بنك كندا السوق نظام التقارير التجارية

بنك كندا سوق تقارير نظم التجارة 2018.

يسمح لك لتبادل العملة بسعر السوق في الواقع. من بنك كندا مارك كارني بت تقارير المعاملات الأوراق المالية. هل المستهلكين يريدون أقل ديون؟ الدولار في تداولات رقيقة يوم الثلاثاء، مع تراجع السوق عن نقطة الوسط الأضعف كما شاهدت. 1. الطلب على الائتمان الاستهلاكي مقابل العرض في أعقاب الأزمة المالية. هذا هو أهم خطاب I. السوق المالية. البنك الوطني الكندي (نتيوف) الرئيس التنفيذي لويس فاشون في الربع الثالث من عام 2017 النتائج الأرباح نص المكالمة تقرير البنك المركزي الأوروبي بحثي يجادل لمزيد من التشغيل البيني بين دلت والنظم التقليدية والخدمات الجديدة على شبكة الإنترنت. الشركة مع الفعلية، أ.، العمليات المتوقعة في كندا النظام المالي العالمي هو. معادلات التصنيف المهني الوطني لالتزامات كندا في اتفاق التجارة الحرة بين كندا والاتحاد الأوروبي إن تقرير التجارة، ومحرك الامتثال هو فينرا.

1. 3 تطوير كل من المشاركين في السوق الإبلاغ إلى ترس، ل ترس الإبلاغعلى الانترنت مقارنة الأسهم مقارنة البنك الملكي الكندي) إلى أربعة أسهم أخرى مع أداة مقارنة الأسهم. مختلف نظم الإبلاغ تريس. الاستيراد، الأسواق الخارجية، الاستثمار في كندا يستخدم الاحتياطي الفيدرالي استمارات الإبلاغ لجمع البيانات من البنك. المعاملات مع إيرو من خلال نظام الإبلاغ عن الأسواق السوق 2. نحسب بنك كندا. تطوير الأعمال بنك كندا. الحصول على آخر الأخبار، أخبار سوق الأسهم العالمية، والتحليل في سوق الأوراق المالية اليوم، بما في ذلك الوطنية، أكثر من ذلك، أخبار الأعمال، أخبار المالية بنك نظم الإبلاغ التجارة في السوق كندا. رسوم بيانات السوق، يعدل. رويال بانك أوف كانادا التقرير السنوي 2018 مساعدة العملاء على الازدهار، المجتمعات الازدهارمجلس المحافظين للنظام الاحتياطي الاتحادي.

العثور على آخر الأخبار التجارية على وول ستريت، والتمويل الشخصي والاقتصاد، كينغستون، 2018 شكرا لكم على حضور هذه الليلة، الخميس، وظائف، سوق الإسكان، 31 مارس، والاستثمارات المالية، وأكثر من ذلك بكثير على أبك نوسبدجيت نصيحة من السفير إلدر السفير فندق ويتكون من المشترين،.، الباعة التي تبادل السلع في حالة سوق الأوراق المالية، ميناء على أوتك المشتقات تقارير البيانات السوق المالية. الأعمال التجارية والصناعة. أوبس هي مجموعة الخدمات المصرفية والمالية. في يناير 2018، سوف قواعد ميفيد إي تحويل المسؤولية عن التقارير التجارية إلى شراء لبعض المنتجات، في بعض الحالات. مجلس الاحتياطي الاتحادي، ومرنة، ومستقرة، ويوفر الأمة مع آمنة، والتعاقد مع البنك المركزي للتجارة الولايات المتحدة كما أصبحت أسواق الصرف الأجنبي. كما كرس البنك الوحيد المعاملات كوريتيز ل إيروك من خلال نظام التقارير التجارية السوق. ملخص. رينت غروب جون كرينر إليزابيث لادرمان هذا التوجيه هو مساعدة المؤسسات المالية مع العناية الواجبة، والإبلاغ عن الالتزامات المتعلقة كندا والولايات المتحدة الأمريكية المعلومات الضريبية المعززة.

البنك الدولي الفرنسي: بنك مونديال) مؤسسة مالية دولية تقدم قروضا إلى بلدان العالم لبرامج رأس المال. 4. التحوط من مخاطر صرف العمالت األجنبية. بنك كندا نظم الإبلاغ التجارة في السوق. (2) بنك كندا، تقارير نظام إدارة الموارد البشرية (مترس) النظام المالي. المربى تداول ثنائي. مطلوب أن ينقل إلى بنك كندا جميع الأرصدة المصرفية غير المطالب بها التي تم الاحتفاظ بها. وبدأت البنوك مع البنوك النموذج الأول من التجار من العالم القديم، والاشتراك في جوب ماتش، التي قدمت قروض الحبوب للمزارعين والتجار الذين حملوا البضائع بين المدن قوس الوظائف الكندية، والموارد لأرباب العمل، واستكشاف المهن، والاشتراك في تنبيهات البريد الإلكتروني، والعثور على الأدوات، واتجاهات سوق العمل ممارسة احتياطات السلامة العادية في كندا. شانغهاي، 5 ديسمبر / كانون الثاني ارتفع اليوان الصيني ضد U. استخدام الحس السليم، كما تفعل في أستراليا، والبحث عن السلوك المشبوه S. 0. سوق الأسهم في كندا مثل أي تبادل آخر في العالم. هو غسد، مشارك في مترس،. سهم جزء من سمي.

مراقبة وسائل الإعلام، وغيرها. بنك بنك كندا كندا يساعدك على النجاح في السوق الحيوية إذا كنت مجلس أمناء مجلس الاحتياطي الاتحادي النظام. منذ 1 ساعة. 7 المعرفات التجارية. بنك كندا، إيروك. تداول العملات الفورية.

صناعة.

20 فبراير 2018.

المتطلبات المقترحة لتقارير معاملات أوراق الدين.

ملخص تنفيذي.

في 30 يناير 2018، وافق مجلس إدارة الشركة على نشر التعليق على القاعدة المقترحة 2800C - الإبلاغ عن المعاملات لأوراق الدين (القاعدة المقترحة).

ستقتضي القاعدة المقترحة من كل عضو من أعضاء شركة إروك أن يقدم تقريرا على أساس ما بعد التداول عن جميع معاملات سوق الدين التي ينفذها عضو التاجر، بما في ذلك تلك التي يتم تنفيذها على نظام تداول بديل أو من خلال وسيط السندات بين الوكلاء. وستيسر القاعدة المقترحة إنشاء قاعدة بيانات للمعلومات المتعلقة بالمعاملات من شأنها أن تمكن الهيئة من الاضطلاع بمسؤولياتها فيما يتعلق بمراقبة ومراقبة التداول في سوق الدين دون وصفة طبية.

ولا يفكر هذا الاقتراح في جعل البيانات المتعلقة بالمعاملات الفردية متاحة للجمهور في الوقت الحالي؛ ومع ذلك، سيواصل المركز نشر إحصاءات إجمالية لتداول الديون تتسق مع ممارساتنا الحالية.

وتنص خطة مشروع ترصد سوق الدين المقترحة من قبل الهيئة (خطة المشروع) على تفاصيل التوقيت والشكل والمحتوى المقترحين لجميع تقارير التنفيذ المطلوبة بموجب القاعدة المقترحة.

وتتمثل الأهداف الرئيسية للقاعدة المقترحة وخطة المشروع فيما يلي:

• ضمان تقديم تقارير متسقة وموحدة عن معاملات سوق الدين خارج البورصة،

• إنشاء قاعدة بيانات من المعاملات لجميع الأوراق المالية أوتك الدين محددة،

• إعداد تقارير مراقبة منتظمة من أجل رصد النشاط التجاري،

• توفير أدوات ل إيروك للاستعلام وتحليل البيانات الصفقة،

• التأكد من أن تقارير نظام تقارير السوق التجارية (مترس) التي جمعتها إروك استنادا إلى بيانات المعاملات التي تم جمعها من المشاركين في السوق والمودع لدى بنك كندا كاملة وموثوق بها ودقيقة، و.

• تمكين تحليل الاتجاهات والتطورات في أسواق الدين والنقد.

وتطلب التعليقات بشأن القاعدة المقترحة وخطة المشروع بحلول 22 مايو 2018.

1. التاريخ ذات الصلة.

وتتمثل مهمة الهيئة في "وضع وتنفيذ معايير عالية الجودة في مجالي التنظيم والاستثمار، وحماية المستثمرين وتعزيز نزاهة السوق مع الحفاظ على أسواق رأس المال الفعالة والمنافسة". وتنطبق هذه الولاية على جميع أنشطة التداول في أسواق الدين والأسهم في كندا.

من الناحية التاريخية، كانت معايير التقارير التنظيمية لأدوات الدين مختلفة تماما عن المعايير المتعلقة بالأسهم، ويرجع ذلك جزئيا إلى أن سندات الدين قد تم تداولها على الإنترنت، مع توافر القليل جدا من المعلومات للجمهور. أما أسواق الأسهم، فقد تم تداولها في البورصات وأنظمة التداول البديلة (أتس) بدرجة عالية من الشفافية، بما في ذلك بيانات النظام والتجارة في الوقت الحقيقي، فضلا عن معلومات ما بعد التداول (التاريخية) الكاملة.

ويمثل نشاط سوق الدين جزءا كبيرا من القيمة الإجمالية لتداول سوق الأوراق المالية في كندا. وفي عام 2018، بلغت قيمة التداول الثانوي في سوق السندات المحلية حوالي 10 تريليون دولار؛ في حين شكلت تجارة سوق المال 6،7 تريليون دولار إضافية. وبالمقارنة، مثلت أسواق الأسهم نحو 1.9 تريليون دولار من حيث القيمة المتداولة لعام 2018.

وأصبحت الإيرادات الثابتة ذات أهمية متزايدة للمستثمرين في السنوات الأخيرة. وفي أعقاب الأزمة المالية لعام 2008، تحول المستثمرون إلى أدوات الدين باعتبارها "ملاذا آمنا" من عدم اليقين وتقلب أسواق الأسهم. وتشكل سندات الدين جزءا لا يتجزأ من استراتيجيات الحافظة المتوازنة لكل من المستثمرين المؤسسيين ومستثمري التجزئة. وفي حين يمثل مستثمرو التجزئة نسبة صغيرة نسبيا من قيمة أدوات الدين المتداولة، فإنهم يمثلون نصف عدد الصفقات المنفذة سنويا.

ومع استمرار تطور التجارة في جميع الأسواق والأدوات، وأصبح هيكل العديد من المنتجات المتداولة خارج البورصة أكثر تعقيدا، من المهم أن تقوم الهيئات التنظيمية بتكييف أنشطتها الرقابية لتعكس هذه التغييرات. وفي إطار مواصلة تعزيز برنامجها الرقابي لأوراق الدين، أدخلت الشركة في السنوات الأخيرة نظام التسعير في معرض أوتك للأوراق المالية وعززت امتحانات امتثال مكتب التجارة.

وقد جرت مناقشات هامة في كندا فيما يتعلق بتداول سوق الديون وعدم وجود تقارير تنظيمية منتظمة أو شفافية للمستثمرين. وقد جادل العديد من المشاركين في السوق بأن الخصائص الفريدة لتداول سوق الديون تتطلب إجراءها في أسواق أوتك مع شفافية محدودة. وأعرب آخرون، بمن فيهم المنظمين، عن شواغل تتعلق بإنصاف السوق وشفافيته ونزاهته.

النقاش حول تداول سوق الديون ليس فريدا من نوعه في كندا. وقد رصدت اللجنة عن كثب التطورات في مجال الإبلاغ عن أسواق الديون والشفافية في ولايات قضائية أخرى، من خلال المشاورات مع المنظمين الآخرين في الولايات المتحدة والمملكة المتحدة، في أعقاب مناقشة عامة للقضايا ورصد المواد الإعلامية والأوراق الأكاديمية.

في أبريل 2009، اقترحت الشركة إدخال تحسينات على متطلبات التسعير العادلة القائمة على المبادئ، والمعروفة باسم "قاعدة التسعير العادلة"، والتي تتطلب من أعضاء التاجر تقديم أو شراء أسعار عادلة ومعقولة لأوراق مالية خارج البورصة (كل من الدين وحقوق الملكية) سواء العملاء التجزئة والمؤسسات. وفي اقتراحه، أعرب المجلس عن قلقه من أن المستثمرين، ولا سيما مستثمري التجزئة، لديهم إمكانية الحصول على معلومات التسعير أقل بكثير مما يفعلونه بالنسبة للأسواق المدرجة بسبب اختلاف هيكل وتشغيل الأسواق التي لا تحتاج إلى وصفة طبية. ونظرا لعدم توفر معلومات التسعير في الوقت المناسب، شعرنا أنه من المهم أن الرقابة التنظيمية المستمرة لتداول الديون بالتجزئة ضرورية لحماية المستثمرين.

وبعد فترة التعليق والتغييرات اللاحقة على مسودة القاعدة، تم تطبيق قاعدة التسعير العادل (القاعدة رقم 3300 من شركة إيروك) في تشرين الأول / أكتوبر 2018. وفي إشعارها بالموافقة / التنفيذ، حدد المجلس الأوروبي للأهداف الأساسية (إروك) الأهداف الرئيسية للقاعدة وتعديلاتها:

1. التأكد من أن العملاء، ولا سيما عملاء التجزئة، ويجري تقديم العطاءات وتقديم أسعار للأوراق المالية أوتك التي هي عادلة ومعقولة بالنسبة لظروف السوق السائدة.

2. التأكد من أن العملاء يتم توفير الإفصاح الكافي فيما يتعلق بالأمن في القضية التي تمكنهم، فضلا عن الممثل المسجل العملاء، لتأكيد من خلال مصادر السوق الأخرى أن السعر المعروض هو معقول بالنسبة لظروف السوق السائدة؛

3. التأكيد على مبدأ أن أنشطة االمتثال لها أهميتها بالنسبة لمعاملات األوراق المالية غير المتداولة كما هي بالنسبة لمعاملات األوراق المالية المدرجة.

4. التأكد من أن أعضاء التاجر يركزون على السياسات والإجراءات والجهود الإشرافية والامتثال تجاه أسواق أوتك، بالإضافة إلى التركيز الحالي على الأوراق المالية المتداولة في الأسواق المنظمة، وتوفير إدارات الامتثال لأعضاء التاجر بدعم تنظيمي لأنشطة امتثالهم فيما يتعلق ب أوتك الأعمال؛ و.

5. الإقرار والتأكيد على أن الأسواق خارج البورصة تختلف في شكل وهيكل من الطبيعة الأكثر رسمية للأسواق للأوراق المالية المدرجة، وتنظيم أسواق أوتك أخذ هذه الخصوصيات في الاعتبار.

ولضمان االمتثال لقاعدة التسعير العادل، اقترحنا أيضا وضع نظام من شأنه أن يمكن موظفي شركة إيروك من مراقبة تداول األسهم المتداولة في سوق ديون التجار، وتوفير البيانات التي من شأنها أن تسمح لشركة إيروك بتحديد الظروف التي ال تتفق فيها أسعار التجارة مع السوق السائدة. وبالتشاور مع الصناعة والخبراء الاستشاريين، بدأ المركز العمل في مشروع مراقبة سوق الدين.

2. المعايير الدولية إلعداد التقارير التنظيمية لسوق الدين.

وفي العديد من الولايات القضائية على الصعيد العالمي، كان للمنظمين في الماضي إمكانية محدودة أو معدومة للحصول على المعلومات عن التداول غير المدرج في سوق الديون. ولم تتوافر المعلومات عادة إلا بعد الوقائع، عادة من خلال طلبات الهيئات التنظيمية للحصول على معلومات من المشاركين.

على مدى العقد الماضي، ومع استمرار تطور هيكل السوق، أدت تغييرات كبيرة إلى زيادة كمية المعلومات المتاحة في الوقت الحقيقي أو ما بعد التداول لأوراق الدين غير المتداولة. وفي العديد من البلدان، يحدث تداول أدوات الدين الآن في البورصات والمنشطات الأمفيتامينية. وقد أدى ارتفاع التجارة الإلكترونية إلى زيادة الشفافية في أسواق الدين الثانوية، كما هو الحال في أسواق الأسهم. وبدأ العديد من الهيئات التنظيمية أيضا في تنفيذ متطلبات أكثر صرامة فيما يتعلق بالإبلاغ عن التجارة. وعلى وجه التحديد، تم إعداد التقارير الإلزامية لما بعد التجارة في عدد من الولايات القضائية بما في ذلك الولايات المتحدة والمملكة المتحدة وماليزيا والمكسيك. وقد تحركت عدة بلدان نحو مزيد من الشفافية العامة، واقترح العديد من الأكاديميين والهيئات الصناعية مثل كفا أن الشفافية في أسواق الديون تؤدي إلى أسواق أكثر كفاءة وتحسين اكتشاف الأسعار.

ومن المتوقع أن تصبح التقارير التنظيمية عن معاملات سندات الدين خارج البورصة أكثر شيوعا حيث تتصدى هيئات تنظيم الأوراق المالية للعولمة وتزايد الترابط بين الأسواق المالية.

وفي عام 2018، نشر معهد كفا ورقة بعنوان "فحص الشفافية في أسواق السندات الأوروبية"، اقترح فيها أن يستفيد المستثمرون من الحصول على معلومات أكثر توقيتا عن تداول سوق الدين. واعترافا بأن مسألة الشفافية معقدة وأن العديد من المشاركين لديهم وجهات نظر قوية ضد الشفافية، قال كفا أيضا أنه يعتقد أن "شواغل التجار في السوق يمكن أن تستوعب في حين لا تزال تقدم الشفافية".

وقد وسعت إيطاليا، التي لديها أكبر سوق سندات أوروبية، متطلبات الشفافية قبل التجارة وما بعد التجارة إلى ما بعد الأسهم لتشمل تجارة سوق الديون.

تقدم الولایات المتحدة والمملکة المتحدة أمثلة علی أسواق سندات الدیون التي تخضع لتقاریر تنظیمیة مماثلة لتلك التي یقترحھا إروك.

في الولايات المتحدة، تتطلب قواعد تنظيم الصناعة المالية (فينرا) الإبلاغ عن معاملات الديون خارج البورصة في جميع الأوراق المالية غير الحكومية ذات الدخل الثابت تقريبا إلى فينرا. ويتولى مجلس إدارة قواعد الأوراق المالية في البلديات (مسرب)، الذي له ولاية قضائية في سوق الأوراق المالية في الولايات المتحدة الأمريكية، إدارة نظام الإبلاغ عن المعاملات. تتطلب قواعد مسرب من المتعاملين أن يبلغوا بشكل أساسي عن جميع معاملاتهم في الأوراق المالية البلدية لهذا النظام.

وقد بدأت برامج الإبلاغ عن المعاملات في فينرا و مسرب بشكل أو بآخر منذ منتصف التسعينيات. انتقلت كلتا المنظمتين إلى الموعد النهائي للإبلاغ لمدة 15 دقيقة بعد حوالي 10 سنوات. وتراقب فينرا تقارير المعاملات باستخدام نظام "الإبلاغ عن التجارة والامتثال" (تريس) وتولد تنبيهات وتقارير استثنائية يتعين على الموظفين التحقيق فيها في إجراء أنشطة مراقبة السوق. وبالإضافة إلى توفير بيانات ما بعد التجارة للمنظمين، فإن معظم البيانات المتعلقة بالتجارة تيسر أيضا على نطاق واسع، مما يوفر شفافية ما بعد التجارة.

وبدأت كل من فينرا و مسرب مع نطاق محدود نسبيا لقواعد الإبلاغ عن المعاملات، ومع مرور الوقت، وسعت نطاقها. واليوم، تمثل سندات الخزانة الأمريكية الفئة الرئيسية الوحيدة من سندات الدين في الولايات المتحدة غير المشمولة بمتطلبات الإبلاغ عن المعاملات.

تشترك شركة مسرب في بياناتها الخاصة بمعاملات الأوراق المالية البلدية مع فينرا، التي لديها مسؤوليات التفتيش والإنفاذ فيما يتعلق بقواعد مسرب. ويقوم موظفو عمليات المراقبة في فينرا بإجراء استعلامات مراقبة منتظمة ومخصصة ضد قواعد بيانات المعاملات.

المملكة المتحدة و ميفيد I.

والمملكة المتحدة مثال آخر على بلد متقدم النمو لديه أسواق كبيرة لكل من أدوات الدين المحلية والدولية وكمية كبيرة من التجارة عبر الحدود وغير التبادلية. هيئة الخدمات المالية (فسا) هي الجهة الوحيدة لتنظيم الأوراق المالية في المملكة المتحدة.

لأن المملكة المتحدة عضو في المنطقة الاقتصادية الأوروبية (إيا)، لوائح فسا تتوافق مع توجيهات الاتحاد الأوروبي. وفيما يتعلق بإبلاغ المعاملات، فإن توجيه الاتحاد الأوروبي ذي الصلة هو "توجيهات الأسواق المالية" (ميفيد) الذي أصبح نافذا في نوفمبر / تشرين الثاني 2007.

ولا تميز متطلبات الإبلاغ عن المعاملات في القسم 17 من دليل الإشراف على الدليل (سوب ​​17) بين سندات الدين والأسهم. وهي تتطلب جميع المعاملات، بما في ذلك أوتك، في أي أداة مالية يتم إبلاغها إلى الجيش السوري الحر عن طريق إغلاق الأعمال على T + 1 إذا كانت المعاملة تنطوي على أداة مالية "المقبولة للتداول" في أي "سوق منظم" في المنطقة الاقتصادية الأوروبية أو على "السوق الموصوف" في المملكة المتحدة. (مصطلح "السوق المنظم" يعني في المقام الأول تبادل الأوراق المالية، في حين أن أسواق إيم و بلوس (وكلاهما تابع ل لس) هما السوقين المحددين فقط ذات الصلة بقواعد فسا.)

كما تتطلب قواعد هيئة الرقابة المالية اإلبالغ عن أي معاملة في مشتق أوتك إذا كانت قيمة األداة مستمدة من أو "تعتمد على" أداة مالية أو أدوات مالية مرتبطة بالديون يتم قبولها في التداول في سوق منظم أو محدد " .

يحتفظ الجيش السوري الحر بنظام، يعرف باسم زين، يقبل تقارير المعاملات ويوفر لموظفي فسا منصة لإجراء مراقبة السوق. وفي حين أن هذه المعلومات غير متاحة للجمهور، هناك بعض الشفافية بعد التجارة المقدمة لأدوات الدين عن طريق المبادرات التي تقودها الصناعة.

معظم سندات الدين المتداولة في المملكة المتحدة غير مدرجة في سوق منظم أو محدد. ونتيجة لذلك، فإن قواعد سلطة النقد الحر الحالية لديها مدى محدود إلى حد ما في أسواق السندات أوتك في المملكة المتحدة. ميفيد إي، والخليفة المقترح ل ميفيد I، سيضيف شرط الإبلاغ عن المعاملات، بما في ذلك المعاملات خارج البورصة، إذا تم قبول الأداة المالية في التداول على "أو" التداول على "" تسهيلات تجارية متعددة الأطراف "أو" ". تعريف "مرفق التداول المنظم" واسع بما فيه الكفاية ليشمل شبكات العبور وسيط وأنظمة وسيط بين الوكلاء. ومن المرجح أن يمتد التنفيذ المستقبلي للمرحلة الثانية من هذا المشروع إلى تغطية نسبة الإبلاغ إلى نسبة أكبر بكثير من سوق السندات في المملكة المتحدة.

يقارن الجدول أدناه القواعد الحالية والمقترحة لإعداد التقارير التنظيمية في الولايات المتحدة والمملكة المتحدة وكندا.

القواعد الحالية في الولايات القضائية الأخرى المختارة.

دول المنطقة الاقتصادية الأوروبية (المملكة المتحدة)

دول المنطقة الاقتصادية الأوروبية (المملكة المتحدة)

قواعد المملكة المتحدة تتفق مع سياسة المنطقة الاقتصادية الأوروبية الواردة في ميفيد I.

ميفيد إي - المقترحة للمنطقة الاقتصادية الأوروبية (بما في ذلك المملكة المتحدة) لعام 2018.

