Canadian market participants need to prepare for upcoming trade reporting deadlines

Bloomberg

21-07-2025

This article was written by Jason Waight, Head of Regulatory Reporting at Bloomberg and is reproduced from the Canadian Forum for Financial Markets.
Starting July 25, 2025, Canadian market participants must meet the member jurisdictions of the Canadian Securities Administrators (CSA) amended local trade reporting rules for over the counter (OTC) derivatives that are outlined in Ontario Securities Commission Rule 91-507 Trade Repositories and Derivatives Data Reporting in Ontario, Regulation 91-507 Respecting Trade Repositories and Derivatives Data Reporting in Quebec, Manitoba Securities Commission Rule 91-507 Trade Repositories and Derivatives Data Reporting in Manitoba and Multilateral Instrument 96-101 Trade Repositories and Derivatives Data Reporting in all other provinces and territories of Canada, commonly known as the Canadian OTC Derivatives Reporting standards. The local trade reporting rules are designed to streamline and align OTC derivatives data reporting with global standards.
To prepare market participants, Bloomberg brought Canadian provincial securities regulators and financial executives together in Toronto and Montreal recently to discuss what they need to know ahead of the new local derivatives trade reporting rules.
Regulations on derivatives, globally and locally, started after the 2008 financial crisis and are designed to increase the resiliency and transparency of the derivatives market around the world, said Julie Boyer, Senior Policy Advisor, and Eli Adzogan, Senior Analyst in Derivatives, of the Derivatives Markets for l'Autorité des marchés financiers (AMFQuébec) who spoke at the events.
These amendments represent a major overhaul of OTC derivatives data reporting in Canada in an effort to ensure they are better aligned with global standards, such as those by the European Securities and Markets Authority (ESMA) and the U.S. Commodity Futures Trading Commission (CFTC). The goal is to improve standards by reducing the complexity of market participants' reporting and operational and compliance costs.