Greater efficiency and transparency of OTC derivatives market


Montréal - To enhance transparency of the over the counter (OTC) derivatives market, the Autorité des marchés financiers (the "AMF") today released the final version of amendments to Regulation 91-507 respecting Trade Repositories and Derivatives Data Reporting (the "Regulation"). Under the Regulation, recognized trade repositories will be required, as of January 16, 2017, to publicize certain data on transactions executed by OTC market participants.

"We are convinced that these amendments will boost market efficiency while protecting counterparties. We have successfully reconciled the benefits of transparency and anonymity that market participants require when executing hedging transactions," said Louis Morisset, AMF President and CEO. "The amendments announced today are harmonized with those of the other members of the Canadian Securities Administrators (CSA), with whom we collaborated on this initiative. The Ontario and Manitoba securities commissions are publishing similar amendments today," concluded Mr. Morisset.

These amendments specify the transaction data that must be made public based on asset class. They also include measures to maintain transaction anonymity, in particular the publication of data 48 hours after the time and date a transaction is executed. The AMF is continuing to study the possibility of broadening these transparency requirements to other type of products, and will be consulting market participants in this regard.

The AMF also intends to pursue its analysis of the use of derivative transactions as risk management tools within the same end user group, in particular in light of the discussions and work carried out by other regulators around the world.

The Blanket order regarding exemption from duty to report set out in Regulation 91-507 (pdf - 59 KB)This link will open in a new windowUpdated on June 1st, 2015"Blanket order,exemption,duty to report,Regulation 91-507,trade repositories,derivatives data reporting" will apply until the adoption of any regulatory amendments to the reporting of intragroup transactions.

The amendments to the Regulation will come into force on July 29, 2016. Trade data must be made public starting on January 16, 2017.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec's financial sector.

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