Dark Rule Change – Large Orders At The Quote

January 28, 2020

Dear Manager,

Industry Regulatory Organization of Canada (IIROC) and the Ontario Securities Commission (OSC) are amending UMIR rule 6.6 to impose a minimum order value of $30,000 for non-displayed orders, in addition to the current threshold of 51 standard trading units (STUs).

Effective Tuesday, February 4, 2020, an order may execute against a resting Dark Order without receiving a better price only if it is sufficiently large in both volume (51+ STUs) and value (over $30,000), or value is over $100,000.

MATCHNow

MATCHNow will make minor system changes to adapt to this amendment. MATCHNow At The Touch (ATT) orders will continue to operate as they do today, but with the regulatory mandated new thresholds enacted only for incoming Immediate Or Cancel (IOC) orders.

Any such orders below these parameters will not interact ATT.

In an effort to implement the change with minimal disruption to client workflow, Day orders sent to MATCHNow and marked ATT will remain with the same limitations as before. These orders will be accepted if it is 51+ Standard Trading Units or is greater than $100,000 in value.

For passive ATT orders, if they are below the $30,000 value but greater than 51 STUs, they will book, but will only trade against aggressive orders that are greater than 51 STUs that are also greater than $30,000 – leading to a partial fill of the aggressive order at the lower value.

Let us know if you have any questions or comments by creating a mojo.

With thanks,

Communications Team

*Remember to visit our PPro8 Wiki and Knowledge Base to learn more.

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