List of Protected and Unprotected Marketplaces 

21-0038
Type: Marketplace Notice
Distribute internally to:
Legal and Compliance
Trading Desk

Contact:

Sonali GuptaBhaya
Director, Market Regulation Policy
Telephone:
Email:

In its Notice of Approval published on April 7, 20161 , the Canadian Securities Administrators (CSA) stated that they would publish a list of marketplaces that display orders that will not be protected (unprotected marketplaces) for the purposes of the order protection rule on an annual basis each January. The CSA published its list of unprotected marketplaces today, February 25, 2021.2   The CSA also stated that this list would be made publicly available on IIROC’s website. 

Therefore, IIROC is publishing the following lists of protected and unprotected marketplaces, as determined by the CSA. The lists are in effect from April 1, 2021 to March 31, 2022.

  1. List of protected marketplaces

The orders displayed on the following marketplaces are protected because the marketplace meets the market share threshold and/or the orders are for securities that are listed by and traded on that marketplace:

Marketplace

Market Share

Status

Reason Protected

NEO-L

4.98

Protected

Meets market share threshold

CSE

7.46

Protected

Meets market share threshold

Nasdaq CXC

10.95

Protected

Meets market share threshold

Nasdaq CX2

5.25

Protected

Meets market share threshold

Omega

3.79

Protected

Meets market share threshold

TSX

45.34

Protected

Meets market share threshold

TSX Venture

9.63

Protected

Meets market share threshold

  1. List of unprotected marketplaces

Orders displayed on the following marketplaces will be unprotected because either the marketplace does not provide automated trading functionality, does not meet the market share threshold or does not display orders:

Marketplace

Market Share

Status

Reason Unprotected

NEO-N

4.29

Unprotected

Does not provide automated trading functionality

Alpha

8.24

Unprotected

Does not provide automated trading functionality

Lynx

0.07

Unprotected

Does not meet market share threshold

ICX

 

Unprotected

Does not display orders

LiquidNet

 

Unprotected

Does not display orders

MATCHNow

 

Unprotected

Does not display orders

Nasdaq CXD

 

Unprotected

Does not display orders

NEO-D

 

Unprotected

Does not display orders


Public Notification

Going forward, this notice will only be published if there are changes to the list of protected and/or unprotected markets.

  • 1CSA Notice of Approval  Amendments to National instrument 23-101 Trading Rules and Companion Policy 23-101CP to National Instrument 23-101 Trading Rules (2016), 39 OSCB 3237 (April 7, 2016)
  • 2CSA Staff Notice 23-328 Order Protection Rule: Market Share Threshold for the period April 1, 2021 to March 31, 2022

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