MarketAxess SEF Corporation – s. 144

Decision Revocation of Order

Headnote

Subsection 144(1) of the OSA – Application for an order revoking an order issued June 13, 2016, as varied March 11, 2021, granting MarketAxess SEF Corporation an exemption from the requirement to be recognized as an exchange under section 21 of the OSA – MarketAxess SEF Corporation no longer carrying on business in Ontario – requested order granted.

Applicable Legislative Provisions

Securities Act, RSO 1990, c S.5, ss 21(1), 144, 147

 

March 26, 2022

IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990,
CHAPTER S.5, AS AMENDED
(the Act)

AND

IN THE MATTER OF
MARKETAXESS SEF CORPORATION
(MA SEF)

REVOCATION ORDER
(Section 144 of the Act)

WHEREAS the Ontario Securities Commission (Commission) issued an order dated June 13, 2016 pursuant to section 147 of the Act, as varied by an order of the Commission dated March 11, 2021, exempting MA SEF from recognition as an exchange under subsection 21(1) of the Act (the 2016 Order);

AND WHEREAS MA SEF notified the Commission that:

  1. On July 30, 2021, MA SEF announced that it was suspending operations of the swap execution facility (SEF);
     
  2. The last day of trading on the MA SEF was August 31, 2021 after which the MA SEF ceased to execute trades as a SEF; and
     
  3. The U.S. Commodity Futures Trading Commission will deem MA SEF’s registration to be “dormant” effective on or about September 1, 2022;

AND WHEREAS there is currently no trading activity on the MA SEF platform and MA SEF has ceased its activities as a SEF in Ontario;

AND WHEREAS MA SEF has no physical presence in Ontario and does not otherwise carry on business in Ontario;

AND WHEREAS the Commission has determined that revocation of the 2016 Order would not be prejudicial to the public interest;

THE COMMISSION hereby revokes the 2016 Order pursuant to section 144 of the Act.


Dated March 26, 2022.
 

“Frances Kordyback”

“Cecilia Williams”