REQUEST FOR COMMENT
INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA (IIROC)
PROPOSED AMENDMENTS RESPECTING THE PROVISION OF PRICE IMPROVEMENT BY A DARK ORDER
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.