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Clarification of ETF Closing vs Last Sale Price

ÍÃ×ÓÏÈÉú (TSX) and TSX Venture Exchange (TSXV) have recently added the following three new definitions to their respective Rule Books: TSX/TSXV Closing Ask Price ("TSX Closing Ask"), TSX/TSXV Closing Bid Price ("TSX Closing Bid"), and TSX/TSXV Closing Price ("TSX Closing Price", and together with the TSX Closing Ask and TSX Closing Bid, the "New Closing Values"). For greater details regarding the introduction of these new definitions and associated values, we refer you to TMX Equity Trading Notice 2021-013 published on July 9, 2021. A short summary can also be found in the second section of this Notice for ease of reference.

As per TMX Equity Trading Notice 2021-014 published on August 3, 2021 and TMX Equity Trading Notice 2021-018 published on September 17, 2021, the dissemination of these new values began on September 27, 2021. Complete details with respect to message types and applicable data feeds can be found in those notices.

TMX understands that the implementation of the dissemination of the New Closing Values varies per data vendor or service provider (each, a "provider"), and participants who receive TMX data through a third-party should ascertain how the New Closing Values have been implemented and displayed by their specific provider, as the case may be. In particular, participants who may have regulatory requirements to continue to use the Last Sale Price, Last Bid and Last Ask should confirm whether their provider has created new fields for the dissemination of the New Closing Values or if their provider is disseminating the New Closing Values in existing fields being used by participants, and therefore may potentially require changes on the participant's side to continue to consume the intended pre-existing Last Sale Price, Last Bid and Last Ask.

For greater clarity, the following table specifies the values used by TMX entities for the listed activities as well as the suggested uses of the TSX Closing Price. Please note that the table is reflective of ETFs only.

Exchange Tradable Funds (ETFs) - TMX Usage

Exchange Tradable Funds (ETFs) - TMX Suggested Usage

The table below proposes some suggested usage where TSX Closing Price may be a better reflection of the current value of the stock for ETFs. TSX Closing Price may not be suitable to satisfy regulatory requirements, and we remind market participants to remain alert of their regulatory obligations.