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Aug 18, 2016
Toronto – The Canadian Securities Administrators (CSA) today published proposed amendments to National Instrument 24-101 Institutional Trade Matching and Settlement in addition to CSA Consultation Paper 24-402 Policy Considerations for Enhancing Settlement Discipline in a T+2 Settlement Cycle Environment. The comment period is open until November 16, 2016.
Amendments to the National Instrument are being proposed as part of the Canadian securities industry’s plans to shorten the standard settlement cycle for trades from three days after a trade (T+3) to two days after a trade (T+2). The transition to T+2 will occur on September 5, 2017, the same date the markets in the United States are planning to move to a T+2 settlement cycle.
The industry’s T+2 initiatives are expected to consider operational improvements to manage settlement risk in the move to T+2. In parallel with the industry’s efforts, CSA members are seeking comment on the adequacy of the current settlement discipline regime for a T+2 cycle and whether enhancements to the regime might be desirable to help support a smooth transition to T+2.
A shorter settlement cycle is expected to mitigate risk in securities clearing and settlement by reducing counterparty exposure between the parties to a trade. Any proposal to adopt additional regulatory measures arising from the consultation paper would require a further public comment process.
The proposed amendments and consultation paper can be found on CSA members’ websites.
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For more information:
Kristen Rose Ontario Securities Commission 416-593-2336
Alison Walker British Columbia Securities Commission 604-899-6713
Jason Booth The Manitoba Securities Commission 204-945-1660
Tanya Wiltshire Nova Scotia Securities Commission 902-424-8586
Jeff Mason Nunavut Securities Office 867-975-6591
Shannon McMillan Financial and Consumer Affairs Authority of Saskatchewan 306-798-4160
Nicole Tuncay Alberta Securities Commission 403-297-4008
Sylvain Théberge Autorité des marchés financiers 514-940-2176
Andrew Nicholson Financial and Consumer Services Commission, New Brunswick 506-658-3021
Janice Callbeck The Office of the Superintendent of Securities, P.E.I. 902-368-6288
Rhonda Horte Office of the Yukon Superintendent of Securities 867-667-5466
Tom Hall Office of the Superintendent of Securities, Northwest Territories 867-767-9305