For Immediate Release        
June 20, 2016

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.

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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

Tanya Wiltshire                                                          Janice Callbeck          
Nova Scotia Securities Commission                           Office of the Superintendent of Securities    
902-424-8586                                                            P.E.I.

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

Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan