http://www.reuters.com/article/idUSN1913554020101119
Canada regulators unveil "dark liquidity" plans
Fri Nov 19, 2010 11:51am EST
TORONTO Nov 19 (Reuters) - Canadian regulators unveiled proposed rules on Friday for the trading of "dark liquidity" on the country's stock venues they say will foster transparency and fair access to liquidity.
The Canadian Securities Administrators (CSA) and Investment Industry Regulatory Organization of Canada (IIROC) set out its position on a rule set that includes details on order sizes, pricing, as well as how "lit" and "dark" orders interact.
"The recommendations aim to strike an appropriate balance between promoting marketplace competition and maintaining the quality of our markets," said Jean St-Gelais, chairman of the CSA, which is the umbrella organization that represents the country's 13 securities watchdogs.
"We are proactively establishing a framework that fosters development of dark liquidity without negative consequences to market integrity."
