Group Page 32 Appendix A - Performance Guidelines The table below sets out the minimum service levels and maximum bids for assigned securities by category. Category New Securities Existing Securities Max Spread Goal* Min % of Time TSX at NBBO** Min TOB Size*** (lesser of …) Min Liquidity Factor Min % of time with Opening Presence 1 Market Cap > 3 billion S&P 60 or any security with ADV > 10 M (A1 & A2) 1% of NLSP at the time of bidding 90% 25 board lots or $25,000 in value 90% 95% 2 Market Cap >$1 billion to $3 billion S&P Completion or any security with ADV >$1 M (A3) 3% of NLSP at the time of bidding 90% 10 board lots or $20,000 in value 90% 95% 3 Market Cap >$500 million to $1 billion All remaining securities (B1-B5) 15% of NLSP at the time of bidding 75% 6 board lots or $10,000 in value 90% 95% 4 Market Cap >$50 million to $500 million All remaining securities (B5+ & >=$0.10) 30% of NLSP at the time of bidding 75% 2 board lots or $5,000 in value 90% 95% 5 Market Cap $0 to $50 million All remaining securities (B5+ & <$0.10) $0.095 75% 2 board lots or $1,000 in value 90% 95% 6 n/a - assigned along with the root Secondary issues (warrants, rights, etc.) & TSX discretion - 75% 2 board lots or $1 in value - - *Spread goals are set in dollar terms, but for purposes of this table, the maximum is defined in percentage terms. The spread goal is never tighter than $0.02 for securities priced at or above $0.50, or $0.01 for securities priced below $0.50. ** The max bid accepted for %Time at NBBO is 99.5%. Bids should be entered in half percentage increments (e.g. 95.0%, 95.5%, 96.0%, etc) and are measured to 1/10th of a percent (0.1%). *** The max bid accepted for TOB Size Bids is 100 board lots. Bids should be entered in board lot increments.
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