Canadian Market Participants Skeptical of Proposed Exchange Data Fee Regulation

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In May, the Canadian Securities Administrators (CSA), an umbrella organization of Canada’s provincial and territorial securities regulators, proposed a number of amendments to order protection rules (OPR) in Canada, which fall under the National Instrument 23-101 Trading Rules (NI 23-101) and mandate that all better-priced orders must be executed before inferior-priced orders, regardless of the market on which the order is displayed.

As part of the amendments, which are designed to address costs

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