TSX and TSX Venture

Canada’s Stock Market Manipulation and Transparency Issues18 min read

Comments (87)
  1. Martin says:

    A TSX stock I’ve been invested in for several years is constantly subject to down-ticking. It is very frustrating and unfair – the stock has often had great support on strong activity all day and then someone sells 100 shares in the final 60 seconds of trading which can often erase the whole day’s gains or at the very least leave the impression that the market has cooled on the stock. I track this stock intensely on most days, using Level II data, and am constantly anticipating this action in the final seconds of trading. I can’t remember how many times I’ve commented to my wife just before the end of trading that I’m waiting to see the usual idiot who invariably ‘gives away’ a 100 shares or so just at the end of the day. And then I confirm to her, that yes it’s happened again. Thanks for sharing with your readers that this is a common practice, why it happens on the TSX in particular, and letting me know that it isn’t just happening with my junior gold stock.

  2. Ron says:

    Your article has opened my eyes and explained any number of “curious” pricings that I have seen develop. While I believe the U.S. Traders still lead, in total dollar amounts, the world in stock price manipulation, this activity in Canada hurts the companies most at risk, the junior up and coming firms. Who will continue to invest in these firms knowing how greedy traders can manipulate them out of business?

    1. Sam Hughes says:

      You are right the stock Aphrea has been run up then dumped for months with some algorithm Buying or selling huge quantities at exactly 9.40 am and never allowed to pass the $12.00 mark till recently and now it seems between $18.00 and $19 is the new mark, I have an idea which bank is doing this but need more info to prove it.

  3. Bernie Poulin says:

    Literally no venture stock seems to get on a great run and hold a price because as soon as they do these predatory shorts come in and attack them over and over which has taken the life out of the venture exchange because now retail investors dont see that hope they once had in having a chance to make a great return so they no longer play the market or they now get in and out very quickly and it is a game of a penny here or a penny there absolutely pathetic it has to be stopped now – The only one making any fortunes are these crook predators what a absolute shame !!!!

  4. Ron Dunsford says:

    There should be full disclosure on all markets and short selling should not be allowed.

  5. Ron Dunsford says:

    Short selling should not be allowed.
    Full disclosure on all markets should be available to all.

  6. Dave Blow says:

    Short sellers and HFT are just swindlers and bank robbers that don t use a gun!Market is rigged against retail investors worse than Las Vegas.House always wins.

  7. John says:

    its not just the naked shorting of stocks. its also the nake shorting of commodities, especially gold and silver. the nake shorting of anything should be prevented.

  8. John Zupancic says:

    The whole area of short selling should be evaluated. Why should a broker have the authority to take stock from my account and loan these shares to someone else to sell as if they own the shares? I believe my permission needs to be obtained before any shares in my account can be “borrowed” by anyone else.

  9. Fred Simons says:

    Brokers are not your friend. The game is stacked in favor of the professionals. More so since the investment bankers were allowed to own stockbrokers. More so since the trading floor disappeared. The game is now being played with the same ‘rules’ as in existence during the 20’s and 30’s. Just look up Jay Gould. GS will pay $670,000 to HC for a speech. No uptick rules. No rules you can use to sue. Challenge an execution and the word comes back “nothing untoward happened”.
    . The trading floor in Toronto during the 60’s,70’s and 80’s was controlled by the market maker in Nickel and Falcy . He resisted a rule book being published and when it finally came to be it was a useless document.. a truck could drive through the holes. The separation of investment banking and brokers done in the SEC Act of 32,33 was a positive but we are back to the rules of the Twenties. The uptick rule was established in 1932 but was habitually violated by the floor traders and the market makers who destabilized markets at will.
    Good luck with your petition

  10. Charl Breytenbach says:

    Consider also to prevent short selling if the value of the stock is less than % 5

  11. noIMspartacus says:

    Oh and btw, did you see “The Big Short”?
    After all that film revealed about the CDO ponzi scams, the last caption read….
    “In 2015, several large banks started selling billions in something called a “bespoke tranche opportunity.”

    Which, according to Bloomberg News, is just another name for a CDO.”

    “You have no idea of the crap people are pulling (STILL) and everyone is walking around like they’re in a goddamn Enya video”
    ! https://www.youtube.com/watch?v=jmCN4F9SgNY

  12. Bernard Winiewski says:

    Shorting of stocks is a form of legalized fraud that should not be allowed in a fair and honest market. When the supply of stocks is artificially increased by so called borrowing, then re-selling, it is evident from economics that the price will drop. No sane owner of the stocks would lend them out if he truly had a choice, only to see them returned at a depreciated value.
    It is the responsibility of stock exchanges to set up an ideal system of fair and honest rules and likely disallow companies from trading their stocks on multiple exchanges. If they fail in this regard, all they will be left with are cheaters and suckers.

  13. RedDog says:

    The consolidated data feed service is a must for professional traders and institutions where the cost is meaningless, but for the average retail investor and investment advisor out there trying to make a living or manage their costs, this is a big issue and not knowing the true bid/ask spread on the stock or depth/liquidity in the order book will affect their bottom lines as well. I think this service should have been incorporated into the cost of trading.

