Notice of Re-Publication of Proposed Dark Rules Anti-Avoidance Provision – Investment Industry Regulatory Organization of Canada (IIROC)

Market Regulation Document Type
IIROC rule review

IIROC is re-publishing for public comment previously proposed amendments to the Universal Market Integrity Rules (UMIR). The proposed amendments would limit the ability of a Participant to execute a client order of 50 standard trading units or less on a foreign organized regulated market unless the order is entered on a market that displays order information or is executed at a "better price", as such term is defined in UMIR. The goal of the proposed amendments is to further the policy objective of pre-trade transparency and achieve consistency in the application of the requirement to obtain a "better price" under the Canadian dark liquidity framework. A copy of the IIROC Notice including the proposed amendments is published on our website at The comment period ends on March 30, 2015.