19 May 2017
Toronto
Reporter: Drew Nicol
Canadian securities regulator expands T+2 proposals
The Canadian Securities Administrators (CSA) is currently fielding comments from financial market participants on its final proposed amendments to its roadmap for Canada’s transition to a T+2 settlement cycle, scheduled for 5 September.

The proposals relate to the National Instrument 24-101 Institutional Trade Matching and Settlement (NI 24-101) for equity and long-term debt market trades.

These amendments will apply to registered dealers and advisers, clearing agencies and matching service utilities.

CSA confirmed that, because of the interconnectedness of Canadian and US capital markets, final amendments to NI 24-101 will come into force in tandem.

At the same time, the CSA published a ‘notice and request for comment: adoption of a T+2 settlement cycle for conventional mutual funds’, along with proposed amendments to National Instrument 81-102 Investment Funds (NI 81-102), which would see the settlement cycle for conventional mutual funds cut to T+2.

Comments on the proposed amendments to NI 81-102 should be submitted by 26 July and regulators expect to publish the final amendments late in the summer of 2017.

“Canadian securities regulators are committed to facilitating a smooth transition to the T+2 settlement cycle and to ensuring consistency across the markets by applying the shorter settlement cycle to all securities, including mutual funds,” said Louis Morisset, CSA chair and president and CEO of the Autorité des marchés financiers.

More news
The latest news from Securities Lending Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
GPP joins with Edgefolio for prime services
26 June 2017 | London | Reporter: Drew Nicol
GPP has partnered with Edgefolio to provide a capital introduction service to its prime brokerage clients
China’s bond market opened through Tradeweb
26 June 2017 | New York | Reporter: Drew Nicol
Northbound trading will begin in the initial phase, meaning overseas investors will be able to invest in the China inter-bank bond market
Former ITG sec lending trader banned for ADR misuse
23 June 2017 | Washington DC | Reporter: Drew Nicol
The charges follow ITG’s settlement in January when the broker-dealer agreed to pay more than $24.4 million over allegations of securities lending violations relating to the facilitation of naked short selling
ICMA: NSFR makes EU repo less attractive
23 June 2017 | London | Reporter: Drew Nicol
The association also point to increased automation of highly manual and labour-intensive processes of the market as a way to mitigate rising costs and create efficiencies
Brexit may push out small lenders
22 June 2017 | London | Reporter: Drew Nicol
Smaller beneficial owners are at risk of being pushed out the market by rising regulatory compliance costs, a revenue squeeze and Brexit
UK Money Markets Code to rebuild trust
22 June 2017 | London | Reporter: Drew Nicol
Industry representatives drafted the code in partnership with the Bank of England (BoE) to replace the previous guidance, which has been judged to be outdated
Quantitative easing going nowhere for now
22 June 2017 | Berlin | Reporter: Mark Dugdale
The European Central Bank (ECB) left interest rates unchanged earlier in June and expects them “to remain at their present levels for an extended period of time, and well past the horizon of the net asset purchases”