Notice and Request for Comment – Application by Bloomberg Tradebook Singapore Pte Ltd for Exemption from Recognition as an Exchange; and – Notice of Proposed Change and Request for Comment for Bloomberg Tradebook Canada Company

Bloomberg Tradebook Canada notices
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A. Introduction

This notice requests comment on:

(i) the application filed by Bloomberg Tradebook Singapore Pte Ltd (Tradebook Singapore) under section 147 of the Securities Act (Ontario) (Act) for an exemption from the requirement to be recognized as an exchange contained in section 21 of the Act (the Recognition Requirement), and from the requirements in National Instrument 21-101 Marketplace Operation, National Instrument 23-101 Trading Rules and National Instrument 23-103 Electronic Trading and Direct Electronic Access to Marketplaces (the Marketplace Rules);

(ii) the draft order exempting Tradebook Singapore from the Recognition Requirement and the Marketplace Rules; and

(iii) the notice of proposed change and request for comments from Bloomberg Tradebook Canada Company (Tradebook Canada) concerning a significant change to its operations as an alternative trading system (ATS).

Attached to this notice are Tradebook Singapore's application and draft exemption order, and Tradebook Canada's notice of proposed change and request for comment. In addition, a cover notice prepared by Tradebook Singapore and Tradebook Canada, summarizing the operations of each entity and how the two are proposed to intersect, is also attached.

B. Tradebook Singapore Application and Draft Exemption Order

In its application, Tradebook Singapore has outlined how it meets the criteria for exemption from the Recognition Requirement. The specific criteria can be found in Appendix I to Schedule "A" of the draft exemption order. Subject to comments received, Staff intends to recommend that the Commission grant the exemption order with terms and conditions based on the draft exemption order.

C. Tradebook Canada Notice of Proposed Change and Request for Comment

The marketplace system operated by Tradebook Singapore is currently accessible through Tradebook Canada's ATS conduit arrangement. The notice of proposed change and request for comment describes a proposed significant change to add "Foreign Non-Debt Securities" to the list of asset classes available on Tradebook Singapore's marketplace system via the ATS conduit arrangement.

D. Comment Process

The Commission is publishing for public comment Tradebook Singapore's application and draft exemption order, and Tradebook Canada's notice of proposed change and request for comment for 30 days. We are seeking comment on all aspects of the application, draft exemption order and notice of proposed change.

Please provide your comments in writing, via e-mail, on or before July 18, 2022, to the attention of:

Ontario Securities Commission
20 Queen Street West, 22nd Floor
Toronto, Ontario M5H 3S8

The confidentiality of submissions cannot be maintained as the comment letters and a summary of written comments received during the comment period will be published.

Questions may be referred to:

Timothy Baikie
Senior Legal Counsel, Market Regulation
 
Hanna Cho
Legal Counsel, Market Regulation
 
Jalil El Moussadek
Senior Advisor, Risk, Market Regulation