Market players received a $6 million rebate from CDS Clearing and Depository Services Inc.

The CDS board of directors approved the $6 million rebate (plus GST where applicable) to participants “due to the effective containment of operating expenses and significantly higher market volumes”, CDS announced Monday.

The higher volumes generated more revenue than planned in several areas: domestic clearing and settlement; domestic depository, custodial and entitlements services; and, international services.

Full CDS participants will receive their share of the rebate based on their proportionate usage of these
activities during the year.

A special credit note was distributed through participants’ lock boxes on Dec. 18, indicating the dollar amount of the rebate. The rebate was paid to participants’ designated bank accounts through a direct electronic funds transfer on Dec. 22.

The rebate is in addition to over $22 million in savings from price decreases to 2007 base prices and a further $6 million in savings provided through volume discounts applied during the course of fiscal 2008, CDS noted.

IE