Amendments Respecting Trading Increments

On November 13, 2025, the Canadian Securities Administrators (CSA) approved amendments to the Universal Market Integrity Rules (UMIR) that:

• distinguish between the applicable trading increment for a “U.S. inter-listed security” and a security that is not a “U.S. inter-listed security”, and
• establish that the applicable trading increment for a “U.S. inter-listed security” will be designated by CIRO from time to time (Amendments).

On December 12, 2024, CIRO published for comment proposed changes to UMIR in CIRO Bulletin 24-0363 Proposed Amendments Respecting Trading Increments. These amendments were proposed to address concerns about the potential loss of trading activity in Canada in U.S. inter-listed securities, if Canadian trading increments are not harmonized with the equivalent minimum pricing increments in the United States set out in Rule 612 of Regulation NMS. On September 18, 2024, the United States Securities and Exchange Commission (SEC) adopted amendments to Rule 612 (Rule 612 Amendments), with an initial compliance date of November 3, 2025. On October 31, 2025, the SEC issued an order granting temporary exemptive relief from the compliance date until the first business day of November 2026.1

No changes were made to the Amendments.

• 1

  See: SEC Issues Exemptive Order Regarding Compliance with Certain Rules Under Regulation NMS