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  • Client Order Handling Rules

    • CRA-12.5.9

      When carrying out client orders, a licensee must implement procedures and arrangements which provide for the prompt, fair and expeditious execution of client orders, relative to the trading interests of the licensee.

      Added: April 2019

    • CRA-12.5.10

      A licensee must not misuse information relating to pending client orders, and shall take all reasonable steps to prevent the misuse of such information by any of its relevant persons.

      Added: April 2019

    • CRA-12.5.11

      A licensee must not carry out a client order or a transaction for own account in aggregation with another client order unless the following conditions are met:

      (a) It is unlikely that the aggregation of orders and transactions will work overall to the disadvantage of a client whose order is to be aggregated;
      (b) It is disclosed to each client whose order is to be aggregated that the effect of aggregation may work to its disadvantage in relation to a particular order;
      (c) An order allocation policy must be established and effectively implemented, provided for the fair allocation of aggregated orders and transactions, including how the volume and price of orders determines allocations and the treatment of partial executions.
      Amended: April 2023
      Added: April 2019

    • CRA-12.5.12

      Where a licensee has aggregated transactions for own account with one or more clients' orders, such licensee must not allocate the related trades in a way that is detrimental to a Client.

      Added: April 2019

    • CRA-12.5.13

      Where a licensee aggregates a client order, with a transaction for own account and the aggregated order is partially executed, the licensee must allocate the related trades to the client in priority to itself, except where the licensee is able to demonstrate on reasonable grounds that without the combination it would not have been able to carry out the order on such advantageous terms, or at all, in which event it may allocate the transaction for own account proportionally, in accordance with its order allocation policy.

      Amended: April 2023
      Added: April 2019