In late July, the Investment Industry Regulatory Organization of
Canada ("IIROC") issued a proposed guidance
("Guidance") in respect of certain trading practices
deemed to be deceptive. The Guidance was drafted largely in
response to the move, over the past number of years, towards
automated order systems which promote high frequency trading, an
activity which is currently estimated to constitute at least
quarter, if not more, of trades on Canadian marketplaces. The
Guidance lists a number of practices, including
"spoofing", "layering" and "quote
stuffing" which are considered to be manipulative and
deceptive trading practices under UMIR marketplace rules. IIROC is
seeking comments on the Guidance and will accept feedback until
October 15, 2012.
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