Securities Law & Instruments

Headnote

 

Subsection 144(1) of the Act – Application for an order revoking an order issued June 13, 2016, granting ICAP SEF (US) LLC, pursuant to section 147 of the Act, an exemption from the requirement to be recognized as an exchange under section 21 of the Act – ICAP SEF not carrying on business in Ontario – requested order granted.

 

Statute Cited

 

Securities Act, RSO 1990, c S 5, ss 21(1), 144, 147.

 

August 28, 2018

 

IN THE MATTER OF

THE SECURITIES ACT, R.S.O. 1990,

CHAPTER S.5, AS AMENDED

(the Act)

 

AND

 

IN THE MATTER OF

ICAP SEF (US) LLC

(ICAP SEF)

 

REVOCATION ORDER

(Section 144 of the Act)

 

WHEREAS the Ontario Securities Commission (Commission) issued an order dated June 13, 2016 pursuant to section 147 of the Act, exempting ICAP SEF from recognition as an exchange under subsection 21(1) of the Act (the 2016 Order);

 

AND WHEREAS ICAP SEF notified the Commission that:

 

(i)            on December 30, 2016, Tullett Prebon plc acquired certain ICAP plc broking businesses (including ICAP SEF and ICAP Global Derivatives Limited). Following the acquisition, TP ICAP plc owned three swap execution facilities (SEFs): tpSEF, ICAP SEF and ICAP Global Derivatives Limited; and

 

(ii)           ICAP SEF announced its plans to transition its business to tpSEF Inc., an affiliate of ICAP SEF and as of October 30, 2017, ICAP SEF has ceased to execute trades as a SEF;

 

AND WHEREAS there is currently no trading activity on the ICAP SEF platform and ICAP SEF has currently ceased its activities as a SEF in Ontario;

 

AND WHEREAS ICAP SEF has no physical presence in Ontario and does not otherwise carry on business in Ontario;

 

AND WHEREAS the Commission has determined that revocation of the 2016 Order would not be prejudicial to the public interest;

 

THE COMMISSION hereby revokes the 2016 Order pursuant to section 144 of the Act.

 

Dated August 28, 2018.

 

“Deborah Leckman”

 

“Poonam Puri”