The Investment Industry Regulatory Organization of Canada (IIROC) has announced that the first phase of its expanded role as the information processor (IP) of government debt securities for the Canadian Securities Administrators (CSA) has now taken effect.
Effective immediately, IIROC will publish the post-trade information for trades executed the day before by dealers who are currently subject to IIROC Rule 2800C and by banks that are already reporting their corporate and government debt securities to IIROC. This is in addition to the existing post-trade information for corporate debt securities.
Debt securities information is an important element of investor protection
"Making detailed information on debt securities trading available free of cost is an important element of investor protection and supports market integrity," said Victoria Pinnington, IIROC's senior vice-president of Market Regulation. "As a public interest regulator, IIROC is proud to play this role to enhance transparency and access for all market participants to information that will help inform their investment decisions and contribute to their confidence in Canada's capital markets."
Phase 2 of implementation will take effect on May 31, 2021. At that time, banks and any other non-IIROC dealers that do not currently report any corporate or government debt transactions to IIROC will begin reporting to IIROC.
En route to free and comprehensive access
"We look forward to the completion of both phases at which point all market participants will have free, comprehensive access to all government debt trading securities in Canada," said Ian Campbell, IIROC's chief information officer. "We are pleased to provide this service which helps to ensure Canadians are protected and markets function fairly and transparently."
