For Immediate Release
April 7, 2016

Canadian Securities Regulators Publish Amendments to Order Protection Rule

Toronto – The Canadian Securities Administrators (CSA) today published final amendments to National Instrument 23-101 Trading Rules and its companion policy. The amendments adjust the order protection rule (OPR) framework to address inefficiencies and respond to market developments.

“We have seen tremendous evolution in the markets and we are making sure that regulation evolves along with it. The final amendments will provide flexibility to market participants in determining if and when to access trading on certain marketplaces, address the level of trading fees in Canada and provide a transparent process for regulatory oversight of real-time professional market data fees,” said Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers.

The amendments include:

  • a market share threshold set at 2.5 per cent market share of the adjusted volume and value traded equally weighted over a one-year period;
  • guidance related to intentional order processing delays or speed bumps;
  • a data fees methodology; and
  • a cap on active trading fees charged by marketplaces.

The changes are based on proposed amendments first published in May 2014, following a CSA review of OPR, as well as June 2015 proposed amendments to the Companion Policy to National Instrument 23-101 Trading Rules, which address circumstances where a marketplace has introduced an intentional order processing delay.

Provided all necessary Ministerial approvals are obtained, the amendments will come into force on July 6, 2016, except for the market share threshold, which will come into force on October 1, 2016.

Today, the CSA also published CSA Notice and Request for Comment Proposed Amendments to National Instrument 23-101 Trading Rules. The proposed amendments would reduce the cap on active trading fees for non-inter-listed securities. These are securities that are listed on a Canadian exchange, but not listed on a U.S. exchange. The proposed amendments can be found on CSA members’ websites. The comment period closes on July 6, 2016.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

For more information:

Kristen Rose
Ontario Securities Commission
416-593-2336

Mark Dickey
Alberta Securities Commission
403-297-4481

Richard Gilhooley
British Columbia Securities
Commission
604-899-6713

Sylvain Théberge
Autorité des marchés financiers
514-940-2176

Ainsley Cunningham
Manitoba Securities Commission
204-945-4733

Andrew Nicholson
Financial and Consumer Services
Commission, New Brunswick
506-658-3021

Tanya Wiltshire
Nova Scotia Securities Commission
902-424-8586

Janice Callbeck
Office of the Superintendent of
Securities, P.E.I.
902-368-6288

Carl Callwood
Office of the Superintendent of
Securities, Newfoundland and
Labrador
709-729-2956

Rhonda Horte
Office of the Yukon Superintendent
of Securities
867-667-5466

Jeff Mason
Nunavut Securities Office
867-975-6591

Tom Hall
Office of the Superintendent
of Securities
Northwest Territories
867-767-9305

Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160