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While minor changes have been made to the original proposals in
response to comments received, the changes are not considered
material by the CSA. Most of the amendments are expected to come
into force on July 1, 2012.
Among other things, the amendments relate to increased
transparency of marketplace operations and will update and
streamline regulatory and reporting requirements, including
requirements relating to conflicts of interest and outsourcing
arrangements, and provide guidance on issues such as when a dealer
that uses an automated system to match order flow would be
considered a marketplace, the types of "services"
encompassed under the fair access requirement and when indications
of interest would be considered to be firm orders.
The amendments also implement further restrictions on the
pre-trade transparency exemption contained in NI 21-101 to include
a requirement that orders meet a specified size threshold in order
to be exempt. NI 21-101 generally requires that any marketplace
that displays orders of exchange-traded securities must provide
information regarding the order to an information processor.
However, there is an exemption that permits "dark pools"
or "dark orders" to operate and for orders to be entered
with no pre-trade transparency. The actual threshold is not
included in the amendments but is the subject of a joint CSA/IIROC
initiative under Staff Notice 23-311 as we discussed last August. The Companion
Policy to NI 21-101 has also been amended to clarify when pre-trade
transparency requirements, or exemptions, may apply to
"indications of interest" or "IOIs".
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guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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