The framework is aimed at addressing certain risks to Canadian markets concerning the speed and automation of electronic trading and ensures that marketplaces and marketplace participants are monitoring and managing these risks. The framework will require marketplace participants who enter orders electronically to maintain policies, procedures and controls to manage the risks associated with accessing the markets in this manner.
The rule was developed following consultations with marketplaces, marketplace participants and service vendors, and is consistent with international approaches to regulating electronic trading. The NI 23-103 Electronic Trading framework is still waiting for approval and it is set to come into effect on 1 March 2013.
CSA is a voluntary umbrella organization of Canada’s provincial and territorial securities regulators whose objective is to improve, coordinate and harmonize regulation of the Canadian capital markets.
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