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August 2014
With the variety of multiple marketplaces in Canada on which orders to trade listed securities can be placed and executed, Acker Finley Inc. and its affiliated entities (�Acker Finley�) has prepared this policy to inform their clients about the types of orders offered by Acker Finley and how such orders will be handled. If you have any questions regarding this policy, please contact your Investment Advisor.
- Best Price & Hours of Operation
Under Canadian regulation, we are obligated to provide best price and best execution for all client orders. For equities that trade on multiple marketplaces, Acker Finley uses the IRESS BEST MKT smart order router to handle all orders received between the hours of 9:30 a.m. and 4:00 p.m., Eastern Standard Time (�EST�), Monday through Friday, not including statutory Canadian holidays (�Regular Trading Hours�). All available markets are considered including both visible markets and markets that offer non pre-trade transparency (Dark Pools). Acker Finley Investment Advisors, trading staff and systems will be available for order execution during Regular Trading Hours. Staff may be available outside of this time; however, Acker Finley will not guarantee the ability to take client orders and/or effect trade execution outside of the Regular Trading Hours.
- Order Execution
Certain types of orders have specific handling implications in a multiple marketplace environment as follows:
- Day Orders
A Day Order is an order to trade that automatically expires if it is not executed in the same trading day.
- Good Till Cancel Orders
Good Till Cancel Orders (�GTC�) are orders that will remain valid until a specified date of expiry. Acker Finley will allow the entry of orders with a 30 calendar-day maximum GTC. It is the client�s responsibility to ensure they know date of expiry and contact Acker Finley on or before the expiry date if they would like to extend their order.
- Good Till Date Orders
Good Till Date Orders (�GTD�) have an order duration that specify that the order remain open until it is either filled or until it expires at the specified date. Acker Finley will allow the entry of orders with a 30 calendar-day maximum GTD.
- Market Orders
A Market Order is an order to buy or sell a security at whatever prices are available in the marketplace to help ensure a complete and full fill. Upon entry to the marketplace, these orders require immediate completion. Market Orders will be handled by the BEST MKT order router that will examine all available marketplaces and route the order to the market/markets that provides the best price. Our primary marketplace is TSX, then Pure Trading.
- Limit Orders
A Limit Order is an order for a security at a specific minimum sale price or maximum purchase price that is not to be exceeded. If a limit order is not immediately executable, Acker Finley will book the limit order to the TSX. In this case, it is possible for the security to trade in other markets without the client�s booked order participating.
- Special Terms Orders
Special Terms Orders are not accepted by Acker Finley.
- Extenuating Circumstances
In the event of technical or other issues that limit Acker Finley�s access to specific marketplaces, or limit access to routing automation, orders received will be directed to an available marketplace as circumstances warrant and as determined at the sole discretion of Acker Finley
- Disclosure of Marketplace
An order executed on more than one marketplace will be reported to the client using a trade confirmation that will generally read �Traded on Multiple Markets�. Clients that receive such a confirmation may contact their Investment Advisor for further details of the order execution.
- Extenuating Circumstances
In the event of technical or other issues that limit Acker Finley�s access to specific marketplaces, or limit access to routing automation, orders received will be directed to either the default or alternative marketplace as circumstances warrant and as determined at the sole discretion of Acker Finley.
- Disclosure of Marketplace
An order executed on more than one marketplace will be reported to the client using a trade confirmation that will generally read �Traded on Multiple Markets�. Clients that receive such a confirmation may contact their Investment Advisor for further details of the order execution.
- Amendments
Changes to this policy may be made from time-to-time at the sole discretion of Acker Finley. Changes will be posted to Acker Finley�s website www.ackerfinley.com.
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