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Canadian Marketplace Implementing National Instrument 24-101 Institutional Trade Matching & Settlement Jane Davis Executive Director, Canadian Capital Markets Association ISITC Conference - June 4, 2007
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CCMA Board & Observers
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3 NI 24-101 Compels the industry to automate Regulation of trade matching parties Procedural & behavourial post trade changes required Involves front, middle & back office functions
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4 Target Dates October 2007 - 80% matched by noon on T+1 January 2008 - 90% matched by noon on T+1 July 2008 - 70% matched on T January 2009 - 80% matched on T July 2009 - 90% matched on T Q1 2010 and beyond - 95% matched on T
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5 Key Components Focus on policies and procedures Written acknowledgement of capabilities Trade matching statement/agreement Phased implementation Transitional performance targets Performance measurement Exception reporting Mutual Dependency among trade-related parties
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6 Implementation Schedule Effective April 1, 2007 Phased-in transitional performance target dates over an approximate three-year period Documentation in place by October 1, 2007 Exception reporting for fourth quarter of 2007 in February 2008
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7 Policies and Procedures Accelerate trade processing from T+1 to T Integrated approach Enhanced electronic transmission Industry best practices and standards Front, middle and back office involved
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8 Acknowledgement Written acknowledgement Trade matching statement Alternatively a trade matching agreement
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9 Accelerating Trade Transmission Acceleration of trade allocations to the custodian (re: investor or fund account) and broker (re: custodian) involves: Data availability and integrity Frequency and timing of trade transmission Late day systems, operations and information availability Change in work schedules Front and back office communication
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10 Performance Measurement Trade-matching performance measurement Data sources Accuracy Consistency Development of new reporting Analysis of results Corrective action
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11 Mutual Dependency Impacts all trade-related parties Broker/Dealers Custodians Investment Managers Linkage involves third party vendors/ infrastructure providers Standard Data Elements Help to facilitate changing of trading routines (algorithmic/DMA)
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12 Conclusion Current industry numbers Active subcommittees / ad hoc working groups Requires “team” culture within and between parties Sharing of best practices Lot of investment of time and money
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Canadian Marketplace Implementing National Instrument 24-101 Institutional Trade Matching & Settlement Jane Davis Executive Director, Canadian Capital Markets Association ISITC Conference - June 4, 2007
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