# Canada > Canada's derivatives regulation is a set of rules, based on provincial and territorial securities laws, that require derivatives dealers and similar firms to follow conduct rules and require clearing and trade reporting for trades involving local counterparties. The Canadian Securities Administrators coordinate the rules, and each province and territory adopts them. Margin for uncleared trades is required of banks and similar institutions by the federal Office of the Superintendent of Financial Institutions (OSFI). - URL: https://www.derivatives-compass.org/en/regulation-other/canada/ - Area: Regulation: Other Jurisdictions › Regulation in Other Jurisdictions - Last reviewed: 2026-10-23 - 日本語版: https://www.derivatives-compass.org/ja/regulation-other/canada/index.md ## Key points - Provincial and territorial securities regulators hold the rules, and the Canadian Securities Administrators coordinate them nationwide. - The conduct rule applies to dealers whether or not they are registered, and the obligations depend on whether the counterparty is an eligible derivatives party. - The clearing obligation covers certain interest rate swaps and CDS indices, and the Bank of Canada and provincial authorities oversee the clearing houses. - Trades are reported to designated trade repositories, and the reporting counterparty depends on the type of trade. - Margin for uncleared trades comes from OSFI's guideline for banks and similar institutions, not from a securities regulator's rule. When you trade [OTC derivatives](https://www.derivatives-compass.org/en/glossary/otc-derivative/) with Canadian banks or asset managers, the counterparty's location and type tell you which side reports the trade, whether it must be cleared, and whether the counterparty exchanges collateral. ## Where Canada's derivatives regulation stands Securities and derivatives regulation in Canada rests with the securities regulators of the provinces and territories. The regulation imposes conduct rules on derivatives dealers and similar firms, and clearing and trade reporting on local counterparties. Margin for uncleared trades is not set by a securities regulator's rule. A guideline of the federal [Office of the Superintendent of Financial Institutions](https://www.derivatives-compass.org/en/glossary/osfi/) (OSFI) requires it of banks and similar institutions. The 13 regulators form the [Canadian Securities Administrators](https://www.derivatives-compass.org/en/glossary/csa-canada/), which writes rules coordinated nationwide[^csa-forum]. ## Governing rules and supervisors The [Ontario Securities Commission](https://www.derivatives-compass.org/en/glossary/osc/) (OSC) in Ontario, the [Autorité des marchés financiers](https://www.derivatives-compass.org/en/glossary/amf-quebec/) (AMF) in Québec, and the [British Columbia Securities Commission](https://www.derivatives-compass.org/en/glossary/bcsc/) (BCSC) in British Columbia are provincial authorities. Each province and territory adopts the rules that the Canadian Securities Administrators publish through its own legislative process. In Ontario, the Minister of Finance approves the rules and amendments that the OSC makes, and they take effect on the date announced[^on-process]. The form of the rules differs by region. Ontario, Manitoba, and Québec each have their own rules on the scope of derivatives and on trade reporting. The remaining provinces and territories use a common Multilateral Instrument (MI)[^forms]. The Manitoba rules are made by the Manitoba Securities Commission (MSC). | Subject | Ontario | Manitoba | Québec | Remaining provinces and territories | | -------------------- | --------------- | --------------- | ------------------------------------------------------------------------------ | ----------------------------------- | | Scope of derivatives | OSC Rule 91-506 | MSC Rule 91-506 | Regulation 91-506 respecting Derivatives Determination | MI 91-101 | | Trade reporting | OSC Rule 91-507 | MSC Rule 91-507 | Regulation 91-507 respecting Trade Repositories and Derivatives Data Reporting | MI 96-101 | NI 93-101 (conduct), NI 94-101 (clearing obligation), and NI 94-102 (customer clearing) take the form of National Instruments (NI) that are common nationwide. Within their text, the rules in the table above apply in Ontario, Manitoba, and Québec, and the definition in MI 91-101 applies in the remaining provinces and territories[^ni-application]. | Rule | Content | In force (Ontario) | | ----------------------------- | ---------------------------------------------- | ------------------------------- | | OSC Rules 91-506 and 91-507 | Scope of derivatives; trade reporting | December 31, 2013[^d-2013] | | NI 94-101 | Clearing obligation | April 4, 2017[^d-94-101] | | NI 94-102 | Customer clearing and protection of