26 Example: Self Trade Management BID OFFER Broker Quantity Price Price Quantity Broker A “BAYS9” 100 10.00 10.02 400 B B 100 9.99 10.02 100 C 10.02 200 A “ABCDT” 10.03 200 B “BAYS9” If an incoming buy order from Broker A with Unique Key “ABCDT” for 100 shares @ MKT is entered, then based on Price/Broker/Time priority, the order trades against the Broker A sell order @ $10.02. As the STM Keys match, the trade is not displayed on the public feed. If an incoming order from Broker A with Unique Key “BAYS9” to buy 1,500 shares @ MKT is entered, then based on Price/Broker/Time priority, the following trades occur: BUYER Seller Volume Price Comments A A 200 10.02 Keys do not match, trade is published on public feed. A B 400 10.02 Trade is published on public feed. A C 100 10.02 Trade is published on public feed. A A 500 10.03 Keys match, trade is not published on public feed. Section 4: Order Types TMX supports a variety of order types across its three marketplaces to offer choice while creating fair and orderly markets for all participants. 4.1 Change Former Order instructions (CFO) An order that is CFO’ed refers to an order instruction to cancel the former order’s version by replacing it with the new version. Such orders will retain relative priority in the continuous book only if the change is limited to a decrease in the displayed size of the order, an increase or decrease in the undisclosed portion of an iceberg or a change from sell long to (non-public) sell short or vice-versa or any change to other nonpublic markers that are incidental. Any other modification to an order, including an increase in the displayed size of the order, and/or price change, and/or change from regular to iceberg order will result in such order losing time priority relative to other equally priced orders and the timestamp will be revised at the time of the modification.
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