2016 Canadian Market Structure Forecast (By Doug Clark, ITG Canada)

While traders and market structure “experts” spent much of their focus on evolving (disappearing) fixed income market liquidity and the potential impacts of MIFID II rules on existing business structures, 2015 also brought several significant changes to Canadian equity market structure. We witnessed the arrival of Aequitas; market wide debate around the routing of interlisted retail flow to U.S. markets; long-awaited changes to the TSX MOC facility; the introduction of an HFT friendly speed bump at Alpha; Nasdaq’s purchase of Chi-X Canada (expected to close in Q1 2016); new proposed best execution rules; the meteoric rise of inverted trading venue volumes; and the introduction of Platform Traded Funds (PTF) to name just a few.


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