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ARTICLE · 02 NOVEMBER 2012

CSA And IIROC Release Provisions Regarding Third-Party Electronic Access To Marketplaces

Stikeman Elliott LLP
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The Canadian Securities Administrators yesterday introduced proposed amendments to NI 23-103 Electronic Trading to impose requirements on participant dealers that provide direct electronic access (DEA).

CanadaFinance and Banking
The Securities Group
The Securities Group
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The Canadian Securities Administrators yesterday introduced proposed amendments to NI 23-103 Electronic Trading to impose requirements on participant dealers that provide direct electronic access (DEA). As we've discussed in the past, the CSA adopted NI 23-103, intended to address the risks of electronic trading, specifically with respect to credit risk, market integrity risk, technology or systems risk and regulatory arbitrage risk, earlier this year. However, the instrument, which comes into effect on March 1, 2013, did not include requirements regarding the provision of DEA. The proposals released yesterday are thus intended to address the need for appropriate controls to manage risks associated with providing DEA.

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