Proposed Amendments Respecting Trading Increments

The Canadian Investment Regulatory Organization (CIRO) is proposing to amend the Universal Market Integrity Rules (UMIR) to:

• 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 (Proposed Amendments).

The Proposed Amendments are being published concurrently with proposed guidance that clarifies the rationale for, and the process by which trading increments for U.S. inter-listed securities will be determined and communicated by CIRO on an ongoing basis (Proposed Guidance).