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CNSX Markets Inc. -- s. 15.1 of NI 21-101 Marketplace Operation



Section 15.1 of NI 21-101 -- exemption granted for 2010 from the requirement in section 12.2 of NI 21-101 to annually cause to be performed an independent systems review and report.

Rules Cited

National Instrument 21-101 Marketplace Operation, ss. 12.2, 15.1.

IN THE MATTER OF

THE SECURITIES ACT,

R.S.O. 1990, c. S.5, AS AMENDED

AND

IN THE MATTER OF

CNSX MARKETS INC.

ORDER

(Section 15.1 of National Instrument 21-101 Marketplace Operation

(NI 21-101))

UPON the application (the "Application") of CNSX Markets Inc. (the "Applicant") to the Director for an order pursuant to section 15.1 of NI 21-101 exempting the Applicant in 2010 from the requirement in section 12.2 of NI 21-101 to annually cause to be performed an independent review and report ("ISR") on the capacity, integrity and security of the Applicant's systems that support order entry, order routing, execution, trade reporting, trade comparison, data feeds, market surveillance and trade clearing, as applicable ("ISR Requirement");

AND UPON considering the Application and the recommendation of staff of the Commission;

AND UPON the Applicant having represented to the Director as follows:

1. The Applicant is a recognized stock exchange in Ontario with its head office in Toronto,

2. An ISR is a lengthy and expensive process,

3. The Applicant has planned significant system changes for 2010-11 in addition to improvements to system performance and capacity, including changes to accommodate the new order protection rule and the migration of the regulatory feed from STAMP to FIX, and a review would be more appropriate following the conclusion of these projects, and

4. The Applicant complies with the other requirements in Part 12 of NI 21-101;

AND UPON the Director being satisfied to do so would not be prejudicial to the public interest;

IT IS ORDERED by the Director pursuant to section 15.1 of NI 21-101 that for 2010 the Applicant is exempted from the ISR Requirement.

DATED this 21st day of December, 2010

"Susan Greenglass"
Director, Market Regulation
Ontario Securities Commission