1. What are Anonymous orders?

The TSX’s Participating Organizations ("PO’s") each have a unique numeric identifier which is automatically included with all order and trade reports. POs now may elect – on an order-by-order basis - to withhold publication of their "Broker ID" numeric, rendering the order or trade anonymous. Such orders are tagged with the general Broker ID "001".

2. How can I place an Anonymous order at the TSX?

An Anonymous order can be placed at the TSX through existing compliant order entry devices. Specific order entry details may be reviewed with your trade station vendor.

3. What securities are eligible to be traded anonymously?

All TSX-listed securities are generally eligible to trade anonymously. The STAMP tag "AcceptAnonymous", available via the Stock Status query, describes the acceptability of Anonymous orders. Should the TSX need to disable the anonymous feature for a single stock, previously booked anonymous orders will continue to trade anonymously; however no new anonymous orders would be accepted.

4. Can I cancel or change Anonymous orders?

Yes, Anonymous orders can be cancelled (CXL) or changed (CFO).

5. Can I cancel an Anonymous trade?

Yes, you may cancel an Anonymous trade by calling the TSX’s Trading Services. Trading Services will then contact the contra side of the trade to ensure that they agree to the cancellation.

6. Can I place an Anonymous short sell order?

Yes, Anonymous Short Sell orders will be accepted.

7. Can I place Anonymous MKT and MBF orders?

Yes, Anonymous MKT and MBF orders will be accepted.

8. Can I place an Anonymous cross?

Yes, the buy and sell side of the cross can be marked anonymous. Same firm booked anonymous or attributed orders will not interfere with Anonymous crosses.

9. Can I place an Anonymous Minimum Fill, Lots Of or All or None order?

Yes, these will be accepted.

10. Can I place Anonymous orders in the Pre-Open, Post-Open and the Last Sale Trading Session?

Yes, Iceberg orders will be accepted for the Open, throughout the day and for the Last Sale Trading Session.

11. Are there any size constraints for Anonymous orders?

Only Anonymous orders with boardlot volumes will be accepted.

12. Can anyone see my Anonymous orders?

Market Regulation Services Inc’s surveillance systems and the TSX’s Trading Services will have access to Anonymous orders and trades. Participating organizations receive a feed of their own Anonymous orders submitted to the TSX in real-time via the Toronto Broadcast Feed.

‘True’ broker information will be provided to CDS at the conclusion of the trading day as per current practice.

13. How does a clearing broker access trade information?

At the conclusion of the Trading day (after 5:05pm) an Anonymous Trades Query will be available at the TSX.

The query will provide information to each PO pertaining to any anonymous orders executed during the day.

Should a PO trade with an anonymous counterparty, the query will contain information on the identity of

the contra side. This information is provided for clearing and settlement.

Attribution Choices

Following the introduction of new cross-marketplace regulations in 2001 making order attribution elective in Canada, TSX Markets introduced for its Participating Organizations the option of having a unique firm identifier shown on an order (an "attributed" order) or alternatively, remaining unattributed, or "anonymous." Order attribution for TSX Venture Exchange was launched in late 2005.

This choice combines the best features of an attributed marketplace with those offered by anonymous trading systems.

How it works

On an order-by-order basis, and using access technology provided by one of the Toronto Stock Exchange's or TSX Venture Exchange's Order Access Partners, a Participating Organization or Member may elect attribution or anonymity. If attributed, the Participant's unique numeric ID will be provided via market information displays for all orders and trades. If anonymous, the non-specific numeric "001" 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, Toronto Stock Exchange and TSX Venture Exchange will relay underlying Participant identity for that trade to the Central Depository for Securities (CDS), in order that the trade may be settled.

Investment Industry Regulatory Organization of Canada, the independent trading regulator, tracks the "true" identity on all orders and trades. Where required, the compliance and risk management departments of the relevant Participating Organizations and Members may review their firm's anonymous orders and trades during the trading day, and, again where required, may retrieve the identity of an anonymous counterparty at the end of the trading day.

Benefits

With the choice of attribution, Participating Organizations and Members, and their investing customers can:

• Advertise an interest or activity in a security by choosing to attribute orders and trades, or
• Avoid market impact costs associated with holding a known position or interest in a security.

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