9 2.7.2 Single Market Maker Replacement Where a single Market Maker is removed from an existing assignment, the existing Stock Level Performance Obligations remain unchanged and the individual open assignment is awarded to another firm according to the following process: 1. TSX notifies Market Makers of the availability of the open assignment and the existing stock level performance targets, and the Market Makers are invited to bid for the open assignment. 2. Since the stock level performance target is already established, TSX awards the open assignment according to but not limited to the tie-break criteria in section 2.7.1(3)(b-d), and may also award in a manner to normalize anomalies in a firm’s required Tier B ratios, and/or Tier Concentration Limits. Chapter 3 – Responsibilities of Market Makers 3.1 ETFs 3.1.1 Performance Obligations - ETFs The performance obligations of ETF Market Makers are measured under the following scoring system. Points are awarded to Market Makers for each of the following three performance criteria (each, an “ETF Performance Obligation”), and an overall performance score is calculated based on the average of the three scores, weighted equally. A score of 60 is considered a passing score for the month. Note that there is only a single Market Maker assigned to an ETF. 1. Spread Goal Attainment • Spread goal attainment evaluates to what degree a Market Maker is maintaining a twosided market in a security relative to their spread goal obligation. Market Makers achieve a higher score based on how narrow the natural spread in the market for such security is in relation to the spread goal. • Spread goal attainment = average time weighted spread (“ATWS”) Ratio/Spread Goal (“SG”). • Spread Goals are calculated as the ATWS for the previous 3 months times 2, and are communicated to Market Makers at the beginning of each month.
RkJQdWJsaXNoZXIy MjgzMzQ=