Canadian equity markets have evolved rapidly in recent years, with multiple competing marketplaces launching operations, new participants entering the market and market participants interacting in different ways. This evolution has raised some concerns about certain trading practices, including internalization of orders (i.e., where a trade is executed with the same dealer as both buyer and seller). The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) have been studying these developments. On March 12, they published a consultation paper that provides data on the magnitude of internalization in the Canadian equity market, describes the existing regulatory framework, and seeks feedback on a range of issues and concerns (such as the segmentation of retail orders and the impact of broker preferencing) relating to these practices. The comment period closes on May 13, 2019.