Problematic high frequency trading is more of an issue in the U.S. than in Canada, says Ian Russell, president of IIAC, in a letter.

Though novels such as Michael Lewis’ Flash Boys suggest markets are rigged due to the rise of electronic trading, he adds, people have to consider that structural and regulatory changes “have come to Canadian markets more slowly than in the United States.” As such, “Canadian rules often reflect the lessons learned from U.S. market changes…[and] that’s resulted in vastly different market structures.”

Read: New rules to slow high-frequency traders

For example, Russell finds there are more than 40 “dark trading venues operating south of the border. According to the SEC, as much as half of natural investor order flow is executed in the dark. In [Canada], trading through dark pools…accounts for less than 10% of overall trading.”

Read: More investors using dark pools

The volume of dark pool trading is lower, he notes, since Canadian rules were designed to encourage required price improvement, fair access and order exposure.

Read more on how HFT affects Canadian and U.S. market differently.

Also check out:

Top firms dish on HFT, Great Rotation

IIROC announces team to study high frequency trading

How much does high-speed trading cost the economy?

Face-off: High frequency trading