On Nov. 15, CAN CDCC proposed to amend CDCC Default Manual.
CAN CDCC proposed amendments to the CDCC Default Manual regarding the auction tool utilized to organize a default auction during a default management period.
Proposed Amendments
Proposal amends section 3.3.1 of manual to modify default auction procedure to introduce the auction platform, an online default management auction platform.
In addition, clarifies that both default and recovery simulations are mandatory.
Implementation of auction platform will streamline existing Default Auction procedure.
Auction platform allows CDCC to create and manage auctions and input/share auction portfolios with auction participants with enhanced confidentiality and info security.
Auction Participants are able to view positions being auctioned, submit and manage bids for each Auction Portfolio; auction platform also calculates the auction results.
Proposed changes not impact the rules or CDCC’s Operations and Risk Manuals.
Consultation
Comments on the proposed amendments must be submitted before Dec. 15, 2023.
On May 17, 2024, CAN CDCC informed that amendments have been self-certified.
Will be made available on the CDCC website on May 24, 2024, after market has closed.
May 24, 2024 CAN CDCC Effective Date Postponed
On May 24, 2024, CAN CDCC informed implementation of amendments postponed.
CAN CDCC decided to implement the amendments to the Default manual after the completion of its fall 2024 default simulation process; come into force Nov. 22, 2024.
Regulators
CAN CDCC; CSA OSC
Entity Types
B/D; Bank; Depo
Reference
CSA OSC: Bul Vol. 47 No. 7 p. 1458, 2/15/2024; CDCC: Nt 065-24, 5/24/2024; Nt 057-24, 5/17/2024; Nt 136-23, CP, 11/15/2023;
