The Canadian Securities Administrators (CSA) published a staff notice on Monday that includes its latest list of marketplaces that will be considered protected under the order protection rule (OPR from April 1 to March 31, 2018.

The CSA’s rules, which were adopted last year, established a market share threshold for order protection; the regulators have now recalculated each trading venue’s market share based on trading data for calendar 2016.

The initial list of protected markets featured TMX Group Ltd.’s two main exchanges (the Toronto Stock Exchange and the TSX Venture Exchange) along with Nasdaq Inc.’s CXC and CX2 and Omega ATS. In addition, CNSX Markets Inc.’s Canadian Securities Exchange (CSE) and Aequitas Innovations Inc.’s Lit Book were protected for their own listings, but not for other exchanges’ listings.

Now, the CSE has graduated to full protected status based on the fact that its market share has risen to 3.2% from 2.2%, pushing it above the 2.5% market share threshold for order protection, according to the CSA’s notice. Aequitas’ Lit Book remains protected only for its own listings as its market share remains under the threshold, at 1.46%. The other markets that were listed as protected in the initial list also remain on the current list.

The updated list of unprotected markets includes Aequitas’ NEO Book, Alpha Trading Systems Ltd.’s Alpha, LYNX ATS and various dark pools, including Liquidnet Canada Inc.’s Liquidnet, TriAct Canada Marketplace (a.k.a. MATCH Now), Nasdaq CXD and Instinet Canada Cross Ltd.’s ICX. The CSA’s notice points out that orders on the Aequitas Dark book will also be unprotected after this book is launched.

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