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Regulators reveal 'dark liquidity' plans

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Canadian regulators unveiled proposed rules today for the trading of "dark liquidity" on the country's stock venues they say will foster transparency and fair access to liquidity.

The Canadian Securities Administrators (CSA) and Investment Industry Regulatory Organization of Canada (IIROC) set out its position on a rule set that includes details on order sizes, pricing, as well as how "lit" and "dark" orders interact.

"The recommendations aim to strike an appropriate balance between promoting marketplace competition and maintaining the quality of our markets," said Jean St-Gelais, chairman of the CSA, which is the umbrella organization that represents the country's 13 securities watchdogs.

"We are proactively establishing a framework that fosters development of dark liquidity without negative consequences to market integrity."

The public comment period closes on January 10, 2011.

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