Canadian Regulators Seek Comment on Trade-Through Protection, Best Execution and Access to Marketplaces

    TORONTO, April 20 /CNW/ - The Canadian Securities Administrators (CSA)
announced today they are seeking comments on proposed amendments to National
Instrument 21-101 Marketplace Operation and National Instrument 23-101 Trading
Rules (together, the ATS rules), related companion policies and a
trade-through proposal in a joint notice issued with Market Regulation
Services Inc. (RS) (the Joint Notice).
    "In response to market structure developments and the need to update
certain requirements, the CSA are proposing amendments to the ATS Rules and
are publishing a proposal relating to trade-through protection," said Jean
St-Gelais, Chair of the CSA and President & Chief Executive Officer of the
Autorité des marchés financiers (Québec). "To ensure consistency between
provincial securities legislation and SRO requirements, specifically the
Universal Market Integrity Rules (UMIR), we have been working closely with RS
to develop the Joint Notice and in particular, the trade-through proposal and
the concepts underlying the ATS Rule amendments."
    The Joint Notice outlines a proposal for a trade-through regime that
describes a framework for ensuring that better-priced orders are filled first.
In addition, the Joint Notice and ATS Rule amendments propose changes to best
execution requirements and new obligations relating to direct access to
marketplaces by non-dealers. RS is also publishing for public comment proposed
UMIR amendments that track the proposed amendments to the ATS Rules.
    "The Joint Notice outlines how RS is working with the CSA to ensure that
a common set of principles applies to all market participants in a manner
which supports the competitive operation of equity marketplaces in Canada
while protecting investors and ensuring the integrity of our markets."
explained Tom Atkinson, President & CEO, Market Regulation Services Inc.
    The Joint Notice and amendments to National Instrument 21-101 Marketplace
Operation, and National Instrument 23-101 Trading Rules, and related companion
policies are available on various CSA members' websites. UMIR can be found on
the RS website. The comment period is open until July 19, 2007.

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

    RS is the regulation services provider for Canadian equity markets,
including the TSX, TSX Venture, Canadian Trading and Quotation System,
Bloomberg Tradebook Canada, Liquidnet Canada Inc., BlockBook, Shorcan ATS
Limited and Pure Trading.

For further information:

For further information: Carolyn Shaw-Rimmington, Ontario Securities
Commission, (416) 593-2361; Ainsley Cunningham, Manitoba Securities
Commission, (204) 945-4733; Frédéric Alberro, Autorité des marchés financiers,
(514) 940-2176; Andrew Poon, British Columbia Securities Commission, (604)
899-6880; Tamera Van Brunt, Alberta Securities Commission, (403) 297-2664;
Jane Gillies, New Brunswick Securities Commission, (506) 643-7745; Caroline
Cakebread, Market Regulation Services Inc., (416) 646-7226

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