    I would also go one step further and say that the way Exchanges operate is also not on a level playing field. I still find that if you’re not a big player or institution with endless amount of money to trade with, you’re still swimming in a big lake with all those big fish lurking around so do speak.

    To alleviate advantages over smaller investors, traders and the like, is for Exchanges to implement similar measures like what the NHL has done with their salary caps per team. They can implement a maximum cap on total volume and or total value traded on buy/sell trades per/stock per/day per/account per/broker. I know that sounds radical, but this in my opinion would reduce and contain manipulation of stocks, front running, HFT, prevent layering the books, help market makers stay in touch, prevent shorting pressures and many more strategies that hedge funds and otherwise are imposing on Exchanges.

    In short, rich traders and institutions will have to abide with the restriction limits which will force them to better manage their affairs and take responsibility for being on a level playing field with small time traders/investors.

  14. Steve Winser says:

    This is another example of how the dishonest and greedy come out ahead of the working, honest people every time. It all starts at the top with crooked, greedy politicians and people with power. The system has evolved to where you can’t make any return on money in the bank so you are forced to try to get a return somewhere else. Only to be swindled by con artists waiting for you which ever direction you go. Usually in a scam dressed up to look like a reasonable investment by some bank, financial institute, brokerage firm, etc. In my opinion the whole world economy is a ponzi scheme and the investments most of us have are not worth the paper they are printed on. Which is going to make for a big shit show not to far down the road. But I am sure all the greedy douche bags who have allowed it to get to this will O.K.

  15. Bob Drummond says:

    You are misguided when you say that stock market manipulation is against the law, banks, central banks and the government do it all the time.

    What you probably meant to say is the stock market manipulation is against the law for non-authorized, the average investor, personal.

    “All animals are equal, but some are more equal than others” George Orwell, Animal Farm

    1. noIMspartacus says:

      LOL… typical contradictory and hypocritical waffle….

  16. James Ryan says:

    Thanks Equedia for bringing up this serious issue again as my stock portfolio has experience the strange end of day stock selling behavior so many times I’ve stop counting. Something we Canadians should be very concerned about is the up coming nafta renegotiation where the US is going to become more demanding to get what they want at our expense. Our government has started making more market deals with other nations lessening our dependence on trade with the US as I believe the new nafta deal will cause great pain for many employees as jobs will be lost on both sides. Small businesses create many good and unique jobs in this country many of them trade on the Tsx Venture such that shorting these stocks should be banned completely. It has always be wrong that governments fiercely protect large corporations, but the let them beat up the venture companies drive their share price down so they can buy them out cheaply. They then brag about what great deals they have made then slap us in the face by selling the products these ventures companies spent so much time and effort to create a product that would benefit so many, then selling them back to us at exorbitant prices, now both retail investors and product customers loose. It’s time that we make it urgent that Tmx and government protect our venture companies who are doing great work proving good jobs also developing new technologies that can be exported making Canada a more desirable place to do business. We also need to make sure that phony companies that use the Venture to rob retail investors of their hard earn money be severely dealt with as over the years this has caused many investors to stop trading the Txs venture.

  17. Robert says:

    Who owns the Exchanges in Canada? Your Answer the 5 Big Canadian Banks along with there HFT Algo’s robbing the joe public with there manipulation and stealing investors money! What a Shame our Canadian Banks stealing from us with spoof trading playing both sides of the market and not only that they route there trades to mask there trades on both bid and asks.
    Irroc people have no clue on what’s going on these days

    Time the Canadian Government steps in

  18. Karl H Broich says:

    We are being kept in the dark Corruption is rampant in the markets. This keeps up the public will exit for good Many investors I talk to have told me their intention is to exit The market oversite people don’t seem to care. These machines run by banks should be outlawed immediately. Government regulators are a joke

  19. Ben says:

    As a Canadian stock investor things need to change for those individual investors who wish to purchase Canadian Stocks. Both the TSX and TSXV have been hammered these last few years because of the way things are currently set up. If we want a thriving Canadian stock market than things need to change or it will go down the tubes as it has been steadily declining over the past several years now. I am at the point where I will not buy any Canadian stock because it is so manipulated. It is pretty sad when as a proud Canadian you can’t invest in your own Country.

  20. Dennis Lee says:

    I did not realize that the TSX, TSX_V were only recording a percentage of all the activity in the market day. It in my mind is as dishonest as taking money from my account.

  21. John Latoszek says:

    Just finishing reading reading Flash Boys by Michael Lewis and recommend it to all to really be enlightened on this subject.

  22. Bob says:

    Great article that accurately describes the problems of the Canadian system.

    Uptick rule needs to be reinstated. Short selling abuse in Canada is rampant. 15 day reporting period is nothing more than a smoke and mirrors scam. 15 day reporting periods do not paint an accurate picture of what is really happening. Short positions should be reported daily.

