The Investment Industry Regulatory Organization of Canada says that the implementation of trading rule amendments requiring the reporting of certain failed trades is being deferred. The new requirements were scheduled to take effect March 1.

Last October IIROC announced that it has received approval for amendments that included requirements for reporting certain failed trades to the market regulator. The implementation date for these amendments was set as the first day of March, but the IIROC now says that the implementation date will be deferred until a future date that has yet to be determined.

The regulator says that since the amendments were approved, its staff have been dealing with a working group of the Financial Administrators Section established to provide additional input on the implementation of these amendments. “The goal of both IIROC and the Working Group has been to devise a reporting system that will provide IIROC with the necessary information on extended failed trades in a form and format that imposes the least administrative burden on participants,” it says.

The regulator explains that it expects that the reporting system will be web-based and will permit market players to report these trades online in a standardized format. The actual implementation date will be announced by IIROC at least 90 days before reporting must start.

IE