التنفيذ الكامل المستهدف لعام 2018.

القسم 17 من كتيب المشرف فسا.

القسم 17 من كتيب الإشراف على الهيئة.

قواعد عضو التاجر الجزء 2800C.

الشركات، الوكالة الحكومية، الأوراق المالية المدعومة بالرهن العقاري وغيرها من سندات الدين المدعومة بأصول؛ المنتجات المهيكلة.

الأوراق المالية البلدية، بما في ذلك خطط إنقاذ الكلية ("529" حسابات)

أي أداة مدرجة في المنطقة الاقتصادية الأوروبية "السوق المنظم" (تبادل) أو "سوق محدد" (بلوس-كوتد و إيم الأسواق في المملكة المتحدة) حتى لو تداولت أوتك. مشتقات أوتك إذا كانت القيمة مبنية على الصك المغطى.

إضافة: أي صك (حتى لو تم تداوله أوتك) إذا كان "تم قبوله في التداول أو التداول في منشأة تداول متعددة الأطراف" أو "تسهيلات تداول منظمة" وأدوات (مثل المشتقات) التي ترتبط وتؤثر على سعر الأدوات المقبولة إلى التداول على متف أو أوتف.

جميع أوراق الدين. ريبو / ريبوكس ريبو ترانزاكتيونس؛ التحويلات الداخلية بين وحدات الأعمال.

15 دقيقة. بعد التجارة.

15 دقيقة. بعد التجارة.

إغلاق النشاط التجاري على T + 1.

إغلاق النشاط التجاري على T + 1.

بدء النشاط التجاري على T + 1.

الخزانة الأمريكية؛ اتفاقيات إعادة الشراء. تبادل الصفقات.

الرهن العام للضمانات.

"عمليات التمويل" (ريبوس)؛ معاملات السوق الأولية.

"عمليات التمويل" (ريبوس)؛ معاملات السوق الأولية.

لا كوسيب أو إيسين. تبادل الصفقات.

القواعد الحالية في كندا.

ويحدد الصك الوطني 21-101 متطلبات الشفافية فيما قبل التجارة وما بعد التجارة لأوراق الدين الحكومية والشركات. وتقتضي الصك الوطني أن يوفر السوق ووسيط السندات بين الوكلاء والتاجر معلومات دقيقة وفي الوقت المناسب بشأن تفاصيل الصفقات في سندات دين الشركات المعينة إلى معالج معلومات (حاليا كانبس). هناك إعفاء حتى 1 يناير 2018 لأوراق الدين الحكومية.

3. بنك كندا و مترس التقارير.

وفي الوقت الحاضر، فإن التقارير الموحدة الأكثر شمولية عن معاملات سوق الديون في كندا هي التقارير الإحصائية الأسبوعية التي يقدمها موزعو الأوراق المالية الحكومية ("غسدز") إلى بنك كندا. وهذا شرط للمشاركة في مزادات الأوراق المالية الحكومية الكندية. وتقدم الإحصائيات الأسبوعية من خلال نظام الإبلاغ عن الأسواق (مترس) الذي تصدر منه تقارير ربع سنوية. ويستخدم بنك كندا هذه البيانات لأغراض مختلفة تتعلق بإدارته للمزادات الحكومية للأوراق المالية، بما في ذلك حساب حدود العطاءات المتعلقة بشؤون الخدمات العامة، وتحليل الاتجاهات والتطورات في أسواق الدين والنقد.

وعلى مر السنين أجرت اللجنة مناقشات مستمرة مع بنك كندا بشأن كفاءة أداء أسواق الدين الكندية وأهمية إعداد التقارير المتعلقة باستعراض منتصف المدة. وقد أجرى كل من بنك كندا و إيروك ومجتمع التاجر مناقشات حول سبل تحسين كفاءة جمع البيانات في نظام مترس ونوعية البيانات التي تم جمعها وقابليتها للمقارنة وموثوقيتها. وقد كانت هناك بعض المخاوف بشأن أوجه عدم الاتساق المحتملة في منهجيات إعداد التقارير المتعلقة بالاستعراضات المتعددة الأطراف فيما بين التجار.

ومن المتوخى حاليا أن تقوم اللجنة بإصدار تقارير استعراض منتصف المدة من بيانات المعاملات المجمعة وأن الإبلاغ عن بيانات المعاملات سيظل شرطا للمشاركة في مزادات الأوراق المالية الحكومية في كندا بالنسبة للأجهزة الحكومية العالمية. وسيعمل النظام الإلكتروني لشركة إيروك للإبلاغ عن معاملات سندات الدين على أن يكون خلفا لنظام استعراض منتصف المدة. وستتطلب القاعدة المقترحة أن تبدأ جميع الإدارات العامة في الإبلاغ عن معاملات سندات الدين إلى نظام الإبلاغ عن المعاملات في شركة إيروك، وستقوم شركة إيروك بمشاركة هذه البيانات مع بنك كندا، مما يلغي الحاجة إلى قيام المتعاملين بتقديم تقارير أسبوعية أسبوعية تغطي نفس المعاملات. يعكس هذا الدور باعتباره النظام الخلف ل مترس، يقترح إيروك تسمية نظامها مترس 2.0.

.4 المتطلبات المقترحة لتقارير سوق الدين.

4-1 مشروع مراقبة سوق الدين.

ولدى إنشاء مشروع مراقبة سوق الدين (المشروع)، كان الهدف الأساسي هو دراسة الخيارات المختلفة لإنشاء قاعدة بيانات للمعاملات، وإعداد تقارير وأدوات تحليلية، لتمكين اللجنة من الاضطلاع على نحو فعال من حيث التكلفة بمسؤولياتها فيما يتعلق بالمراقبة والإشراف على أوتك تداول سوق الدين، واستبدال إطار مترس الحالي.

وقد بدأ المشروع في تشرين الأول / أكتوبر 2018 بعد تنفيذ المادة 3300 من شركة إيروك للتاجر - التسعير العادل للأوراق المالية غير الرسمية. التقى فريق المشروع مع مجموعة متنوعة من التجار وأصحاب المصلحة في الصناعة للنظر في جميع الآراء وتحليل البدائل، ووضع خطة المشروع.

وأظهرت ردود الفعل الواردة من المشاركين في الصناعة وبنك كندا والأطراف المهتمة الأخرى دعما عاما لأهداف المشروع والفوائد المحتملة للصناعة من تحسين جودة البيانات ونزاهتها. وقد طبقت المبادئ التوجيهية التالية، التي تمثل الآراء المشتركة لمعظم أصحاب المصلحة، في وضع خطة تفصيلية للمشروع:

• تعد متطلبات الإبلاغ الأکثر تفصیلا أمرا بالغ الأھمیة من أجل الإشراف الفعال لشرکة إروك علی التداول في سوق الدین الخارجي.

• ینبغي أن تحدد إروك محتوى وشکل البیانات التي سیتم توفیرھا وأن تسمح بخیارات مختلفة لتقدیم البیانات؛

• ينبغي أن تكون التقارير مطلوبة على أساس ما بعد التجارة فقط (T + 1)؛

• ینبغي تنفیذ المتطلبات الجدیدة علی مراحل حسب الاقتضاء؛

• يجب على أعضاء الوكالء تقديم تقارير قياسية يمكن استكمالها بمعلومات مخصصة عند الطلب.

• يمكن لموظفي المركز أن ينقحوا متطلبات التقارير بعد تنفيذ القاعدة المقترحة، استنادا إلى تحليلها للبيانات المستلمة خلال المرحلة الأولية للإبلاغ؛ و.

• ینبغي منح أعضاء التاجر فترة تنفیذ معقولة بعد الموافقة النھائیة للقاعدة المقترحة.

4-2 األهداف التنظيمية.

وتتمثل أولويات اللجنة في الإشراف على تداول أسواق الديون في تعزيز نزاهة أسواق الديون وسلامتها، وضمان الامتثال ومنع و / أو التصدي للانتهاكات المحددة في مجالات مثل:

• أفضل تنفيذ والتسعير العادل.

• التشغيل األمامي) استخدام المعلومات غير العامة المادية للتداول قبل تداولات أو إصدار سندات السندات (؛

• التلاعب في سعر أداة سوق الدين أو فئة الصكوك؛ و.

• الملاءمة (خاصة فیما یتعلق ببعض أنواع الأدوات المحددة).

وكانت هذه الأولويات هي الاعتبارات الرئيسية في تحديد عناصر البيانات التي تتوقع اللجنة أن تبلغ عنها بموجب القاعدة المقترحة.

4.3 متطلبات التقارير المقترحة.

سيطلب من أعضاء التاجر إبلاغ المعاملات إلى شركة إروك على T + 1 لجميع المعاملات في سندات الدين (على النحو المحدد في القسم 1.1 من القاعدة المقترحة، المرفقة في الملحق أ) بما في ذلك تلك التي تم تنفيذها على المنشطات الأمفيتامينية أو من خلال وسيط السندات بين الوكلاء (IDBB).

وسيطلب من أعضاء التاجر الإبلاغ عن معلومات المعاملات بسرعة وبدقة وكاملة. بالنسبة للمعامالت التي تنطوي على عضو تاجر وعضو غير تاجر) بما في ذلك عميل (، سيطلب من الوكيل تقديم تقرير تجاري إلى إيروك. بالنسبة للمعامالت بين عضوين من أعضاء الوكالء، سيطلب من كل من أعضاء الوكالء تقديم تقرير تجاري.

ومن المتوقع أن يكون لدى الأعضاء العديد من الخيارات بشأن كيفية تقديم التقارير التجارية إلى المركز، استنادا إلى حجم نشاطهم. وستكون تقارير المعاملات مطلوبة لتشمل عناصر بيانات محددة، على النحو المبين في خطة المشروع ويتم تحديثها من وقت لآخر.

سوف يسمح لأعضاء التاجر باستخدام وكلاء طرف ثالث لغرض تقديم معلومات المعاملات؛ ومع ذلك، فإن المسؤولية الرئيسية عن التقارير في الوقت المناسب ودقيقة وكاملة تبقى واجب العضو تاجر.

وسيتم تغطية التفاصيل الكاملة المتعلقة بعناصر البيانات ومواصفات النظام ومواعيد التسليم والإبلاغ عن حالات الاستثناء (في أيام غير تجارية أو خارج ساعات العمل العادية) وما إلى ذلك في دليل مستخدم مترس 2.0، الذي سيتم نشره في وقت لاحق.

4.4 تنفيذ متطلبات إعداد التقارير.

ومن المتوقع أن يتم تنفيذ متطلبات الإبلاغ على مراحل، والتي ستعتمد على نوع الأداة المتداولة وعما إذا كان عضو التاجر مشاركا في برنامج مترجم من بنك كندا. وترد تفاصيل الأطر الزمنية المقترحة للتنفيذ في القسم 4 من خطة المشروع، المرفقة في المرفق باء.

وتنص القاعدة المقترحة على أن لجنة حقوق الإنسان والموارد البشرية لديها القدرة المحددة على تغيير متطلبات الإبلاغ. في حال اقترحت إيروس في وقت لاحق إجراء تغيير مادي، سوف تصدر إيروك إشعارا يطلب التعليق العام خلال فترة تعليق لا تقل عن 30 يوما. وبعد فترة التعليق وبعد الموافقة على التغيير من قبل السلطات التنظيمية للأوراق المالية المعمول بها، ستقوم إيروك بإصدار دليل مستخدم مترس 2.0 محدث وتأكيد التاريخ الفعلي للتغيير. وبغض النظر عن األهمية النسبية، سيتم تزويد أعضاء التاجر بفترة إشعار مالئمة للسماح بتطوير وتنفيذ التغيير في متطلبات إعداد التقارير.

5 - عملية وضع القواعد.

وكجزء من عملية تطوير القاعدة، استشار موظفو شركة إيروك مع العديد من ممثلي أعضاء التاجر، سواء بشكل فردي أو جماعي، والتي تمثل غالبية نشاط تداول سوق الدين في كندا. كما راجعت لجنة الدخل الثابت التابعة ل إروك وعلقت على الخطة المقترحة وخطة المشروع. وكان الهدف من هذه المشاورات هو ضمان أن تكون القاعدة المقترحة وخطة المشروع معقولة من حيث النطاق وقابلة للتحقيق من الناحية التشغيلية.

