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Bill C-45 proposes changes to the Payment Clearing and Settlement Act to enhance certainty that clearing house default rules will be enforceable in the event of a clearing member default
Last week, the International Swaps and Derivatives Association released a letter it submitted to the Ontario government in support of the Ontario Bar Association's proposal to provide an automatic first priority ranking to financial institutions that have a security interest in cash in financial accounts perfected by control
It is currently a challenge in Canada for Canadian entities in the derivatives, securities lending and repurchase space to offer a first priority security interest on cash to their counterparties
On June 27, the G-20 Toronto Summit concluded with the release of a Declaration by members outlining next steps "to ensure a full return to growth with quality jobs, to reform and strengthen financial systems, and to create strong, sustainable and balanced growth
