The main market for TMD is in Canada on the TSE. Trades on TITXF (U.S.) are cleared on the TSE. The MM will create a market depth on TITXF based on a percentage of inventory on the TSE without taking a risk of exposing to a shortfall squeeze. Brokers & MM's have been burned many times in the past, being left to cover the shortfall, so they are more careful. Some have even eliminated the use of trading access on their online platforms by only accepting phone calls from clients. Because of dramatic increase in volume on TITXF, its becoming more and more difficult to maintain that balanced jitney ratio. This explains the uplisting as it would allow an inventory to be maintained in the U.S. rather than having to clear every trade on the OTC/BB via the TSE. So when you see an imbalance, its not manipulation, its an indication of inventory on the bid/ask market depth drying up on the TSE.
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