IIROC is releasing proposed amendments to the Universal Market Integrity Rules (UMIR) for comment, to align with a proposal by CSA that clarifies the interpretation of a protected order.

Under the CSA proposal, orders on a transparent market that implements a systematic order processing delay (“speed bump”) would not be considered protected orders.

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IIROC’s proposed UMIR amendments would revise the definition of “protected marketplace” to be a marketplace that displays orders that are considered protected orders under the Order Protection Rule, and clarify that the best ask price and best bid price would be determined by reference to orders displayed on a protected marketplace.

IIROC Dealer Members would continue to have a best execution obligation and will be able to consider whether accessing a transparent marketplace that is not a protected marketplace would be appropriate to achieve best execution for their client orders.

IIROC’s deadline for comments is July 13, 2015.

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