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ARTICLE · 28 APRIL 2011

Canada Proposes New Rules For Electronic Trading And Direct Market Access

Blake, Cassels & Graydon LLP
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The Canadian Securities Administrators (CSA) have published for comment proposed National Instrument 23-103 Electronic Trading and Direct Electronic Access to Marketplaces (NI 23-103).

CanadaFinance and Banking
Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Copyright 2011, Blake, Cassels & Graydon LLP

Originally published in Blakes Bulletin on Securities Regulation, April 2011

Highlights

  • New obligations for marketplace participants for all electronic trading
  • New controls when providing direct electronic access for clients
  • Exempt market dealers ineligible for direct electronic access

The Canadian Securities Administrators (CSA) have published for comment proposed National Instrument 23-103 Electronic Trading and Direct Electronic Access to Marketplaces (NI 23-103). The new rules introduce a Canada-wide regulatory system for electronic trading. To date, such trading has been regulated by some exchange rules governing when participants are allowed to grant direct access to their clients, and some guidance for dealers about the enhanced compliance requirements for dealing with direct access by clients.

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