Notice Re: Market Participant Offer Behaviour - Foundational Elements

April 27, 2010


Re: Market Participant Offer Behaviour – Foundational Elements

The Market Surveillance Administrator (MSA) initiated the current consultation respecting market participant offer behaviour with a roundtable on February 18, 2010.  In a Notice dated March 11, 2010 the MSA provided an update on the consultation and indicated the next steps would be the publishing of the MSA’s views around two important foundational elements.

These views are contained in the attached discussion paper Foundational Elements.  The MSA is currently working on a second paper, drawing on the discussion paper, which will set out details of the analytical framework the MSA will use to guide its enforcement actions.  This paper will also consider how the MSA will focus resources on other matters that may relate only indirectly to the MSA enforcement function – for example, identifying other impediments to competition.  The MSA expects to release the second paper in a month.

The following schedule for stakeholder input is meant to lower the burden on commentators and give adequate time for reflection, but we are open to other suggestions.  After the release of the second paper the MSA would propose to hold a second roundtable session and then allow time for stakeholders to submit written comments on both papers.  Stakeholders wanting to submit comments on the attached discussion paper at the current time should send them to  Comments received will be posted to the MSA’s website.

Following the consultation on the both papers the MSA expects to be in a position to produce a draft statement.

Harry Chandler

Created: 4/27/2010