Tag Archives: IIROC

A ‘Win’ for the IIAC – CRM Suitability Assessment (IIAC Blog)

A ‘Win’ for the IIAC – CRM Suitability Assessment (IIAC Blog)

At the urging of the IIAC’s Venture Market Working Group, IIROC issued a Client Relationship Model (CRM)—Frequently Asked Questions (FAQ) Notice clarifying dealers’ suitability assessment obligations for certain clients with a high-risk tolerance. The FAQ specifically addressed speculative investing or trading, such as in TSX Venture Exchange (TSXV) listed securities. The FAQ clearly articulates the portfolio approach to suitability, and does not prohibit venture stocks in accounts/portfolios that are not high risk. The FAQ also clarifies the approach dealers must adopt to assess suitability when a client wishes to engage in speculative trading and has tolerance … Continue reading

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Enhancing Corporate Bond Transparency (IIAC Blog)

Enhancing Corporate Bond Transparency (IIAC Blog)

In September 2015, the Canadian Securities Administrators (CSA) released its long-awaited proposals to enhance corporate bond transparency. In my December 2015 Letter from the President, I discuss the existing CanPX transparency system and the flaws in the IIROC Market Trade Reporting System which was introduced on November 1, 2015, before sharing my thoughts on the optimal transparency approach.

Highlights:

*In striking a new direction for corporate bond transparency, the CSA needs to ensure it understands the full implications of its proposed model, and be convinced that the new approach reaches a better public interest objective.

*The … Continue reading

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IIAC Launches Bond Market Newsletter (IIAC Blog)

IIAC Launches Bond Market Newsletter (IIAC Blog)

The IIAC has launched a new publication titled “IIAC Fixed Income Market Regulatory Update.” You can read our inaugural issue by clicking here.

This monthly newsletter will bring you up-to-date on bond market regulatory developments in Canada, the U.S., Europe and Asia. It also includes relevant links and IIAC commentary.

If you or others in your organization are impacted by regulatory changes in the fixed income markets, then this publication is for you.

The November 2015 issue covers topics such as:

– CSA next steps in regulation and transparency of Canada’s fixed income market

– Municipal … Continue reading

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The IIAC Responds to IIROC’s Proposed Amendments Re: Unprotected Transparent Marketplaces and the Order Protection Rule (IIAC Blog)

The IIAC Responds to IIROC’s Proposed Amendments Re: Unprotected Transparent Marketplaces and the Order Protection Rule (IIAC Blog)

In April 2015, the Ontario Securities Commission (OSC) approved changes to the TSX Alpha Exchange trading model. Effective September 2015, Alpha will apply a short processing delay (a speed bump) on orders to counter high-frequency trading and limit fleeting liquidity. Additionally, orders displayed in the Alpha order book will no longer be protected from trade-through (i.e. the execution of an order at a price that is inferior to a displayed bid price or higher than a displayed offer price) under the Order Protection Rule (OPR). 

In response, the Investment Industry Regulatory Organization of Canada (IIROC) announced … Continue reading

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