Securities Law & Instruments

Headnote

Variation of original decision dated March 22,2002, exempting CBID Markets Inc. from sections 8.1 and 8.2of National Instrument 21-101 Marketplace Operation from December1, 2002 until the earlier of December 31, 2003 or the date whencertain thresholds are reached.

IN THE MATTER OF

NATIONAL INSTRUMENT 21-101MARKETPLACE OPERATION

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEWSYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

CBID MARKETS INC.

 

MRRS DECISION DOCUMENT

WHEREAS the local securities regulatoryauthority or regulator (the "Decision Maker") in eachof the provinces of Ontario, British Columbia, Manitoba andQuebec issued a decision (the "Prior Decision") onMarch 22, 2002 under the securities legislation, regulationsor rules of such provinces exempting CBID Securities Inc. (nowCBID Markets Inc., and also known herein as the "Applicant")from, among other things, sections 8.1 and 8.2 of National Instrument21-101 Marketplace Operation ("NI 21-101") until December1, 2002;

AND WHEREAS the local securities regulatoryauthority or regulator in the province of Alberta confirmedthe issuance of a similar decision (collectively with the PriorDecision, the "Original Decision") on September 20,2002;

AND WHEREAS the Applicant has appliedto the Decision Maker in each of the provinces of Ontario, Alberta,British Columbia, Manitoba and Quebec to vary the Original Decision;

AND WHEREAS under the Mutual RelianceReview System for Exemptive Relief Applications (the "System"),the Ontario Securities Commission is the principal regulatorfor this application;

AND WHEREAS under the System, this MRRSDecision Document evidences the decision of each Decision Maker(collectively, the "Decision");

AND WHEREAS each of the Decision Makersis satisfied that the test contained in the securities laws,regulations or rules (the "Legislation") that providesthe Decision Maker with the jurisdiction to make the Decisionhas been met:

IT IS HEREBY DECIDED by the DecisionMakers that the Original Decision is hereby varied so as toextend the period in which the Applicant is exempted from sections8.1 and 8.2 of NI 21-101 from December 1, 2002 until the earlierof:

(a) December 31, 2003, and

(b) the date when the total trading volumeon the Applicant's Marketplace (comprising the Applicant'sretail and institutional systems) in any of the followingcategories of debt securities in at least three of the precedingfour calendar quarters exceeds 5% of the total aggregatetrading volume in such securities by all alternative tradingsystems, inter-dealer bond brokers and dealers for suchcalendar quarter:

(i) Canadian government debt securities- 0-3 years,

(ii) Canadian government debt securities- 3-10 years,

(iii) Canadian government debt securities- 10 years and over,

(iv) Canadian provincial government debtsecurities - 0-10 years,

(v) Canadian provincial government debtsecurities - 10 years and over,

(vi) Canadian corporate debt securities- 0-10 years, and

(vii) Canadian corporate debt securities- 10 years and over.

December 3, 2002.

"Randee B. Pavalow"