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Timelines and Implementation Milestones


There will be a three-phased implementation period for the Amendments. The Amendments come into force on the following days after the publication of the Notice of Approval:

  • Phase 1 – 6 months, or October 18, 2019
  • Phase 2 – 27 months, or July 26, 2021
  • Phase 3 – 27 months, or July 26, 2021

Implementation Milestones for Listed Securities

ActionExpected Completion Date
IIROC to publish FIX specifications April 2020
IIROC to publish Encryption API in Java and C++August 31, 2020
IIROC Marketplace Certification Window Start DateSeptember 2020

Dealer Members to return completed Encryption Key Enrollment Forms to IIROC

(Once the Dealer Member returns the completed Enrollment Form to IIROC, IIROC will provide a testing encryption key to the Dealer Member.)

Mid-September 2020
Industry Testing January 2021 to April 2021
IIROC to deliver production encryption key via secure email with the link for Dealer Member to acknowledge the receipt of the encryption keyFebruary 8, 2021
IIROC and Marketplaces to begin accepting orders from Dealer Members and vendors that include information required under the Client Identifiers AmendmentsApril 5, 2021


JULY 26, 2021