I managed to find this for you...hope it helps.

Was I the only one who took it on the chin this week.....tough downdraft on commodities but after the aru fiasco I can get through this...better days ahead.

Demystifying the Anonymous Broker ID

Many issuers complain about the use of the anonymous broker ID by Participating Organizations (firms who may execute trades for TSX and/or TSX Venture securities). The benefit of anonymous trading for Participating Organizations is to avoid market impact costs associated with holding a known position or interest in a security.

The anonymous elective for firms came into effect for Toronto Stock Exchange securities in 2001 following the introduction of new cross-marketplace regulations. In late 2005, the same elective was introduced for the TSX Venture Exchange market.

While anonymity may seem unfair to the issuer, consider that in many other markets, there is no broker identification freely available.

Based on feedback from issuers like you, we are pleased to offer two reports; the Enhanced Broker Summary (EBS) and the Anonymous Broker Summary (ABS). EBS provides an overall depiction of the buyers and sellers of your security, while ABS provides a depiction of only the anonymous buyers and sellers of your security. Both summary level monthly reports provide more detail on anonymous trades to help analyze broker activity.

To add context, consider the following real example:

Report A below (a typical broker summary), illustrates that the anonymous ID has been used for 40% of the total sell value for this security in a particular month.

Using only Report A, an issuer would have to assume that TD is responsible for the most sales by value.

Report A

Source: TSXconnect®

Report B below is the respective Enhanced Broker Summary (EBS). Comparing these reports based on the top 10 sellers reveals a different situation as it might be assumed using Report A alone.

Report B

Source: Enhanced Broker Summary

Report B, the Enhanced Broker Summary, reveals that another single firm (outside of TD) is indeed the top seller by value for this security. Furthermore, the firm, Independent Trading Group, does not even appear in the top 10 by sell value (see table below). In fact, in this example, Independent Trading Group makes up 26% of total sell value on the security for the month.

Top 10 Firm by Sell Value

It should be noted that almost all Participating Organizations use the option of the anonymous ID in varying situations and in varying amounts. Independent Trading Group is singled out in this example by coincidence.

There are many examples where the Enhanced Broker Summary reveals large differences in the buy, sell or net house position for any one or many Participating Organizations.

The Anonymous Broker Summary (ABS) is narrower in scope and summarizes only the anonymous trades and attributes them to the appropriate broker firm.

EBS is an overall picture of broker trading while ABS can be used for more specific analysis. Both reports are monthly files available 6 business days after month end. EBS is available for purchase by both Toronto Stock Exchange and TSX Venture Exchange issuers. Currently ABS is only available for Toronto Stock Exchange issuers.

Both the ABS and EBS are priced at $1,200 per year. For more information on this product or to access the order form, click here.