Canadian Securities Regulators Publish List of Unprotected Marketplaces
Toronto – Today, the Canadian Securities Administrators (CSA) published CSA Staff Notice 23-316 Order Protection Rule: Implementation of the Market Share Threshold and Amendments to Companion Policy 23-101 Trading Rules (CSA Staff Notice 23-316), which lists marketplaces that will be considered unprotected for the purposes of the order protection rule (OPR) in National Instrument 23-101 Trading Rules (NI 23-101).
This notice is related to the notice of amendments to NI 23-101and its related Companion Policy, published on April 7, 2016, which introduced a market share threshold intended to provide flexibility to market participants in determining if and when to access trading on certain marketplaces. The amendments also clarify the meaning of “automated trading functionality” with respect to marketplaces that impose intentional order processing delays. This approach is consistent with the policy underpinnings of the OPR framework and is not an endorsement or criticism of systemic order processing delays.
Subject to Ministerial approvals, as of July 6, 2016, certain marketplaces will be considered unprotected because they do not provide “automated trading functionality” as they have an intentional order processing delay, also known as a speed bump.
Also subject to Ministerial approvals, as of October 1, 2016, other marketplaces will be considered unprotected as they do not meet a market share threshold set by the regulators at 2.5 per cent of total value and volume traded. CSA Staff Notice 23-316 includes details on how market share for each marketplace is calculated.
CSA Staff Notice 23-316 can be found on CSA members’ websites.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
For more information:
Kristen Rose Mark Dickey
Ontario Securities Commission Alberta Securities Commission
416-593-2336 403-297-4481
Alison Walker Sylvain Théberge
British Columbia Securities Commission Autorité des marchés financiers
604-899-6713 514-940-2176
Jason (Jay) Booth Andrew Nicholson
Manitoba Securities Commission Financial and Consumer Services
204-945-1660 Commission, New Brunswick
506-658-3021
Tanya Wiltshire Janice Callbeck
Nova Scotia Securities Commission Office of the Superintendent of Securities
902-424-8586 P.E.I.
902-368-6288
Carl Allwood Rhonda Horte
Office of the Superintendent of Securities Office of the Yukon Superintendent of
Newfoundland and Labrador Securities
709-729-2956 867-667-5466
Jeff Mason Tom Hall
Nunavut Securities Office Office of the Superintendent of Securities
867-975-6591 Northwest Territories
867-767-9305
Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160