Highly Liquid Stocks

List of “Highly-Liquid Securities”

A “highly-liquid security” is exempt from certain restrictions and prohibitions governing trading activity during securities transactions. A “highly-liquid security” is defined as a listed security or quoted security that:

  • has traded, in total, on one or more marketplaces as reported on a consolidated market display during a 60-day period ending not earlier than 10 days prior to the commencement of the restricted period:
    • an average of at least 100 times per trading day, and
    • with an average trading value of at least $1,000,000 per trading day;
  • or
  • is subject to Reg. M and is considered to be an “actively-traded security” under that regulation.

The following is a list of securities prepared by IIROC that meet the definition of a “highly-liquid security” as a result of achieving the required number of average daily trades and average daily trading value on Canadian marketplaces. This list does not contain a listed security or a quoted security that is inter-listed with a market in the United States and that is considered to be “actively-traded” under Reg. M but which fails to meet the tests for average daily trades and average daily trading value on Canadian marketplaces.

A separate list of highly-liquid securities will be prepared for each trading day.  For convenience, the following summary identifies the securities which have been added or deleted from the list of highly-liquid securities on a particular trading day. You may rely on the list and summary prepared by IIROC or may independently verify if a security meets the requirements of a “highly-liquid security” so long as you retain a record of the data you rely upon in verifying the requirements.

If a security is traded on Canadian marketplaces in both Cdn$ and US$ and the security is on the list of “highly-liquid securities” that status will apply to the security regardless of the currency in which the trade is made.

The files below are in CSV format (comma separated value) which can be imported into most spreadsheet and database programs. Column widths showing ###### may have to be increased in order to fully display the data.

MFDA and IIROC have consolidated

As of January 1, 2023 the MFDA and IIROC have come together as New Self-Regulatory Organization of Canada (New SRO).

New SRO has assumed the regulatory responsibilities of the MFDA and IIROC.

We have set up an interim website for updates and information related to the New SRO including:

  • Executive Management
  • Governance
  • New SRO Rules
  • Member Application
  • Investor Office and the Investor Advisory Panel
  • Information concerning mutual fund dealers registered in Québec
  • Complaints
  • Careers

Enforcement proceedings, membership lists, continuing education, investor education resources and any other information not set out above continue to reside on www.mfda.ca and www.iiroc.ca.