IIROC conducts timely surveillance of all fixed income trading conducted by its Dealer Members through various fixed income ATSs, Inter Dealer Bond Brokers (IDBBs) or over the counter, ensuring market integrity and compliance with applicable Dealer Member Rules.
Debt surveillance is conducted by a team of fixed income specialists, assisted by a variety of alerts and reports that are generated by IIROC’s Debt Data Warehouse (DDW). The DDW contains every fixed income trade executed by its Dealer Members, providing IIROC with contextual pricing data which is combined with other information such as current bond ratings, enabling it to determine if clients are receiving fair prices. Other transaction data such trade timestamps and counterparty information allow analysts to reconstruct a series of events and detect market abuses such as manipulation, trading ahead of new issues or client front running.
Suspicious debt transactions are thoroughly reviewed by the monitoring team, through discussions and correspondence with traders and Dealer Member Compliance staff. Requests for additional documentation and order audit trails may be made directly to the Dealer Member. If a review of the circumstances leads analysts to conclude that a breach of a rule may have occurred, a referral is made to IIROC’s Investigations and Enforcement department for further review and potential disciplinary action.
IIROC's Whistleblower Service. Contact IIROC to share first-hand knowledge or evidence of potential systemic wrongdoing, potential securities frauds or unethical behaviour at IIROC-regulated firms.