Securities Law & Instruments

Headnote

 

Application for a variation order extending an interim order so that the interim order will expire on the earlier of (i) July 3, 2019 and (ii) the effective date of a subsequent order exempting BMTF from the requirement to be recognized as an exchange – requested order granted.

 

Applicable Legislative Provisions

 

Securities Act, R.S.O. 1990, c. S.5, as am., s. 144.

 

IN THE MATTER OF

THE SECURITIES ACT,

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

(THE ACT)

 

AND

 

IN THE MATTER OF

BLOOMBERG TRADING FACILITY LIMITED

 

ORDER

 

VARIATION OF INTERIM ORDER

(Section 144 of the Act)

 

WHEREAS Bloomberg Trading Facility Limited (“Applicant”) is authorized by the U.K.  Financial Conduct Authority (the “FCA”), a financial regulatory body in the United Kingdom, to act as the operator of a multilateral trading facility (“MTF”);

 

AND WHEREAS the Applicant has participants or intends to have participants located in Ontario;

 

AND WHEREAS an MTF allowing access to Ontario participants is considered by the Ontario Securities Commission (“Commission”) to be carrying on business as an exchange in Ontario;

 

AND WHEREAS on December 22, 2017, the Commission issued an interim order under section 147 of the Act exempting the Applicant on an interim basis from the requirement in subsection 21(1) of the Act to be recognized as an exchange (“Interim Order”);

 

AND WHEREAS the Interim Order will terminate on the earlier of (i) January 3, 2019 and (ii) the effective date of a subsequent order (“Subsequent Order”) exempting the Applicant from the requirement to be recognized as an exchange under section 21(1) of the Act (“Termination Date”);

 

AND WHEREAS the Applicant has made an Application for a Subsequent Order but there is insufficient time for the Applicant to obtain a Subsequent Order from the Commission before the Termination Date;

 

AND WHEREAS the Commission has determined that it is not prejudicial to the public interest to vary the Interim Order to extend the Applicant’s interim exemption from the requirement to be recognized as an exchange pursuant to section 21(1) of the Act for a six-month period;

 

IT IS HEREBY ORDERED by the Commission, pursuant to section 144 of the Act, that

 

1.             The Interim Order is varied by replacing the reference to “January 3, 2019” with “July 3, 2019”.

 

DATED this 14th day of December, 2018

 

“AnneMarie Ryan”

 

“Janet Leiper”