In late July, the Investment Industry Regulatory Organization of Canada (“IIROC”) issued a proposed guidance (“Guidance”) in respect of certain trading practices deemed to be deceptive. The Guidance was drafted largely in response to the move, over the past number of years, towards automated order systems which promote high frequency trading, an activity which is currently estimated to constitute at least quarter, if not more, of trades on Canadian marketplaces. The Guidance lists a number of practices, including “spoofing”, “layering” and “quote stuffing” which are considered to be manipulative and deceptive trading practices under UMIR marketplace rules. IIROC is seeking comments on the Guidance and will accept feedback until October 15, 2012.