On March 1, 2013, amendments to the Investment Industry Regulatory Organisation of Canada's (IIROC's) Universal Market Integrity Rules (UMIR) came into effect respecting electronic trading on Canadian marketplaces. Currently, all marketplaces trading listed securities in Canada operate as electronic markets. The Amendments require Participants and Access Persons trading on these marketplaces to adopt, document and maintain a system of risk management and supervisory controls, policies and procedures to manage risks associated with access to marketplaces and electronic trading for all orders. Under the Amendments, certain arrangements between a Participant and a third party trigger a requirement for the Participant to notify IIROC. This Rules Notice responds to questions on these notification requirements and the manner in which a Participant should provide notice. Background The Amendments expand the existing supervisory requirements for trading to specifically include the establishment
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