Dark Pools and Dark Orders

Dark pools are marketplaces that do not make orders to trade securities visible to market participants. Dark orders are orders to trade securities that have limited or no transparency.

On July 29, 2011, the CSA and IIROC published Staff Notice 23-311 - Regulatory Approach To Dark Liquidity In The Canadian Market. The Joint Notice describes the regulatory framework within which dark liquidity may be used in Canada.

For more information: