On February 2, 2015, the operation of single-stock circuit breakers (“SSCBs”) will be expanded to include a broader range of listed securities and will apply over an expanded period of the trading day1.  Listed securities not covered by the SSCB program will continue to be subject to regulatory intervention by a Market Integrity Official by exercising his or her existing authority under UMIR2.

Implementations Details

As part of the expansion, IIROC will make available on its website a list of all listed securities that are included in the SSCB program. This list will be updated daily to include all securities covered by a SSCB as of that date  including:

• each security that is a constituent of the S&P/TSX Composite Index,
• each Exempt Exchange-traded Fund the assets of which is comprised principally of listed securities, and
• each security that is considered “actively-traded” for the purpose of SSCBs.

The list will be accessible through the “Rule Book” section of the IIROC website (www.iiroc.ca)  under “Supporting Rule Resources”.  To assist Participants who wish to use this list to help comply with their supervision requirements under UMIR 7.1, the list will be made available in CSV format (comma separated value) which can be imported into most spreadsheet and database applications.  

• 1See IIROC Notice 14-0170 – UMIR – Guidance – “Guidance Respecting the Expansion of Single-Stock Circuit Breakers” (July 10, 2014).
• 2Rule 10.9(1)(a) of UMIR provides a Market Integrity Official with the power to delay, halt or suspend trading at any time and for such a period of time as the Market Integrity Official may consider appropriate in the interest of a fair and orderly market.