Alert:

Canada Post continues to operate, but with expected delays in delivery. Should a strike occur, Members must take steps to ensure that document delivery requirements prescribed under CIRO Rules continue to be met.

Investor Alert

The Canadian Investment Regulatory Organization (CIRO) is warning Canadian investors not to be misled by Morgan PRE Limited (preforex[.]com).

Part 7 - Trading in a Marketplace

7.4 Contract Record and Official Transaction Record

    1. The electronic record of an order or a trade in a security or a derivative as provided by a marketplace to an information processor or an information vendor in accordance with the Marketplace Operation Instrument is the official transaction record for the purpose of determining:
      1. best ask price;
      2. best bid price; and
      3. last sale price.
    2. Despite subsection (1), the electronic record of a trade in a security or a derivative as maintained by the marketplace on which the trade occurred shall be the record of the contract made on that trade and in the event of a dispute between parties to the contract or discrepancy with the records of the clearing agency effect shall be given to the record of the marketplace.
    3. Each marketplace shall provide to the information processor or information vendor information respecting each cancellation, variation or correction of a trade as soon as practicable after the cancellation, variation or correction has been made to the record of the contract as maintained by the marketplace and the information processor or information vendor shall amend the transaction record accordingly.

    Defined Terms:

    NI 21-101 section 1.1 – “information processor” and “order”

    NI 21-101 section 1.4 – Interpretation -- “security”

    UMIR section 1.1 – “best ask price”, “best bid price”, “derivative”, “last sale price”, “Market Operation Instrument” and “marketplace”

    UMIR section 1.2(2) – “trade”

    Related Provision:

    UMIR section 7.11

    There are no related bulletins available for this Rule.

    Regulatory History:

    Effective January 30, 2004, the applicable securities commissions approved an amendment to subsection (1) of Rule 7.4 by inserting the words “an order or” immediately preceding the words “a trade”. See Market Integrity Notice 2004-005“Administrative and Editorial Amendments” (January 30, 2004).

    Effective December 14, 2022, the applicable securities commissions approved amendments to extend the requirements under UMIR 7.2 to the trading of derivatives. See IIROC Notice 22-0140“Amendments Respecting the Trading of Derivatives on a Marketplace” (September 15, 2022).

    There is no history log for this rule.

    Part 1 - Definitions and Interpretation
    Part 2 - Abusive Trading
    Part 3 - Short Selling
    Part 4 - Frontrunning
    Part 5 - Best Execution Obligation
    Part 6 - Order Entry and Exposure
    Part 7 - Trading in a Marketplace
    Part 8 - Principal Trading
    Part 9 - Trading Halts, Delays and Suspensions
    Part 10 - Compliance
    Part 11 - Administration of UMIR

    Welcome to CIRO.ca!

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