IIROC proposes amendments to market integrity rules to align with CSA changes

TORONTO, June 12, 2015 /CNW/ - The Investment Industry Organization of Canada (IIROC) today issued for comment proposed amendments to the Universal Market Integrity Rules (UMIR) to align with a proposal by Canadian Securities Administrators (CSA) which clarifies the interpretation of a protected order.

Under the CSA proposal, orders on a transparent market that implements a systematic order processing delay ("speed bump") would not be considered protected orders.

IIROC's proposed UMIR amendments would revise the definition of "protected marketplace" to be a marketplace that displays orders that are considered protected orders under the Order Protection Rule, and clarify that the best ask price and best bid price would be determined by reference to orders displayed on a protected marketplace.

IIROC Dealer Members would continue to have a best execution obligation and will be able to consider whether accessing a transparent marketplace that is not a protected marketplace would be appropriate to achieve best execution for their client orders.

IIROC's deadline for comments is July 13, 2015.

IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets.

IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian equity marketplaces.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News

For further information: June Yee, Manager, Corporate Communications, 416 943-6921, jyee@iiroc.ca; Karen Archer, Senior Media & Public Affairs Specialist, 416 865-3046, karcher@iiroc.ca


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