The Montreal Exchange (MX) on Monday issued guidelines on its new approach to approving market participants.
The guidelines aim to clarify the approval process by detailing the relevant provisions in the rules, and sets out the conditions of eligibility for an individual to be approved by the derivates exchange. They follows revisions to the definition of an “approved person” that were adopted by the MX in July, as part of an effort to “support the modernization and improvement of the exchange’s market access model for approved participants.”
Specifically, the MX expanded the eligibility criteria for approved persons, “so that employees of an approved participant’s affiliated corporations or subsidiaries may be eligible and authorized to execute trades on behalf of an approved participant.”
Among other things, the new guidelines include a list of questions “that approved participants and applicants should ask themselves in order to determine whether the conditions of eligibility to become an approved are fulfilled,” the MX states in a circular.
The guidelines are available on the website of the MX regulatory division.