Clearing Houses

A clearing house is responsible for clearing and settling securities transactions and acts as the central counterparty for trades executed between market participants.

This section lists current decisions pertaining to recognition or exemptions from recognition in respect of entities acting as clearing houses, as well as amendments to, or the application of, such decisions. All other decisions are available in the AMF Bulletin.

* Please note that most of the following documents are available in French only.

Décision générale relative à la dispense de certaines obligations prévues au Règlement 24-101 sur l’appariement et le règlement des opérations institutionnelles — (Décision 2020-PDG-0026 (pdf - 165 KB)This link will open in a new windowUpdated on January 20, 2022 du 2020-03-25, Bulletin du 2020-03-26, Vol. 17, n° 12).

Canadian Derivatives Clearing Corporation (CDCC)

Temporary exemption of the application of certain conditions set out in the decisions No. 2012-PDG-0078 and No. 2012-PDG-0142 regarding the composition of the boards of directors of the Canadian Derivatives Clearing Corporation, The Canadian Depository for Securities Limited and CDS Clearing and Depository Services Inc. — (Decision 2023-SMV-0010 (pdf - 86 KB)This link will open in a new windowUpdated on October 26, 2023Dispense temporaire de l’application de conditions des décisions n˚ 2012-PDG 0078 et n˚ 2012 PDG-0142 dated 2023-10-13, Bulletin 2023-10-26, Vol. 20 No. 42)
Section Market Structures, clearing houses, CDCC Temporary suspension of the application of subparagraph 4b) of engagements taken towards the Autorité des marchés financiers and provided at the appendix B of the revised application of TMX Group date April 30, 2012 and de conditions set out in the following subparagraph of decision n° 2012-PDG-0075 and decision n° 2012-PDG-0078 — (Decision 2019-SMV-0020 (pdf - 143 KB)This link will open in a new windowUpdated on December 2, 2019 dated 2019-03-27, Bulletin 2019-04-04, Vol. 16, No. 13)
Recognition of Maple Group Acquisition Corporation, TMX Group Inc., Montreal Exchange Inc. and the Canadian Derivatives Clearing Corporation as a clearing house — (Decision 2012-PDG-0078 (pdf - 214 KB)This link will open in a new windowUpdated on September 4, 2012Décision dated 2012-05-02, Bulletin 2012-05-03, Vol. 9, No. 18)
- Revision of decisions No. 2012-PDG-0078 and No. 2012-PDG-0142 in order to modify the definition of “independent” director — (Decision No. 2018-PDG-0005 (pdf - 125 KB)This link will open in a new windowUpdated on April 19, 2018Révision des décisions numéros 2012-PDG-0078 et 2012-PDG-0142), Bulletin 2018-03-08, Vol. 15, No. 9)
- Temporary suspension of the application of the conditions set out in section III of Part I, paragraph b) of section IX of Part I and paragraph e) of section VII of Part IV of the recognition decision of TMX Group Ltd, TMX Group Inc., Montreal Exchange Inc. and Canadian Derivatives Clearing Corporation as a clearing house — (Decision 2015-PDG-0115 (pdf - 37 KB)This link will open in a new windowUpdated on March 29, 2016Décisions de suspension temporaire de conditions relatives au rapport indépendant de la gouvernance et au rapport sur la révision des frais et des modèles de tarification dated 2015-07-08, Bulletin 2015-07-16, Vol. 12, No. 28)
- Revision of decisions No. 2012-PDG-0078 and No. 2012-PDG-0142 — (Decision 2014-PDG-0163 (pdf - 30 KB)This link will open in a new windowUpdated on March 30, 2016Groupe TMX, TMX, Bourse de Montréal, Corporation canadienne de compensation de produits dérivés, CDCC, CDS, la caisse canadienne de dépôt de valeurs limitée, Services de dépôt et de compensation CDS Inc., chambre de compensation, modification dated 2014-12-01, Bulletin 2014-12-04, Vol. 11, No. 48)
- Suspension of the application of conditions and revision of decision No. 2012-PDG-0078 issued on May 2, 2012 — (Decision 2012-PDG-0146 (pdf - 33 KB)This link will open in a new windowUpdated on September 4, 2012Décision dated 2012-07-04, Bulletin 2012-07-05, Vol. 9, No. 27)