    Alternative markets are a real pain. Data for these markets is either expensive or not available in many places. This is one of the reasons I rarely use Canadian markets now. Just when you think you have all the data you need another one of these things pops up. Pure is a good example of excessive fees.

    Manipulation and insider trading seems to go on almost unchecked in Canada. Insider trading on smaller cap stocks seems to happen a lot. It’s too much a coincidence to see so many stocks move higher 1-3 days in advance of news on higher volume only to be crushed when positive news comes out. This happens too frequently to simply be luck or timing. General manipulation low closing and high volume order board manipulation is a huge problem in Canada.

    Stornoway diamond is a perfect example of a manipulated smaller cap stock. This stock is low closed in the final seconds of the day 2-3 times per week usually by house 2 rbc but not exclusively them. This stock has a problem with high volume order board manipulation or spoofing as you call it attempting to prevent upside and deter buying. Alternative markets are being used to sell cheaper even though the sell order is not on the board at the time the buy order is placed. If you try to buy for example at 77 cents you will be sold stock at 76.5 cents. Then the stock will almost immediately be sold down. Sure everyone loves cheaper stock but not when the seller is only doing it to prevent upside on the stock. The manipulation on this stock is so bad it has killed the volume and driven away most interest. I am not suggesting this stock should be higher or lower only that it’s manipulated daily. It is definitely not a freely trading stock. Who wants to own a stock that never goes up.

    Crescent point energy is a great example of what abusive naked short selling looks like.

    I barely trade in Canada anymore. I prefer US markets now. I just don’t believe regulators can or will do what is necessary to fix what is broken in Canada. Even if they do I can’t see myself coming back to Canadian markets. I will definitely never use the venture market again.

  23. Donna Beck says:

    All investors should be playing on the same field for investing their funds.

  24. Monty says:

    I really hope a petition gains momentum. A lot of us put up with the inequities, but we shouldn’t. Naked short selling boarders on criminality and is just not right. The authorities should be clamping down on this through prosecution

  25. william mellor says:

    Due to the issues described 4 years ago and today I am systematically unwindng my tsx.v portfolio. In tired of the shorts and limited information. And what I suspect professional manipulators destroying the market

  26. awesomesound says:

    It is federally illegal for Americans to Profit in anyway through the sell and distribution of Cannabis PERIOD !!! Any OTC/ADR US funds that claim to buy and sell Canadian Cannabis stock are fraudulent, and are in no way going to investments in a canadian cannabis company.
    Example: OTC Stinky Pink Ticker INVALID Because Tweed no longer trades on the TSX, So your Illegal US Tweed shares are not invested in CGC and doesn’t go into Tweed Coffers, because that would be a crime for a Canadian Weed company to sell or buy shares from Americans, YOUR US INVESTMENTS ARE ILLEGAL AND CRIMINAL.

    Financial Reporting/Disclosure
    Reporting Status International Reporting: TSX Venture Exchange
    Fiscal Year End 3/31
    OTC Marketplace Pink Current

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  28. Allan Leonard says:

    I’ve always contended that short selling of any description should be discontinued throughout the world. If that is not possible then at least a return to the uptick rule.

  29. Ron Struthers says:

    There is an easy way to solve the shorting, up tick rule and other platforms. Simply there should be no short selling period on any stock below a certain price level. Maybe that is 35 cents or 50 cents or $1.00? Low priced stocks with low market caps are to easy to manipulate. Perhaps a combination of price and market cap. This would in turn also aid in manipulators driving a price too high as it would be open to short sellers at the higher price threshold

  30. Roger Briggs says:

    I am a shareholder in a TSX-V company where the price is constantly and aggressively marked down very close to each days close. Today 99% of >500000 shares traded around 20-21c yet a few tiny share share trades (500 shares) at the end pushed the closing price down 10%+. This has been happening day after day despite persistent positive performance by the company. IIROC say its algorhythm trading and that’s fine by them. So if an algo is designed to drive the price up is that OK too?
    Canadian share trading is a joke it is not a genuine stockmarket at all, its just a computer game played by a tiny number of corrupt people with access and its all fed by genuine investors money.
    Canadian regulators should be ashamed of themselves. If this was happening in London the guys who manipulate this market would be in jail.

  31. Simon Wojtkiw says:

    Canadian markets are so corrupt I’ve had to take my investments to the NASDAQ. It was a sad day when I had to leave. I really enjoyed supporting Canadian economy. The corruption and stock manipulation was too much to handle. And for a country that claims to have fair markets. What a joke . Get your shit together IIROC , CSE, TSX. You’ve created a market to steal hard working Canadians money and give it to the rich investment firms. You’re a bunch of criminals if you ask me.

