The regulatory division of Bourse de Montréal Inc. (MX) is undertaking a consultation on potential reforms to its regulatory framework — namely, its approval process for firms’ employees.
The exchange issued a consultation paper soliciting feedback on ways to modernize its regime — which involves approving traders’ access to its electronic trading system — amid the ongoing evolution of the derivatives industry.
The overarching goals of any changes would be to simplify the application process and streamline approvals, including efforts to eliminate duplication in registration requirements, emphasize firms’ due diligence obligations and harmonize access requirements, the paper noted.
“The division seeks to implement a harmonized and robust regulatory framework which focuses on access eligibility on the Bourse and serves its regulatory functions, while simplifying the approval process,” the paper said.
The consultation aims to gather information to help the division assess the current framework and identify opportunities for reform, it said.
The deadline to provide feedback is July 31.
Additionally, the MX said it plans to hold a workshop during the consultation period to engage stakeholders.