Goodbye tick test.
New trading rules that went live today amend IIROC’s rules governing short sales and failed trades repeal the longstanding determination for a short sale.
Read: New rules for short sales
They also:
- Impose pre-borrow requirements for short sales made in certain circumstances; and
- Require a sell order from a short position to continue to be marked “short sale” but introduce a “short-marking exempt” designation to be used with an order for the purchase or sale of a security by certain accounts that adopt a “directionally neutral” strategy in the trading of securities.
Read: Shorting bans don’t work
Additional amendments relating to dark liquidity pools also went live today.