The Investment Industry Regulatory Organization of Canada (IIROC) has republished the latest bond market trading statistics after the discovery of an error in a dealer’s submission.
IIROC Tuesday published a revised set of bond trading stats, saying that the previously published version was incorrect, due to a data submission error by a dealer that impacted the statistics for the fourth quarter of 2013. The regulator says that the dealer has revised its submission, and has taken steps to prevent future mistakes, too.
Earlier this year, IIROC proposed a revised rule designed to improve oversight of the bond markets, which would establish a new debt transaction reporting requirement and would replace the existing data reporting system that involves weekly submissions to the Bank of Canada. IIROC expects to finalize that rule later this year, and to propose a new fee model rule, too.
It’s aiming to adopt the new initial reporting requirements by April 2015, and plans to extend those requirements to additional dealers and types of securities in April 2016. The regulators hope that the new system will improve market transparency, ultimately enhancing investor protection and market integrity.
The revised stats published Tuesday show that total domestic bond trading totalled $2.9 trillion in the fourth quarter, led by over $2.1 trillion of trading in federal government bonds. Trading activity dipped to $2.8 trillion in the first quarter of 2014.