Savvy Wall St. Vets May Look North to Canada for Spreads

Savvy Wall St. Vets May Look North to Canada for Spreads

“Canada is a little late to the party, which makes it the sweet spot in the marketplace,” says Eric Stoop, Chairman of Omega ATS, a fast-rising ATS provider in Canada. But now, Canadian brokers “are compelled to connect to us for client advantages like price integrity, best execution, even if the difference between the best bid or offer amounts to just a fraction,” says Stoop.

…

Canadian legislators, in November of 2009, gave IIROC (Investment Industry Regulatory Organization of Canada), the Canadian self-regulatory organization, more teeth to enforce trading rules. “This essentially forced members of IIROC to either subscribe to all ATS’s or make arrangements to ensure access in the event that a trade was executed on a protected marketplace (an ATS) at a better price than the market they were subscribers to,” explains Stoop.

Does that mean Canadians were paying higher trading fees and poor execution?

via Savvy Wall St. Vets May Look North to Canada for Spreads.