Market Share Report for the Fourth Quarter of 2022

During the four calendar quarters ending December 31st, 2022, the Investment Industry Regulatory Organization of Canada (“IIROC”) (now New Self-Regulatory Organization of Canada (“New SRO”)) has acted as the regulation services provider for: Alpha Exchange Inc., Canadian Securities Exchange (operating two separate trading books “CSE” and “CSE2”), Nasdaq (CXC) Limited (operating three separate trading books “NCX”, “CX2” and “CXD”), NEO Exchange Inc. (operating three separate trading books “NEO-N”, “NEO-L” and “NEO-D”), the Toronto Stock Exchange, and TSX Venture Exchange, each as an Exchange; and for Instinet Canada Cross Ltd., Liquidnet Canada Inc., Tradelogiq Markets Inc. (operator of “Omega” and “Lynx”), and TriAct Canada Marketplace LP, each as an ATS.

Based on data received from each marketplace through the regulatory feed, New SRO has compiled monthly information on the trading activity of each marketplace, including the total: value of securities traded; volume of securities traded and number of trades executed in addition to information respecting messages and trades used for market regulations fee billing purposes. New SRO has summarized this trading activity to reflect the percentage occurring on all marketplaces regulated by New SRO for the four calendar quarters ending December 31^st, 2022. The summary information for the last four quarters and for the months since January of 2015 is available at www.iiroc.ca and may be accessed through “Markets” then selecting “Reports, Statistics and Other Information” and then “Reports of Market Share by Marketplace”.

The following table compares trading activity on all equity marketplaces monitored by New SRO or its predecessor IIROC during the Fourth Quarter of 2022 with trading activity in the Third Quarter of 2022 and the Fourth Quarter of 2021.