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December 9, 2019

	CNSX Markets Inc., (“CSE”) is publishing this Notice in accordance with the process for the Review and Approval of Rules and Information Contained in Form 21-101F1 and the Exhibits Thereto attached as Appendices to the Exchange’s recognition orders (the “Protocol”).&nbsp; The CSE intends to implement enhancements to its trading system in response to customer feedback.&nbsp; The proposed changes are described below.

	A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Description of the Proposed Changes

	CSE Closing Price (CCP) Session Enhancements

	On September 30, 2019 CSE published Notice 2019-005 announcing OSC and BCSC approval of the proposed Closing Price Session.&nbsp;&nbsp; CSE is proposing amendments to the approved functionality,&nbsp; specifically: the addition of support for bypass orders and crosses in the Closing Price Session (“CCP”), and a change to the behaviour of how iceberg orders are replenished in the CCP session.
<ul>
<li>
		The bypass marker and cross currently available during continuous trading will also be supported on orders and intentional crosses during the CCP session, allowing an intentional cross to be executed at the CCP in the case where more aggressively priced orders already exist in the book.</li>
<li>
		Iceberg orders in the book during the CCP session with limits more aggressive than the CCP that replenish will no longer replenish visible volume priced at the CCP.&nbsp; They will instead replenish at their original limit price.</li>
</ul>

	B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expected Implementation Date:&nbsp; Q2, 2020

	C. Rationale and Analysis

	CSE is proposing the addition of the bypass marker on orders and intentional crosses and the change to iceberg order behaviour in CSE CCP in response to customer feedback about consistency with existing functionality on other exchanges.

	The use of the bypass marker on intentional crosses during the CSE CCP is optional for participants.

	D. &nbsp; &nbsp; &nbsp; &nbsp; Expected Impact

	The impact is expected to be insignificant.&nbsp; The proposed changes are in response to customer requests.&nbsp;&nbsp; The use of these order types and features is optional.&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;

	E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance with Ontario and British Columbia Securities Law

	There will be no impact on the CSE’s compliance with Ontario and British Columbia securities laws.&nbsp; The changes do not alter any of the requirements for fair access or the maintenance of fair and orderly markets.

	F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Changes

	Clients already support similar features (to these proposed) on Canadian marketplaces, including the CSE, during continuous trading sessions.&nbsp; CSE does not anticipate there to be a material technological changes.&nbsp;&nbsp;&nbsp;

	G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Markets or Jurisdictions

	The table below identifies where the proposed functionality is new or currently available.
<table border="1" cellpadding="1" cellspacing="1" >
<tbody>
<tr>
<td>
				PROPOSED CHANGE</td>
<td>
				MARKETS AVAILABLE</td>
</tr>
<tr>
<td>
				Bypass marker on orders and intentional crosses in a closing price session</td>
<td>
				N/A</td>
</tr>
<tr>
<td>
				Bypass marker on orders and intentional crosses in a closing price session</td>
<td>
				TSX</td>
</tr>
</tbody>
</table>

	&nbsp;

	Comments

	Please submit comments on the proposed amendments no later than January 9, 2020 to:
<table border="0" cellpadding="1" cellspacing="1" >
<tbody>
<tr>
<td>

					Mark Faulkner

					Vice President, Listings and Regulation

					CNSX Markets Inc.

					220 Bay Street, 9th Floor

					Toronto, ON, M5J 2W4

					Fax: 416.572.4160

					Email:&nbsp;<a href="mailto:Mark.Faulkner@thecse.com" >Mark.Faulkner@thecse.com</a>
</td>
<td>

					Market Regulation Branch

					Ontario Securities Commission

					20 Queen Street West, 20th&nbsp;Floor

					Toronto, ON, M5H 3S8

					Fax: 416.595.8940

					Email:&nbsp;<a href="mailto:marketregulation@osc.gov.on.ca" >marketregulation@osc.gov.on.ca</a>
</td>
</tr>
<tr>
<td>

					Vida Mehin

					Senior Legal Counsel, Capital Markets Regulation

					British Columbia Securities Commission

					701 West Georgia Street

					P.O. Box 10142, Pacific Centre

					Vancouver, BC, V7Y 1L2

					Email: <a href="mailto:vmehin@bcsc.bc.ca" >vmehin@bcsc.bc.ca</a>
</td>
<td>
				&nbsp;</td>
</tr>
</tbody>
</table>

	&nbsp;

	&nbsp;

	&nbsp;

Notice 2019-006 - Amendments To Trading System Functionality & Features - Closing Price (CCP) Session Enhancements - Request for Comment