Isotechnika Pharma Inc IPHAF

Re: manipulation

[redrill]

Thank you for your email.

In August 2001, the Ontario Securities Commission permitted marketplaces to determine whether they would require broker identification numbers. The TSX has had a long established practice of requiring both pre-trade and post trade disclosure of broker identification numbers.

But in the environment of Alternative Trading Systems competing with established exchanges which came into effect in late 2001, the TSX must offer market participants the choice of whether they wish to continue to disclose their broker identification number.  Otherwise we face additional fragmentation of the Canadian equity market as those seeking not to disclose move their trading to another marketplace. Other major stock exchanges in countries around the world have moved in the direction of voluntary or non-disclosure of broker identification numbers.

The TSX's access technology partners modified their systems to provide their users the option of whether to 'attribute' the order to their firm. When the order is attributed, the order details include the numeric "Broker ID" of the responsible TSX Participating Organization. If the order is unattributed, the general ID "001" is shown in place of the Broker ID.

Benefits:
With the choice of attribution, Participating Organizations and their investing customers can:
·        Advertise an interest or activity in a security by choosing to attribute orders and trades, or
·        Avoid market impact costs associated with holding a known position or interest in a security.

Market Regulation Services Inc., the independent trading regulator, tracks the "true" identity on all orders and trades. Where required, the compliance and risk management departments of the relevant Participating Organizations may review their firm's anonymous orders and trades during the trading day, and, again where required, may retrieve the identity of an anonymous counterparty at the end of the trading day.

Here is a link on our website to learn more on the Attribution Choices:
https://www.tsx.com/en/trading/products_services/attribution.html

Regards,

Sylvin Gauthier
Coordonnateur de l' - Information - Coordinator
Communications d'entreprise / Corporate Communications,
Groupe TSX/TSX Group
1-888-873-8392
[e-mail]
[e-mail]