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Canadian Securities Regulators Articulate Concerns on Routing Retail Equity Orders to U.S. Dealers

  • Securities - CSA Image

Dec 15, 2014

On December 15, members of the Canadian Securities Administrators issued an alert which sets out their concerns with respect to the practice of routing retail equity orders to U.S. dealers.

It has come to the attention of the CSA that a number of Canadian investment dealers have entered into, or are considering entering into, arrangements to route Canadian retail investor orders on a broad basis to U.S. dealers for execution. These retail orders are being executed by U.S. dealers without consistently meeting the minimum price improvement requirement set out in the dark liquidity regime implemented in 2012, and codified in Rule 6.6 of the Investment Industry Regulatory Organization of Canada’s Universal Market Integrity Rules.

Review the alert.

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