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Canadian Investment Regulatory Organization (CIRO) - Proposed Amendments Respecting Trading Increments

CIRO - Proposed Amendments Respecting Trading Increments
CIRO - Proposed Guidance on Application Trading Increments

Canadian Investment Regulatory Organization (CIRO) – Request for Comments: Proposed Amendments to Universal Market Integrity Rules (UMIR) Respecting Trading Increments
The Canadian Investment Regulatory Organization (CIRO) is publishing, for a 45-day comment period, proposed amendments to UMIR respecting trading increments (the Amendments). The purpose of the proposed Amendments is to align trade increment provisions in UMIR, with respect to securities listed on an exchange in Canada that are also listed in an exchange that is registered as a “national securities exchange”, by regulators in the United States, and as designated by a Market Regulator from time to time.

The proposed amendments include:

  • adding a definition of a U.S. inter-listed security in UMIR 1.1, and
  • amending UMIR 6.1 to prohibit the entry of an order to purchase or sell a U.S. inter-listed security at a price that is smaller than the applicable trading increment established by the CIRO from time to time.

Along with the proposed amendments, CIRO will be concurrently publishing a proposed guidance that would:

  • clarify the rationale for harmonization of trading increments for certain U.S. inter-listed securities in Canada with the applicable minimum pricing increments for those securities in the United States, and
  • establish a process by which trading increments for U.S. inter-listed securities in are determined and communicated by CIRO from time to time.

CIRO’s notice sets out the process for submitting comments.
Comment Period Expires: January 27, 2025

Published: December 12, 2024