The Canadian Capital Markets Association says it hopes to achieve institutional trade-date matching by July 2007.

In October 2004, the CCMA shifted its focus to achieving institutional trade-date matching, which involves a greeing to the details of a trade, the day the trade is executed. Today, it set mid-2007 as its deadline for that goal.

“Achieving institutional trade-date matching requires careful planning, commitment and the successful execution of a number of steps to be undertaken by industry participants”, said Gerry O’Mahoney, chair of the CCMA. “Our 100% end goal date of July 2007 supports a phased-in approach to matching institutional trades on trade date. This is similar to what is being advocated by the US Securities Industry Association.”

The CCMA says it anticipates that the regulators, self-regulatory organizations and others will draft a set of consistent common rules in support of institutional trade-date matching, which will galvanize the various industry participants to focus on one common goal.

The CCMA says it will monitor the industry’s progress and formulate a reporting process that clearly defines the industry’s progress towards achieving 100% institutional trade-date matching by July 2007.