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.
For more information, visit our Securities Mining Law blog at www.securitiesmininglaw.com
About Fraser Milner Casgrain LLP (FMC)
FMC is one of Canada's leading business and litigation law firms with more than 500 lawyers in six full-service offices located in the country's key business centres. We focus on providing outstanding service and value to our clients, and we strive to excel as a workplace of choice for our people. Regardless of where you choose to do business in Canada, our strong team of professionals possess knowledge and expertise on regional, national and cross-border matters. FMC's well-earned reputation for consistently delivering the highest quality legal services and counsel to our clients is complemented by an ongoing commitment to diversity and inclusion to broaden our insight and perspective on our clients' needs. Visit: www.fmc-law.com
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
