The Ontario Securities Commission (OSC) has issued three orders (see http://www.osc.gov.on.ca/documents/en/Marketplaces/marketplaces_20140923_nco-chicago-dtcc-ice.pdf) pursuant to section 21.2.2(1) of the Securities Act (Ontario) designating the following three entities as trade repositories:
Chicago Mercantile Exchange Inc. (CME)
DTCC Data Repository (U.S.) LLC (DDR)
ICE Trade Vault, LLC ( ICE TV)
Pursuant to the designation orders, market participants that are required to report over-the-counter (OTC) derivatives transactions involving Ontario counterparties under OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting, can satisfy those obligations by reporting such trades to CME, DDR or ICE TV. As noted by the OSC notice, Ontario OTC derivatives market participants will need to contact and join the Ontario designated trade repository in a timely manner to comply with their obligations under OSC Rule 91-507. As also noted, the on-boarding process for new users and participants of a trade repository ranges from two to four weeks.
The Autorite des marches financiers (AMF) has followed the OSC’s lead and recognized CME, DDR and ICE TV as trade repositories for the equivalent derivatives reporting obligations in Quebec. Staff of The Manitoba Securities Commission (MSC) has indicated the intention, subject to MSC approval, to issue a designation order in respect of CME, DDR and ICE TV similar in substance to the orders published by the OSC and the AMF.