Trade repositories

To operate as a trade repository, a person or company must apply to the Commission for designation and must comply with the designated trade repository requirements set out in  Rule 91-507 Trade repositories and derivatives data reporting. Trade repositories must also comply with all terms and conditions imposed by the OSC in any designation order made.

When determining if a trade repository should be designated, the OSC considers, among other things, if:

• it is in the public interest
• the applicant is in compliance with securities law
• the applicant has established policies and procedures that meet the requirements under Rule 91-507

Companion Policy 91-507CP to OSC Rule 91-507 provides additional guidance on how the OSC assesses trade repository application for designation.

Once designated, a trade repository is required to provide the OSC with:

• interim and year-end financial statements
• notice of any significant changes to the information originally submitted in Form 91-507F1 before implementing any changes
• corroboration of its acceptance of derivatives data for each asset class set out in the OSC's designation order
• confirmation that it established, implemented and maintains:
  • written governance arrangements
  • board composition requirements
  • clearly defined management roles and responsibilities
  • policies and procedures for material aspects of its business
  • records retentions, data security and information privacy policies
  • a comprehensive risk management framework

Additional requirements and compliance-related information are outlined in Rule 91-507.

The OSC has designated the following persons or companies as trade repositories operating in Ontario:

• KOR Reporting Inc.
• Chicago Mercantile Exchange Inc.
• DTCC Data Repository (U.S.) LLC
• ICE Trade Vault, LLC