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% 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).
The information contained in the trade match report card tells the investment manager how well they are doing against the prescribed guidelines. CIBC Mellon says it’s an early warning system that they can use to pinpoint problems and take corrective actions.
“We believe the information provided in our monthly trade match report card will help investment managers keep pace with market changes and address compliance requirements,” says Thomas C. MacMillan, president and CEO of CIBC Mellon.
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