Commencing June 1, 2011, Investment Dealer Participants and Access Persons will be required to file a Trade Variation and Cancellation Report (TVCR) with respect to any variations or cancellations of trades made after the initial settlement date of the trade. The purpose of the new TVCR report is to provide IIROC with an opportunity to review the variation or cancellation for possible market integrity concerns. The TVCR is to be submitted via email to the Trade Review and Analysis Department of IIROC through IIROC's EMX system.
Similarly, commencing June 1, Investment Dealer Participants and Access Persons will be required to submit an Extended Failed Trade Report (EFTR) where a trade of a listed security that was executed on a marketplace fails to settle on the settlement date and remains unresolved 10 trading days following the settlement date. The purpose of the EFTR report is to allow IIROC to determine if the trade has failed to settle for an "improper" reason. Once an initial EFTR has been filed with IIROC, the Participant or Access Person will be required to provide updates on the status of the fail (for example, if the volume of the fail is reduced), and ultimately to file a final report once the account has cured the default. The EFTR report is to be filed on the EFTR system available on IIROC's website. A draft User Guide for the EFTR system is available to the person designated as the Administrator by the Participant or Access Person. A final version of the User Guide will be available by May 6, 2011.