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Market Regulation
On this site, you will find information about:
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Marketplaces (Exchanges, Alternative Trading Systems and Quotation and Trade Reporting Systems) |
The OSC is responsible for regulating marketplaces in Ontario. The term "marketplace" is defined in National Intrument 21-101 Marketplace Operation and includes exchanges, alternative trading systems (ATSs) and quotation and trade reporting systems (QTRSs).
Exchanges
The OSC has the statutory power to recognize stock exchanges and register commodity futures exchanges. This recognition allows the exchanges to operate and sets out the terms and conditions under which the exchanges are regulated. The Toronto Stock Exchange (TSX) and the Canadian Trading and Quotation System (CNQ) are recognized as stock exchanges. The Winnipeg Commodity Exchange is recognized as a commodity futures exchange. The OSC has given the TSX Venture Exchange an exemption from recognition as a stock exchange and has granted the Bourse de Montréal an exemption from recognition as a stock exchange and from registration as a commodity futures exchange.
Alternative Trading Systems (ATSs)
The Canadian Securities Administrators (CSA) have developed a framework for regulating ATSs. National Instrument 21-101 Marketplace Operation, and National Instrument 23-101 Trading Rules, along with Companion Policy 21-101CP, Companion Policy 23-101CP, and OSC Rule 23-501 together make up the "ATS Rules".
Quotation and Trade Reporting Systems (QTRSs)
A QTRS is a person or company, other than an exchange or registered dealer, that operates facilities that permit dissemination of price quotations for the purchase and sale of securities and reports of completed transactions in securities for the exclusive use of registered dealers. The order recognizing the Canadian Trading and Quotation System (CNQ) as a QTRS has been revoked and CNQ is now recognized as a stock exchange.
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Self-regulatory Organizations (SROs) |
An SRO is an entity that represent registrants and is organized for the purpose of regulating the operations and the standards of practice and business conduct of its members and their representatives with a view to promoting the protection of investors and the public interest. The Securities Act (Ontario) provides the OSC with the power to recognize SROs. There are currently three SROs recognized by the OSC: the Investment Dealers Association of Canada (IDA), the Mutual Fund Dealers Association of Canada (MFDA), and Market Regulation Services Inc. (RS).
The Securities Act (Ontario) provides the OSC with the power to recognize clearing agencies. The Canadian Depository for Securities Limited (CDS) is recognized by the OSC as a clearing agency.
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Investor Protection Funds |
The Canadian Investor Protection Fund (CIPF) is a compensation fund approved by the OSC. CIPF protects, within defined limits, the cash and securities of eligible customers of investment dealers that are members of CIPF's sponsoring organizations.
An application for Commission approval has been made by the MFDA Investor Protection Corporation.
STP/T +1
Data Consolidation - Exchange - Traded Securities
Uniform Securities Transfer Act
Electronic Audit Trail
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