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ARTICLE · 24 DECEMBER 2013

No Gaps Found In Review Of Electronic Trading Regulation

Stikeman Elliott LLP
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The Ontario Securities Commission released an update yesterday in respect of its risk analysis of electronic trading.

CanadaFinance and Banking
The Securities Group
The Securities Group
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The Ontario Securities Commission released an update yesterday in respect of its risk analysis of electronic trading. As we discussed in November 2012, the OSC retained a consultant last year to analyze tools and controls with respect to electronic trading in Canada and to gather information from market participants regarding the risks posed by electronic trading and the provision of direct electronic access. 

The consultant's report, included as an appendix of the OSC notice, ultimately finds that the new NI 23-103 Electronic Trading provides adequate and comprehensive controls for the risks associated with electronic trading. The report also includes recommendations for improving industry testing, protocols and standards for marketplace operations. The OSC's update also identifies additional risks introduced by the increased use of complex trading technology, namely (i) credit risk; (ii) market integrity risk; and (iii) technology or systems risk, and sets out

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