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.