  32. Pierre G. Roy says:

    Short selling should banned, period. It is based on false pretents, first by borrowing shares from brokers that do not have ownerships of said shares, this action is a fraud to begin with according to our Canadian Criminal Code, as none of the owners of lended shares agreed at first. This very fact I am positive constitues grounds for a civil action against brokers involved in short selling, the lenders and likely serious criminal charges;
    and second by manipulating the psyche, false rumors, deprecating the credibility of shares issuers shorted. As one can see, this short selling scam is not serving the purpose set forth by the legislation governing our financial institutions, which is to permit shares issuers to obtain financing from the public on the basis of fairness, honesty driving one’s innovation, projects, etc.. etc…
    The market does not need these ”crooks” short sellers to destabilize, manipulate the value of public companies, value that shall be according to merit given each by the general public investors own’s opinion of said value.

  33. Scottie says:

    there is an issue where the TD bank has been removing peoples QUOTE access when the markets are being forced down by the pension funds and Banks till it is too late to respond to the market then they magically make the quotes work again after it’s too late ,this causes excessive loss if someone sells then at that point.

    and the 15 minute delay for quotes is a problem only for the actual traders with NORMAL connections,the high speed connections already have an advantage ,they see your orders before the wheels stop spinning on your account screen so that enables them to undercut or over price the stock that you are either selling or buying.


    all the scare tactics they use on the investors through the aid of the media also needs to be addressed.
    basically we the regular folk are getting screwed by the big banks and funds and crooked brokers and manipulative MEDIA.

  34. Scottie says:

    Hey you think the stockmarkets are the only corrupt thing in Canada? take a look and I do mean look into all the legislation that has been corruptly changed behind closed doors while the Harper Government was in power for so long! Remember Employment insurance? EI ,we all paid into it for our whole working carreers under the guise that “it would help protect us in case we were ever out of employment for any given period.It was suppose to be there,well I paid into it for about 40 years ,then I was physically broken so couldn’t do the job which I had been doing,so to be fair to the company I worked for for my whole career,I pulled the plug,well they gave me my ROE (record of employment)and I left the industry. It took a couple of years till I could walk right again and up to that time I would not qualify for the EI claim ,being as I could not work all broken up, so when I was able to walk again (up to this point I was depleting my savings (what little I had) anyways I was now able to try to work so I took my ROE with me into the EI office to initiate my claim ,WELL thats when the reality hit….they had NO INTENTION of honoring my ROE from the large public company which was my employer for my whole career,they did not help me initiate any unemployment claim ,instead they deflected me away to some other office which apparently had nothing to do with EI. I went there all they wanted was to keep bringing me back once or twice every couple of weeks for yet another “workshop on resume building” this process was drawn out over three months and I still never did get a completed resume made ,yet they still wanted me to come back more for more “usless workshops”
    I finally said to the woman there that ALL I SEE IS THEM MAKING MONEY KEEPING ME COMING TO THESE BULLSHIT WORKSHOPS FOR SEVERAL MONTHS to do what should have been completed in the very 1st week of going there.I told them to shove it and never went back ,as well I never did get my EI claim initiated so I am living in poverty with nothing coming in. this is all because of the corrupt HARPER government having gone in and changed all of the legislation covering the EI and many other things behind everyones back without our knowledge and knowing full well it wouldn’t come to light right away ,and most likely long after they were not in power anymore. to make a long story short,these governmentTypes have changed too many things so as to allow themselves to NOT have to keep their end of all these forced on us policys that we pay into. the moneys they collect are astronomical from all the working slaves out there but until it comes time when their end of the contracts is required no one knows about it. basically they have set all the LEGISLATION out there to fill their slushfunds at the expense of the working man and they have too many loophole so they (the government) can weasel out of any financial responsibility they may have to the people of the country. WORSE PART IS WE KEEP HAVING TO PAY INTO THEIR SCAM PROGRAMS EVEN THOUGH THEY HAVE NO INTENTION OF EVER HONORING THEIR END OF IT. this happening currently 2015-2018 . and of course it finally came to light for me now that the HARPER GOVERNMENT is not the all powerful ones running the country.
    the Liberals should go through ALL the legislation that causes our people to pay into anything which has been changed by the HARPER CROOKS. most people are blind to the fact that they are being scammed by these corrupt policys every working day of their careers in Canada and don’t find out till it’s way to late to do anything about it.
    So YEA THE STOCK MARKET IS NOT THE ONLY SCAM IN THIS COUNTRY. the other main one is the “locking in of your pension money, o and thats suppose to be to “protect the people from themselves” and we all know it is not to protect us the people but is there to protect the big banks and government slush funds which they call OUR PENSIONS. the people would do better off with the money up front rather than having it extorted through legislation to where you NEVER ACTUALLY GET TO UTILIZE THE FUNDS THAT HAVE BEEN SCALPED FROM YOUR WORKING WAGES then they charge you EXTREME TAXES to try to use any of it IF YOU EVEN QUALIFY UNDER THEIR LEGISLATION to recieve anything from the pension which was all paid for by you the worker all your career.
    I know it was a little off subject but that just shows you the extent of corruption that is going on at a legislative level in this country! TRUST NONE OF THEM they believe our only purpose is to be slaves and line their pockets with our money.

