A marketplace feature that allows orders from the same

participant or subscriber to execute ahead of other orders posted at

the same price in a central limit order book.

A market in which each transaction takes place at pre-determined

time intervals and where all of the bid and ask orders are

aggregated and transacted at once. The marketplace determines the

market clearing price based on the number of bid and ask orders.

The market clearing price is the price at which the most number of

orders will trade.

A marketplace that offers no pre-trade transparency on any orders.

An order on any marketplace which is entered with no pre-trade

transparency.

IOIs include messages sent from a marketplace that

contain certain information about resting orders on that

marketplace. Information contained in an IOI may include

information on one or more of, but not all of; symbol, side, size or

price.

“Active” orders passing through a Dark Pool on the way to

another marketplace, or interacting with liquidity on a transparent

marketplace.

The costs that are incurred when the execution of an order

moves the price of that security above the target price for a buy

order, or below the target price for a sell order.

: A member of an exchange, a user of a quotation and trade

reporting system, or a subscriber of an ATS (as defined in section

1.1 of NI 21-101).

An order that is priced and re-priced as necessary to equal, or to

be higher or lower than a reference bid, offer, or mid-point

between a bid and an offer.

an execution mechanism that derives the price from the mid-point

of the NBBO.

In respect of a particular security, the best bid

and offer of a standard trading unit across all transparent

marketplaces not inclusive of Special Terms Orders

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Refers to the ability of the public to see information about the

price and volume of a trade after it has been executed. Information

includes the volume, symbol, price, and time of the order.

Refers to the ability of the public to see information about

orders posted on a marketplace. Information includes the volume,

symbol, price and time of the order.

The process of determination of market prices through the

interactions of buyers and sellers.

An order that displays only a portion of its total

volume at a price at which the participant is willing to trade. When

the visible portion of the order is executed, an additional visible

order is automatically generated by the trading system of the

marketplace drawing from the total size and decreasing the amount

of the reserve.

A technological tool that scans multiple marketplaces for the

best-displayed price and then routes orders to that marketplace for

execution.

An order that is less than a standard trading unit, or is subject to a

condition other than price or being settled on the third business day

following the trade unless specified by the marketplace.

Where large blocks of shares are either worked by dealers who try

to cross them with other client orders on an agency basis, or with

inventory orders using their liability capital on a proprietary basis.

These orders are usually entirely or partially withheld from the

public marketplaces while being worked.