IIROC announced earlier this week that, effective immediately, it will no longer intervene to vary or cancel odd lot trades that execute at unreasonable prices. According to IIROC's recent annual compliance report, odd lot executions do not impact a security's last sale price, volume-weighted average price, closing price or other common benchmarks. Market integrity is not impaired by such trades and, according to the notice, the change is consistent with its existing guidance on variation and cancellations of trades. For more information, see IIROC Notice 13-0297.
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