Tag Archives: Equity Marketplaces

The IIAC Responds to IIROC’s Proposed Amendments Re: Unprotected Transparent Marketplaces and the Order Protection Rule (IIAC Blog)

The IIAC Responds to IIROC’s Proposed Amendments Re: Unprotected Transparent Marketplaces and the Order Protection Rule (IIAC Blog)

In April 2015, the Ontario Securities Commission (OSC) approved changes to the TSX Alpha Exchange trading model. Effective September 2015, Alpha will apply a short processing delay (a speed bump) on orders to counter high-frequency trading and limit fleeting liquidity. Additionally, orders displayed in the Alpha order book will no longer be protected from trade-through (i.e. the execution of an order at a price that is inferior to a displayed bid price or higher than a displayed offer price) under the Order Protection Rule (OPR). 

In response, the Investment Industry Regulatory Organization of Canada (IIROC) announced … Continue reading

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