Straight Talk  

Canadian Capital Markets Association to finish its mandate

Effective Oct. 31, 2008, the Canadian Capital Markets Association (CCMA) will end its current mandate and cease advocacy work within the Canadian securities market.

The CCMA was created nine years ago to address the global trend toward T+1 settlement impacting broker dealers, investment managers and custodians. Over time, its mandate shifted towards encouraging straight through processing (STP) in securities transactions.

The CCMA was instrumental in shortening time frames in the Canadian trade matching and affirmation process.  The association worked with the industry regulator, Canadian Securities Administrators (CSA), and capital markets participants to create National Instrument 24-101 (NI 24-101) - Institutional Trade Matching and Settlement and subsequent CSA notice 24-307 Extension of Transitional Phase in Period.

The NI 24-101 mandated reporting process will continue to be managed by Canadian Depository for Securities (CDS) and enforced by the CSA.

The CCMA legal entity will be retained and reactivated, if needed, to assist in resolving future cross-industry operational challenges. 

Subsequent trade matching and STP initiatives will be championed by the CSA industry working committee, and through other industry associations and committees.

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