The Canadian Securities Administrators (CSA) published for public comment proposed amendments to National Instrument 24-101 Institutional Trade Matching and Settlement (NI 24-101) and to Companion Policy 24-101CP Institutional Trade Matching and Settlement. The proposed changes will be open for comment for 90 days.
One of the key proposed amendments is to extend the transitional phase-in period for NI 24-101s requirement that DAP/RAP trades be matched by midnight on the trade day for an additional five years to July 1, 2015. The CSA also recommends extending the current deadline, in which DAP/RAP trades should be matched by 2 p.m. on T+1 for an additional two years.
NI 24-101 seeks to encourage a more efficient pre-settlement confirmation and affirmation process for institutional trades, and requires firms that trade with institutional investors to match DAP/RAP trades as soon as possible after the trade is executed, but no later than noon on T+1.
CIBC Mellon will be providing comments to the CSA and welcomes your input on the proposed changes.
A copy of the proposal can be found at the OSC website.
D.C.