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Marketplaces, SROs & Clearing Agencies


The OSC regulates marketplaces and clearing agencies that operate in Ontario. It promotes compliance with the requirements of the Securities Act (Ontario), as well as with any related rules and policies.

This section of the OSC website provides information specific to marketplaces and clearing agencies, including:

  • process for applying for recognition
  • regulatory and filing requirements
  • marketplaces and clearing agencies currently operating in Ontario
The information in this section should be taken as a guide. The content is not intended to provide investment, financial, accounting, legal, tax or other professional advice and should not be relied upon or regarded as a substitute for such advice. We recommend that you seek advice from a qualified professional advisor before acting on any information or other content appearing on this web site or any web site to which it may be linked.

Marketplaces

Regulation of marketplaces in Ontario is outlined in National Instrument 21-101 Marketplace Operation (NI 21-101), National Instrument 23-101 Trading Rules and their related companion policies. NI 21-101 defines a marketplace as a facility that:

  • brings together buyers and sellers of securities;
  • brings together the orders for securities of multiple buyers and sellers; and
  • uses established, non-discretionary methods under which the orders interact with each other.
There are three types of marketplaces: Exchanges, Alternative Trading Systems (ATSs) and Quotation and Trade Reporting Systems (QTRSs).

Clearing Agencies

A clearing agency is defined as a person or company that facilitates the clearing and settlement of trades. Its function is to:

  • act as an intermediary in paying funds or delivering securities;
  • provide centralized facilities for the clearing and settlement of trades; or
  • provide centralized facilities as a depository of securities.
Previously enacted legislation (not yet proclaimed into force) would require all clearing agencies carrying on business in Ontario to be recognized by the OSC.


Related - 23-404 | Notice and Amendments to National Instrument 21-101 Marketplace Operation and National Instrument 23-101 Trading Rules