By Staff | December 20, 2007 | Last updated on December 20, 2007
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(December 20, 2007) The Canadian Securities Administrators has announced its actions relating to the global liquidity crunch, including targeted reviews of continuous disclosure by reporting issuers identified as holders of non-bank-sponsored asset-backed commercial paper.

The reviews have found that fewer than 100 publicly listed Canadian companies hold any significant number of the affected debt obligations. The CSA is now querying these firms as to how they are valuing their ABCP holdings and whether they have taken write-downs when required.

“This issue has affected financial markets around the globe simultaneously,” said Jean St-Gelais, chair of the CSA and president and CEO of l’Autorité des marchés financiers (Québec). “None of us is immune to its impact. That is why it is crucial that there be a coordinated effort both internationally and here at home to review the issues and evaluate the policy implications.”

The CSA is also requiring “appropriate classification” of ABCP holdings on corporate balance sheets and looking into the adequacy of management discussion and analysis disclosure on the impact of ABCP holdings.

“Compliance with accounting and disclosure requirements is critical in a situation such as this, and we, as regulators, are carefully reviewing issuers’ disclosures,” said St-Gelais.

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Instinet sets “go-live” date for Chi-X Canada

(December 20, 2007) Instinet has set a launch date for its new Canadian alternative trading system, Chi-X Canada, which promises lower-cost trading and complete anonymity.

Chi-X is slated to go live Wednesday, February 20, 2008. A complete list of which securities will initially be tradable will be released some time before that date.

“After consulting with key industry participants — including prospective clients, regulatory organizations and technology vendors — we decided on the February 20 launch date to give the Canadian investment community ample time to prepare for Chi-X Canada,” said Tal Cohen, senior vice-president at Instinet.

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BNY buys out Mellon stake

(December 20, 2007) The Bank of New York Mellon has completed its purchase of ABN AMRO Mellon Global Securities Services, its joint venture with the Dutch bank ABN AMRO.

Now renamed BNY Mellon Asset Servicing, the company will remain headquartered in the Netherlands and will be governed by Dutch regulators.

“From the outset the ABN AMRO Mellon JV was structured to avoid disruption in the event of any change of ownership,” says Nadine Chakar, newly appointed chair of the supervisory board of BNY Mellon Asset Servicing. “I want to stress that continuity — of people, products, technology and service levels — remains our priority as we become part of the world’s largest asset servicing provider.”

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Rogers Publishing buys P&C magazine

(December 20, 2007) Rogers Publishing Limited has acquired Canadian Insurance magazine, which focuses on the property and casualty market, from Stone & Cox Limited.

“This is an important addition to our portfolio and completes our offerings to Financial Services professionals,” says John Milne, senior vice president of the Business & Professional Publishing Group, Rogers Publishing Limited. “With Canadian Insurance we are able to serve the entire continuum of Financial Services professionals, from advisors to the institutional investment market to the property & casualty insurance market, with a wide variety of print and online communications services and tools.”

Canadian Insurance magazine reaches over 12,000 insurance professionals every month. The transaction will close on December 31, 2007.

(12/20/07) staff


The staff of have been covering news for financial advisors since 1998.