9 Orders priced more aggressively than the current COP are displayed at the COP price instead of revealing their true limit price. Market priced orders are also displayed at the COP instead of revealing their unconditional market price. Example: Calculated Opening Price Assume at 9:00 a.m., the following orders exist in the system: Previous Day’s Close price: $10.02 BID OFFER Order # Broker Quantity Price Price Quantity Order # 001 A 1,000 10.00 MKT 200 002 003 B 200 9.99 9.99 500 004 005 C 200 9.99 10.00 100 006 10.01 100 007 Possible Open Prices: PRICE Tradable Volume Remaining Imbalance Deviation from Prev. Day’s Close Price $10.01 0 - $0.01 $10.00 800 Bid of 200 $0.02 $.9.99 700 Bid of 700 $0.02 $9.98 0 - $0.04 The COP will be: $10.00 since this price maximizes the tradable volume. 2.3 Opening TSX Alpha TSX Alpha supports a pre-open session where only cancels are permitted. Odd lots resting in the Odd lot book with a price equal to or more aggressive than the better of the opposite side of the Alpha BBO or the Protected NBBO will auto-execute at the better of these prices against the odd lot dealer prior to transitioning into the continuous trading session. The market transitions directly into continuous trading at 8:00 a.m. The first continuous trade of the day is subject to price volatility parameters based on the listing market’s (i.e. TSX / TSXV) previous day closing price. TSX and TSXV TSX and TSXV support a Market on Open (MOO), which is a visible single price opening call market at 9:30 a.m. All orders, with the exception of Limit on Open orders, not filled during the opening are subsequently booked in the continuous market at their limit price and are then eligible to trade throughout the day in the continuous market. Unexecuted LOO orders will be cancelled after the opening auction, before the commencement of the continuous trading session.
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