In September, CSA released proposals aimed at enhancing transparency in fixed-income markets, which has been the object of intense regulatory scrutiny.

In his most recent industry letter, IIAC president and CEO Ian Russell discusses the existing CanPX transparency system and the flaws in the CSA’s proposed system, and explains what he views as the optimal approach.

Russell argues that the “IIROC debt surveillance system that underpins the new transparency model is unlikely to provide sufficient flexibility needed for an effective transparency system.” In his view, “[t]he optimal approach would seem to be an amalgam of the proposed transparency approach based on the new IIROC surveillance system, and the existing CanPX transparency system.”

Read more here.

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