Order Protection Rule: Market Share Threshold Effective as of April 1, 2023

In its Notice of Approval published on April 7, 20161 , the Canadian Securities Administrators (CSA) stated that they would publish a list of marketplaces that display orders that will not be protected (unprotected marketplaces) for the purposes of the order protection rule on an annual basis each January. The CSA published its list of protected and unprotected marketplaces today, February 23, 2023.2 The CSA also stated that this list would be made publicly available on New SRO’s website.

Therefore, New SRO is publishing the following lists of protected and unprotected marketplaces, as determined by the CSA.

1. List of protected marketplaces

   The orders displayed on the following marketplaces are protected because either the marketplace meets the market share threshold and/or the orders are for securities that are listed by and traded on that marketplace:

   Marketplace	Market Share	Status	Reason Protected
   CSE	5.79%	Protected	Meets market share threshold
   Nasdaq CXC	11.26%	Protected	Meets market share threshold
   Nasdaq CX2	5.18%	Protected	Meets market share threshold
   NEO-L	6.55%	Protected	Meets market share threshold
   Omega	5.61%	Protected	Meets market share threshold
   TSX	44.96%	Protected	Meets market share threshold
   TSX Venture	7.85%	Protected	Meets market share threshold

2. List of unprotected marketplaces

   Orders displayed on the following marketplaces will be unprotected because either the marketplace does not provide automated trading functionality, does not meet the market share threshold or does not display orders:

   Marketplace	Market Share	Status	Reason Unprotected
   Alpha	8.31%	Unprotected	Does not provide automated trading functionality
   Lynx	0.22%	Unprotected	Does not meet the market share threshold
   CSE2	0.01%	Unprotected	Does not meet the market share threshold
   NEO-N	4.26%	Unprotected	Does not provide automated trading functionality
   ICX		Unprotected	Does not display orders
   LiquidNet		Unprotected	Does not display orders
   MATCHNow		Unprotected	Does not display orders
   Nasdaq CXD		Unprotected	Does not display orders
   NEO-D		Unprotected	Does not display orders

Public Notification

Please note that a notice providing a list of protected and unprotected marketplaces is not necessarily published annually but rather only when there are changes to the list of protected and/or unprotected markets.

• 1CSA Notice of Approval Amendments to National instrument 23-101 Trading Rules and Companion Policy 23-101CP to National Instrument 23-101 Trading Rules (2016), 39 OSCB 3237 (April 7, 2016)
• 2CSA Staff Notice 23-330, Order Protection Rule: Market Share Threshold Effective as of April 1, 2023 (February 23, 2023)