The waters for securities intermediaries in Canada seem like they’re about to get a bit choppy.

Recently, Canadian Securities Administrators announced that some of rules that govern the transaction of securities are up for review. Specifically, amendments are being proposed to the National Instrument 23-101 (NI 23-101) Trading Rules in the areas of trading fees, data fees and most notably, the order protection rule (OPR).

Given the stakes involved, the proposed changes are almost certain to generate a spirited debate between those in favour of and those opposed to the amendments to the OPR.

One such point of view came from Jeffrey MacIntosh via the Financial Post. In his recent article, MacIntosh takes aim at the proposed NI 23-101 Trading Rules amendments and provides an insightful analysis about the potential impact they may have on the multi-marketplace model.

While there are other issues as well, OPR appears to be a linchpin, and will therefore be an important topic to continue tracking. If you have thoughts or comments on the proposed amendments to NI 23-101, we’d also love to hear them – feel free to leave a comment below.