Market Infrastructure

Market infrastructure includes a variety of entities that provides services for participants in financial markets. These entities include:

  • clearing agencies that clear or settle trades of securities or derivatives,
  • trade repositories that collect information relating to derivatives, and
  • information processors that receive and distribute information relating to trades in securities.

Clearing Agencies

A clearing agency:

  • acts as an intermediary in paying funds, in delivering securities, or in doing both,
  • provides centralized facilities for clearing or settling trades of securities or derivatives, or
  • provides centralized facilities as a depository of securities.

The British Columbia Securities Commission has issued the following documents related to clearing agencies:

Document Published
24-313 - CSA Staff’s Review of Proposed Amendments to Fee Schedule of The Canadian Depository for Securities Limited (CDS Limited) and CDS Clearing and Depository Services Inc. (CDS Clearing) (collectively, CDS) [Multilateral CSA Staff Notice]
2015-05-14
CDS Clearing and Depository Services Inc. Proposed Amendments to CDS Fee Schedule Issuer Services Program
2015-04-23
CDS Clearing and Depository Service Inc. Revised Recognition Order, see BCN 2014/06
2014-04-17
Bank of Canda (BOC) Memorandum of Understanding respecting the oversight of certain clearing and settlement systems
2014-03-19
CDS Clearing and Depository Services Inc. Recognition Order, see BCN 2012/19
2012-08-10
CDCC Recognition Order, see BCN 2012/19
2012-08-10

Trade Repositories

A trade repository collects and maintains records relating to derivatives and trades in derivatives. These reports are typically made by market participants because they are required to make the reports under Multilateral Instrument 96-101 Trade Repositories and Derivatives Data Reporting.

The BCSC has published the following documents about trade repositories that it has recognized:

Current Documents
Document Published 
Chicago Mercantile Exchange Inc Variation Order
2019-06-12
Chicago Mercantile Exchange Inc Recognition Order (Amended)
2019-06-12
DTCC Data Repository (U.S.) LLC Recognition Order
2016-07-18
ICE Trade Vault, LLC Recognition Order
2016-07-18

Historical Documents
Document Published
Chicago Mercantile Exchange Inc Recognition Order
2016-07-18

Benchmark Administrators

A benchmark is a price, rate, index, value or measurement that:

  • is determined by reference of an underlying interest such as an interest rate, commodity prices, a foreign exchange rate or an index of securities,
  • is made available to the public, and
  • is used to determine the price, value or amount payable under a security or derivative or to measure the performance of a security or derivative.

A benchmark administrator calculates the benchmark, makes it available to the public and otherwise administers it.

Information Processors

An information processor collects from multiple sources – typically marketplaces or market participants – information relating to trades in or orders for securities. After integrating the information, the information processor makes it available to the public.

The BCSC has published the following documents about information processors that it has designated:

Current Documents
Document Published 
IIROC Designation Order
2020-08-27
TSX Inc. Designation Order
2020-08-27