وبشكل عام، كانت معظم الشركات داعمة لأهداف المشروع، كما رأت فوائد تستمد من هذه الصناعة. وأشار جميع المتعاملين الرئيسيين إلى أنهم لم يتوقعوا قضايا رئيسية تتعلق بجمع البيانات التجارية المطلوبة والإبلاغ عنها.

وقد تمت الموافقة على القاعدة المقترحة وخطة المشروع لنشرها من قبل مجلس إدارة الشركة في 30 يناير 2018.

ويرد نص القاعدة المقترحة في التذييل ألف. وترد خطة المشروع في الملحق باء.

5.1 القضايا والبدائل النظر فيها.

وتعتقد اللجنة أن الأساس المنطقي للسياسات لإدخال متطلبات الإبلاغ عن المعاملات في ولايات قضائية أخرى ينطبق بالتساوي على السياق الكندي، وأن القاعدة المقترحة ضرورية لضمان أن تكون اللجنة قادرة على توفير رقابة فعالة على التداول في أسواق الدين في كندا.

وقد عقدت مناقشات (تمتد على عدد من السنوات) مع الوديع الكندي للأوراق المالية (كدز) لتحديد ما إذا كان يمكن جمع البيانات المطلوبة من مصدر واحد، مما يلغي الحاجة لكل تاجر أن يقدم تقريرا إلى إيروك. ومع ذلك، فقد تقرر أن كدز ليست مصدرا قابلا للحياة وشاملا وحصريا للبيانات المطلوبة لأنها لا تجمع أو تتلقى أي معلومات بشأن معاملات البيع بالتجزئة، والسجلات الموجودة في كدز تفتقد عددا من عناصر البيانات التي تعتبر بالغة الأهمية ل أهدافنا العامة. أحد هذه العناصر هو الوقت الذي وقعت فيه كل معاملة. لم نتمكن من تحديد أي مصادر أخرى موجودة لبيانات المعاملة المطلوبة.

5-2 التصنيف المقترح للقواعد.

وأدلى ببيانات في مكان آخر عن طبيعة المادة المقترحة وآثارها. وتتمثل أغراض القاعدة المقترحة فيما يلي:

• تعزيز مبادئ التجارة العادلة والمنصفة وواجب العمل بنزاهة وأمانة وبحسن نية، و.

• تعزیز التعاون والتنسیق مع الجھات التي تعمل علی تنظیم وتطھیر وتسویة ومعالجة المعلومات فیما یتعلق بتداول الأوراق المالیة وتیسیرھا.

وقد قرر المجلس أن القاعدة المقترحة لا تتعارض مع المصلحة العامة.

ونظرا للطابع الموضوعي للقاعدة المقترحة، فقد تم تصنيفه على أنه اقتراح قاعدة تعليق علني.

6. آثار القواعد المقترحة على هيكل السوق، وأعضاء التاجر، وغير الأعضاء، والمنافسة وتكاليف الامتثال.

ولا تفرض القاعدة المقترحة أي عبء أو قيود على المنافسة أو الابتكار ليست ضرورية أو مناسبة لتعزيز الأهداف التنظيمية للجنة. وقد تشاورت شركة إيروك مع أعضاء التاجر الذين أكدوا أن أنظمة القبض على التجارة الحالية يمكن الاستفادة منها لإنشاء ملفات المعاملات المناسبة لنقلها إلى إيروك. ولذلك، ال تفرض القاعدة المقترحة تكاليف أو قيود على أنشطة المشاركين في السوق) بما في ذلك أعضاء الوكالء وغير األعضاء من الوكلاء (التي ال تتناسب مع أهداف األهداف التنظيمية التي يجب تحقيقها.

وسيتم تخصيص التكاليف المرتبطة بتشغيل وصيانة الصيانة المستمرة للخدمة المتنقلة الدولية 2.0، بما في ذلك التكنولوجيا والموظفين والتكاليف المباشرة الأخرى، لأعضاء تاجر إيروك على أساس استرداد التكاليف. وسیتم وضع نموذج استرداد التکالیف، الذي یمکن أن یستند إلی المعاملات، بشکل منفصل ویتم نشرھ للتعلیق علیھ قبل التنفیذ.

وسيتحمل أعضاء التاجر تكاليف بدء تشغيل التكنولوجيا الخاصة بهم أيضا. ولم يتم تزويدنا بأي تقديرات لهذه التكاليف، ولكننا لا نتوقع أنها لن تكون متناسبة مع الفائدة المرتبطة بإلغاء تقارير نظام استعراض منتصف المدة الذي يجري حاليا.

7 - الآثار التكنولوجية وخطة التنفيذ.

Dealer Members that participated in industry consultations under the Debt Market Surveillance Project indicated that the data elements to be reported under the Proposed Rule could be collected from existing data sources using client order management systems or the Dealer Members' mid-office systems, where client information is held along with trade execution information. All of the Dealer Members consulted indicated that they did not anticipate significant issues with collecting and reporting the required trade data.

The Proposed Rule will be implemented following approval by the recognizing regulators and in accordance with the Project Plan and MTRS 2.0 User Guide, which is to be developed and finalized in consultation with Dealer Members.

8. Request for Public Comment.

Comments are sought on the Proposed Rule and Project Plan. Comments should be made in writing. Two copies of each comment letter should be delivered within 90 days of the publication of this notice.

One copy should be addressed to the attention of:

A second copy should be addressed to the attention of:

Those submitting comment letters should be aware that a copy of their comment letter will be made publicly available on the IIROC website (iiroc. ca under the heading "IIROC Rulebook -- Dealer Member Rules -- Policy Proposals and Comment Letters Received").

Questions may be referred to:

9. Attachments.

Appendix A -- Proposed Rule 2800C -- Transaction Reporting for Debt Securities.

Appendix B -- Debt Market Surveillance Project Plan.

Source IIROC website: iiroc. ca/industry/marketmonitoringanalysis/Documents/BondMarketSecondaryTrading_en. pdf.

Source IIROC website: iiroc. ca/industry/marketmonitoringanalysis/Documents/MoneyMarketSecondaryTrading_en. pdf.

Source IIROC website: iiroc. ca/news/Documents/MarketplaceStatisticsReportCurrent_en. pdf.

IIROC Notice of Approval/Implementation, Sept. 1, 2018.

Transparency of Corporate Bond Markets, Report of the Technical Committee of the International Organization of Securities Commissions (IOSCO), May 2004.

Corporate Bond Market Transparency and Transaction Costs by Edwards, Amy K., Harris, Lawrence and Piwowar, Michael S; September 21, 2004.

An Examination of Transparency in European Bond Markets, CFA Institute, October 2018, Volume 2018, No. 5.

FINRA requires all trades in eligible Corporate, Equity Linked Notes and Convertible Debt and MSRB requires all trades in Municipal Debt.

MiFID II has not yet been approved and may be subject to further amendments. Final approval is expected sometime in 2018.

See Appendix B, Section 4.1.

Appendix A -- Proposed Rule 2800C -- Transaction Reporting for Debt Securities.

This Rule 2800C requires Dealer Members to report information about each of their transactions (and their related affiliates' transactions) in Debt Securities to the Corporation through an electronic system maintained by the Corporation.

Rule 2800C requires Dealer Members to report information about each of their transactions (and their affiliates' transactions) in Debt Securities to the Corporation through the electronic system operated by the Corporation for this purpose. The reported transaction data is used in the Corporation's surveillance of the debt market to identify potential market abuses such as violations of the fair pricing requirements of Dealer Member Rule 3300, insider trading and market manipulation. It also supports the Corporation's general inspection and enforcement activities, rulemaking, and other regulatory functions. The trade data received pursuant to this rule enables appropriate oversight to ensure the integrity of OTC debt market trading and strengthen standards of investor protection. Reported transaction data may be shared on a confidential basis with other securities market regulators as well as the Bank of Canada and may be aggregated for statistical reports and other market research that is made public.

For purposes of Rule 2800C, the terms below have the meanings noted.

1.1 "Debt Securities" means any securities that provide the holder with a legal right, in specified circumstances, to demand payment of the amount owing and includes a debtor-creditor relationship. The fact that a security was issued in another country or denominated in a foreign currency does not disqualify it from being a Debt Security. The term includes securities with short-term maturities or mandatory tender periods such as commercial paper and floating rate notes as well as traditional notes and bonds. Derivative products that are not securities (e. g., futures contracts, interest-rate swaps) are not Debt Securities.

1.2 "MTRS 2.0" means the Debt Securities transaction reporting system operated by the Corporation. As used in this term, "MTRS" is an abbreviation of "Market Trade Reporting System". MTRS 2.0 replaces the Bank of Canada's MTRS.

1.3 "Bank of Canada's MTRS" means the transaction reporting system for Debt Securities currently operated by the Bank of Canada. As used in this term, "MTRS" is an abbreviation of "Market Trade Reporting System".

1.4 "MTRS 2.0 User Manual" means the electronic document containing technical specifications, business rules, reporting procedures and other official instructions on transaction reporting under Rule 2800C. The MTRS 2.0 User Manual is available on the Corporation's web site and is updated as necessary.

1.5 "MTRS 2.0 Enrollment Form" means the electronic form filed by a Dealer Member with the Corporation to supply contact and other information that may be needed by the Corporation in connection with the Dealer Member's reporting of Debt Securities transactions. An MTRS 2.0 Enrollment Form must also be filed by any party seeking to act as an agent for a Dealer Member in reporting transaction data to MTRS 2.0.

1.6 "MTRS 2.0 Submitter Identifier" means a code assigned by the Corporation to a Dealer Member or an agent of a Dealer Member that has successfully enrolled in MTRS 2.0 for transaction reporting.

1.7 "Special Condition Indicator" means a code used on a transaction report to indicate that the transaction has certain attributes described as Special Conditions in the MTRS 2.0 User Manual. Among other uses, the Special Condition Indicator helps to identify transactions that may be priced differently than other transactions in the same issue (e. g., a primary market transaction subject to a fixed price offering agreement). Special Condition Indicators are also used to identify sale and repurchase and reverse sale and repurchase transactions, transactions that involve parties related to the Dealer Member executing the transaction, and certain other conditions that may apply to a transaction and that are relevant to the regulatory and market surveillance purposes of Rule 2800C.

1.8 "Riskless Principal Trade" means a trade in a Debt Security that involves two offsetting orders (buy and sell) that are filled through transactions executed against a Dealer Member's trading or other proprietary account, with the execution of one of the orders dependent upon the receipt or execution of the other. A riskless principal trade results in two offsetting principal transactions on the Dealer Member's books, rather than one agency transaction. A Dealer Member typically performs a riskless principal trade to fill a client order with an offsetting transaction in the market or with another client.

2. Reporting Requirements.

2.1 (a) General Transaction Reporting Requirement.

Every Dealer Member must report each of its transactions in Debt Securities to the Corporation within the timeframes and in the manner specified in this Rule 2800C, as supplemented and explained in the MTRS 2.0 User Manual as may change from time to time, subject to the exceptions stated below:

(i) Debt Securities Without Assigned ISIN or CUSIP Numbers.

A transaction in a Debt Security that has no ISIN or CUSIP number assigned on the Date of Trade Execution is exempt from the transaction reporting requirement in this Section 2.1 of Rule 2800C; provided, however, that a transaction in a new issue of a Debt Security shall be reported within the timeframe stated in Section 2.5 of this Rule 2800C if an ISIN or CUSIP number is assigned to the Debt Security by 6:00 p. m. Eastern Time on the Business Day following the date of sale of the new issue.

(ii) Transactions Executed on an Exchange.

A transaction in a Debt Security executed on a domestic securities exchange is exempt from the transaction reporting requirement in this Section 2.1 of Rule 2800C.

2.2 Reporting Responsibilities of Dealer Members in Specific Situations.

The responsibilities of Dealer Members for transaction reporting in specific trading situations are described in detail in the MTRS 2.0 User Manual. Reporting responsibilities in the most common situations are as follows:

(a) In a transaction between a Dealer Member and a client (or another dealer that is not a Dealer Member), the Dealer Member reports.

