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Notice 2011-004 -Trading Rules - Removal of Exceptions

Notice 2011-004

Final Phase of Implementation of Amendments to CNSX Rules 4-106 and 4-111

October 3, 2011

The Ontario Securities Commission approved on January 12, 2011, amendments to certain CNSX Markets rules, in particular to Rule 1-101 relating to definitions; to Rule 3 relating to the governance of trading; to Rule 4 relating to the trading of securities, including the repeal of Rules 4-107 and 4-108; to Rule 11-101 relating to the application of rules, and the addition of Rule 12 relating to access by eligible clients. The amendments were published for comment on September 24, 2010. No comments were received.

The amendments were introduced June 24, 2011 (see Notice 2011-003) with two exceptions relating to CNSX-listed securities, described below.  Following the implementation today of technical changes to the CNSX Trading System, these exceptions no longer apply.

The amendments to Rule 4-106 Entry of Orders were dependent on changes to the CNSX Trading System, which have now been implemented. The text below has been removed from Rule 4-106, which now applies to all securities in the CNSX Trading System.

DELETED:

Application of Rule 4-106(1) – as of June 27, 2011: 

On January 12, 2011 the Ontario Securities Commission approved certain amendments to the Rules that will, upon implementation, result in a uniform set of rules for all securities trading in the CNSX Trading System. Notwithstanding the amendments to Rule 4-106(1)(b) and the corresponding repeal of Rule 11-108(1)(b), for CNSX-listed securities, the following system-enforced restriction remains in effect:

4-106(1)      A CNSX Dealer may enter

      (a) orders; and
      (b) crosses at any price between the bid and offer

      into the CNSX Trading System.

For Alternative Market Securities:


The amendments to Rule 4-111 Trading After the Opening were also dependent on changes to the CNSX Trading System, which have now been implemented. The text below has been removed from Rule 4-111, which now applies to all securities in the CNSX Trading System.

DELETED:

Application of Rule 4-111(1) – as of June 27, 2011:

On January 12, 2011 the Ontario Securities Commission approved certain amendments to the Rules that will, upon implementation, result in a uniform set of rules for all securities trading in the CNSX Trading System. Notwithstanding the amendments to Rule 4-111(1) and the corresponding repeal of Rule 11-111, for a CNSX-listed security, the following system enforced rule remains in effect:

4-111(1) A tradeable order shall be allocated among offsetting orders on the bid or offer (as the case may be) individually by time priority.

For Alternative Market Securities:

Effective Date

As of October 3, 2011, the exceptions for CNSX-listed securities are no longer applicable.

Questions

Questions about this Notice should be directed to Mark Faulkner, Vice President, Listings & Regulation at 416.572.200 x2305 or Mark.Faulkner@cnsx.ca.

The Trading Rules can be found on the CNSX website under “Info for Dealers”.

Attachments

The text Rules 4-106 and 4-111 is attached as Appendix A.


Appendix A – Text of Rules 4-106 and 4-111

4-106 Entry of Orders


         (1) A CNSX Dealer may enter

              (a) orders; and
              (b) crosses at or between the bid and offer into the CNSX Trading System.

p>         (2) Orders (other than Special Terms Orders and crosses) may be entered on a fully-disclosed or partially disclosed basis.

         (3) Orders entered on a partially-disclosed basis must disclose at least one board lot or such greater amount as may be prescribed

4-111 Trading After the Opening


(1) A tradeable order shall be allocated among offsetting orders as follows:

     (a) to offsetting orders on the bid or offer (as the case may be) of the CNSX

          Dealer that entered the tradeable order, by time priority, and then

      (b) to all other offsetting orders, by time priority.

(2) The undisclosed portion of a partially-disclosed order does not have time priority. Each disclosed portion of such an order is assigned priority at the time of disclosure, as if the disclosed portion were an incoming order.

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