Securities regulators sign MOU with Bank of Canada to promote efficient clearing and settlement systems

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The Ontario Securities Commission (OSC) recently announced Ministerial approval of a Memorandum of Understanding (MOU) between the OSC, Quebec’s Autorité des marchés financiers (AMF), the British Columbia Securities Commission (BCSC) and the Bank of Canada that is intended to facilitate cooperation and information sharing with respect to the resolution of certain clearing and settlement systems.

The MOU is limited to “Regulated Systems”, namely CDSX, which is operated by CDS Clearing and Depository Services Inc., and the Canadian Derivatives Clearing Service, which is operated by the Canadian Derivatives Clearing Corporation. The MOU is intended to supplement, but not alter, an earlier agreement between the signatories that focuses on oversight of the Regulated Systems.

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