IIROC provides flexibility in its trade matching and confirmation rules

Sep 06, 2013, 12:45 ET from Investment Industry Regulatory Organization of Canada (IIROC) - General News

Amendments bolster capital markets efficiency

TORONTO, Sept. 6, 2013 /CNW/ - The Investment Industry Regulatory Organization of Canada (IIROC) announced today rule amendments relating to trade matching and trade confirmation delivery requirements that take effect October 1, 2013.

Approved by the Canadian Securities Administrators (CSA), these amendments will:

  • give IIROC dealer members more time to report non-exchange, dealer-to-dealer trades to the CDS Trade Matching Service in order to comply with Dealer Member Rule 800.49; and
  • for qualifying dealer members, relieve dealer members from the obligation to send trade confirmations to clients where the trade must: 1) be matched pursuant to Dealer Member Rule 800.49 or National Instrument 24-101; and 2) the client consents to not receiving trade confirmations.

"These amendments give dealer members greater flexibility in meeting their trade matching and trade confirmation obligations, while ensuring the timely reporting of trades to clients," said Paul Riccardi, IIROC's Senior Vice-President, Enforcement, Member Policy & Registration.


IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.  Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets.

IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian equity marketplaces.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News