13 BID OFFER Broker Total Qty. Visible Qty Price Price Visible Qty. Total Qty. Broker A 1,000 9.99 10.01 200 A B 200 9.99 10.01 500 B C 10,000 100 9.99 D 100 9.99 An incoming order is received from Broker B to Sell 5,000 @ Market. The following trades take place in the following order: BUYER Seller Volume Price Comments B B 200 9.99 Given same price level, seeks same-broker order first. A B 1,000 9.99 Given same price level, and no same-broker orders remain, will prioritize by time. C B 100 9.99 D B 100 9.99 C B 3,600 9.99 Iceberg volume reloads to fill the entire remaining quantity of the active order. Resulting order book: BID OFFER Broker Hidden Qty. Quantity Price Price Quantity Hidden Qty. Broker C 6,300 100 9.99 10.01 200 A 9.99 10.01 500 B Cross Interference on TSX and TSXV During continuous trading an attributed cross will seek to match previously booked attributed orders from the same PO at the cross price. The side of the cross that remains unfilled (because it gives up this volume) is then killed immediately. Regular crosses are subject to this “cross interference” and only allowed at or inside the best bid/ask but some specialty crosses are exempt from these rules. See the Crosses section for more detail. Cross Interference on TSX Alpha During continuous trading attributed or unattributed crosses will not be subject to interference from orders in the TSX Alpha CLOB.
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