FIX, or Financial Information eXchange, is an industry standardized protocol that allows ICX subscribers to enter, revise and cancel orders, and receive executions. It allows subscribers and their software developers to integrate ICX into their proprietary trading systems or build custom front ends. All orders are entered via FIX into the Core Matching Engine in the ICX FIX protocol, with Canada-specific and UMIR required fields.

Instinet Canada Cross destinations such as VWAP Cross are available on Instinet's EMS platforms such as Newport and Portal. Instinet also works with other EMS/OMS vendors such as IRESS, ITG, Fidessa, etc. to allow for access and connectivity from those platforms. Algos, FTP, IM, Email, Telephone and other order interfaces are also available in order to allow for maximum access by dealers and clients.

Matching Engine – The ICX Alternative Trading System utilizes Instinet's US Crossing infrastructure and accepts Canadian buy and sell orders from system subscribers executing trades from matching orders based on VWAP (in VWAP Cross) and NBBO (in CBX). All ICX orders are not displayed.

Orders accepted by the VWAP Cross are either matched at the published interval times and priced at the consolidated 4:10 pm end-of-day VWAP, or if they are not matched are rejected and the client is notified.

ICX offers subscribers a choice of order handling strategies to improve trading efficiencies and help achieve best price and best execution. ICX subscribers select from a suite of order handling strategies on an order by order basis.

Multiple solutions to access matches:

• Instinet's Newport® 3 and Trading Portal® applications
• FIX - direct from subscribers EMS or OMS systems
• FTP - file transfer process
• Instinet algorithms available on other EMS platforms

Contact Technical Support at + 1 800 233 5454 to arrange for connectivity to ICX's UAT environment.

Instinet Canada Cross (ICX) Equity Trading Solutions - Issue: 03.23

Not available at this time. Please contact your ICX representative if you have any questions.

In accordance with The Canadian Securities Administrators (CSA) approval of amendments to National Instrument 21-101 which included the requirement for all marketplaces to support Uniform Test Symbols (UTS) in their production environments. Testing conducted in a UTS environment allows participants the opportunity to better replicate the transaction logic utilizing production code as opposed to a UAT environment for limited testing and validation purposes.

Effective October 1st, 2015 the following test symbols will be made available in the production environment of Instinet Canada Cross ("ICX"):

In accordance with NI 21-101, all marketplaces must provide fair access to its marketplace participants to the UTS facility. The authorized use of the UTS facility is to validate connectivity as well as functional verification. No restriction is placed on the order types that may be tested with UTS. However, the following testing behaviors are not permitted uses of the UTS facility:

• any type of capacity, volume or stress testing;
• basic functional testing that can, and must, be performed in the UAT/GTE. The UTS facility may be used only after any bugs
• identified through basic functional testing have been resolved;
• any use by vendors unless carried out on behalf of a marketplace participant; and
• any use by DEA clients unless specifically sponsored by a marketplace participant.

In summary, a marketplace participant is fully responsible for any testing activity that takes place in a production environment. Any misuse of UTS will be reported to the regulator who may take the appropriate action under securities law.

Initial use of the UTS facility will be limited to a designated window between 8:00 a.m. and 9:00 a.m. Instinet Canada Limited Operations will provide full support during the designated window.

At least 24 hour prior notification is required by a marketplace participant wishing to use the UTS facility. Notifications are to be sent by email to ICXOperations@instinet.com. The same or different tests at a later date will require a separate notification. At a minimum, the notification is required to contain the following information:

• the date and time of the test;
• the approximate volume of test transactions and messages;
• a brief description of what is to be tested; and
• a contact name and number.

A marketplace may suspend access to a test symbol where, in the view of the marketplace, the use of the test symbol in a particular circumstance reasonably represents undue risk to the operation or performance of the marketplace's production environment. In such instances, the marketplace has the authority to take appropriate action to protect the continuous integrity of its production environment, including termination of testing. In the event that termination occurs, the marketplace will notify the appropriate securities regulator immediately so that appropriate follow-up action can be taken.

Market data related to test symbols outlined above will not be suppressed on the ICX market data feeds.

If you have any questions or concerns please contact the ICX Operations.

Instinet Canada Cross Ltd.

121 King Street West, Suite 1770
Toronto, ON M5H 3T9
Canada