Canadian Regulator Addresses Direct Access
CSA has amended National Instrument 23-103 Electronic Trading (NI 23-103) to address financial and regulatory risks associated with direct access. The rule was first published for comment in April 2013, and is expected to come into force on March 1, 2014, given political approval. The addition of direct access-related provisions also changes the name of the regulation to NI 23-103 Electronic Trading and Direct Electronic Access to Marketplaces.
"As technology advances and trading systems become increasingly complex, the regulation of direct electronic access has become ever more critical to the overall regulation of electronic trading," says Bill Rice, chair of the CSA and chair and CEO of the Alberta Securities Commission. "While today's announcement brings the amendments related to direct electronic access to a close, the CSA will continue to monitor technological advances and make the changes necessary to continue to protect the market and marketplace participants in this regard."
A copy of the amendment can be found here.
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