On November 14, 2013, securities regulators in each of the Applicable Provinces published harmonized derivatives trade reporting rules (Rules). The adoption of the Rules marked an important milestone in Canada fulfilling its G20 commitments made in November 2010 with respect to the regulation of global over-the-counter derivatives markets. Regulators in Alberta, British Columbia, New Brunswick, Nova Scotia and Saskatchewan also participated in the development of these harmonized rules and are expected to adopt a multilateral instrument implementing the Rules in due course.

 

The Rules are intended to give regulators access to all relevant derivatives trade information as collected by designated TRs in order to facilitate regulatory oversight and allow regulators to monitor and address issues in derivatives markets, including systematic risk. In addition, in order to increase market transparency, designated TRs will be required beginning in 2015 to make certain derivatives trading data publicly available, including aggregate trading statistics as well as trade-level reports that  provide pricing information but do not disclose the identities of the specific counterparties to transactions.