The Canadian Securities Administrators say they will implement new rules governing marketplace operation and trading rules, effective December 1.

On October 16, Ontario’s Minister of Finance approved the rules governing market trading, including the regulation of alternative trading systems.

Historically, foreign ATSs have been allowed to access the Ontario market by registering as international dealers. Once the ATS Rules come into force on December 1, a foreign ATS will not be allowed to carry on business as an ATS under its international dealer license. Instead, they have begun the process to become registered as investment dealers and members of the IDA.

The rules cover things such as market manipulation, best execution, reporting requirements, as well as setting out requirements to qualify as an exchange and market integration.