Canada was once described as the Vichyssoise of nations – cold, half-French and difficult to stir – and its persistence with steps towards settlement on T + 1 long after the rest of the world has abandned the idea does testify to certain a chilly Cartesian adhesiveness.
On Friday the Office of the Superintendent of Financial Institutions (OSFI) in Toronto – the body responsible for supervising federally regulated financial institutions – issued a notice encouraged everybody it supervises to meet the Canadian Capital Markets Associations’s goal of implementing industry-wide STP by June 2005 by ensuring that their systems and business processes are STP ready.