IIROC reaches settlement with three former All Group reps

An Ontario Securities Commission (OSC) hearing panel has rejected an application from commission staff to temporarily suspend the registration of Toronto-based Omega Securities Inc., amid concerns about the alternative trading service’s market data reporting.

Following a three-day hearing, the panel ruled that a suspension was not warranted, but it did impose a number of conditions on Omega’s registration that relate to its provision of market data.

Among other things, the conditions require that Omega:

> upgrade certain systems;

> make certain disclosures, including that there may be millisecond differences in the reported timing of trades; and

> retain an independent systems reviewer to report to both the firm and regulators on the status of the required upgrades.

Omega says it is pleased with the decision. The conditions imposed by the panel “are consistent with those proposed by Omega to the OSC and based on Omega’s own business improvement objectives,” the firm says in an announcement released on Friday.

“We believe this decision is reasonable under the circumstances and that the conditions can be readily achieved. We continue to serve both investors and the capital markets with integrity and efficiency,” says Sean Debotte, president and CEO of Omega, in a statement.

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