ATS Operational Details

Accessing the ATS

Access to the Coinsquare ATS for the provision of order entry and cancellation will be by means of a standard Financial Information Exchange (“FIX”) protocol gateway. All Subscribers will need to execute a Subscriber Agreement prior to being granted trading access. The Coinsquare ATS reserves the right to decline certain connections at its discretion.

Supported Order Types

The Coinsquare ATS will support only fully visible limit orders. The Coinsquare ATS will not support contingent orders, market orders, dark orders, or indications of interest. At launch, the Coinsquare ATS will not support short sale orders.

For each order and trade, the Coinsquare ATS will support audit-trail data required under applicable rules, including, as appropriate:

• Participant number
• Marketplace number [TBD]
• Account Type (i.e., Order-Execution-Only Client / Non-Client / Principal)
• Client Identifier (i.e., Legal Entity Identifier or client account number, as applicable)
• Time in Force (i.e., Good-Til-Cancelled / Fill-Or-Kill / Immediate-Or-Cancel)

ATS Order Matching Priority

The Coinsquare ATS will treat all orders as fully committed and binding, and they will immediately be entered into the Central Limit Order Book (the “CLOB”). The CLOB will match and execute buy and sell orders according to price and time priority. Pre-arranged crosses will not be accepted. Partially filled limit orders retain their priority until filled or cancelled. To change any resting order, it must be cancelled and replaced by the Subscriber with a new order, which will then be handled according to price and time priority rules applicable to all orders.

On the Coinsquare ATS, the minimum order size will be .00000001 of a Digital Asset, and the minimum trading increment will be .00000001 of a Digital Asset. However, all limit orders and displayed best bid and best ask prices shall be expressed in dollars and cents (i.e., there shall be no sub-penny prices).