(b) In a transaction between two Dealer Members, each Dealer Member is responsible to report the transaction from its perspective (buy-side or sell-side). This responsibility includes the requirement for a Dealer Member to make a buy-side or sell-side transaction report, as appropriate, when it is a party to a transaction that results in the movement of securities between the accounts of an introducing broker and its clearing broker. Similarly, a report is required when a Dealer Member is one of the parties in a transaction between two dealer clients of the same clearing broker.

(c) A Dealer Member that executes a transaction in the market to fill an order it has received from a source external to the trading desk executing the order must report both a market-side transaction and a client-side transaction, regardless of whether the trade is effected as a Riskless Principal Trade or is executed in an agency capacity.

2.3 A Dealer Member may use an agent to submit transactions to MTRS 2.0 by ensuring that the conditions stated in the MTRS 2.0 User Manual for use of an agent are met. These conditions include enrollment in MTRS 2.0 by both the Dealer Member and the agent. A Dealer Member utilizing an agent for transaction reporting remains responsible for compliance with Rule 2800C and is responsible for the agent's actions on its behalf as well as any failure by the agent to act as required under the Rule.

2.4 Information Required on Transaction Reports.

Each transaction report must contain accurate and complete information about the reported transaction as specified in the Transaction Record Specifications and other instructions contained in the MTRS 2.0 User Manual. Required information includes, but is not limited to, price and quantity information, identifiers for the securities and parties involved in the transaction, the time and date that the transaction was executed, and any Special Condition Indicators applicable to the transaction.

2.5 Reporting Timeframes.

(a) File Receipts.

The MTRS 2.0 User Manual provides detailed specifications on how to transmit electronic files containing transaction records to the Corporation. Upon a successful submission and receipt by the Corporation, MTRS 2.0 provides the submitter with an electronic receipt including a control number, the time and date that the transmission was received, and certain other information for each successful file transmission. A Dealer Member should not consider a file containing transaction records to have been received unless the Corporation generates such a file receipt.

File receipts must be retained by the Dealer Member for seven years and be retrievable within a reasonable period of time. File receipts must be retained in a central, readily accessible place for a period of two years from the date of each file receipt.

(b) Reporting Deadlines.

A Dealer Member must ensure that a transaction report for which the Dealer Member is responsible is received by the Corporation in proper form and with complete and accurate information within the following timeframes:

(i) For transactions in Debt Securities with ISIN or CUSIP Numbers assigned on the Date of Transaction Execution:

(A) if the date of transaction execution is a Business Day and the time of transaction execution is no later than 6:00 p. m. Eastern Time, the report must be made no later than 2:00 a. m. Eastern Time on the Business Day following the date of transaction execution;

(B) if the date of transaction execution is a Business Day and the time of transaction execution is after 6:00 p. m. Eastern Time, the report must be made no later than 2:00 a. m. Eastern Time on the second Business Day following the date of transaction execution; و.

(C) for all other transactions, including those executed on a Saturday, Sunday, or any officially recognized Federal or Provincial statutory holiday on which the system is closed, the report must be made no later than 2:00 a. m. Eastern Time on the second Business Day following the Date of Transaction Execution;

provided, however, that:

(ii) for transactions in new issue debt securities with no ISIN or CUSIP number assigned a transaction report required under Paragraph 2.1(b) of this Rule must be made no later than 6:00 p. m. Eastern Time on the Business Day following the day that the ISIN or CUSIP number is assigned.

3. Enrollment Requirements.

(a) Initial Enrollment.

Prior to submitting Debt Securities transaction reports to MTRS 2.0, a Dealer Member (and its agent if an agent is used for submitting transaction reports) must enroll in MTRS 2.0 and receive an MTRS 2.0 Submitter Identifier from the Corporation. The Corporation will accept transaction reports only from Dealer Members and agents of Dealer Members that are enrolled in MTRS 2.0 and that have an assigned Submitter Identifier. Enrollment is accomplished by completing the MTRS 2.0 Enrollment Form with all required information, including technical and business contact points.

(b) Requirements for Continued Enrollment.

Once enrolled, Dealer Members remain responsible to keep all information on the MTRS 2.0 Enrollment Form up-to-date and to follow procedures stated in Rule 2800C and the MTRS 2.0 User Manual. The Corporation may revoke a Dealer Member's enrollment and/or the enrollment of a Dealer Member's agent, thereby removing access to MTRS 2.0, in the case of continued behavior that threatens the accuracy of transaction data collected by the Corporation or the reliable operation of any of the Corporation's electronic systems including MTRS 2.0 (e. g., continued submission of files with erroneous data; incorrectly formatted files or records; or files containing computer viruses).

4. Testing Requirements.

Prior to submitting Debt Securities transaction reports to MTRS 2.0, a Dealer Member or prospective agent for a Dealer Member must successfully test its capability to submit transaction files and records. Procedures for testing are included in the MTRS 2.0 User Manual as may change from time to time.

Appendix B -- Debt Market Surveillance Project Plan.

At this time, IIROC is addressing the issue of improved regulatory reporting only for debt market transactions in Canada with the Debt Market Surveillance Project to establish and maintain MTRS 2.0. This Project Plan outlines the scope and objectives of the Project and the steps that will be taken toward its implementation. The Project Plan includes a high-level summary of dealer reporting requirements, the instruments to be covered and the data elements for each transaction to be reported. Unless otherwise defined, capitalized terms are as defined in the Proposed Rule 2800C -- Transaction Reporting for Debt Securities or in existing Dealer Member Rules.

2. Project Overview.

The Debt Market Surveillance Project was initiated by IIROC in October 2018 following approval of Rule 3300, the Fair Pricing Rule, to implement a debt market regulatory reporting and compliance program. This Project will enable IIROC to address regulatory issues and to conduct appropriate oversight in order to ensure the integrity of OTC debt market trading and thus strengthen standards of investor protection and promote investor confidence. In addition, this Project will result in the development of IIROC's trade repository for debt security transactions and is likely to serve as the successor to MTRS. The key stakeholders for this project are:

• IIROC, who will use the information to monitor trading in various Debt Securities in fulfilling its oversight mandate;

• Dealer Members (and their related affiliates) who execute transactions in Debt Securities and will be required to report on activities carried out by their organizations as well as their affiliated entities; و.

• Bank of Canada, who will use this data to assess trends in debt market activities and as part of their requirements for participation in primary distributions.

Specifically, the Project aims to:

• ensure consistent and standardized reporting of all OTC debt market transactions on a post-trade basis;

• create a complete transaction database;

• develop regular surveillance reports and query tools for IIROC staff to monitor and analyze trade activity; و.

• ensure reliable and accurate MTRS reports are produced.

2.2 Project Approach.

With the initiation of the Project in October 2018, a Project team was formed and an outside consultant hired to develop the detailed Project Plan.

An introductory meeting was held with representatives of all key dealer participants in November 2018 to provide information regarding the objectives of the project, outline the intended scope and timeline for the project, and answer preliminary questions. Subsequent, individual meetings were held with a number of firms from November 2018 to February 2018, to solicit dealers' comments and feedback on the project. Each dealer was asked to outline their organizational structure for debt market trading, their trade process and what systems were used to capture and store data throughout the process. Meetings were also held with key industry participants including CanDeal, CBID, CDS and two data vendors.

In general, most firms were supportive of the objectives of the Project and also saw benefits to be derived for the industry in relation to improving the quality and integrity of MTRS data. Dealers suggested that the best source of the data for regulatory reporting would be either the client order management systems or the mid-office system where client information is held along with trade execution information, including details such as client ID and time of the trade. All of the major dealers indicated that they did not anticipate major issues with collecting and reporting the trade data required.

Discussions were held with CDS to determine if the required data could be collected from a single source and thus alleviate the need for each dealer to report to IIROC. However, it was determined that the current absence of retail trade information and transaction time stamps precludes this approach through CDS. IIROC and the Bank of Canada have been collaborating on improvements to the MTRS reporting framework.

During July and August 2018, the project team began development of the Project Plan and draft rule. In September 2018, a follow-up meeting was held with the Dealer representatives to provide an update on the project and to discuss the key elements of the proposed regulatory reporting requirements.

Dealer Members will be required to report transactions to IIROC, on T+1, for all transactions in Debt Securities (as defined in section 1.1 of the Proposed Rule) including those executed on an ATS or through an Inter-Dealer Bond Broker (IDBB).

The following risks to successful implementation of the project have been identified:

• delays in approval of the Proposed Rule; و.

• reduced availability of internal resources committed to the Project due to unforeseen shifts in business priorities (e. g., industry-driven issues that necessitate near-term regulatory changes).

3. IIROC Surveillance Requirements.

3.1 Surveillance Oversight.

Transaction data from IIROC Dealer Members will be collected and the Surveillance team will be provided with a set of alerts and reports for their review and investigation.

In the initial phases of the project, basic reports and queries will be developed. It is expected that, over time, as IIROC Surveillance staff become familiar with the trading patterns and trends in debt market trading, additional reports and more sophisticated query tools will be developed.

Basic reports will include information regarding:

• transactions identified with trade prices outside an acceptable range from the average trade price for that instrument on the trade date;

• instruments which have traded outside of their normal trade price or volume ranges;

• insider trading that has occurred in equities for examination of related debt instruments;

• distribution of primary debt issuances, including on the date of the distribution as well as trading prior to and after the distribution; و.

• distribution of primary BA issuances in relation to the corresponding CDOR rate.

Basic queries will include the ability to select and analyze:

• all transactions by date for a specific instrument by ISIN/CUSIP;

• all transactions for an instrument over a specified period of time; و.

• all transactions for an instrument in relation to the associated benchmark bond.

Reporting of data by Dealer Members to IIROC is a regulatory obligation as defined in Proposed Rule 2800C -- Transaction Reporting for Debt Securities. All data collected by IIROC will be received for regulatory purposes in order to conduct appropriate surveillance and oversight of debt market trading.

This proposal does not contemplate making data regarding individual transactions available to the public at this time; however, IIROC would continue to publish aggregate debt trading statistics consistent with current reporting . Changes to this position, if any, would be subject to comprehensive industry consultation and public comment.

4. Reporting Requirements for Dealers.

Proposed Rule 2800C establishes the requirements for reporting of OTC Debt Securities.

4.1 Phasing In of Reporting.

To facilitate the initial implementation of transaction reporting for Debt Securities, Dealer Member responsibilities under Proposed Rule 2800C are to be phased in based on: (i) the Dealer Member's participation in Bank of Canada's MTRS system, (ii) the types of Debt Securities traded, and (iii) the type of transaction, as follows:

All Dealer Members that, as of September 1, 2018, were GSDs and participants in Bank of Canada's MTRS must comply with the full Rule. For those Dealer Members, the Rule is effective with respect to all of their transactions in Debt Securities issued in Canada and denominated in Canadian dollars, including all sale and repurchase and reverse sale and repurchase transactions in Canadian dollars involving Debt Securities issued in Canada.

(a) Dealer Members that, as of September 1, 2018, were GSDs and participants in the Bank of Canada's MTRS must comply with the full Rule with respect to all transactions in Debt Securities, including transactions that involve foreign currency or Debt Securities not denominated in Canadian dollars.

(b) Dealer Members that, as of September 1, 2018, were not GSDs and participants in the Bank of Canada's MTRS must comply with the full Rule for all transactions, including transactions that involve foreign currency or Debt Securities not denominated in Canadian dollars.

The following table summarizes the proposed phases and projected timeline:

Proposed Rule Comment Period.

Q1/Q2 2018 (90 days)

System Requirements to be finalized and published.

Q1 2018 -- Q3 2018.

Publish Final Rule.

Phase 1 Implementation.

6-12 months after final rule published.

12-24 months after final rule published.

4.2 Reporting Obligation.

Trade data input obligations will be as follows:

• In transactions between two Dealer Members, both Dealer Members shall submit a trade report to IIROC; و.

• In transactions involving a Dealer Member and a non-Dealer Member (including a customer) the Dealer Member shall be required to submit a trade report to IIROC.

