The Trading Review & Analysis department has two functions within IIROC.  First, the department conducts preliminary investigation where  there is reason to believe that improper trading activity may be occurring. Preliminary investigations are conducted close to real time to ensure market integrity issues are dealt with as soon as possible. Second, the Trading Review & Analysis department conducts post-trade reviews of trading data using a variety of tools to look for trading that violates the Universal Market Integrity Rules (UMIR), including manipulative trading patterns such as high closing.  If improper trading activity is detected, the department will initiate a preliminary investigation.

If warranted, preliminary investigations regarding insider trading by persons over whom IIROC had no jurisdiction are forwarded to the appropriate Securities Commission for additional investigation. Breaches of disclosure rules by listed companies that have retained IIROC as a regulation services provider will be referred to both the appropriate Securities Commission and the marketplaces for additional investigation. All other cases involving alleged breaches of trading rules are forwarded to IIROC's Investigations & Enforcement staff for further investigation and possible enforcement action.