Clearing and Depository Services Inc. (CDS)

Approval of Amendment to CDS Fee Schedule and waiver of requirements for publication for comment — (Decision 2023-PDG-0034 (pdf - 74 KB)This link will open in a new windowUpdated on December 1^st, 2023Décision 2023-PDG-0043 dated 2023-07-11, Bulletin 2023-07-13 - Vol. 20, No. 27).
Temporary exemption of the application of certain conditions set out in the decisions No. 2012-PDG-0078 and No. 2012-PDG-0142 regarding the composition of the boards of directors of the Canadian Derivatives Clearing Corporation, The Canadian Depository for Securities Limited and CDS Clearing and Depository Services Inc. — (Decision 2023-SMV-0010 (pdf - 86 KB)This link will open in a new windowUpdated on October 26, 2023Dispense temporaire de l’application de conditions des décisions n˚ 2012-PDG 0078 et n˚ 2012 PDG-0142 dated 2023-10-13, Bulletin 2023-10-26, Vol. 20 No. 42)
Recognition of Maple Group Acquisition Corporation, The Canadian Depository for Securities Limited and of CDS Clearing and Depository Services Inc. as a clearing house — (Decision 2012-PDG-0142 (pdf - 371 KB)This link will open in a new windowUpdated on September 4, 2012Décision dated 2012-07-04, Bulletin 2012-07-05, Vol. 9, No. 27)
- Approval of the Integration plan of The Canadian Depository for Securities Limited and of CDS Clearing and Depository Services Inc with TMX Group Ltd — (Decision 2012-PDG-0190 (pdf - 78 KB)This link will open in a new windowUpdated on November 7, 2012Plan d'intégration, CDS, Groupe TMX dated 2012-10-26, Bulletin 2012-11-01, Vol. 9, No. 44)
- Revision of the decision of recognition No. 2012-PDG-0142 in order to (i) expand the eligibility criteria of the director representing a non TMX Group Limited member market and (ii) provide new requirements regarding governance in order to put in place a committee composed of representatives of non TMX Group Limited member markets — (Decision 2019-PDG-0064 (pdf - 96 KB)This link will open in a new windowUpdated on May 19, 2020 dated 2019-12-12, Bulletin 2019-12-19, Vol. 16, No. 50)
- Revision of decisions No. 2012-PDG-0078 and No. 2012-PDG-0142 in order to modify the definition of “independent” director — (Decision 2018-PDG-0005 (pdf - 125 KB)This link will open in a new windowUpdated on April 19, 2018Révision des décisions numéros 2012-PDG-0078 et 2012-PDG-0142) dated 2018-02-15, Bulletin 2018-03-08, Vol. 15, No. 9)
- Amendment to paragraph 42.5 of the recognition decision No. 2012-PDG-0142 aiming to exclude CDS INC. financial statements from the financial statements filed by CDS Ltd — (Decision 2015-PDG-0014 (pdf - 173 KB)This link will open in a new windowUpdated on March 11, 2015Modification, paragraphe 42.5, décision, reconnaissance, 2012-PDG-0142, états financiers, CDS inc., Caisse canadienne de dépôt de valeurs limitée dated 2015-01-29, Bulletin 2015-02-05, Vol. 12, No. 5)
- Revision of decisions No. 2012-PDG-0078 and No. 2012-PDG-0142 — (Decision 2014-PDG-0163 (pdf - 30 KB)This link will open in a new windowUpdated on March 30, 2016Groupe TMX, TMX, Bourse de Montréal, Corporation canadienne de compensation de produits dérivés, CDCC, CDS, la caisse canadienne de dépôt de valeurs limitée, Services de dépôt et de compensation CDS Inc., chambre de compensation, modification dated 2014-12-01, Bulletin 2014-12-04, Vol. 11, No. 48)
- Amendment to paragraph 42.5 of the recognition decision No. 2012-PDG-0142, as amended by decision No. 2012-PDG-0237 — (Decision 2013-PDG-0105 (pdf - 124 KB)This link will open in a new windowUpdated on March 29, 2016Groupe TMX, TMX, CDS, la caisse canadienne de dépôt de valeurs limitée, Services de dépôt et de compensation CDS Inc., chambre de compensation, modification dated 2013-06-28, Bulletin 2013-07-04, Vol. 10, No. 26)
- Amendment to the recognition decision No. 2012-PDG-0142 related to the change of Maple Group Acquisition Corporation's name for TMX Group Limited and to the change of the fiscal period year-end of CDS — (Decision 2012-PDG-0237 (pdf - 140 KB)This link will open in a new windowUpdated on March 29, 2016Groupe TMX, TMX, CDS, la caisse canadienne de dépôt de valeurs limitée, Services de dépôt et de compensation CDS Inc., chambre de compensation, modification dated 2012-12-20, Bulletin 2012-12-20, Vol. 9, No. 51)

