Canadian Securities Regulators Seek Comments on OTC Central Counterparty Derivatives Clearing Framework

MONTREAL, June 20, 2012 /CNW Telbec/ - The Canadian Securities Administrators (CSA) published today for comment CSA Consultation Paper 91-406 Derivatives: OTC Central Counterparty Clearing, which sets out the CSA Derivatives Committee's recommendations for central counterparty clearing of over-the-counter (OTC) derivatives transactions through regulated central counterparties (CCPs).

The paper details recommendations on issues such as: the process for determining which OTC derivatives should be subject to mandatory CCP clearing; the regulation and governance of CCPs; clearing member access; and risk management.

"The importance of bringing central clearing to OTC markets has been recognized by the G-20 as one of the reform elements in the ongoing effort to reduce systemic risk in the financial markets," said Bill Rice, Chairman of the CSA and Chairman and CEO of the Alberta Securities Commission. "This paper is part of the CSA's commitment to creating a Canadian solution to the question of central clearing,"

The paper is part of a series of papers by the CSA outlining policies designed to reduce systemic risk and improve the regulatory framework for OTC derivatives in Canada, Market participants are invited to submit their comments until September 21, 2012. All responses received will be published on the Autorité des marchés financiers (www.lautorite.qc.ca) and the Ontario Securities Commission (www.osc.gov.on.ca) websites.

Copies of the Consultation Paper are available on the following websites: Alberta Securities Commission, Autorité des marchés financiers, British Columbia Securities Commission, Manitoba Securities Commission, New Brunswick Securities Commission, Nova Scotia Securities Commission, Ontario Securities Commission and Saskatchewan Financial Services Commission.

The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

For more information:

Carolyn Shaw-Rimmington     Ontario Securities Commission    416-593-2361	Sylvain Théberge Autorité des marchés financiers 514-940-2176
Richard Gilhooley      British Columbia Securities Commission   604-899-6713	Mark Dickey Alberta Securities Commission 403-297-4481
Ainsley Cunningham      Manitoba Securities Commission    204-945-4733	Wendy Connors-Beckett New Brunswick Securities Commission 506-643-7745
Tanya Wiltshire      Nova Scotia Securities Commission    902-424-8586	Dean Murrison  Saskatchewan Financial Services   Commission 306-787-5842
Janice Callbeck      PEI Securities Office       Office of the Attorney General     902-368-6288	Doug Connolly   Financial Services Regulation Div. Newfoundland and Labrador 709-729-2594
Helena Hrubesova     Yukon Securities Office    867-667-5466	Louis Arki Nunavut Securities Office 867-975-6587
Donn MacDougall Northwest Territories       Securities Office       867-920-8984

 

Carolyn Shaw-Rimmington
Ontario Securities Commission
416-593-2361      

Sylvain Théberge
Autorité des marchés financiers
514-940-2176

Richard Gilhooley
British Columbia Securities Commission
604-899-6713      

Mark Dickey
Alberta Securities Commission
403-297-4481

Ainsley Cunningham
Manitoba Securities Commission
204-945-4733      

Wendy Connors-Beckett
New Brunswick Securities Commission
506-643-7745 

Tanya Wiltshire
Nova Scotia Securities Commission
902-424-8586

Dean Murrison 
Saskatchewan Financial Services
Commission
306-787-5842 

Janice Callbeck
PEI Securities Office
Office of the Attorney General
902-368-6288

Doug Connolly
Financial Services Regulation Div.
Newfoundland and Labrador
709-729-2594

Helena Hrubesova
Yukon Securities Office
867-667-5466      

Louis Arki
Nunavut Securities Office
867-975-6587

Donn MacDougall
Northwest Territories
Securities Office
867-920-8984