The Canadian Securities Administrators (CSA) published CSA Staff Notice 23-316 Order Protection Rule: Implementation of the Market Share Threshold and Amendments to Companion Policy 23-101 Trading Rules to provide the list of unprotected marketplaces for the purposes of the order protection rule (i.e. marketplaces that display orders that will not be protected). It provides a list of unprotected marketplaces as of July 6, 2016 because they do not provide automated trading functionality as they have an intentional order processing delay and as of October 1, 2016 because they do not meet the market share threshold (2.5% of total value and volume traded).
For further information, including a list of protected and unprotected marketplaces and the reasons for such status, please see CSA Staff Notice 23-316.
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