On February 20, IIROC released for comment a proposed new rule that would require
reporting of debt transactions.
Specifically, under the proposal, each IIROC dealer member
would have to report on a post-trade basis all debt market
transactions executed by the dealer member, including those
executed on an Alternative Trading System (ATS) or through an
Inter-Dealer Bond Broker (IDBB).
For these purposes, "debt securities" would
mean any securities that provide the holder with a legal right, in
specified circumstances, to demand payment of the amount owing,
including in respect of a debtor-creditor relationship.
The fact that a security was issued in another country or
denominated in a foreign currency would not disqualify it from
being a debt security and the term would include securities with
short-term maturities or mandatory tender periods such as
commercial paper and floating rate notes as well as traditional
notes and bonds. Debt securities, however, would not
