The Ontario Securities Commission (OSC) released a notice today respecting the review by OSC staff of the regulatory requirements for stock exchanges and alternative trading systems and their practices. The OSC identified the first phase of the review as focusing on initiatives "that can be taken in the short-term on the transparency of filings" by exchanges and ATSs where their operations are similar. The next phase of the review will consider the requirements set out in National Instrument 21-101 Marketplace Operations to ensure that marketplace rules "are able to provide for flexibility in a competitive environment while providing regulators with the information they need to meet their mandate." The notice released today also sets out the process for reviewing changes to exchange and ATS operations.