Proposed Amendments Respecting Net Asset Value Orders and Intentional Crosses
Summary/details:
The Canadian Investment Regulatory Organization (CIRO) is proposing to amend the Universal Market Integrity Rules (UMIR) to:
- increase transparency around the execution of certain orders in Exempt Exchange-traded Funds (ETFs) where the execution price of the order references the net asset value (NAV) of the ETF as published by the issuer of the ETF in accordance with applicable securities legislation, and
- remove an outdated prohibition in the definition of “intentional cross” that prohibits an intentional cross where one side of the trade is jitney and to clarify its application (Proposed Amendments).
Relevant documents:
Date opened: July 18, 2024
Date closed: October 18, 2024
Status: Closed
Bulletins about this consultation:
Proposed Amendments Respecting Net Asset Value Orders and Intentional Crosses
Type: Rules Bulletin >
Request for Comments
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