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ARTICLE · 30 JUNE 2008

Institutional Trade-Matching And Settlement - Extension Of Transitional Phase-In By 24 Months

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The Canadian Securities Administrators (CSA) recently issued Notice 24-307 Exemption from Transitional Rule: Extension of Transitional Phase-In Period in National Instrument 24-101 Institutional Trade Matching and Settlement.

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The Canadian Securities Administrators (CSA) recently issued Notice 24-307 Exemption from Transitional Rule: Extension of Transitional Phase-In Period in National Instrument 24-101 Institutional Trade Matching and Settlement. This notice extends the transitional phase-in period, contained in National Instrument 24-101 Institutional Trade Matching and Settlement, for matching DAP/RAP trades by midnight on trade date (T) by an additional 24 months to July 1, 2010.

In making its decision, the CSA cited concerns raised by the Canadian Capital Markets Association (CCMA) as well as industry working groups, which are borne out by trade matching statistics compiled by CDS Clearing and Depository Services Inc. (CDS), about the overall readiness of Canadian capital markets participants to comply with the requirement to match trades by midnight on T. CCMA contends that major new

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