On September 17, 2015, nearly all members of the Canadian Securities Administrators (CSA) approved an exemption to allow Alpha Exchange Inc. to implement “speed bumps” in its trading policies.  For example, BC Instrument 23-502 Exemption from Certain Requirements in Part 6 of National Instrument 23-101 – Trading Rules was approved by the British Columbia Securities Commission and ASC Blanket Order 23-502 Order-Protection Rules and Alpha Exchange Inc. was adopted by the Alberta Securities Commission on September 17, 2015.  The only CSA member that did not adopt a similar exemption is the Ontario Securities Commission (OSC) as a similar exemption is not required in Ontario.

The blanket orders are in effect from September 21, 2015 until National Instrument 23-101 Trading Rules and/or Companion Policy 23-101 are amended to account for speed bumps by marketplaces.  These amendments were proposed by the CSA on June 12, 2015.