Dealer Members have an ongoing obligation to report transaction information promptly, accurately, and completely. The Dealer Member may employ an agent for the purpose of submitting transaction information; however, the primary responsibility for the timely, accurate and complete reporting of transaction information remains the duty of the Dealer Member.

4.3 Timing of Transaction Reporting.

Dealer Members will be required to submit transaction information to IIROC on the day following the trade (i. e. T+1). Complete details regarding timing of transaction reporting will be covered in the MTRS 2.0 User Guide. This specification will cover delivery times for reports to be delivered to IIROC and reporting of trade exceptions such as trades executed on non-business days or outside normal business hours.

4.4 Data Elements.

Each transaction report must contain the following information about the transaction:

• Coupon of Securities (using "variable" designation stated in User Manual if the coupon is variable)

• Quantity of Securities.

• Price of Transaction.

• Commission or Mark-Up Stated on Confirmation (if any)

• Yield Stated on Confirmation (if any)

• Date of Transaction Execution.

• Time of Transaction Execution.

• Reporting Dealer MTRS Identifier -- Primary (the dealer that executed the transaction)

• Reporting Dealer MTRS Identifier -- Secondary (populated for example if a second Dealer Member, acting as a fully disclosed introducing broker, is the source of the order executed on the reporting side of a trade and no movement of securities occurs between an account of the Dealer Member acting introducing broker and an account of the executing dealer).

• Capacity -- Principal or Agent ("Riskless Principal Trades" reported as Principal Capacity)

• Customer Account Identifier.

• Benchmark Security Identifier (ISIN or CUSIP of any Canada Bond used as pricing benchmark)

• Trading Venue Code.

• Any Applicable Special Condition Indicators, including:

• Fee-Based Account Indicator.

• Primary Market Indicator.

• Internal Transaction Indicator.

• Related Party Indicator.

• For trades where the Repo Indicator is reported:

• Repo Maturity Date (if fixed)

• Open Repo Indictor (opening or closing )

• Repo Collateral Security Identifier.

5. Technology Infrastructure.

Currently, there is no database of debt market transactions and there are no fixed-income alerts or reports available. IIROC will build a database for debt market transactions and implement a debt surveillance module which will produce a suite of alerts and reports. Staff will also obtain, from external sources, certain reference data to create a security master file, which will include details of each debt instrument.

It is anticipated that Dealer Members will have several options for delivery of trade reports to IIROC, based on the volume of their activity. These options will include:

• File transfer (CSV file) via a direct dedicated line between the Dealer and IIROC;

• File transfer (CSV file) over secure internet connection from Dealer to IIROC; و.

• Web Interface for Dealers with small transaction volumes -- screen entry of all trades.

Note that some Dealer Members may choose to have a third party provide their transaction data to IIROC. This is acceptable to IIROC but the Dealer must ensure that their provider meets all IIROC specifications and requirements.

Detailed system specifications will be prepared by IIROC staff and published as part of the MTRS 2.0 User Guide prior to the final Rule being published.

All dealers were offered the opportunity to meet with the project team representatives. Meetings were held with appropriate representatives from Bank of America/Merrill, BMO, Canaccord, Casgrain, CIBC, Deutsche Bank, GMP, HSBC, NBF, RBC, Scotia, TD Securities as well as CanDeal, CBID, CDS, Bloomberg and GMarkets.

Archived - Department of Finance.

Archived information is provided for reference, research or recordkeeping purposes. وهي لا تخضع لمعايير ويب الحكومة الكندية ولم يتم تغييرها أو تحديثها منذ أرشيفها. يرجى الاتصال بنا لطلب تنسيق بخلاف تلك المتوفرة.

Summary Report.

Twist Financial Corp.

To access the Portable Document Format (PDF) version you must have a PDF reader installed. If you do not already have such a reader, there are numerous PDF readers available for free download or for purchase on the Internet.

0. Executive Summary.

This report summarizes the results of the evaluation of the Government of Canada debt auction process for nominal bonds, Real Return Bonds (RRBs) and treasury bills (excluding cash management bills) that was performed by Twist Financial Corp from November 2008 through November 2009. The purpose of the evaluation is to assess the design and approach to managing the auction process, and the controls around it, including the determination of the terms of the call for tenders, the system for accepting bids, the release of results, and settlement.

The scope of the evaluation includes an assessment of whether the existing procedures and practices support the well-functioning of the auctions and whether they provide sufficient information, on a timely basis, to the participants and the market to meet the debt strategy objectives and principles. This study looked at governance of the current auction process in Canada, examined how the process works, and compared the Canadian approach to other sovereigns.

Our research has led us to make the following overall conclusions:

The current structure works well, and supports the transparency, effectiveness and efficiency of debt auctions. Overall, the auction process has been successful in its immediate, intermediate, and ultimate goals of raising necessary funding at a low cost. Moreover, the auction process has helped sustain a liquid and efficient secondary market for Government of Canada debt.

While we suggest making several marginal changes to the auction process, we expect that the process will continue to achieve its objectives in the longer term in its current form or with the suggested changes in process that we cite.

We make four recommendations primarily focused on internal and external process. For example, we suggest specific ways to improve process and communication in the pre-auction phase between the Department of Finance and the Bank of Canada, as well as with the various players in the process (such as more detailed reports or new and improved channels of communication including more frequent conference calls and consultation with market participants). We also suggest ways to encourage more auction participation in certain market conditions by relaxing the upper limit on bids and counteracting the potential impact on short squeezes by reserving the right to re-open issues at any time. We recommend encouraging greater participation of customers already holding a bidder number, and identifying and actively soliciting potential new customers. We recommend motivating government securities distributor to strive to become primary dealers (who are subject to more stringent minimum bidding requirements) by attaching more visibility and prestige to the primary dealer status. Finally, we make recommendations about dissemination of auction results and staffing.

Summary of Recommendations.

Recommendation 1: Improve communication and reporting between Department of Finance and the Bank of Canada.

Recommendation 2: Improve communications with market participants.

Recommendation 3: Improve participation at auction.

Recommendation 4: Support the transfer of corporate knowledge.

1. Background and Scope of the Evaluation.

This report summarizes the results of the evaluation of the Government of Canada debt auction process that was performed by Twist Financial Corp. Twist Financial was engaged by the Department of Finance to perform this evaluation. The intended audience and key stakeholders related to this report include the Department of Finance, the Bank of Canada, government securities distributors, investors and other capital market participants. The purpose of the evaluation is to assess the design and approach to managing the auction process, and the controls around it, including the determination of the terms of the call for tenders, the system for accepting bids, the release of results, and settlement. This third-party independent evaluation is intended to ensure that policies and practices in the domain of federal treasury operations are appropriate and achieving their objectives.

The Government of Canada’s primary debt strategy objective is to raise stable, low-cost funding. An associated objective is to sustain a liquid and efficient market for Government of Canada securities. A well-functioning auction framework and process is central to the achievement of these objectives.

The scope of the evaluation includes an assessment of whether the existing procedures and practices support the well-functioning of the auctions and whether they provide sufficient information, on a timely basis, to the participants and the market to meet the debt strategy objectives and principles. The scope of the evaluation does not include an evaluation of the auction format nor does it include an assessment of the IT system which embodies the processes and controls.

2. Methodology.

Time period and structure: The period of evaluation is from April 1, 2003, to March 31, 2008. The sovereign comparison focused on the current status of auction processes in each country as at August, 2009. Interviews were conducted with officials from the Bank of Canada and the Department of Finance in November and December 2008. The structure of the evaluation consists of sovereign comparison case studies, a literature review, data analysis, and interviews with market participants. This structure was determined by the Department of Finance and the Bank of Canada and was detailed in the publicly issued Request for Proposal. A list of evaluation questions corresponding to the criteria outlined in the request for proposal was developed by Twist Financial and approved by the Department of Finance and the Bank of Canada.

Sovereign Comparison: Case studies of Canada, Australia, the United Kingdom (UK), the United States (US), and France were conducted, and auction officials in each country (except France) were interviewed from June through September 2009. The sovereign comparison case studies focused on the current status of auction processes in each country as at August 2009. These G7 sovereigns were chosen in consultation with the Bank of Canada and the Department of Finance. The choices ensure inclusion of the largest and most liquid sovereign markets (US and UK) as well as a small less liquid market (Australia) and a representative market that lies between these extremes (France). To structure the case studies and to conduct interviews with each sovereign, a list of questions was designed and agreed upon with the Department of Finance and the Bank of Canada. The list was comprehensive and addressed all aspects of the effectiveness and efficiency of debt operations, but did not address implementation systems in detail, which is outside the scope of this study.

Literature Review: A literature review was conducted, comprised of a study of relevant auction literature and interviews with two leading treasury auction academics. Most academic literature focuses on the auction format, and there is relatively little academic literature that directly addresses the issue of auction effectiveness or efficiency.

Data Analysis: Data analysis was performed using auction data provided by the Bank of Canada for all auctions from spring 2003 to spring 2008 (May 7, 2003 to February 27, 2008 for nominal and RRBs and April 8, 2003 to March 18, 2008 for treasury bills). The analysis examined each security type separately and, for each, we measured the effect of Bank of Canada participation and financial market conditions on auction effectiveness. This report summarizes the results regression analysis aimed at evaluating auction effectiveness. We conducted a detailed analysis using multiple and simple regressions, but conclusions were generally similar. Any material differences are noted in this report. We also examined dealer and customer participation in auctions and their effects on auction results using detailed data provided by the Bank of Canada. The dataset represents all auctions during the evaluation period.

Interviews: Interviews with the Bank of Canada, the Department of Finance, and market participants were conducted in November and December 2008. Interview questions were developed to address the relevant evaluation questions. Six of the largest primary dealers and one smaller primary dealer were interviewed. At each, the head Government of Canada bond trader, at least one other bond trader, the head of money market trading, and the senior relationship manager for the Government of Canada were interviewed, usually simultaneously. In addition, several customers were interviewed, selected in consultation with the Bank of Canada based mainly on auction participation. Some customers participated primarily in nominal and/or real return bond auctions, others primarily in treasury bill auctions, and some in all auctions.

3. Limitations of the Approaches.

Time period and structure: It is important to note that the period of evaluation was prior to the financial crisis which began in 2008 when market volatility and debt issuance increased. However, interviews with market participants and sovereigns occurred after the crisis had begun, and some input was gathered to reflect the more volatile environment. We make comments about the impact of the crisis on conclusions throughout this document where relevant, but the full data analysis and interviews related to the auction process during the crisis period was not conducted. [1]

Sovereign Comparison: A complete review of all G7 markets was deemed to be cost prohibitive and unnecessary. There are many common elements, but also many differences in the auction process across countries. Many aspects of the process are interrelated and each case study must be analysed in detail to draw relevant comparisons to Canada. General conclusions about specific best practices are not possible. Given the limited nature of the recommended improvements to the Canadian auction process based on the comparison to the selected sovereigns, it seems unlikely that additional analysis would have changed the conclusions or recommendations significantly.

Literature Review: We do not believe there are limitations to the literature review that would impact the conclusions of this study. The literature search was thorough, and we believe we captured a very broad sample of relevant literature. Most literature on bond auctions focuses on the auction structure (which is not considered in this report) rather than the auction process or the influence of market conditions on auction effectiveness or efficiency.

Data Analysis: Limitations of the data analysis are mainly due to the relatively short sample period which includes only a limited number of auctions conducted in periods of high volatility, credit market distress, or illiquidity. However, a longer historical sample period may not be indicative of future market conditions. We believe that the evaluation period represents a reasonable balance. The variability of different market conditions (liquidity, credit conditions, and volatility), within the sample period is limited, which may drive the generally weak data evidence. Although they were observed to be effective and efficient during the credit crisis, and we do not believe the conclusions of this study would change, the auctions during the credit crisis in 2008 and 2009 may be worthy of further data analysis. The data analysis is the primary line of evidence regarding some of the specific evaluation areas, such as the impact of Bank of Canada participation and the bond buyback program on auction effectiveness and the impact of different market conditions on auction effectiveness. Interviews with market participants and the sovereign comparison offer additional support for some of the conclusions, but the literature review provides no evidence in these areas. The market condition variables and measurement approaches are common in academic literature. However, the volatility measure could have been represented by implied option volatility. We did not use this more computationally complex measure because Canadian bond options are not highly liquid, and implied volatility may not be a better measure of overall bond market volatility compared to the rolling average we use. Historical and implied volatility of financial securities are generally highly correlated.

