Execution Access LLC – s.144 (Revocation Order)
Subsection 144(1) of the Act -- Application for an order revoking an order issued July 22, 2021 pursuant to Section 15.1 of NI 21-101, Section 12.1 of NI 23-101 and Section 10 of NI 23-103 (together, the Marketplace Rules), exempting Execution Access LLC from the application of the Marketplace Rules.
Statutes and Instruments Cited
Securities Act, R.S.O. 1990, c. S.5, s 144.
Section 15.1 of National Instrument 21-101 -- Marketplace Operation.
Section 12.1 of National Instrument 23-101 -- Trading Rules.
Section 10 of NI 23-103 -- Electronic Trading and Direct Access to Marketplaces.
IN THE MATTER OF
THE SECURITIES ACT, R.S.O. 1990, CHAPTER S.5, AS AMENDED
IN THE MATTER
OF EXECUTION ACCESS, LLC
(Section 144 of the Act)
WHEREAS Execution Access facilitated trading in on-the-run US treasuries (US Treasuries) through its Nasdaq Fixed Income Alternative Trading System for qualifying Canadian institutional investors.
WHEREAS the Ontario Securities Commission (Commission) issued an order dated July 22, 2021 pursuant to Section 15.1 of National Instrument 21-101 -- Marketplace Operation (NI 21-101), Section 12.1 of National Instrument 23-101 -- Trading Rules (NI 23-101) and Section 10 of National Instrument 23-103 -- Electronic Trading and Direct Access to Marketplaces (NI 23-103) (together, the Marketplace Rules) exempting Execution Access from the application of all provisions of the Marketplace Rules that apply to a person or company carrying on business as an alternative trading system (ATS) (the 2021 Order); and
WHEREAS Execution Access notified the Commission that:
a) On December 7, 2022 Execution Access announced that it was winding up its broker dealer operations;
b) The last day of trading US Treasuries through the Nasdaq Fixed Income Alternative Trading System was November 4, 2022;
c) The SEC and FINRA will consider Execution Access's registration to be terminated on February 5, 2023;
WHEREAS there is currently no trading activity in US Treasuries through Nasdaq Fixed Income Alternative Trading System; and
WHEREAS Execution Access has no physical presence in Ontario and does not otherwise carry on business in Ontario; and
WHEREAS the Commission has determined that the revocation of the 2021 Order would not be prejudicial to the public interest;
THE COMMISSION hereby revokes the 2021 Order pursuant to section 144 of the Act.
DATED August 9, 2023