  35. Frank says:

    I just wanted to say thank you for this article and your efforts to bring awareness and much needed change to this serious problem we have in the Canadian Markets. I, like many others, have fallen victim to market manipulation and have lost very significant amounts of my hard earned dollars. Short sellers have managed to inflict mental and financial ruin on me and my family and it must STOP! Please continue your efforts to bring this much needed change. The regulators are essentially backing/supporting criminal activity by being aware of these problems and not making changes to support and protect the honest investors and the respective companies they’re investing in that are trying to grow. Once again, thank you for doing this. God Bless you.

  36. Wes De Vries says:

    Corruption and stock manipulation is quite apparent and regulators should be ashamed of themselves. For a country that claims to have fair markets…what a joke . Get your shit together IIROC , CSE, TSX. You’ve created a market to steal hard working Canadians money and give it to the rich investment firms. You’re a bunch of criminals! Ban short-selling!

  37. B. Peroff says:

    All this criminal practice should not be allowed

  38. J v says:

    Shorting should only be allowed on dividend paying stocks and stocks trading over 3 bucks.

  39. Yasin says:

    Thank you for this article.
    Very small stock market and easily manipulated. I was not aware that regulators were making it easier to manipulate. It seems the best way to make money in Canadian companies is to short and naked shorting which is allowed in Canada makes it easier.
    What a joke of a stock market!

  40. John Schultz says:

    I do not think short selling is a necessary feature of our stock market. Far too much manipulation these days. In my opinion, if you want your shared to be borrowed by others, you should rent them to them for a fee, kind of like buying an option….If they borrow my shares and make a profit, why should I not get a piece of it ?
    I certainly would not give anybody else control of my shares. We should have to precisely declare that our shares are allowed to be rented out, otherwise they can’t be touched.
    If somebody thinks the stock is overvalued, that is just too bad. Find another stock that will go up in value and invest. It is a bad thing to beat down a stock price just because you can.

  41. Chris Mah says:

    I have one stock that is on TSX. It is pushed down at the end of the day nearly everyday. There is a 1.2M short position and I think that these players are holding the stock back. It moves up, then between TD and Anon – the drop the price.
    Any potential upside is totally lost to these players. An investor should have a platform to complain. I am truly hoping that there is a major short squeeze and these players get burnt.

  42. sebastien proulx says:

    To whom it may concern at IROC, look into isodiol, ticker isol… major stock manipulation on this security… want some homework that would lead to marker manipulators.. this stock is a shorters dream.. please stop this from happening.

  43. B Gravelle says:

    The dow….the TSX…the venture…are all extremely controlled by manipulated computers….it is so obvious….it makes me want to through up.
    The minute you invest…..the minute your $$$$ will be lost. The big guys will always win…..and try it….I know.

  44. Eileen says:

    I call bullshit! What a scam. Pass along the survey and get the word out! We need to press for change and turn up the heat.

  45. Bob says:

    Crescent point energy is a perfect example of what short selling abuse and manipulation looks like. Houses 1 and 79 are manipulating this stock lower or preventing upside every single day for the last year and a half. It’s pretty disgusting that this can happen on Canadian stock markets. If this kind of crap can happen on tsx60 stocks then all hope for this market is lost and there is just no point to owning Canadian listed companies any longer.

    June 19 and 20 2018. Two days in a row manipulated lower right near the close with an avalanche of selling.

  46. scottie says:


  47. Todd says:

    The market has become corrupt with unregulated short selling and criminal activity. Many investors and retirees have lost almost everything they have worked so hard for. Including myself. This is a disgusting corrupt way to run a market. Canada should be sued over allowing this!! Discusting

  48. Gyorgy Barabas says:

    Make fair market for all!

  49. Leo Di Carlo says:

    On the TMZ Money website I have watched the same broker down tick the price. Each time the price dropped 1 cent it was the same broker selling 100 to 300 shares,

  50. Pierre Dumoulin says:

    I read very carefully your letter and I share all your comments as I saw it when watching the stock market in action for many years.

    Furthermore, on the TSXV, the “Delayed Market Depth By Price Summary” is most of the time incorrect as it shows false informations like this:

    Last Market by Price Update: 12 Oct 2018 16:15 ET

    Instrument Name: Enerdynamic Hybrid Technologies Corp. Symbol: EHT

    The market data displayed is provided on a 15-minute delayed basis and we do not guarantee its accuracy or completeness. Please refer to the date/time stamp above to obtain the age of the data in this table.

    Orders Volume Price Range
    59 4,088,000 0.05500-0.07500
    Price Range Volume Orders
    0.07000-0.09000 1,166,000 33

    The table displays a summary of the orders entered at the best five price levels for each of the buy and sell sides of the market for this security. The best prices for each side are highlighted in bold type above.

    As you may notice, the highest BID is 0,075 and the lowsest BID is 0,070; it should be the opposite.

    Once, not a long time ago, I placed a bid of 150,000 shares of TCI.V at 0,075 through my broker ( NationalBank ) and I knew I was the first to bid at that price as the highest bid was 0,070 .

