OSC Panel approves settlement with Bloomberg Trading Facility Limited and Bloomberg Trading Facility BV

TORONTO, December 18, 2020 / CNW / – A Panel of the Ontario Securities Commission (OSC) today agreed to conciliation agreement with Bloomberg Trading Facility Limited (BTFL) and Bloomberg Trading Facility BV (BV), two foreign-based companies that operate multilateral trading facilities for fixed-income securities and swaps. The settlement follows allegations by OSC staff that the companies were operating unlicensed markets. Ontario, have submitted applications for free relief by the Commission which contain incomplete and erroneous information and, in the case of BTFL, have not complied with the terms and conditions set out in the order of free relief.

As part of the settlement agreement, BTFL and BV have paid a CAD administration penalty $ 2,506,011.80 and disgorged $ 663,305.20. The payments take into account, among other things, the level of BTFL and BV collaboration with OSC Staff. To provide clarity to market participants, OSC Staff has included detailed descriptions of how these sanctions were measured in the settlement agreement. Respondents will also conduct an internal review and report to OSC Staff on their practices and procedures to ensure compliance. Ontario securities law.

Parallel to this conciliation agreement, the respondents a temporary order exempting them from being recognized as exchanges.

“These are two solemn corporate bodies, doing business on a global scale, that have not failed Ontario securities laws, “he said Jeff Kehoe, Director of the Enforcement Branch of the OSC. “These unions must be vigilant in monitoring compliance with their actions by securities laws and must report properly to regulators. This expectation applies to all entities that do business in Ontario. “

In resolving this issue, BTFL and BV acknowledge that before seeking or receiving recognition or an order of release from the Commission, they transacted matters such as exchanges by providing an institution. Ontario consumers with access to trade and swap based income securities. Respondents also acknowledge that the applications submitted by the Commission contained inaccurate and incomplete information seeking relief from the requirement to be recognized as exchanges where none indicated that Ontario customers were already on board and engaged in trading on their multilateral trading facilities. After BTFL received a exemption order, it did not discontinue revenue trading based on its multilateral trading facility, contrary to the terms and conditions of the order, and failed to disclose this activity in reports quarterly filed with OSC Staff.

The OSC’s mandate is to protect investors from unfair, inappropriate or fraudulent practices, to promote fair and efficient capital markets and confidence in capital markets, and to contribute to the stability of the financial system and reduce risk. systematic. Investors are asked to review the registration of any individual or company offering an investment opportunity and to review the OSC investment materials available at http://www.osc.gov.on.ca.

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SOURCE Ontario Securities Commission

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