Omega Securities to Vigorously Oppose Temporary Order from Staff of the Ontario Securities Commission
Nov 14, 2017, 17:31 ET
TORONTO, Nov. 14, 2017 /CNW/ - Omega Securities Inc. ("Omega" or "the Company") today announced it will vigorously oppose a temporary order that is being sought by staff of the Ontario Securities Commission ("OSC") to suspend the registration of, and cease trading of any securities by, the Company, effective Friday, November 17.
"Omega firmly believes that its trading systems operate with integrity and have offered a valuable service to the market for approximately 10 years, and that its market data is distributed in a fair and orderly fashion," said Sean Debotte, President and CEO of Omega Securities Inc. "None of Omega's market participants are being disadvantaged or treated unfairly in any way whatsoever."
It is the Company's position that its systems have operated, and continue to operate, within the parameters outlined by IIROC, and within the requirements of the Securities Act and National Instrument 21-101.
Omega was informed of this proposed temporary order very recently. To date, the Company has been fully cooperating with the OSC in a year-long investigation relating to the capture and dissemination of the date and time of trades on Omega's two alternative trading systems, Omega ATS and Lynx ATS. The Company is very surprised at the severity of the action sought by the OSC, given the lack of any identified adverse effects to the Canadian capital markets, and in fact the almost certain harm to pricing spreads that would result from the OSC's proposed course of action.
Omega strongly opposes the course of action taken by the OSC, which it believes is very unfair, and intends to vigorously oppose these proceedings.
About Omega Securities Inc.
Omega Securities Inc. (OSI), an IIROC member firm, is the operator of two lit marketplaces: Omega ATS and Lynx ATS. These two marketplaces offer a venue for the facilitation of trading in Canadian listed securities, such as equities and listed fixed income. Omega's marketplaces account for more than 5 percent of Canadian equities trading and provide a cost-effective and efficient method for the Canadian broker/dealer community to execute transactions on behalf of their clients.
SOURCE Omega Securities Inc.
For further information: Ian Hamilton, DFH Public Affairs, 416-206-0118 x222, [email protected]
Share this article