Request for Comment – Proposed Amendments to UMIR Respecting Trading Increments – Canadian Investment Regulatory Organization (CIRO)

CIRO is publishing for public comment Proposed Amendments to the Universal Market Integrity Rules Respecting Trading Increments (Proposed Amendments).

The Proposed Amendments are a response to recently adopted amendments to Rule 612 of Regulation NMS in the United States and would align Canadian trading increments with those in the United States for certain U.S. inter-listed securities. Specifically, the Proposed Amendments would:

• distinguish between the applicable trading increments for a “U.S. inter-listed security” and other securities, and
• establish that the applicable trading increment for a “U.S. inter-listed security” will be designated by CIRO from time to time.

The Proposed Amendments are being published concurrently with proposed guidance that clarifies the rationale for, and the process by which trading increments for U.S. inter-listed securities will be determined and communicated by CIRO on an ongoing basis.

A copy of the CIRO Bulletin, including the Proposed Amendments, is also available on the Commission’s website at www.osc.ca. The comment period ends January 27, 2025.