For Immediate Release
April 7, 2016
Canadian Securities Regulators Publish Amendments to Order Protection Rule
Toronto – The Canadian Securities Administrators (CSA) today published final amendments to National Instrument 23-101 Trading Rules and its companion policy. The amendments adjust the order protection rule (OPR) framework to address inefficiencies and respond to market developments.
“We have seen tremendous evolution in the markets and we are making sure that regulation evolves along with it. The final amendments will provide flexibility to market participants in determining if and when to access trading on certain marketplaces, address the level of trading fees in Canada and provide a transparent process for regulatory oversight of real-time professional market data fees,” said Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers.
The amendments include:
- a market share threshold set at 2.5 per cent market share of the adjusted volume and value traded equally weighted over a one-year period;
- guidance related to intentional order processing delays or speed bumps;
- a data fees methodology; and
- a cap on active trading fees charged by marketplaces.
The changes are based on proposed amendments first published in May 2014, following a CSA review of OPR, as well as June 2015 proposed amendments to the Companion Policy to National Instrument 23-101 Trading Rules, which address circumstances where a marketplace has introduced an intentional order processing delay.
Provided all necessary Ministerial approvals are obtained, the amendments will come into force on July 6, 2016, except for the market share threshold, which will come into force on October 1, 2016.
Today, the CSA also published CSA Notice and Request for Comment Proposed Amendments to National Instrument 23-101 Trading Rules. The proposed amendments would reduce the cap on active trading fees for non-inter-listed securities. These are securities that are listed on a Canadian exchange, but not listed on a U.S. exchange. The proposed amendments can be found on CSA members’ websites. The comment period closes on July 6, 2016.
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 Ontario Securities Commission 416-593-2336
|
Mark Dickey Alberta Securities Commission 403-297-4481
|
Richard Gilhooley British Columbia Securities Commission 604-899-6713
|
Sylvain Théberge Autorité des marchés financiers 514-940-2176
|
Ainsley Cunningham Manitoba Securities Commission 204-945-4733
|
Andrew Nicholson Financial and Consumer Services Commission, New Brunswick 506-658-3021
|
Tanya Wiltshire Nova Scotia Securities Commission 902-424-8586
|
Janice Callbeck Office of the Superintendent of Securities, P.E.I. 902-368-6288
|
Carl Callwood Office of the Superintendent of Securities, Newfoundland and Labrador 709-729-2956
|
Rhonda Horte Office of the Yukon Superintendent of Securities 867-667-5466
|
Jeff Mason Nunavut Securities Office 867-975-6591
|
Tom Hall Office of the Superintendent of Securities Northwest Territories 867-767-9305
|
Shannon McMillan Financial and Consumer Affairs Authority of Saskatchewan 306-798-4160
|
|