Notice of Commission Approval - Material Amendments to CDS Procedures Relating to CCP Collateral Requirements for Withdrawing Participants

Market Regulation Document Type
Canadian Depository for Securities Limited (CDS) rule review

CDS CLEARING AND DEPOSITORY SERVICES INC.

MATERIAL AMENDMENTS TO CDS PROCEDURES

CCP COLLATERAL REQUIREMENTS FOR WITHDRAWING PARTICIPANTS

NOTICE OF COMMISSION APPROVAL

In accordance with the Rule Protocol between the Ontario Securities Commission (Commission) and CDS Clearing and Depository Services Inc. (CDS), the Commission approved on May 29, 2007, amendments filed by CDS to its procedures relating to the collateral requirements for participants seeking to withdraw from Continuous Net Settlement (CNS). A CDS participant is allowed to withdraw from CNS in the event of a default by providing an additional seven hundred percent (700%) of their current collateral requirement to the CNS participant fund. A copy and description of these amendments were published for comment on March 30, 2007 at (2007) 30 OSCB 3123. No comment letters were received.