The Canadian Securities Administrators (CSA) has published CSA Staff Notice 23-316 , which lists marketplaces that will be considered unprotected for the purposes of the order protection rule (OPR) in National Instrument 23-101 Trading Rules (NI 23-101).

This new notice is related to the notice of amendments to NI 23-101, which was published on April 7, 2016 and which introduced a market share threshold to provide flexibility to market participants in determining if and when to access trading on certain marketplaces.

Subject to Ministerial approvals, certain marketplaces will be considered unprotected as of July 6, 2016 because they don’t provide “automated trading functionality.” These marketplaces have an intentional order processing delay, or a speed bump.

Also subject to Ministerial approvals, other marketplaces will be considered unprotected as of October 1, 2016, given they don’t meet a market share threshold set by the regulators at 2.5% of total value and volume traded.

CSA Staff Notice 23-316 includes details on how market share for each marketplace is calculated.