Earlier this week, IIROC released draft guidance regarding the
language it considers acceptable for marketplace disclosure on
trade confirmations. Currently, IIROC's Dealer Member Rules require
that trade confirmations disclose the stock exchange or commodity
futures exchange on which a trade takes place. In cases where an
order is executed on more than one marketplace existing guidance permits
dealers to disclose that the order has been executed on multiple
marketplaces. The confirmation, however, must also disclose that
details of each trade are available upon request.
In light of the move towards a multiple marketplace environment,
IIROC's proposals would revise current guidance to allow for
more generic disclosure on trade confirmations. Specifically, trade
confirmations for securities subject to UMIR could include the
following disclosure language: "Traded on one or more
marketplaces or markets, details available upon request."
