In late October, the Investment Industry Regulatory Organization of Canada (“IIROC”) announced the selection of a fourth and final academic team to study the impact of high-frequency trading (“HFT”) and related activity on Canadian equity markets.

This final academic team will join the final phase of IIROC’s ongoing study into HFT and will examine the impact of Canada’s rules relating to the trading in dark pools, which currently allow traders to enter orders without pre-trade transparency, introduced in October 2012, together with liquidity provision and market making by high frequency traders.

IIROC expects that the results of the first three project teams of the final phase will be published by the end of 2014, with the fourth team’s results published by June 2015. Further information available on the final phase of IIROC’s HFT study is available here, with the results of the first two phases available here.