Canadian Regulator Reprices Trades in Fortis, Inter Pipeline After Plunge
The Investment Industry Regulatory Organization of Canada said it canceled or repriced trades of two companies and two exchange-traded funds made during yesterday’s market plunge.
The regulator canceled a total of 12 trades of Fortis Inc., Claymore Canadian Financial Monthly Income ETF and iShares S&P/TSX Capped REIT Index Fund made from 2:40 p.m. to 3:10 p.m. yesterday. The regulator also repriced trade of Fortis, the two ETFs and Inter Pipeline Fund.
“In light of recent market volatility, IIROC will continue to closely monitor all trading on Canadian equity market places,” the Toronto-based organization said in a statement today.
The S&P/TSX Composite Index dropped more than 300 points from 2:30 p.m. to 2:45 p.m. yesterday, then regained more than 250 points by 3 p.m.
Fortis, a power utility based in St. John’s, Newfoundland, fell as much as 38 percent during the selloff. Calgary-based Inter Pipeline dropped as much as 45 percent.