Currently, market-wide circuit breaker policy in Canada is
coordinated with circuit breakers in the U.S., where trading halts
occur based on trigger levels of 10%, 20% and 30% drops
of the Dow Jones Industrial Average. It is IIROC's policy that
it will coordinate trading halts with U.S. markets, but for days
when Canadian markets are open and American markets are
closed, IIROC has related triggers based on drops in
the S&P/TSX Composite Index.
With the U.S. Financial Industry Regulatory
Authority (FINRA) proposing to amend its circuit
breaker structure and thresholds, IIROC is now considering
whether to continue its coordination with U.S. circuit breakers,
adopt Canada-specific parameters for the triggering of circuit
breakers, or adopt a hybrid approach. IIROC is thus requesting
comments on the potential options and has set out a number of
specific questions for respondents to consider.
Comments on IIROC's proposals are being accepted until
February 13, 2012. For more information, see IIROC Notice
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