Information processors
Information processors consolidate and disseminate order and trade information to provide investors and market participants with a single source of this information.
Under National Instrument 21-101 Marketplace Operation, marketplaces must provide order and trade information relating to exchange-traded securities to an information processor. In addition, marketplaces, dealers, and inter-dealer bond brokers must report trade information relating to government and corporate debt securities to an information processor.
Designated information processors
There are currently two information processors designated by the Ontario Securities Commission (OSC):
- Canadian Investment Regulatory Organization is the information processor for government and corporate debt securities (CIRO IP)
- TMX is the information processor for exchange-traded securities (TMX IP)
CIRO IP (formerly IIROC IP)
CIRO IP (formerly IIROC IP) is the designated information processor for government and corporate debt securities in Canada. IIROC and the Mutual Fund Dealers Association of Canada (the MFDA) amalgamated to continue as the New Self-Regulatory Organization of Canada (New SRO), effective January 1, 2023, which subsequently changed its name to CIRO on June 1, 2023.
For more information:
- Designation Order of CIRO IP (Variation of the Designation Order of IIROC IP) - s. 21.2.3 and s. 144 of the Act (effective June 1, 2023)
- CSA Staff Notice 21-318 - Information Processor for Corporate Debt Securities
- CSA Staff Notice 21-320 – Update: National Instrument 21-101 Marketplace Operation and Related Companion Policy - Dealing with Government Debt Transparency
- CSA Staff Notice and Request for Comment 21-323 – Proposal for Mandatory Post-Trade Transparency of Trades in Government Debt Securities, Expanded Transparency of Trades in Corporate Debt Securities and Proposed Amendments to NI 21-101
- CSA Notice of Approval – Mandatory Post-Trade Transparency of Trades in Government Debt Securities, Expanded Transparency of Trades in Corporate Debt Securities and Amendments to National Instrument 21-101 Marketplace Operation and Related Companion Policy
TMX Information Processor (TMX IP)
TMX IP acts as the information processor in Ontario for exchange-traded securities other than options from July 1, 2014, to June 30, 2026. TMX IP’s designation was renewed in 2022 through to 2026.
- CSA Staff Notice 21-331 Information Processor for Exchange-Traded Securities other than Options
- TMX Group Limited and TSX Inc. – s. 21.2.3
- CSA Staff Notice 21-324 Information Processor for Exchange-Traded Securities other than Options
- OSC Staff Notice 21-313 - Information Processor for Exchange-Traded Securities other than Options
- OSC Staff Notice 21-309 - Information Processor for Exchange-Traded Securities other than Options