collateral | July 3, 2017[^d-94-102] | | NI 93-101 | Conduct rule | September 28, 2024[^d-93-101] | | Amendments to OSC Rule 91-507 | Review of reported data elements and deadlines | July 25, 2025[^d-91-507] | | Amendments to NI 94-101 | Review of the products subject to clearing | March 25, 2026[^d-94-101-amend] | The content is based on the following versions. NI 94-101 is the unofficial consolidation current to January 19, 2026. NI 93-101 is current to February 20, 2025, OSC Rule 91-507 to July 25, 2025, and NI 94-102 to September 13, 2023. OSC Rule 91-506 is the consolidation of April 30, 2015, and OSFI's Guideline E-22 is the version dated April 30, 2020. ## Scope of derivatives and conduct rules ### Scope of derivatives The definition of "derivative" is in each province's securities legislation. The product determination rules decide which contracts that meet the definition are not treated as derivatives[^p91-506-terms]. Ontario's OSC Rule 91-506 removes the following contracts from the definition[^p91-506]. | Excluded contract | Main conditions | | ------------------------------------------ | -------------------------------------------------------------------------------------------------------------------------------------------------------- | | Gaming contracts | Contracts under gaming control legislation (of Canada or certain foreign jurisdictions) | | Insurance and annuity contracts | Contracts with a licensed insurer that are regulated as insurance | | Purchase and sale of currency | Intended to settle by delivery within 2 business days, and cannot be rolled over | | Commodity contracts with physical delivery | Intended to settle by delivery, and cannot be replaced by cash settlement | | Evidence of deposit | Issued by a bank under the Bank Act and similar institutions | | Contracts traded on an exchange | Traded on a recognized or exempt exchange, or an exchange regulated by an [IOSCO](https://www.derivatives-compass.org/en/glossary/iosco/) MMoU signatory | The exchange in the last row does not include a derivatives trading facility. Short-term currency trades are treated separately in the conduct rule, NI 93-101. The rule covers a [dealer](https://www.derivatives-compass.org/en/glossary/dealer/) that is a Canadian financial institution, if its month-end gross [notional amount](https://www.derivatives-compass.org/en/glossary/notional-amount/) has exceeded 500 billion[^currency] at least once since NI 93-101 came into force. For this dealer, the provisions on fair dealing, conflicts of interest, complaint handling, and compliance also apply to short-term FX in the institutional FX market[^short-fx]. ### Dealer registration and conduct rules Whether registration is required is decided by each province's securities legislation. A person or company that trades or advises on securities or derivatives as a business, or holds itself out as doing so, must register unless an exemption applies[^biz-trigger]. NI 93-102, a registration rule specific to derivatives, was proposed in April 2018. As of October 23, 2026, the NI 93-102 documents on the OSC website are the 2018 publication notice and the transcript of a roundtable held that year[^reg-rule]. NI 93-101 is the conduct rule for derivatives dealers and derivatives advisers. It applies whether or not they are registered, and it covers federally regulated Canadian financial institutions as well. Québec places the definitions of dealer and adviser in its Derivatives Act[^93-scope]. Counterparties are divided into eligible derivatives parties and others, and the obligations differ. Eligible derivatives parties include Canadian financial institutions, the Business Development Bank of Canada, registered dealers and advisers, and pension funds regulated by OSFI or a provincial authority[^edp]. | Counterparty | Main obligations | | ----------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Eligible derivatives party (general) | Fair dealing, managing conflicts of interest, knowing the counterparty, handling complaints, no coercive tied selling | | Eligible derivatives party (trade and internal) | Delivering trade confirmations, segregating the counterparty's assets, compliance systems, designating a senior derivatives manager, reporting material non-compliance, records | | Non-eligible counterparty | The above, plus understanding needs and objectives, suitability, conditions for referral arrangements, relationship and pre-transaction disclosure, daily valuations | An individual and a business that hedges its commercial risk (a commercial hedger) can be eligible derivatives parties. The dealer's obligations fall away only when that counterparty provides a written statement waiving the rule's protections[^waiver]. The rule does not apply in the following four main cases[^exemptions]. - A person