Request for Comment – Proposed Amendments Respecting the Provision of Price Improvement by a Dark Order – Investment Industry Regulatory Organization of Canada (IIROC)

 
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 www.osc.gov.on.ca. The comment period ends on March 15, 2019.