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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