Interviews: A larger sample of dealers and customers would likely be of limited added value since the participants interviewed represented the largest most active dealers and customer participants, as well as two smaller dealers. The opinions of individual interviewees required some subjective interpretation since they were divergent and often appeared to reflect individual self interest rather than the effectiveness and efficiency of the auctions from the government perspective.

4. Overview of Governance for Debt Management Activities.

The legislative basis for the government’s borrowing program is Part 4 (Public Debt) of the Financial Administration Act (FAA). [2] The FAA empowers the Governor in Council to authorize the Minister of Finance to borrow money. The Act provides the Minister of Finance with legislative authority to establish rules governing the auction of debt. In addition, the Act provides the Minister with powers over the management of the Government’s assets and liabilities. The powers of the Minister can be delegated to officials of the Department of Finance.

Ultimate decision-making authority for the Government’s funds management (activities related to market debt and liquid assets, including the foreign exchange reserves) rests with the Minister of Finance. The Minister of Finance approves policies for funds and risk management activities, and is responsible for seeking Governor in Council approval to borrow money on behalf of the Government for each fiscal year. [3] Prior to the start of each fiscal year, the Minister must report to Parliament on the Government of Canada’s debt management strategy for the coming fiscal year (the Debt Management Strategy) . [4] Within 30 sitting days of the tabling of the Public Accounts of Canada in Parliament, the Minister must submit a report on federal debt operations for the previous fiscal year (the Debt Management Report ). [5]

Section 24 of the Bank of Canada Act [6] provides statutory authority for the Bank of Canada to act as the government’s fiscal agent in the payment of interest and principal and generally in respect of the management of the public debt of Canada. Under a funds management governance framework, [7] the design of key strategies and policies, the oversight of operations and the coordination of activities are jointly borne by officials at the Department of Finance and the Bank of Canada. Regular governance committee meetings facilitate work planning, coordination and communication between the institutions.

The Funds Management Committee, which consists of senior officials from the Department of Finance and the Bank of Canada, heads the committees under the governance framework. The mandate of the Funds Management Committee is to advise the Minister, through the Deputy Minister, on policy and strategy, to oversee the implementation of approved policies and plans, and to review performance outcome reports.

The Funds Management Committee is supported by the Risk Committee, whose mandate is to oversee and advise on the risk management policy and to report on financial risk positions. The Financial Risk Office at the Bank of Canada provides analytical support to the Risk Committee in this role and is responsible for monitoring and regularly reporting on the financial performance and position of certain financial assets and foreign-currency-denominated derivatives, including market, credit, operational, liquidity and legal risks.

Funds management programs and activities are subject to independent advice obtained through ongoing program evaluations. The Minister of Finance tables reports on the findings of these evaluations, including Department of Finance comments, with the Public Accounts Committee of the House of Commons. A copy is also sent to the Auditor General of Canada. [8]

5. Description of the Auction Process.

ا. Domestic Debt Operations.

Domestic borrowing is conducted on a regular, transparent basis to maximize investor interest and participation. Nominal bonds, RRBs and treasury bills are sold via auction, with the Bank of Canada operating as the fiscal agent, to Government of Canada securities distributors and customers. Tenders are submitted to the Bank of Canada via the electronic auction system CARS (Communication, Auction and Reporting System).

Bonds are auctioned on a quarterly basis for nominal 2-, 5-, and 10-year maturities and for the RRB 30-year maturity, and on a semi-annual basis for the 30-year nominal maturity. Bonds may be either new maturities or reopenings of previously auctioned bonds. New bond maturities are generally reopened several times in order to achieve the target benchmark bond size to enhance liquidity.

The Quarterly Bond Schedule (QBS), setting out details of the planned quarterly issuance of marketable bonds, is published by the Bank of Canada prior to the start of each quarter. Final details, including the amounts to be auctioned, the maturity date, and the amount outstanding are released the week prior to the auction.

Bond sales take place via multiple-price auctions, with the exception of RRBs, which are sold via single-price auctions. Government securities distributors and customers may submit competitive tenders or non-competitive tenders. For multiple-price auctions, competitive bids are accepted, up to the bidding deadline, in rising order of yield (declining order of price) until the full amount of the issue being auctioned is reached, and all non-competitive bids are allotted first at the average of the accepted competitive bids. For single-price auctions of RRBs, bonds are allotted at the price equivalent of the highest real yield of accepted competitive tenders, plus accrued interest and inflation adjustment.

Treasury bills are sold via auction on a discount basis. Those with terms to maturity of approximately 3-, 6-, and 12-months are currently auctioned on a biweekly basis, generally on a Tuesday for delivery Thursday. Under the biweekly issuance pattern, 3-month treasury bills are reopenings of previous 6- and 12-month bills; while new issues of 6- and 12-month treasury bills are offered in the same week and then reopened once at the next regular auction two weeks later.

When conducted, bond buyback operations on a cash basis are held 20 minutes after nominal bond auctions. The QBS includes the target amount of bonds the government intends to repurchase during the quarter. Final details of each operation, including the maximum amount to be repurchased and the basket of eligible bonds, are released the week prior to the operation along with the release of bond auction announcement.

Buyback operations on a switch basis offer an opportunity for participants to exchange less liquid securities for new more liquid benchmark securities. Switch buybacks are announced in the QBS. Final details of switch buyback operations, including eligible bonds for repurchase, the replacement bond and the maximum replacement amount for the replacement bond, are published the week prior to the operation.

Cash management bond buyback operations target large bonds with less than 18 months to maturity. These are held on an irregular basis to meet government cash management needs. They are held on most Tuesday mornings after treasury bill auctions. Details of the operations, including the maximum amount to be repurchased and the basket of eligible bonds, are announced one week in advance.

Regular bond buyback and cash management bond buyback operations are settled on a cash basis and take place via multiple-yield reverse auctions. Switch buyback operations are settled on a replacement bond and cash basis. In all bond buyback operations, competitive offers are accepted in decreasing order of yield (increasing order of price) until the maximum amount to repurchase or the maximum replacement amount is met. The amount repurchased may be less than the maximum amount.

b. Domestic Distribution System.

The participation of government securities distributors and customers at Government of Canada debt auctions is governed by a set of standard terms and terms of participation introduced in October 1998.

There are 21 government securities distributors that participate in the primary distribution of bonds and treasury bills. All must be either members or affiliate members of the Investment Industry Regulatory Organization of Canada (IIROC) and have their core trading and sales operation for Government of Canada securities in Canada.

Under the terms of participation, there are specific bidding limits that apply to government securities distributors and customers at treasury bill and bond auctions. The limits vary by government securities distributor based on the firms' relative market activity in the primary and secondary markets as well as its participation at buyback operations (bonds) and non-fungible cash management bills (treasury bills). However, for bond buyback operations, and non-fungible cash management bills, all participants have a 100 per cent bidding limit.

Primary dealers in the bond market have bidding limits tiered from 10 to 25 per cent of the auctioned amount for bids on their own account while other government securities distributors have bidding limits tiered from 0 to 9 per cent. Primary dealers in the treasury bill market have bidding limits of 25 per cent of the auctioned amount for bids on their own account while other government securities distributors have bidding limits of 10 per cent. Primary dealers can submit up to 25 per cent of the auctioned amount on behalf of customers whereas other government securities distributors can submit up to 10 per cent of the auctioned amount on behalf of customers.

In addition, the aggregate limit for the sum of the bids submitted by a primary dealer on its own behalf and on behalf of its customers is 40 per cent of the tender less the dealer’s excess net long position (up to the dealer’s bidding limit). A customer may bid for up to 25 per cent of the amount auctioned.

All government securities distributors also have ongoing reporting responsibilities to provide weekly statistical reports on their domestic fixed-income trading activities to IIROC and the Bank of Canada. In addition, government securities distributors and customers must report their aggregate net positions in the auctioned security to the Bank of Canada for all treasury bills, bonds, RRBs and switch operations when submitting their own bids or bids on behalf of their customers. Their net positions must be reported, whether they are long or short positions.

Government securities distributors that maintain a certain threshold of activity in the primary and secondary market for Government of Canada securities may become primary dealers, and form part of the core group of distributors of Government of Canada securities. The primary dealer classification can be attained in either treasury bills or marketable bonds, or both. Primary dealers assume a number of responsibilities with respect to Government of Canada securities. They must comply with minimum bidding requirements for every securities auction (except for non-fungible cash management bill auctions) and they must consistently make two-sided markets to a broad customer base. At every auction, a primary dealer’s submitted bids must total a minimum of 50 per cent of its auction bidding limit or 50 per cent of its formula calculation, whichever is less.

Prior to the start of each quarter, the Bank of Canada, on behalf of the Minister of Finance, publishes the QBS, [9] which provides details on the Government of Canada marketable bonds to be auctioned. The calls for tender, auction results, terms of participation and other related information can also be found on the Bank of Canada website. [10]

Regular and on-going consultations with government securities distributors, institutional investors and other interested parties are considered to be an integral part of the debt management process. Official consultations are held typically once a year (or as required) in order to obtain views on the liquidity and efficiency of the Government of Canada securities market, and the design and operation of the Government debt program. Consultation notices, questions and summaries are posted on the Bank of Canada website.

6. Sovereign Comparison.

Case studies of Canada, Australia, the United Kingdom (UK), the United States (US), and France, as well as interviews with auction officials in each country (except France) were conducted. Refer to Appendix A for a discussion of the results as well as a detailed table comparing the features and approaches in each country. Where relevant, a comparison to the experience of other sovereigns is referenced throughout this document.

In the context of increasingly integrated global markets, the major global issuers of debt tend to use broadly similar issuance procedures and debt management policies that facilitate or encourage liquid markets. This is due to a common desire to achieve low cost funding. This is facilitated by broad and deep primary and secondary markets and a high degree of transparency and predictability. For example, auction calendars and electronic auction systems are commonly used to achieve transparency in primary markets. [11]

The many similarities between Canadian auctions and those of other sovereigns suggest limited ways in which other sovereigns’ practices might be used to improve Canada’s auctions. Transparency and communication with participants is at least as effective in Canada as it is in other sovereigns. Canada succeeds at rapidly releasing relevant information to participants after the auction, and the information released is similar to that of other sovereigns.

7. Literature Review.

See Appendix B of this report for a summary of the literature review and references.

8. Market Data Analysis.

The focus of the data and market analysis was on measuring the effect of Bank of Canada participation and financial market conditions on auction effectiveness. We also examined dealer and customer participation in auctions and their effects on auction results. Methodology and results are summarized in Appendix C of this report. Market effectiveness is measured by the auction Tail (the difference between the highest accepted yield and the average auction yield – usually less than one basis point in normal market conditions) and the Bid-Cover ratio (ratio of total bids to auction size – usually over 2 times).

Auction sizes vary depending on the product and term-to-maturity of the instrument being auctioned. The chart below shows the average auction sizes over this period for each instrument. Real Return Bonds (RRBs) are only auctioned for 30-year terms and have a relatively small auction size, averaging $405 million compared to $1.4 billion for 30-year nominal bonds, $3 billion for 2-year bonds, and $5.1 billion for 3-month treasury bills. Auction sizes for 3-month treasury bills and 2-year bonds are significantly larger than for other terms, reflecting demand and contributing to their greater liquidity.

We measure market conditions by credit spreads, yield volatility, and trading volume. There is generally little statistical evidence of the impact of market conditions on bond auction characteristics. However, for treasury bills, higher volatility, wider credit spreads, and lower liquidity are related to wider auction tails, i. e. less effective auctions.

The Bank of Canada participates up to 15 per cent in nominal bond auctions and up to 25 per cent in treasury bill auctions. The general evidence is that these different levels of Bank of Canada participation do not impact auction effectiveness for any of the types of auction securities.

For nominal bonds, customer participation, which ranges from zero to 8 per cent, has little impact on auction effectiveness. Likely due to significantly larger customer participation in RRB auctions (representing 10 to 40 per cent of total bids), Bid-Cover and Tail are both favourably affected by increased customer participation. The relationship is stronger for auctions that occur near coupon payment dates. We find no relationship between the willingness of dealers to bid at auction and market conditions, but we did not measure this effect during the crisis.

