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Marketplace
Practical Law Canada Glossary 7-585-6206 (Approx. 3 pages)
Glossary
Marketplace
Defined in Ontario Securities Act (OSA), R.S.O. 1990, c. S.5, section 1(1), for Ontario, and in sections 1.1 and 1.2 of National Instrument 21-101 - Marketplace Operation (NI 21-101) for every jurisdiction other than Ontario.
- An exchange.
- A quotation and trade reporting system.
- A person or company not included in the above that:
- constitutes, maintains, or provides a market or facility for bringing together buyers and sellers of securities or derivatives;
- brings together the orders for securities or derivatives of multiple buyers and sellers; and
- uses established non-discretionary methods under which the orders interact with each other, and the buyers and sellers entering the orders agree to the terms of a trade.
- With respect to securities, a dealer who executes a trade of an exchange-traded security outside a marketplace described above.
In every jurisdiction other than Ontario, it is defined in sections 1.1 and 1.2 of NI 21-101 as:
- An exchange.
- A quotation and trade reporting system.
- A person or company not included in the above that:
- constitutes, maintains or provides a market or facility for bringing together buyers and sellers of securities;
- brings together the orders for securities of multiple buyers and sellers of securities; and
- uses established, non-discretionary methods under which the orders interact with each other, and the buyers and sellers entering the orders agree to the terms of a trade; or
A person or company is not considered to constitute, maintain, or provide a market or facilities for bringing together buyers and sellers of securities, solely because the person or company routes orders to a marketplace or a dealer for execution.