Exchanges, Alternative Trading Systems, Clearing Agencies & Trade Repositories


The NSSC has the statutory power to recognize exchanges and set out the terms and conditions under which the exchanges are regulated. The following have either been recognized as exchanges or exempted from the recognition requirement:

Aequitas Neo Exchange

Alpha Exchange Inc.

Montreal Exchange

Nasdaq CXC Limited and Ensoleillement Inc. (Translation)

Nodal Exchange, LLC

Toronto Stock Exchange (TSX)

Alternative Trading Systems (ATSs)

The Canadian Securities Administators (CSA) have developed a framework for regulating ATSs. National Instrument 21-101 Marketplace Operation and National Instrument 23-101 Trading Rules, with their Companion Policies make up the ATS Rules.

Clearing Agencies

The NSSC has the statutory power to recognize clearing agencies.

Trade Repositories

The NSSC has the statutory power to recognize the following deriatives trade repositories. 

ICE Trade Vault, LLC

Chicago Mercantile Exchange Inc.

DTCC Data Respository (U.S.) LLC

Self-Regulatory Organizations

A self-regulatory organization (SRO) is an organization that represents its members and is organized for the purpose of regulating the operations, standards of practice, and business conduct of its members and their representatives with a view to promoting the protection of investors and the public interest through rules that promote ethics and equality. The NSSC has the statutory authority to recognize SROs. The following SROs have been recognized by the NSSC:

Mutual Fund Dealers Association of Canada (MFDA) 
Variation Order, Nov. 26, 2008
Variation Order, Nov. 5, 2014
Variation Order, April 12, 2018

Investment Industry Regulatory Organization of Canada (IIROC) 
Recognition Order, June 1, 2008
Variation Order, Mar 31, 2010
Variation Order, April 12, 2018