    Only 90,000 shares went through…!

    I called my broker to krow why and he could’nt answer…

    I watche the close every night and TD sell lower almost all the time at one minute of the close…

    I could go on and on as I saw so many things happen. I’m getting very frustated and so many companies delisting the TSXV to go on CSE..

    Good day

    I could go on and on as I

  51. Paul Shushack says:

    Can Canadians sue aphria such as the USA lawyer are?

  52. Andy C says:

    Current market conditions are unfair to retail investors . Stock manipulation ,shorting and distorting are rampant. Shorts are able to distort with no accountability. Companies taking legal action against them draw more negative attention to there stock so the distorters get away with it. News media and sites like seeking alpha etc. Seem to have no accountability and the power of media is very strong . Shorting is inherently a negative thing. Let’s get things changed so there is a balance. Scales are tipped to favour shorts .I am not investing anymore till rules change this last fiasco with the short and distort on Aphria has sealed the deal with me. Thank you for listening!

  53. Phil C says:

    There is definitely underhand and manipulative shenanigans inherent within the Canadian markets. It appears to me that there is a reverse Robin Hood scenario where financial bodies blatantly part rookie and retail investors of their hard earned cash via deceit, intimidation and financial institute collusion. The rich get richer. We have watched thousands of dollars of our money lost to manipulators; akin to parasites. Preying on the weak and vulnerable. My wife and I worked hard all of our lives to provide for our children and our own retirement, only to watch our investments pillaged by criminals. We had reasonable faith that Canadian Investments would be protected by law based upon fairness and transparency and protected by our Government. This is evidently not the case.

  54. Scottie says:

    THE CANADIAN CRIMINAL CODE does state that short selling must not be used to manipulate the stock prices.


    IT is about time the UNDERLYING companies whose stocks are being decimated go on the attack mode and FORCE the “REGULATORS to DO THEIR JOBS!

    there has been an acute attack on our stocks and we the actual investors and the companies who’s stocks we purchase are being SCAMMED BY THE BIG PRIVATE BANKS AND BROKERS!

    LIKE BACK IN the march -april trading sessions when the WEED stock was shorted just over TWICE the amount of stock than what they have issued and outstanding. NOW if that was not manipulation than what the hell is their definition of manipulation?
    in order to short a stock, the shorter has to borrow the stock to sell it short,so where did these short sellers acquire the NON-EXISTENT STOCK TO SHORT WITH? and secondly I am sure that I am NOT the only LONG holder of the stock so add my stock to all the other LONG holders who did not lend our stock together and remove that # from the # of issued stock and you will see that there was even less AVAILABLE to BORROW so they could short the mass #s that they did!
    SO if that is not fraud on their part then where does the NONEXISTENT stock come from to COVER the shorts to complete the transaction? and if they are loaning out OUR stock without our permission, I believe we should be getting a cut of the profit they take! BUT THATS NOT HAPPENING IS IT!


  55. Lance A. says:

    Scottie, I am in when you are ready to get serious. I have watch 67% of my investment deteriorate through price manipulation that occurs on some of my stock every day. Perhaps a class action lawsuit is in order for IIROC? Let me know where to sign up.

  56. bob says:

    A petition was just started by someone on reddit in the last few weeks if anyone is interested. There are almost 2,000 signatures.



  57. Ken W says:

    There is definitely manipulation of the Canadian markets on all levels!! Naked Shorting and Dark Pools should be totally criminalized with the convicted spending many years incarcerated!! Otherwise we are being robbed by the modern day highway men pure and simple!!

  58. Robert Benvie says:

    Retail investors are being robbed by bots

  59. Stacey says:

    There are other concerns that I feel are worse than the items that you brought up in this article:

    1. IIROC & other regulatory agencies seem to be influenced more by institutions that be the “average” day trader. I’ve complained several times to IIROC with video-recorded content to illustrate issues with my bank
    having a “delayed” feed in terms of when I bid. In other words, what I was seeing live was in fact delayed!
    The bank I dealt with forced me out and to seek another bank. I also complained to my current bank about issues, but again, IIROC took the position of the bank.

    2. Market Makers: These institutions (banks and brokerage houses) are “supposed” to create bids and asks
    throughout the day in order to keep the shares and trading “fluid” and in constant motion. However, they appear to “manipulate” the market, more often by driving down the market,rather than creating a “fluid movement” of stocks moving up and down. Also, the “fluidity” appears to be done faster than I can place a buy or sell order – as if the “market” was run by computer programs. One can also view the same market maker placing bids and asks throughout the price range.

    3. If you read the IIROC rules, you will see that many rules have been modified or changed with the input of the banks and stock brokerage companies. I have NEVER seen an individual trader been mentioned in terms of asking and getting a rule changed!

