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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 protected and unprotected marketplaces today, February 23, 2023.2 The CSA also stated that this list would be made publicly available on New SRO’s website.
Therefore, New SRO is publishing the following lists of protected and unprotected marketplaces, as determined by the CSA.
- List of protected marketplaces
The orders displayed on the following marketplaces are protected because either 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 CSE 5.79% Protected Meets market share threshold Nasdaq CXC 11.26% Protected Meets market share threshold Nasdaq CX2 5.18% Protected Meets market share threshold NEO-L 6.55% Protected Meets market share threshold Omega 5.61% Protected Meets market share threshold TSX 44.96% Protected Meets market share threshold TSX Venture 7.85% Protected Meets market share threshold - 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 Alpha 8.31% Unprotected Does not provide automated trading functionality Lynx 0.22% Unprotected Does not meet the market share threshold CSE2 0.01% Unprotected Does not meet the market share threshold NEO-N 4.26% Unprotected Does not provide automated trading functionality 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
Please note that a notice providing a list of protected and unprotected marketplaces is not necessarily published annually but rather only when 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 23-330, Order Protection Rule: Market Share Threshold Effective as of April 1, 2023 (February 23, 2023)