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Trade Clearing and Settlement

All CDS participants use CDSX for:

  • clearing and settling eligible Canadian exchange-traded and over-the-counter equity, debt and money market transactions
  • settling Canadian exchange-traded derivatives
  • broker-to-broker trade matching
  • depository/custodial and ledger-keeping
  • real-time messaging and flexible interfaces to and from CDS
  • continuous net settlement (CNS) and trade-for-trade (TFT) settlement
  • settlement in Canadian central bank funds via Large Value Transfer System (LVTS) or Fedwire for U.S. currency transactions.

In addition, CDSX incorporates a comprehensive settlement services risk model (PDF) that guides the management of financial risk resulting from the clearing, settlement and depository services offered to participants.

Additional clearing and settlement-related services include:

  • Direct Participant Trade Matching: the Direct Participant Trade Matching service automatically matches direct participant (DP) non-exchange trades entered for settlment in CDSX by deleting the original trades and replacing them with a new confirmed trade. The service supports broker compliance with IIROC Dealer Member Rule 800.49. 
  • Matched Institutional Trade Interface: the Matched Institutional Trade Interface service enables domestic institutional trades provided through a virtual matching utility (VMU) or other authorized third-party to be seamlessly reported and created in real-time as confirmed non-exchange trades in CDSX®. The service complies with the expected same-day trade matching rule of the Canadian Securities Administrators (CSA).
For complete information on these services refer to User Procedures or contact a CDS customer service representative.
For information on becoming an approved source of exchange trades in CDSX, refer to the Trade and Settlement Procedures in User Procedures and contact a CDS customer service representative.

Sources of Exchange Trades

Exchange trades are trades submitted to CDS by a source of exchange trades for settlement in CDSX and are reported as being between two CDS participants.