Equity Marketplaces We Regulate

IIROC regulates securities trading and market-related activities of participants on Canadian equity marketplaces (i.e., stock exchanges and alternative trading systems).

TSX
The Toronto Stock Exchange (TSX) is Canada's senior equities market, consisting of a broad cross-section of Canadian issuers.

TSX has retained IIROC to provide the following services:

Administer and enforce the Universal Market Integrity Rules (UMIR), and provide guidance regarding the application of UMIR
Monitor and review trade desk procedures of persons accessing the TSX trading system
Impose trading halts or delays relating to market integrity matters and coordinate halts or delays with other marketplaces
Administer TSX's timely disclosure requirements

TSX administers, monitors compliance with, and enforces, all other TSX requirements.

TSXV
The TSX Venture Exchange (TSXV) serves Canada's public venture equity market.

TSXV has retained IIROC to provide the following services:

Administer and enforce UMIR, and provide guidance regarding the application of UMIR
Monitor and review trade desk procedures of persons accessing the TSXV trading system
Impose trading halts or delays relating to market integrity matters and coordinate halts or delays with other marketplaces
Administer TSXV's timely disclosure requirements
Monitor compliance with TSXV policies relating to normal course issuer bids
Conduct certain post-trade analysis in respect of the Canadian Unlisted Board market

TSXV administers, monitors compliance with, and enforces, all other TSXV requirements.

CNSX Markets Inc.
CNSX Markets Inc. is a stock exchange operating two separate markets: The Canadian National Stock Exchange, or CNSX, is a stock exchange for both emerging and established companies from all business sectors, and Pure Trading, which is a distinctly branded facility of CNSX Markets (see Pure Trading, below).

CNSX Markets has retained IIROC to provide the following services:

Administer and enforce UMIR, and provide guidance regarding the application of UMIR
Monitor and review trade desk procedures of persons accessing the CNSX system
Impose trading halts or delays relating to market integrity matters and coordinate halts or delays with other marketplaces
Administer the CNSX timely disclosure requirements, including trading halts for dissemination of material announcements

CNSX administers, monitors compliance with, and enforces all other CNSX requirements.

Alpha ATS
Alpha ATS is an alternative trading system for dealers and their clients to trade Canadian listed securities. It provides fully automated order matching and trade execution. Order price and volume information is available except for iceberg orders and orders entered in the market on close facility.

Bloomberg Tradebook
Bloomberg Tradebook Canada is an ATS that operates an order routing system that allows institutional investors to trade in equity and fixed income securities listed domestically and internationally.

Chi-X Canada
Chi-X Canada is an ATS providing registered dealers with fully automated order matching and execution of trades in TSX listed equities. Order price and volume information is available, while orders and trades are anonymous.

Liquidnet Canada Inc.
Liquidnet Canada enables institutions to trade securities directly and anonymously with other institutions. The Liquidnet system facilitates negotiation between parties placing compatible orders for Canadian listed securities and routes orders for securities traded on foreign exchanges.

MATCH Now
MATCH Now is an alternative trading system for dealers and their clients to trade Canadian listed equity securities. MATCH Now provides fully automated order matching and trade execution. No pre-trade information on participants, order sizes or pricing is publicly displayed. Access vendors only receive indicators of the stock symbol and side.

OMEGA ATS
Omega ATS is an alternative trading system providing registered dealers with fully automated order matching and execution of trades in TSX listed equity securities. Order price and volume information is available, while orders and trades are anonymous.

Pure Trading (a facility operated by CNSX Markets Inc.)
Pure Trading is a distinctly branded facility operated by CNSX Markets Inc. for dealers trading in Canadian listed securities. Securities listed on other Canadian stock exchanges are posted and available for trading on Pure, which provides visible, fully automated order matching and trade execution.

For its Pure Trading facility, CNSX Markets has retained IIROC to provide the following services:

Administer and enforce UMIR, and provide guidance regarding the application of UMIR
Monitor and review trade desk procedures of persons accessing the CNSX system
Impose trading halts or delays relating to market integrity matters and coordinate halts or delays with other marketplaces

CNSX administers, monitors compliance with, and enforces all other CNSX requirements.