IIROC announces TMX migration to STEP surveillance platform

TORONTO, March 19, 2012 /CNW/ - The Investment Industry Regulatory Organization of Canada (IIROC) is pleased to announce it has reached an agreement with the TMX Group to use IIROC's Surveillance Technology Enhancement Platform (STEP) in providing single-market monitoring services to the Toronto Stock Exchange and TSX Venture Exchange, effective April 1, 2012.

As a result, IIROC will now provide all monitoring services to equity marketplaces in Canada using one platform, STEP, which it created and launched in 2010.  IIROC currently uses this platform to perform single-market monitoring for equity marketplaces in Canada (of which there are now 11), as well as for monitoring of equity trading across multiple markets.

"Using a single surveillance system allows for enhanced quality of surveillance, as well as significant annual savings that will benefit all market participants - issuers, intermediaries and investors," said Susan Wolburgh Jenah, IIROC's President and Chief Executive Officer.

"This final stage of our implementation of STEP reflects IIROC's response to the critical need for a comprehensive multi-market surveillance system to effectively and efficiently fulfill our regulatory mandate."

IIROC created STEP to keep pace with a dramatic increase in the speed and volume of trading and to deliver IIROC the capacity for consolidated surveillance of multiple marketplaces. STEP also enables the organization to conduct detailed post-trade research to allow it to better analyze market developments in a rapidly evolving trading environment.

Previously, IIROC used the TMX Group's SMARS system to perform single-market surveillance for TMX Group's two exchanges, which have the largest share of equity trading in Canada.

The transition is subject to the approval of the agreement by the Canadian Securities Administrators.

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IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.  Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets.

IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian equity marketplaces.

Keith Persaud
Senior Vice President, Finance and Administration
416-865-3022
[email protected]

Lucy Becker
Vice President, Public Affairs
416-943-5870
[email protected]