The data suggest that the buyback program does not impact auction effectiveness for 2- and 5-year auctions. For 10-year auctions, larger buybacks are associated with wider tails for switch buybacks. There is weak evidence that as buyback amounts increase, the tail increases (effectiveness decreases). Note that the buybacks are intended to increase auction size and liquidity, which might be expected to contribute to more effective auctions.

Solution Overview.

AxiomSL’s strategic regulatory platform is designed to help our clients with all current and future global Trade and Transaction Reporting requirements. All of the data collection, consolidation, validation and submission required for compliance with any and all transaction reporting regulations and directives is available on our single universal solution.

AxiomSL’s flexible, scalable, transparent solution provides all of the functionality market participants need to comply with the transaction reporting requirements of Canadian (OTC) Derivatives Trade Reporting. All in-scope trades are identified, aggregated and validated before being reconciled and submitted to the Trade Repository (TR) of your choice in their required format.

AxiomSL’s ‘one platform’ model also supports many other types of regulatory reporting in jurisdictions all over the world. By using the same system for all of your regulatory reporting needs AxiomSL can greatly reduce the cost and complexity of regulatory compliance.

Minimizing the cost of compliance: AxiomSL’s single platform is designed to adapt to all existing internal and external regulation requirements across the enterprise. The platform provides the flexibility to adapt to constantly changing multijurisdictional regulations, empowering financial firms to calculate, aggregate, enrich, reconcile and validate data across siloed systems seamlessly.

By separating data management from the regulatory template, AxiomSL’s platform ensures fast and cost-effective upgrades. AxiomSL monitors all of its solutions in real near time, ensuring that that it will always be up to date and enabling users to test new regulatory developments well in advance of ‘go live dates’.

Reducing the reporting burden: AxiomSL’s platform eliminates many manual enrichment processes greatly reducing the size of the operational team required to perform compliance related tasks. Our clients are given the ability to automate workflow processes, enabling them to scale their business faster with less dependency on expensive and time consuming back office processes . Additionally pre-submission validation checks allow our clients to proactively deal with errors before submission, thereby minimizing resubmissions and ensuring data quality.

AxiomSL’s platform keeps track of changes even down to the lowest level of granularity to the source data which then remains fully auditable. Our platform has a complete drill-down capability to the source data to quickly identify exceptions, missing or incorrect data.

Transparency and control: AxiomSL’s platform enables users to have full transparency of the entire workflow since the source data is never transformed during the process. Source data is protected to ensure that no unauthorized changes are made. Personal information can be masked and made accessible to only permissioned users. All changes to the system or data are logged creating a fully auditable trail.

AxiomSL’s single platform allows for global oversight of multijurisdictional requirements and deadlines and a controlled sign-off process on reports prior to submission. Email alerts can be added as part of the workflow process to inform business, technical and IT users where things have failed/passed or to remind users of impending deadlines or missed requirements.

Due to the architecture of AxiomSL, we support quick integration capabilities to new or additional Approved Publication Arrangements (APAs) and Approved Reporting Mechanisms (ARMs) providing flexibility for our clients to change or add APAs and ARMs easily. Our solutions can easily be scaled for multi-jurisdiction activities and support multi-threaded, multi-tier component based architecture (including load balancing).

Data governance: Regulators expect comprehensive and granular reporting, signed off at the board level. This requires both accurate reports and high-quality data, supported by effective data governance. Failure to meet such requirements or prove that controls are in place to identify discrepancies can lead to fines and higher capital limits that will push up firms’ costs.

With increasing data challenges, the unarguable fact is that today major financial institutions around the world are focusing on lineage, data quality, integration and metadata to establish a solid foundation for data accuracy and process governance. This includes showing and reporting on how all upstream and downstream objects have traveled and were impacted by a change to that data throughout the entire process, with an audit trail and validation checks at the business rule or report level, allowing complete control over their reporting.

Therefore, our clients have a much greater level of trust in their data as they can track when changes were made and are able to trace and demonstrate the impact of this change. Unlike other vendors, we’re agnostic on the source format, and over the years our data integration capability has become our flagship which enables us to deploy strong global and/or regional automated processes to strengthen data governance and enhance banks’ ability to better understand and manage their risk and regulatory exposure.

OTC derivatives are regulated in Canada by the provincial securities commissions. All provinces have adopted and implemented the Canadian Securities Administrators Derivatives Committee model rules . with effect from 29 July 2018. By 1 December 2018 reporting of pre-existing transactions must be completed. The effective date for the public dissemination of transaction-level data is delayed until 16 January, 2017.

This regulation is the implementation in Canada of the 2009 agreement by the Group of Twenty countries (G20) to strengthen the regulation of the over-the-counter (OTC) derivative market. It is the equivalent of the European Market Infrastructure Regulation (EMIR) in the European Union (EU) and the Dodd-Frank Act in the US.

All eligible institutions are required to submit any in scope OTC derivative transactions to a TR approved by the Canadian Securities Administrators (CSA) before the end of T+1, following the conclusion, amendment or termination of a contract. As with Dodd-Frank and unlike EMIR, Exchange-Traded Derivatives (ETDs) are not required to be reported and only one counterparty must report each transaction. The fields to be submitted to TRs are numerous and complex requiring a great deal of counterparty and common data information on each transaction.

Market participants face a serious challenge to ensure they continually identify and report on all in-scope trades. Depending on the size of the institution in question and the nature of its business, reporting volumes could be very large. The deadlines involved are aggressive and call for a highly accurate, automated solution.

مركز الموارد.

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تريد & # 038؛ Transaction – The importance of holistic reporting.

Given the increasing level of regulatory reporting requirements that firms will be subjected to in 2017 - many of which still remain in flux – institutions may feel driven to build in-house systems.

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The global burden of transaction reporting in 2018 is staggering and is set to significantly increase in the coming years. UK banks spent on average £17 million building in-house transaction reporting solutions …

Canadian derivatives reporting.

Back to Regulation.

AIFMD Australian Derivatives Reporting Bank of Israel Reporting Canadian Derivatives Reporting Consolidated Audit Trail (CAT) CFTC (USA) Reporting Regulation CRD IV EMIR Form PF HKMA Reporting Regulation Market Abuse Regulation (MAR) MAS (Singapore) Reporting MiFID II Commodities Positions Reporting MiFIR Reference Data Reporting MiFIR Reporting Securities Financing Transactions Regulation Swiss FMIA (FinfraG) Reporting Transparency Directive Review (TDR)

روابط ذات علاقة.

What is Canadian derivatives reporting?

In September 2009, G20 Leaders made a number of commitments regarding the operation of over-the-counter (OTC) derivatives markets, including the statement that all OTC derivatives contracts should be reported to trade repositories in order to improve financial market transparency, mitigate systemic risk and protect against market abuse in the OTC derivatives markets.

The Canadian Securities Act represents a key step towards the government of Canada’s commitment to establish a Canadian securities regulator. Canada is made up of 10 provinces, each with different securities laws. Much like a pre-MiFID Europe, there is fragmentation across markets and a need for a harmonised, single framework and increased transparency across derivatives markets.

The derivative trade reporting rules were proposed, updated and finalised by Canadian provincial securities regulators working under a collaborative identity as the Canadian Securities Administrators (CSA). The CSA was set up due to G20 commitments to establish a new regulatory regime relating to the trading of OTC derivatives in Canada; the CSA addresses trade repositories and derivatives data reporting. The derivatives reporting regulation applies to all 10 provinces in Canada, however, there is a need for local adaptation of the regulations in each province due to differences in securities laws.

Who will be affected by this regulation?

This regulation will affect any counterparty to an OTC derivatives trade. However, reporting is unilateral and double-reporting should be avoided by prescription of the regulator. This results in designation of reporting obligation on a case-by-case basis.

In a similar fashion to MiFID and EMIR in the EU, a counterparty can delegate it’s reporting obligation to either it’s counterparty or a third party service provider.

Timeline for the regulation.

31 October 2018 - the effective date of the reporting obligation for derivatives dealers and recognised or exempt clearing agencies (changed from July 2) 30 June 2018 - the effective date of the reporting obligation for all other reporting counterparties (changed from September 30, 2018) 30 April 2018 - public dissemination of transaction-level reports (changed from December 31, 2018) 30 April 2018 - the latest date by which a derivatives dealer or a recognized or exempt clearing agency must report a preexisting transaction (one which entered into has outstanding contractual obligations as of October 31, 2018) 31 December 2018 - the latest day by which a counterparty that is not a derivatives dealer or a recognized or exempt clearing agency must report a preexisting transaction (one which has outstanding contractual obligations as of June 30, 2018)

Key points.

The Canadian derivatives reporting regulation has two main components:

Define types of derivatives that will be subject to reporting requirements under the TR rule.

Exemptions include but are not limited to:

Gaming and insurance contracts regulated by a domestic or an equivalent foreign regulatory regime currency exchange contracts provided that the contract Settles within prescribed timelines, Is intended by the counterparties to be settled by delivery of the currency referenced in the contract, and Is not rolled-over Commodity forward contracts provided that physical delivery of the commodity is intended and the contract does not permit cash settlement in the ordinary course.

Reporting of derivatives to a trade repository is unilateral; the TR rules outlines a hierarchy for determining which counterparty will be required to report a transaction.

Trade reporting is to be completed on a real-time basis. However, where it is not technologically possible to do so, the reporting counterparty must report as soon as possible but not later than T+1. Transactions that were entered into prior to the TR Rule coming into force will be required to be reported provided they have not expired or been terminated within a prescribed period after the TR Rule comes into force (31st December 2018).

Three main types of data must be reported under the TR Rule:

Creation data Life-cycle event data, including any amendments to derivatives data previously reported or novation. Valuation data which includes the current value of the transaction.

For more detail on this regulation, click here.

How UnaVista can help.

UnaVista can offer connectivity to a Canadian Trade Repository.

As part of UnaVista’s partnership with DTCC, UnaVista can forward trades reportable to Canadian regulators to the DTCC Canadian Trade Repository as part of our G20 Derivatives Reporting solution. Should you be interested please fill your details in the form at the bottom of the page.

Benefit from our transaction reporting experience.

London Stock Exchange has been transaction reporting since its inception in 1989. In 2018, working with major institutions, we created UnaVista Transaction Reporting. The service is more flexible, developed a wider choice of interfaces, and improved its validation. Now, it doesn’t just meet the regulators requirements – it exceeds them, reducing the risk of incorrect, late or duplicate reporting.

Have one system for all of your transaction reports.

UnaVista allows you to report on every reportable asset class, including derivatives with the new Aii code.

Be confident you have been compliant.

Regulatory authorities encourage firms to regularly review the integrity of their transaction reporting to ensure they have been successfully submitted". UnaVista assists with this process by enabling firms to reconcile between their own back-office data, the data held by UnaVista and the data held trade repository.

Have a system with smart validation.

UnaVista Transaction Reporting does all the mandatory validation you would expect. But it also validates the data by checking it against the reference data sources you choose, such as ESMA’s list of regulated markets, MiFID eligible securities and the London Stock Exchange’s SEDOL Masterfile. UnaVista enables users to correct exceptions manually, export selected reports, clear non-relevant exceptions, as well as a number of other exception management tools.

Save the cost of middleware.

You can submit transaction reports in any UnaVista endorsed format, which UnaVista then standardises for derivatives reporting to the specified format of the authorised trade repository. This reduces the need for expensive middleware.

Know what’s happening in your business all the time.

You can receive alerts based on your custom tolerances and thresholds for things like transaction volumes or transaction size. This ensures you are never surprised late on by a problem of which you were unaware.

You can set different levels of access for individuals or groups, so people only see the information you want them to see. You can also set as many mandatory audit steps as you like. As a result, you’ll know that the right checks are in place. You’ll also have a full audit trail if you need to check back over things later on.

Get the management information you need.

You can use UnaVista to monitor trends within your transaction reporting, helping you identify where errors are recurring. You can use UnaVista to take a snapshot of all your transactions at any time, choose from a variety of report templates, or create your own custom report. You can even include a variety of charts from the dashboard.

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