Chicago Mercantile Exchange Inc. (CME)

Exemption from the clearing house recognition requirement and from the derivatives qualification requirement and the derivatives authorization requirement — (Decision 2014-PDG-0137 (pdf - 72 KB)This link will open in a new windowUpdated on November 18, 2014chicago mercantile exchange dated 2014-10-31, Bulletin 2014-11-06, Vol. 11, No. 44)

Eurex Clearing AG

Exemption from recognition as a clearing house — (Decision 2022-SMV-0010 (pdf - 460 KB)This link will open in a new windowUpdated on July 15, 2022Dispense de l’obligation de reconnaissance de Eurex Clearing AG à titre de chambre de compensation dated 2022-06-20, Bulletin 2022-06-23, Vol. 19, No. 24)

Fixed Income Clearing Corporation

Exemption from recognition as clearing house — (Decision 2020-SMV-0081 (pdf - 191 KB)This link will open in a new windowUpdated on January 12, 2021Demande de reconnaissance dated 2020-12-14, Bulletin 2021-01-07, vol. 18, No. 1)

ICE NGX Canada Inc. (formerly Natural Gas Exchange Inc.)

Exemption from the registration requirement and from the derivatives qualification requirement and the derivatives authorization requirement — (Decision 2009-PDG-0033 (pdf - 95 KB)This link will open in a new windowUpdated on March 22, 2016Natural Gas Exchange Inc., Natural Gas Exchange, dispense, reconnaissance, bourse, NGX, révision dated 2009-04-29, Bulletin 2009-05-01, Vol. 6, No. 17)
- Revision of decision No. 2002-C-0439 — (Decision 2004-PDG-0039 (pdf - 2 MB)This link will open in a new windowUpdated on March 22, 2016Décision - Valeurs mobilières dated 2004-07-27, Bulletin 2004-07-30, Vol. 1, No. 26)
- Exemption from the registration requirement and approval to operate a trading system through an electronic network — (Decision 2002-C-0439 (pdf - 160 KB)This link will open in a new windowUpdated on March 22, 2016Natural Gas Exchange Inc., Natural Gas Exchange, dispense, reconnaissance, bourse, NGX dated 2002-11-29, Bulletin 2003-03-14, Vol. 34, No. 10)

