CANADA: Montreal Exchange Liquidation of Position in Excess of Limits

Friday July 21 2017

On 21^st July 2017, the Rules and Policies Committee and the Special Committee of Bourse de Montreal has approved amendments to article 6657 of Rule Six of the Bourse. The proposed amendments are based on an internal review of 6657 conducted by the Bourse and are necessary to ensure that such article is clear and accurately reflects the authority of the Bourse on the liquidation of position in excess of limits.

Rule 6657 Liquidation of Position of Excess of Limits now reads as follows:

Whenever the Bourse find that a person or group of persons acting in concert holds, controls, or is obligated in respect of an aggregate position, long or short, in excess of the applicable position limit for a Listed Product, the Bourse may order all Approved Participants carrying a position in such Listed Product, for such person or group of persons acting in concert, to liquidate such position in an expeditious manner consistent with the maintenance of a fair and orderly market.

The amendments will become effective on 24^th July 2017 after market close.

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