The Daily Chase: TSX looks to extend winning streak; Trans Mountain work halted
The S&P/TSX Composite Index enters today at the highest level since the market bottomed out in late March. And after three straight days of gains, the index is now sitting less than 300 points from an all-time high. This morning weâll go in depth on the anatomy of the rally and discuss the outlook for Canadian stocks at 8:30 a.m. ET with veteran portfolio manager Andrew Pyle.
TRANS MOUNTAIN CONSTRUCTION HALTED
Work on the Trans Mountain pipeline expansion has come to a screeching halt amid unspecified worksite safety incidents that CEO Ian Anderson described in a release as âunacceptableâ. As a result, construction of the project thatâs so crucial to Canadaâs energy sector and the economy more broadly is being suspended until Jan. 4 so that the organization and its contractors can, in Andersonâs words, âreview, reset and refocus our efforts.â
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Two trading platform subsidiaries of financial data and technology company Bloomberg L.P. are seeking to settle Ontario Securities Commission allegations that they operated in Canada without proper authorization and failed to provide candid, accurate and complete information to regulators.
A hearing is scheduled to take place on Dec. 18 at 10 a.m.
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Try refreshing your browser, or Bloomberg units processed US$230 billion in trades in Ontario without proper authorization, OSC alleges Back to video
In a 13-page statement of allegations made public on Wednesday, the OSC accused the two “sophisticated” subsidiaries Bloomberg Trading Facility Ltd., and Bloomberg Trading Facility B.V. of failing to obtain permission or exemption to operate a marketplace in the province, as required by law.
OSC accuses Bloomberg subsidiary of operating trading facility for investors before regulatory approval granted theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
James Langton
The Ontario Securities Commission (OSC) is seeking a settlement with a couple of Bloomberg LP subsidiaries over allegations they violated securities rules by allowing institutional clients to trade on their unregistered trading facilities.
The OSC will hold a hearing on Dec. 18 to consider a settlement agreement with the firms. The terms of the settlement will be revealed only if the agreement is approved.
In a notice setting out its allegations, the OSC alleged that the two firms U.K.-based Bloomberg Trading Facility Ltd. (BTFL) and Netherlands-based Bloomberg Trading Facility B.V. operated a marketplace without registration, or an exemption, by providing institutional investors in Ontario access to trade fixed-income securities.