LCH Limited

Recognition of LCH. Clearnet Limited as a clearing house under section 12 of the Derivatives Act, RLRQ, c. I-14.01, and exemption from the requirements set out in sections 22, 24, 25, 32 and 34 of the Derivatives Act, RLRQ, c. I-14.01, and in sections 2 to 11 of Derivatives Regulation, RLRQ, c. I-14.01 — (Decision 2014-PDG-0082 (pdf - 182 KB)This link will open in a new windowUpdated on August 28, 2014reconnaissance LCH dated 2014-07-28, Bulletin 2014-07-31, Vol. 11, No. 30)
- Revision of decision n° 2014-PDG-0082 — (Decision 2020-PDG-0078 (pdf - 117 KB)This link will open in a new windowUpdated on January 13, 2021Révision de la décision n˚2014-PDG-0082 dated 2020-12-30, Bulletin 2021-01-07, vol. 18, No. 1)
Exemption of certain obligations under paragraph 32(3) of Regulation 94-102 — (Decision 2019-SMV-0018 (pdf - 120 KB)This link will open in a new windowUpdated on November 4, 2020Demande de dispense) dated 2019-05-03, Bulletin 2019-05-09, Vol. 16, No. 18)
Exemption of certain obligations under paragraph 4.7 of Regulation 24-102 — (Decision 2021-DPESM-0002 (pdf - 219 KB)This link will open in a new windowUpdated on February 26, 2021 dated 2021-02-26, Bulletin 2021-03-04, Vol. 18, No. 9)

LCH SA

Exemption from recognition as a clearing house — (Decision 2019-SMV-0055 (pdf - 192 KB)This link will open in a new windowUpdated on December 5, 2019 dated 2019-11-20, Bulletin 2019-11-28, Vol. 16, No. 47)

Nodal Clear, LLC

Exemption from recognition as a clearing house and from the derivatives qualification requirement and the derivatives authorization requirement — (Decision 2017-SMV-0034 (pdf - 215 KB)This link will open in a new windowUpdated on July 21, 20172017-SMV-0034 dated 2017-07-20, Bulletin 2017-07-20, Vol. 14, No. 28)

The Options Clearing Corporation (OCC)

Exemption from qualification and authorization for creating and marketing derivatives under the Derivatives Act — (Decision 2010-PDG-0206 (pdf - 104 KB)This link will open in a new windowUpdated on March 29, 2016dispense, agrément, OCC, SEC, CFTC, the options clearing corporation, dispense, agrément, autorisation, loi sur les instruments dérivés, dérivé, OCC dated 2010-11-22, Bulletin 2010-11-26, Vol. 7, No. 47)

Memorandum of understanding

Amended and Restated Memorandum of Understanding (pdf - 385 KB)This link will open in a new windowUpdated on March 17, 2022Memorandum of Understanding - European Securities and Markets Authority - Ontario Securities Commission - Autorité des marchés financiers between the European Securities and Markets Authority, the Ontario Securities Commission and the Autorité des marchés financiers; Related to Central Counterparties Established in Ontario and Québec – Canada (coming in force December 22, 2021)
Memorandum of understanding (pdf - 247 KB)This link will open in a new windowUpdated on January 13, 2022Memorandum of Understanding (“MoU”) Respecting the Resolution of Certain Clearing and Settlement Systems between the Autorité des marchés financiers, the British Columbia Securities Commission, the Ontario Securities Commission and the Bank of Canada Related to the resolution of certain clearing and settlement systems (coming in force December 22, 2021)
Multilateral Arrangement for Regulatory, Supervisory and Oversight Cooperation on LCH.Clearnet Ltd (pdf - 319 KB)This link will open in a new windowUpdated on July 11, 2017 (dated November 17, 2016)
Memorandum of Understanding (pdf - 103 KB)This link will open in a new windowUpdated on April 9, 2014Memorandum of Understanding (“MOU”) Respecting the Oversight of Certain Clearing and Settlement Systems (coming into force June 9, 2014) (Available in English)
Memorandum of Understanding (pdf - 82 KB)This link will open in a new windowUpdated on December 3, 2015"Memorandum of Understanding,Oversight,Clearing Agencies, Trade Repositories,matching Service Utilities" Respecting the Oversight of Clearing Agencies, Trade Repositories and Matching Service Utilities (coming into force January 18, 2016)

Qualifying Central Counterparties

CSA Multilateral Staff Notice 24-311 (pdf - 76 KB)This link will open in a new windowUpdated on July 28, 2014Qualifying Central Counterparties: Qualifying Central Counterparties