    4. Where in fact penalties have been instituted, they are written up. However, the penalized companies or individual listings are mostly from years ago, rather than any most-current “settlements”

  60. Tony Brewer says:

    Yes,, these practices have to change asap. This is a very unfair to retail investors . This is a rigged system and is criminal. I will be complaining to my MP also . It all makes sense now as to why I am so deep in the red with my portfolio on the TSP Venture . Your rules are catering to the white Collier criminals and this has to stop immediately .

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  62. scollins says:

    I noticed from my holdings page that some adjusted cost base have been changed when I did not make any trades. When I emailed and called, there were no replies. Stonewalling!

  63. Neil McTavish says:

    How nice to protect ONE sector from the ravages of short sellers while leaving the rest of the market at the mercy of these jerks! By doing so, they practically admitted that short selling distorts the market! I say ban short selling permanently!

  64. Dana M says:

    I am a small investor. 57 years old. Got tired of my ETF not moving, and paying fees to an invisible person to manage it so I tried investing myself. I have lost money, simply because I didn’t realize the cut throat environment I was entering. Now that I have bought shares in various mostly Canadian companies, my portfolio is down about 20%. Short selling tactics have made it impossible for me to try to regain my initial investment. It’s criminal, and I’ve been watching these tactics destroy my portfolio, as well as quite possibly the very companies I am invested in. I entered a trap, and I can’t get out because criminals and greed are allowed to carry, running rampant. bring back this uptick rule. Get rid of layers upon layers of exchanges that a retail investor can’t even see. The whole system is rigged to allow the little guy to get decimated, and crooks and unethical shooters etc to get rich. How many are there like me? . It’s disgusting. How can this be legal?

  65. Ronald Dawson says:

    This should be presented to A Scheer as a future policy change when he is elected as prime minister.

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  67. Terry Lynch says:

    A very insightful article an exactly my experience as well. I run a small junior mining Company and believe these policies are destroying an entire sector of our economy. Resources are what CANADA was built on and this manipulation will be our ruination. Talk is cheap however I have been talking with some fellow mining companies and it’s time to wake the hell up and make the public take notice.
    Only through galvanizing the public attention will we get the politicians to change the rules…otherwise it will never change.
    Stay tuned

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  69. Harry Temers says:

    Don’t just say you want to see a change. Make a change. Do what’s needed to make a change. You’ll have my support if we can make a change together. IIROC or any other agency needs to be made aware of all the theft and manipulation going on in the market

  70. Mike Sellers says:

    Predatory short selling is OUT-OF-HAND ! ! The stock price for new Canadian companies are being beaten down so low by these practices that they are threatening the financial viability of the companies (ie having a hard time raising money) and hurting investors (forces new companies to seriously dilute the sharehoders to raise the money they need). How does Canada benefit from this? Yes you may bring in some short-term revenue from the culprits of the shorting, but in the mid-term, you lose tax on investor gains, taxes from new companies keep declining and eventually the companies may go out of business which eliminates even more tax revenue as employees of these companies lose their jobs. In addition, investors quickly learn that Canada could care less about the small venture exchanges, which then just makes the situation worse as investors stop investing in the venture exchange. At the very least, Canada needs to help establish a program which allows the company to sell additional stock (for investment purposes/operating expenses) DIRECTLY to existing shareholder, versus the institutions which are manipulating the stocks.

    PS One of my bio-tech stocks (KALTF) can have 90+% of the daily volume shorted ! ! That’s INSANE ! !

    PSS How can a shareholder participate in the purchase of warrants, when they KNOW the short-sellers can easily make them worthless ! (even when there is goood news.)

  71. Michel Knight says:

    Been on the Canadian stock market for over 20 years.

    Naked short is killing almost every penny stock that is worth something, very unfair.

    Shorting should simply be illegal in the canadian market, we’re to small and everybody is taking advantage of us.

    So our small business never get a chance to grow…. That’s the way canada….
    To be honest I’m getting out of the canadian market, every body(Shorter) are making money from my investment….mmmmh

  72. Michel says:

    Very well said I agree 100%.

    I also follow the company that your talking about.
    Just to add, This company(kly.v) is on the verge of saving 1000 of life yearly, and the shorter are bringing this stock down so this company is being Naked short for 90% and more… so of courese the company is in trouble…

    So the Moral of the Story is, that you can “ILLEGALLY Naked short in canada and the SEC won’t do NOTHING”.
    Forget about bringing money together for a good reason…

    Shorter can do what they want, very disturbing….

  73. Rene Nielson says:

    It’s all a scam and when the credit finally dries up, the system implodes. Capitalism is a PONZI scheme.

  74. Harold Schwartz says:

    Shorters have become a invisible robber of investors trying to create their retirement funds. This really has become a crime not only to investors but also destruction to the companies that have issued stock that’s being traded. Far too many companies coming out with really good news seldom see their stocks move up that much any more and in so many cases actually see their stock rise a little and fall back to where it started, now is the time to stop this it has gone out of control almost every stock traded appears to be shorted on the Venture Exchange.

