Proposed Amendments Respecting Dark Order Price Improvement Obligations When Trading Against an Odd-Lot Order – Investment Industry Regulatory Organization of Canada (IIROC)

Market Regulation Document Type
IIROC rule review

IIROC is publishing for public comment proposed amendments to the Universal Market Integrity Rules. The proposed amendments would clarify a Dark Order's obligations respecting the requirement to provide a "better price" when executing against orders for less than one standard trading unit. The proposed amendments would confirm that the provision of price improvement by a Dark Order is not required if the order that it executes against is for less than one standard trading unit. A copy of the IIROC Notice including the proposed amendments is published on our website at The comment period ends on April 13, 2015.