TORONTO, June 28, 2012 /CNW/ - The Investment Industry Regulatory
Organization of Canada has issued a package of proposed rule changes to
align market trading rules with the implementation of the Canadian
Securities Administrators (CSA) N1 23-103 Electronic Trading.
IIROC's proposed amendments to the Universal Market Integrity Rules
(UMIR) introduce specific supervision and gatekeeper obligations for
IIROC Dealer Members in order to help mitigate the risks related to
electronic trading, increasing levels of speed and the automation of
"These proposed changes to IIROC rules complement the CSA's
establishment of a regulatory framework for the oversight and
management of risks associated with the use of electronic trading on
Canadian marketplaces," said Susan Wolburgh Jenah, IIROC's President
and Chief Executive Officer.
To support IIROC dealer members in their implementation and compliance
efforts, IIROC is also issuing for comment proposed guidance on the
amendments. The content, much of which was contained in earlier
Notices, consolidates and further clarifies IIROC's expectations for
supervision of electronic trading and the use of automated order
systems in particular.
The CSA announced today it is implementing NI 23-103and the news release
is available on its website.
IIROC's proposed amendments Provisions Respecting Electronic Trading and guidance Proposed Guidance Respecting Electronic Trading were issued today for a 90-day comment period and are available on
IIROC's newly redesigned website.
IIROC is the national self-regulatory organization which oversees all
investment dealers and trading activity on debt and equity marketplaces
in Canada. IIROC sets high quality regulatory and investment industry
standards, protects investors and strengthens market integrity while
maintaining efficient and competitive capital markets.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information:
Vice President, Public Affairs