Securities Law & Instruments


Headnote

Application under section 144 of the Securities Act (Ontario) (Act) to vary an interim order exempting Eurex Clearing AG from the requirement in subsection 21.2(0.1) of the Act to be recognized as a clearing agency.

Applicable Legislative Provisions

Securities Act, R.S.O. 1990, c. S.5, as am., ss. 21.2(0.1), 144.

IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, CHAPTER S.5, AS AMENDED
(THE ACT)

AND

IN THE MATTER OF
EUREX CLEARING AG
(EUREX CLEARING)

VARIATION TO
THE INTERIM ORDER
(Section 144 of the Act)

WHEREAS the Ontario Securities Commission (Commission) issued an order (Interim Order) dated September 22, 2016 pursuant to section 147 of the Act exempting Eurex Clearing on an interim basis from the requirement to be recognized as a clearing agency under subsection 21.2(0.1) of the Act;

AND WHEREAS the Interim Order will terminate on April 20, 2017 unless further extended by order of the Commission;

AND WHEREAS the Commission has received an application from Eurex Clearing pursuant to section 144 of the Act requesting that the Commission vary the Interim Order to extend Eurex Clearing's interim exemption from the requirement to be recognized as a clearing agency pursuant to subsection 21.2(0.1) of the Act;

AND WHEREAS the Commission has received certain representations from Eurex Clearing in connection with the application to vary the Interim Order, including that Eurex Clearing’s model is complex for comparative analysis, and that such extension is not inconsistent with prior interim exemption orders;

AND WHEREAS the Commission has considered these representations, Eurex Clearing's application, and other factors;

AND WHEREAS the Commission is of the opinion that it is not prejudicial to the public interest to issue this order that varies the Interim Order to extend Eurex Clearing's interim exemption from the requirement to be recognized as a clearing agency pursuant to subsection 21.2(0.1) of the Act;

IT IS ORDERED, pursuant to section 144 of the Act, that the Interim Order be varied by replacing the reference to "April 20, 2017" with a reference to "July 21, 2017."

DATED at Toronto, this 10th day of April, 2017.

Grant Vingoe
Vice-Chair
Monica Kowal
Vice-Chair