45 NOTE: For TSX Alpha the trading unit is set based on the TSX or TSXV closing price. Odd Lots Orders with volume less than a standard trading unit are considered an odd lot and do not trade in the regular CLOB. On TSX, TSXV and TSX Alpha, either Registered Traders (RT) or Odd Lot Dealers (OLD) perform auto execution of odd lots. The RT/ OLD automatically guarantees a complete fill at the Protected N88O price for Odd Lot orders priced at or better than the opposite side’s Protected N88O market price. Note: Odd Lot orders on TSX Alpha will be filled by the OLD at the better of the Protected N88O and the TSX Alpha 880. If the odd lot order’s price is not marketable (or if there is no RT/OLD) the odd lot order is displayed in the odd lot book and is eligible to trade continuously at its limit price (without regard to the CLOB price) and will trade at that price if an opposite side odd lot order is entered with the exact same volume priced at or better than the resting odd lot order’s price. Odd lots only trade as “Fill or Kill” which means partial fills are not accepted. It is possible for the odd lot book to display orders with overlapping prices when resting odd lot orders can match on price but not on volume. Mixed Lots An order that is mixed (with both a board lot and odd lot portion) is effectively split into two separate orders at the time of entry. The board lot portion trades normally in the CLOB and the odd lot portion is treated as an odd lot order. 6.1.2 Standard Trading Price Increments Standard Trading Price Increments are based on the order’s price level: SECURITY PRICE LEVEL Standard Trading Price Per Share (Cents) $0.005 - $0.495/share $0.005 $0.50 and above $0.01 6.2 Trading Controls 6.2.1 Halts Halts are manually applied and lifted by Trading Services, and notification messages are sent out on all public market data feeds. Securities may be halted or lifted at any time during the trading day, from the PreOpen until the end of the Extended Trading session. TSX and TSXV may employ either of the two types of halts that are described below (Matching Halt and Full Halt). Since there is no opening auction, only a Full Halt is supported on TSX Alpha. No Matching Halt The majority of halts are “No Matching” Halts, and are imposed by Regulators pending news regarding the issuer of the security. During a No Matching halt, order entry and amendment is allowed, as well as cancels, but there is no matching. When in No Matching halt state, the security behaves as in the Pre-Open Trading session, where the book can be crossed and the indicative auction price is continually calculated based on order activity in the book. A Calculated Opening Price (COP) is broadcasted while the stock is in halt state. When the halt is lifted, an auction similar to the Market Opening takes place, and continuous trading resumes. For examples, please see the Opening Allocation section.
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