Market Liquidity

Decimalizing options on the Montréal Exchange (moving sub‑$3 options from 5‑cent to 1‑cent ticks) tightened spreads, improved depth near the top of book, and made prices more efficient, with the biggest gains in out‑of‑the‑money names.

Equity-market fragmentation in Canada brought cheaper, more innovative trading, and did not clearly help or hurt market quality, while raising technology costs and operational complexity.