FOR IMMEDIATE RELEASE
Regulators Revise Proposals on Institutional Trade Processing
March 3, 2006 - Montréal - Today, the Canadian Securities Administrators (CSA) published a revised rule and policy to accelerate institutional trade matching processes. The revisions to the original rule and policy respond to public comments made on the first versions published in April 2004.
“The majority of comments on the 2004 proposals support a CSA rule requiring
institutional trade matching on trade date,” said Jean St-Gelais, Chair
of the CSA, and President and Chief Executive Officer of Québec’s
Autorité des marchés financiers. “However, almost all of
the commenters found it unfeasible to require institutional trade matching
by the earlier proposed deadlines. We have revised our proposals to facilitate
institutional trade matching by focusing on policies and procedures and by
allowing a transition towards institutional trade matching on the day of trade
by July 1, 2008.”
Proposed National Instrument 24-101 — Institutional Trade Matching and Settlement, and Proposed Companion Policy 24-101CP — to National Instrument 24-101 – Institutional Trade Matching and Settlement are available on various CSA members’ web sites. Comments on the proposals are requested by May 2, 2006.
The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.
For more information:
Ontario Securities Commission
British Columbia Securities Commission
Alberta Securities Commission
Autorité des marchés financiers