The Canadian Securities Administrators issued a statement this afternoon in support of the temporary suspension of Canadian financial markets.

In the statement, Douglas Hyndman, chairman of the CSA said, “We strongly support the action taken by the Investment Dealers Association of Canada to close the domestic bond and money markets, the members of the Investment Funds Institute of Canada to stop purchases, sales, redemptions and switches in the securities of a mutual fund, and Canada’s stock exchanges to stop trading earlier today.”

Hyndman said the CSA will continue to monitor the situation, and that regulators expect the disruption in markets will be temporary. He added that, “trading will resume as soon as practicable.”