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Canada stress-tests its markets quietly, and passes

Reflections of city hall and Canada flag.
Photo: Grant Faint/Getty Images

A newly released CIRO report has brought fresh attention to the results of its October 2025 industrywide continuity exercises, highlighting their relevance to current regulatory priorities.

On a Saturday morning in late October, when trading floors were dark and markets  technically “closed,” Canada’s investment industry was running one of its most consequential exercises of the year. Not a crisis, but a simulation one. Not a failure, but a test of whether failure could be contained.

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