Request for Comment – Proposed Amendments Respecting the Provision of Price Improvement by a Dark 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 (UMIR) respecting the provision of price improvement by a dark order (the Proposed Amendments).

The Proposed Amendments modify the dark order price improvement requirements when trading against certain orders by adding a minimum order value of $30,000, in addition to the current threshold of 50 standard trading units.  The Proposed Amendments use a combination of both a minimum dollar value and a minimum volume threshold to better identify small orders and more effectively achieve IIROC’s policy objective to support price discovery.

A copy of the IIROC Notice is published on our website at The comment period ends on March 15, 2019.