  75. Steven Abram says:

    I trade with an onlline broker and have many times been frustrated with the lack of transparency, because my online broker splits the shares between two platforms and sometimes only half of my shares get sold. Thus because of using two platforms or alternative exchange it’s costing me more in commissions and sometimes at a lower price. Because I can’t know how much they actually sold my shares at the alternative exhange/platform I cannot be sure if my broker is keeping some proceeds of the sale. There is no transparency.

  76. Nick Mashregi says:

    Any Update on this petition? How many signed? When is is it submitted?

    Just to add a point, CSE is much worse than TSX.

  77. Marc says:

    What would Adam Smith say, I wonder? It’s this dilly-dallying, tip toeing, and double speak that sends mixed messages. Don’t ever expect people who have an advantage to give up their advantage. Notwithstanding, if transparency is required for fair play in fair markets, then that’s what you’re asking, for those with the power to give up their advantage, ha.

  78. Jim Schulz says:

    The security regulators, whom are suppose to be looking out for interests of ALL investors are involved in a deliberate scheme to defraud small investors of their assets. They do this by lying and cheating in a game of smoke and mirrors, all while hiding behind a name and appointed power. Surprise surprise we are finding out they are only looking out for their puppet masters.

  79. K. Elliott says:

    Just read EVERY comment here. Talk about interesting and eye-opening. I have barely over two years trading experience but I have been hit by just about every illegitimate scam running out there. I wrote to the TSX recently, but have yet to receive any reply. I’m not holding my breath. Like several others before me, I will be exiting my Canadian positions at the earliest opportunity and trading mainly in the US markets. Not that I am gullible enough to think that manipulation doesn’t go on down there as well, I’m certain that it does. But hopefully less than it does in Canada. I am part way through a book on day trading and I wasn’t really surprised to discover that all these high volume trades that you see go through in the closing seconds just about every single day, is done by pre-arrangement between two market makers. That certainly sounds fine and dandy to me…NOT! I have one security, which will remain unnamed for now, that I’ve had for 18 months or so. It went through a 26 to 1 reverse split (nice loss there) and is now hovering at a dime, give or take. So you know that the loss here has to be huge. Promise after promise, none of which are ever kept. Eric Sprott, who should be familiar to all Canadian investors, is trying to get the uptick rule re-instated. It is long overdue and should never have been removed in the first place. I read an article yesterday to the effect that the US funds are playing havoc with our Canadian securities and think it is all just a big joke. Writing to your MP will only get results if you keep after them every week. Expect to get nothing but a runaround, especially if you live in a jurisdiction where the MP is Conservative. And no, I don’t care who you vote for, just stating a fact of life. All this talk of Canadian Banks having too much control doesn’t even cover the half of it. For example, how many readers are aware of just how much silver is being shorted by the Scotiabank? Yes, ’tis true. Until last year they were the biggest shorters of silver IN THE WORLD!. Even more than those crooks at J P Morgan, who have now taken the lead away from Scotiabank. And hopefully, you are all aware of the many execs at JPM who have been arrested for price manipulation in the precious metals markets. While it would be nice if the markets really did play fair and it was a level playing field for all, I fear it will not happen in my lifetime. Too much money, too much greed, too many dishonest politicians on both sides of the border, the list goes on. I’m sure you all know what I’m talking about. I will close by saying that I sincerely hope we, as Canadians, can effect the changes that we see as being necessary, and the sooner the better. Our legislators and those in charge of the exchanges in Canada seem to lack the cajones to do anything to upset the big money players. That has to stop. Thank you for reading.

  80. Matt says:

    Hat’s off to you for the your research efforts and sharing your work.

  81. Christopher Baldock says:

    The issue with short selling in Canada is disturbing and unhealthy for the markets. Market data should be available to all retail traders and advisors, transparency is one of the most important pieces for a healthy market. Please make regulatory changes.

  82. Rod says:

    The manipulation by especially large funds is rampant. Drive a stock price down with ‘unlimited’ funds, start buying it back after the panic subsides. Gain $Thousands, 10’s of $Thousands, 100’s of $Thousands, $Millions by selling stock you DO NOT OWN ! Nor do you have to qualify that the stock has been borrowed legitimately.

    The market is grossly skewed toward the non-individual buyer. The best example is the gold/silver stocks. Gold and/or Silver goes up, the Gold/Silver stocks go down. Literally thousands of examples. The funds are just sucking money out of the market, with nothing to restrain them.

    All stock certificates/shares are numbered. If a shorter ‘borrows’ shares to sell short, then the actual cert #s of those shares should be recorded. This way there can be no naked shorting of shares.


    1. Equedia says:

      Most of this is now done on the Canadian exchanges, since the only real rule in Canada is that you have to have confidence you can “borrow” the shares. So hedge funds sign agreements with owners of large blocks, sometimes insiders, to give them the right to borrow. Ultimately these shares never get transferred, as the short hedge funds just get squeezed if the market goes higher by buying in open market. With algorithms, these short hedge funds can wreak havoc on Canadian stocks, since there is no uptick rule. In other words, they can downtick stocks everyday to make the market look weak.

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