Toronto -The Canadian Securities Administrators (CSA) today published for comment Consultation Paper 91-404 (pdf - 230 KB)This link will open in a new window - Derivatives: Segregation and Portability in OTC Derivatives Clearing. The Consultation Paper sets out the CSA Derivatives Committee's proposals related to the segregation and portability of customer positions and related collateral in cleared over-the-counter (OTC) derivatives transactions.

Specifically, the paper addresses the segregation of assets put forward as collateral for OTC derivatives transactions cleared through a central counterparty (CCP), by customers that access the CCP indirectly through clearing members. As Canadian and international regulators move forward with their G20 commitments that mandate the clearing of standardized OTC derivatives, the effective operation of CCPs becomes essential to enhancing market stability and strengthening market participant protection.

"The CSA is committed to establishing a comprehensive framework for the regulation of OTC derivatives that serves the needs of market participants and is consistent with Canada's international commitments," said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. "The CSA Derivatives Committee has developed proposals for segregation and portability arrangements that aim to protect customer positions and related collateral in the event of a clearing member insolvency."

Market participants are invited to submit their comments until April 10, 2012. All responses received will be published on the Autorité des marchés financiers ( and the Ontario Securities Commission ( websites.

Copies of the Consultation Paper are available on the following websites: Alberta Securities Commission, Autorité des marchés financiers This link will open in a new window, British Columbia Securities Commission, Manitoba Securities Commission, New Brunswick Securities Commission, Nova Scotia Securities Commission, Ontario Securities Commission and Saskatchewan Financial Services Commission.
The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.


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For more information:

Carolyn Shaw-Rimmington
Commission des valeurs mobilières de l'Ontario

Mark Dickey
Alberta Securities Commission

Sylvain Théberge
Autorité des marchés financiers

Richard Gilhooley
British Columbia Securities Commission

Ainsley Cunningham
Commission des valeurs mobilières du Manitoba

Wendy Connors-Beckett
Commission des valeurs mobilières du Nouveau-Brunswick

Shirley Lee
Nova Scotia Securities Commission

Jennifer Anderson
Saskatchewan Financial Services Commission

Janice Callbeck
Securities Office
Office of the Attorney General

Doug Connolly
Financial Services Regulation Div

Helena Hrubesova
Registraire des valeurs mobilières

Louis Arki
Bureau des valeurs mobilières

Donn MacDougall
Bureau des valeurs mobilières
Territoires du Nord-Ouest