The Investment Industry Regulatory Organization of Canada (IIROC) is taking over statistical reporting of secondary market trading activity of government debt from the Bank of Canada effective immediately, the self-regulatory organization announced on Thursday.
IIROC is taking responsibility for reporting on secondary trading by government securities distributors (GSDs) and non-GSD dealers, which was previously produced by the central bank.
IIROC’s monthly reports replace the Bank of Canada reports on secondary trading, which were included in its weekly reports on banking and financial statistics.
The move follows the shift in dealers reporting transaction data to the bank to reporting that data to IIROC under the market trade reporting system (MTRS).
“The Bank of Canada’s request for IIROC to take over publishing this data recognizes our ability to leverage data already collected by IIROC for regulatory purposes,” says Victoria Pinnington, senior vice-president, market regulation at IIROC, in a statement. “This forms an important part of IIROC’s overall mandate to increase transparency and improve market integrity.”
It was announced last week that IIROC will serve as the information processor (IP) for expanded trade reporting requirements that will be fully implemented by the end of next year.