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TSX Venture Exchange Rule Book
Rule A.1.00 Interpretation
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Policy Statement CR15 Buy-In Procedures
 Policy Statement CR14 Calculated Opening Price |
Request For Comments |
Policy Statement CR15 Buy-In Procedures
The following outlines the procedure that the Exchange follows when executing buy-ins:
• Buy-in Notices are to be delivered to the Toronto Stock Exchange (the "TSE") by fax to Trading Services ("TS") at 416-947-4280.
• Cancellations and CFO's of buy-ins must be received by the TSE by 3:00 p.m. ET.
• All new additions, cancellations and CFO's are processed and recorded in the central file in TS.
• CXL's or CFO's will be accepted verbally from the issuing party or member until 3:00 p.m. ET, however, a follow-up letter must be sent promptly to the TSE.
• A Buy-In Notice, in the prescribed form for issuance under Rule C.3.05(5) is published electronically on Trader Notes.
• A Buy-In Notice, in the prescribed form for issuance under Rule C.3.05(1) and (5) is available from the Clearing Corporation.
• A printout of outstanding buy-ins for securities, loans or stocks issuances is available in the Exchange Daily Record.
Executing Buy-Ins
• TS must be informed if stock will be available for cash at 3:00 p.m. ET.
• When possible, TS will call the issuing party or member prior to execution to confirm that the buy-in is still valid.
• The Exchange will issue ticker notices every ½ hour beginning at 1:00 p.m. ET and continuing up and until 2:30 p.m. ET, stating the outstanding buy-in total on each security.
• All buy-ins are executed at 3:00 p.m. ET for cash next day delivery pursuant to Rule C.3.05 unless otherwise permitted by a Market Official.
• If stock is available for cash, a Market Official will be asked to Rule, using the approved guidelines, that the premium or discount is reasonable and the buy-in may take place.
• The Member in default under a buy-in issued under Rule C.3.05 or the Clearing Corporation on behalf of said Member is given a notice prepared by TS informing the Member or the Clearing Corporation that the buy-in has been executed under the rules and containing the details of the trade.
• These cash trades go across the Exchange ticker shortly after 3:00 p.m. ET and are identified on the previous trades files as cash trades.
• Issuing Members or the Clearing Corporation will receive notification of buy-in executions by 3:30 p.m. ET.
Price Guidelines:
| Last Sale | Suggested Maximum Spread from Last Sale |
| Under .05 | $.02 |
| .05–.14 | $.03 |
| .15–.24 | $.04 |
| .25–.49 | $.05 |
| .50–4.99 | 10% |
| 5.00–9.99 | $.50 |
| 10.00–14.99 | $.75 |
| 15.00–24.99 | $1.00 |
| 25.00–34.99 | $1.25 |
| 35.00–49.99 | $1.50 |
| 50.00–74.99 | $1.75 |
| 75.00–99.99 | $2.00 |
| 100.00 and Over | $3.00 |
Note: The suggested premiums set out above are provided for guideline purposes only, and are not meant to establish the maximum price at which a buy-in may be executed. A Market Official maintains the discretion to execute the buy-in at such price above or below the suggested maximum premium which, in the opinion of such an Official is required to complete the buy-in and is consistent with a fair market for the securities sought.
| Policy Statement CR14 Calculated Opening Price |
Request For Comments |
