Industry News and Information

Rules Notice
Guidance Note
UMIR

Contact:

James E. Twiss
Vice President, Market Regulation Policy
Telephone: 416.646.7277
Fax: 416.646.7265
email: jtwiss@iiroc.ca

Please distribute internally to:
Legal and Compliance
Trading

11-0043
February 1, 2011

Guidance on “Locked” and “Crossed” Markets

Summary

This Rules Notice provides guidance on specific questions related to “locked” and “crossed” markets in the context of a Participant complying with the provisions of National Instrument 23-101 (“Trading Rules”) and Companion Policy 23-101CP concerning locked and crossed orders (“Locked and Crossed Order Provisions”) and with the “best execution” obligations under the Universal Market Integrity Rules (“UMIR”).

This Guidance reflects the repeal of the “best price” obligation under Rule 5.2 of UMIR and other consequential amendments to UMIR upon the coming into force of the Order Protection Rule under the Trading Rules on February 1, 2011.