CANADA: IIROC to Enhance Debt Market Transparency in Expanded Information Processor Role

Friday May 25 2018

On 24^th May 2018, the Investment Industry Regulatory Organization of Canada (IIROC) welcomed the Canadian Securities Administrators’ (CSA) proposals to introduce mandatory post-trade transparency requirements for trades in government debt securities.If implemented the proposals would expand IIROC’s current role as information processor (IP) of corporate debt securities to include government debt securities.

The CSA is also proposing that any person or company that executes transactions in corporate- or government debt securities must provide information on their trades to the IP. As a result, mandatory post-trade transparency would be extended to apply to all dealers, marketplaces, interdealer bond brokers and banks listed in Schedule I, II or III of the Bank Act (Canada).

According to IIROC , reporting on government debt trades represents another important step in bringing increased transparency to Canada’s debt market. Since July 2017, IIROC has made available to the public, two days after execution, all trades in corporate debt securities executed by all IIROC dealers.

The new changes are expected to be implemented by 31^st December 2019.

 For additional information please click the link above.