Imported from previous forum
Canadian exchanges are subject to a client priority ruling, and a subset of that is called “client consent”. I’m trying to find a fix tag to represent client consent in order messages.
For more on client consent see - http://www.tsx.com/en/tsxtra/0306/story_clientPriority.html
…Your client may consent to you trading with him, provided that the client order is properly withheld and the person entering the principal or non-client order has no knowledge of the withheld client order.
“Deemed consent” is when the client is deemed to have consented to principal or non-client orders being entered if the client specifies that his order, such as a large block, is to be traded over the day.
You would need the “specific consent” of the client in order to trade alongside or ahead of her if she has not specifically instructed you to trade the order over the day. If you exercise your discretion to withhold the order from entry on a marketplace, you need to get specific consent from the client to trade alongside or ahead of the client. However, if the client specifically instructs you to trade the order over the day, the client has consented to you participating. You don’t have to ask; it’s implied in the client’s instruction.