Universal Market Integrity Rules (UMIR) are a set of rules governing trading practices in Canada. These rules are set out by an independent regulator, the Investment Industry Regulatory Organization of Canada (IIROC). UMIR were established to promote fair, equitable, and efficient markets. Prior to the formation of the UMIR, each individual exchange was responsible for governing its trading practices. By making these practices universal, Canadian exchanges ensure equal fairness and improve investor confidence in all the exchanges.