ANON Broker Behavior in Canadian Markets

March 22, 2018

Dear Managers,

We are pleased to announce that the problem which existed with orders sent with type=ANON on Canadian markets has been fixed.

Where orders sent with type=ANON over the past few months were going to the market and being displayed with our brokers' MPIDs, they will now go out as ANON as expected.

Orders sent with type=Broker will continue to display under our brokers' MPIDs on the market.

Configure Anon in Ppro8

To configure an order to be anonymous in PPro8:

• Open Keyboard Setup → Order Setup Dialog → set Type to ANON.

To configure an order to be attributed, set Type to Broker. For more information, please read the Keyboard Setup manual.

We would like to take this opportunity to highlight for you how broker preferencing impacts order behavior in Canadian markets.

Broker Preferencing in Canadian Markets

Broker preferencing is a unique feature of Canadian markets. In general, TSX, TSX-V and TSXA follow Price/Broker/Time priority when matching orders.

This means incoming orders to a trading venue to match with other orders from the same dealer ahead of similarly priced orders from other dealers, before time priority is considered.

An order must be attributed (Type set to Broker in PPro8) in order to participate in broker preferencing.

On an order-by-order basis, a trading participant may elect attribution or anonymity.

If attributed, the Participating Organization's unique numeric ID will be publicly displayed on all associated market data feeds.

If marked anonymous, the non-specific numeric "001" (ANON) will be associated with the order for the life of that order, including after execution, in all market information displays.

At the end of the day where a trade is executed anonymously, TMX will relay the underlying PO identity for that trade to CDS, in order for the trade to be settled.

› What is anonymous trading and why some people prefer it - Castocks

If you have any questions or comments, please create a mojo.

Regards,

Communications Team

*Remember to visit our PPro8 Wiki and Knowledge Base to learn more.