Update Respecting the Implementation of the Trade-for-Trade” Extended Failed Trades Reporting

Type: Rules Notice> Technical
Rule connection:
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Trading Desk


Kevin McCoy
Director, Market Regulation Policy

On April 15, 2013, the requirement will be implemented for a Participant or Access Persons to file with IIROC a report of an Extended Failed Trade (“EFTR”) in respect of a trade executed on a marketplace that was to settle through the trade-for-trade facility of CDS Clearing and Depository Services Inc. (“CDS”) but that has not been resolved within ten days following the settlement date.1

Implementations Details

For the purpose of enabling Participants to set up the required users2 in advance of the April 15th implementation, the trade-for-trade Extended Failed Trade reporting facility will be moved into production on April 9th and will be available through the “regulatory reporting” section of the IIROC web site (www.IIROC.ca). Between April 9th and April 15th, firm administrators3 may access the system to set up the required users.

The trade-for-trade reporting system will “go-live” on April 15. The uploading of the daily CDS fails data and the notification delivery will commence on April 16.4

  • 1See IIROC Notice 13-0014 – Rules Notice – Technical – UMIR – Implementation Date for Reporting “Trade-for-Trade” Extended Failed Trades (January 14, 2013)
  • 2The “trade-for-trade” reporting facility introduces one additional user role called “firm responder”. A firm responder may:
    • View Extended Failed Trades and all trade details;
    • Update trade-for-trade Extended Failed Trades; and
    • Search and view reports.
  • 3The “administrator” role for the trade-for-trade EFTR reporting system is the same user role as the existing EFTR reporting system. If a Participant currently has a “firm administrator”, this user can set up “firm responders” as required for the trade for trade reporting facility. If a Participant does not currently have a firm administrator, they must do so by contacting IIROC at [email protected]
  • 4The CDS file uploaded to the trade-for-trade system on April 16th represents the fails data as of April 15th.

MFDA and IIROC have consolidated

As of January 1, 2023 the MFDA and IIROC have come together as New Self-Regulatory Organization of Canada (New SRO).

New SRO has assumed the regulatory responsibilities of the MFDA and IIROC.

We have set up an interim website for updates and information related to the New SRO including:

  • Executive Management
  • Governance
  • New SRO Rules
  • Member Application
  • Investor Office and the Investor Advisory Panel
  • Information concerning mutual fund dealers registered in Québec
  • Complaints
  • Careers

Enforcement proceedings, membership lists, continuing education, investor education resources and any other information not set out above continue to reside on www.mfda.ca and www.iiroc.ca.