OSC Investor News
OSC encourages investors to comment on Dark Pools, Dark Orders, and Other Developments in Market Structure in Canada consultation paper
October 8, 2009 -
On September 30, 2009, the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) published a Joint Consultation Paper on Dark Pools, Dark Orders, and Other Developments in Market Structure in Canada.
Over the past few years, the Canadian capital markets have experienced an evolution of market structure. Equity trading in Canada has moved from a centralized marketplace to an environment of multiple marketplaces, where exchanges and alternative trading systems trade the same securities.
The Joint Consultation Paper outlines some recent developments, such as the introduction of marketplaces that offer no pre-trade transparency (dark pools), the introduction of new order types, including those that have limited or no transparency (dark orders), the interaction of visible and dark orders on the same trading platform, and the introduction of smart order routers.
The CSA and IIROC are seeking comments on specific issues and questions raised in the Consultation Paper from all market participants, including retail and institutional investors. Market participants are also invited to participate in a roundtable discussion that will follow.
“New developments in market structure can have far reaching impact,” says Susan Greenglass, Acting Director, Market Regulation. “We encourage investors to get involved by providing their comments on these important issues and participating in the roundtable.”
The Consultation Paper is open for public comment until December 29, 2009. For more information, see the Notice and Request for Comments.
Over the past few years, the Canadian capital markets have experienced an evolution of market structure. Equity trading in Canada has moved from a centralized marketplace to an environment of multiple marketplaces, where exchanges and alternative trading systems trade the same securities.
The Joint Consultation Paper outlines some recent developments, such as the introduction of marketplaces that offer no pre-trade transparency (dark pools), the introduction of new order types, including those that have limited or no transparency (dark orders), the interaction of visible and dark orders on the same trading platform, and the introduction of smart order routers.
The CSA and IIROC are seeking comments on specific issues and questions raised in the Consultation Paper from all market participants, including retail and institutional investors. Market participants are also invited to participate in a roundtable discussion that will follow.
“New developments in market structure can have far reaching impact,” says Susan Greenglass, Acting Director, Market Regulation. “We encourage investors to get involved by providing their comments on these important issues and participating in the roundtable.”
The Consultation Paper is open for public comment until December 29, 2009. For more information, see the Notice and Request for Comments.
