TORONTO, Nov. 26 /CNW/ - Today, CIBC Mellon Global Securities Services
Company announced the launch of a new monthly trade match report card to help
investment managers comply with new Canadian institutional trade matching
guidelines contained within National Instrument (NI) 24-101.
Beginning in February 2008, NI 24-101 requires investment managers to
report quarterly trade matching performance to the Canadian Securities
Administrators if they fail to achieve prescribed guidelines within the
instrument. Initially regulators set an 80 per cent trade matching rate by
noon on T+1 over a calendar quarter. The guidelines are designed to lower
settlement risks in the Canadian marketplace by encouraging greater trade
matching rates on trade date at Canadian Depository for Securities (CDS).
CIBC Mellon's report card summarizes monthly trade match performance for
all CDS buy and sale trades. The report card provides trade match rates based
on volume and dollar value, and an analysis of match rates against performance
targets in various asset classes.
The information contained in the trade match report card tells the
investment manager how well they are doing against the prescribed guidelines.
It is an early warning system that they can use to pinpoint problems and take
"We are pleased to be helping investment managers meet their National
Instrument (NI) 24-101 obligations in an efficient manner," said Thomas C.
MacMillan, CIBC Mellon president and chief executive officer. "We believe the
information provided in our monthly trade match report card will help
investment managers keep pace with market changes and address compliance
In addition to the monthly trade match report card, investment managers
continue to benefit from real-time trade status information available through
Workbench, CIBC Mellon's innovative web-based information delivery portal.
CIBC Mellon is 50-50 jointly owned by Canadian Imperial Bank of Commerce
and The Bank of New York Mellon Corporation. CIBC Mellon's two operating
entities are CIBC Mellon Global Securities Services Company, a leading
Canadian provider of asset services, and CIBC Mellon Trust Company, a leading
provider of issuer services in Canada. Visit CIBC Mellon's website at
CIBC Mellon Global Securities Services Company is a licensed user of the
CIBC and Mellon trademarks.
For further information:
For further information: Cheryl Ficker, director, corporate affairs,
CIBC Mellon, (416) 643-6368