The Investment Industry Regulation Organization of Canada, a self-regulatory organization, completed a study of high-frequency trading that “did not reveal any concerns that warranted a regulatory response beyond measures already implemented by IIROC.” When IIROC initially issued its study on December 9, 2015, it noted “that the presence of HFT has different, mostly positive impacts on Canadian equity markets and those who invest on those markets.” Later the same day, IIROC reissued its statement accompanying its study, deleting the words “mostly positive,” but leaving all other language intact. IIROC’s study concluded that HFTs generally provide more liquidity and contribute “substantially” to price discovery, and that the “majority of passive orders entered by HFT[s] either improve the best price or match the prevailing best prices.” IIROC also found that “[t]here is little evidence” that HFTs front-run or otherwise take advantage of slower traders. IIROC’s study examined the impact of HFTs on Canada’s equity markets.