or company other than a registered one is exempt from the rule if all of the following apply. It does not transact with or advise non-eligible counterparties. It does not regularly make markets or intermediate. It does not facilitate clearing for others. Facilitating clearing even once removes the exemption. - A dealer with its head office in a country listed in Appendix A of NI 93-101 is exempt from the rule under two conditions. Its local counterparties are only eligible derivatives parties, and it is registered or otherwise authorized in that country. Japan is among the countries in Appendix A, so a dealer with its head office in Japan is also exempt if it meets these conditions. - A dealer that is a Canadian financial institution is exempt from the provisions listed in Appendix C of NI 93-101 if it follows the corresponding conduct provisions of its prudential regulator. It must also notify the authority of material non-compliance. - A dealer that does not transact with non-eligible counterparties is exempt from the rule if its month-end gross notional amount, together with its affiliates, has not exceeded 250 million in the previous 24 months. The provisions on fair dealing, conflicts of interest, and delivery of trade information still apply. British Columbia words some of the exclusions and exemptions differently[^bc]. ## Clearing obligation and clearing houses ### Clearing obligation NI 94-101 requires a Canadian local counterparty to submit certain derivatives to a [clearing house](https://www.derivatives-compass.org/en/glossary/central-counterparty/)[^clr-duty]. A local counterparty is a non-individual organized under the laws of the jurisdiction, or with its head office or principal place of business there. It also includes an affiliate whose liabilities are substantially all borne by such a person. Submission is required when each of the two counterparties meets one of the following conditions[^clr-cond]. - It is a participant of a clearing house and uses the clearing service for that class. - It is an affiliate of a participant, and its average month-end gross notional amount exceeds 1 billion in the March to May before the year in which the trade is made (September 1 to August 31 of the following year). - It is a local counterparty in Canada. Its month-end gross notional amount over the previous 12 months, together with its local affiliates, exceeds 500 billion, and its average in the same March to May also exceeds 1 billion. A party that does not meet the first condition but meets the third need not submit trades made before the 90th day after the end of the month in which it first exceeded the threshold. The deadline for submission is the end of the day of execution. For a trade executed after the clearing house's business hours, it is the end of the next business day[^clr-timing]. Clearing houses are covered on the [Central Counterparties: JSCC, LCH, CME and Others](https://www.derivatives-compass.org/en/market-infrastructure/ccps/) page. The obligation does not apply in the following cases[^clr-exempt]. - A trade to which any of the following is a party: a government, a state-owned enterprise whose liabilities the government bears, a central bank such as the [Bank of Canada](https://www.derivatives-compass.org/en/glossary/bank-of-canada/), the [Bank for International Settlements](https://www.derivatives-compass.org/en/glossary/bis/) (BIS), or the IMF. - A trade between affiliates that has a risk management program and a written agreement. - A trade resulting from multilateral portfolio compression by an independent third party, where the original trades were not cleared. - A trade cleared under EU, UK, or US law by a party that is a local counterparty only because a Canadian parent bears its liabilities. The amendments published on September 25, 2025 replaced the types covered to fit the benchmarks that followed [LIBOR](https://www.derivatives-compass.org/en/glossary/libor/). They removed the classes that reference CDOR, which ceased publication on June 28, 2024, and those that reference USD LIBOR, GBP LIBOR, and EONIA. They added classes that reference replacement benchmarks, as shown in the table below[^clr-amend]. The products covered in Appendix A of NI 94-101 are as follows[^appendix-a]. | Type | Benchmark or index | Currency or region | Maturity | | ------------------------------------------------------------------------- | --------------------------------------------------------------- | ------------------ | --------------------------------- | | Fixed-to-float swap | EURIBOR | Euro | 28 days to 50 years | | Fixed-to-float swap | BBSW | Australian dollar | 28 days to 30 years | | [Basis swap](https://www.derivatives-compass.org/en/glossary/basis-swap/) | EURIBOR | Euro | 28 days to 50 years | | [OIS](https://www.derivatives-compass.org/en/glossary/ois/) | CORRA | Canadian dollar | 7 days to 30 years | | OIS | FedFunds | US dollar | 7 days to 3 years | | OIS | [SOFR](https://www.derivatives-compass.org/en/glossary/sofr/) | US dollar | 7 days to 50 years | | OIS | [€STR](https://www.derivatives-compass.org/en/glossary/estr/) | Euro | 7 days to 3 years | | OIS | [SONIA](https://www.derivatives-compass.org/en/glossary/sonia/) | Pound sterling | 7 days to 50 years | | [FRA](https://www.derivatives-compass.org/en/glossary/fra/) | EURIBOR | Euro | 3 days to 3 years | | [CDS index](https://www.derivatives-compass.org/en/glossary/cds-index/) | CDX.NA.IG | North America | 5 and 10 years (Series 47 onward) | | CDS index | CDX.NA.HY | North America | 5 years (Series 47 onward) | | CDS index | iTraxx Europe | Europe | 5 years (Series 46 onward) | **Figure 1: Test for whether the clearing obligation applies** The questions run through the type, the location of the parties, the exemptions, and the parties' conditions, in that order. Only the exemption question leads to "Not covered" on "Yes", and the others lead there on "No". A trade that passes all four questions must be submitted for clearing. The 3 conditions are in the Clearing obligation section above. The condition question asks about the position after the 90-day grace period of the third condition has passed. NI 94-102 requires a clearing intermediary to protect its customers. It must segregate the customers' positions and collateral from its own property and that of others. It must also hold customer collateral in accounts at a permitted depository that are identified as holding customer collateral. A clearing house also segregates customers' positions and collateral from its own property. For customers that clear through an indirect intermediary, a mechanism is also needed to transfer them to another intermediary if the intermediary defaults[^94-102]. ### Oversight of clearing houses The Bank of Canada designates and oversees [financial market infrastructures](https://www.derivatives-compass.org/en/glossary/financial-market-infrastructure/) that can pose systemic risk, under the Payment Clearing and Settlement Act. As of its 2025 annual report (March 2026), the derivatives clearing houses among the designated systems are the following two[^boc]. | System | Operator | Designation | Trades cleared | | --------- | --------------------------------------------------------------------------------------------------------- | ---------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------- | | CDCS | [Canadian Derivatives Clearing Corporation](https://www.derivatives-compass.org/en/glossary/cdcc/) (CDCC) | 2012. Systemically important | Montréal Exchange derivatives, certain fixed-income securities, [repos](https://www.derivatives-compass.org/en/glossary/repo/), and OTC equity derivatives | | SwapClear | [LCH Limited](https://www.derivatives-compass.org/en/glossary/lch/) | 2013. Systemically important | OTC interest rate derivatives such as interest rate swaps (several currencies, including the Canadian dollar) | CDCC is a wholly owned subsidiary of the Montréal Exchange and the clearing house for exchange-traded derivatives in Canada[^cdcc]. CDCC is also recognized and regulated by the AMF and the OSC[^boc]. The OSC divides clearing houses into those it recognizes and those it exempts from recognition. On the OSC website as of October 23, 2026, four clearing houses are recognized in Ontario: the Canadian Depository for Securities Limited, CDCC, FundSERV Inc., and LCH Limited[^recognized]. The exempt clearing houses include Chicago Mercantile Exchange Inc., ICE Clear Credit LLC, Eurex Clearing AG, and the [Japan Securities Clearing Corporation](https://www.derivatives-compass.org/en/glossary/jscc/) (JSCC)[^exempted]. ## Trade reporting In Ontario, trade data is reported to a [trade repository](https://www.derivatives-compass.org/en/glossary/trade-repository/). On the OSC website as of October 23, 2026, the OSC has designated the following four[^tr-list]. - KOR Reporting Inc. - Chicago Mercantile Exchange Inc. - "DTCC Data Repository (U.S.) LLC" - ICE Trade Vault, LLC OSC Rule 91-507 was retitled "Derivatives: Trade Reporting" by its amendments. It aligns with internationally harmonized data elements (such as the [UTI](https://www.derivatives-compass.org/en/glossary/uti/) and [UPI](https://www.derivatives-compass.org/en/glossary/upi/)) and limits Canada-specific elements to five. The OSC published the amendments in coordination with the amendments to the Manitoba and Québec rules and to MI 96-101[^91-507-amend]. The reporting counterparty is determined in order by the type of trade[^reporting-cp]. | Order | Trade | Reporting counterparty | | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------- | | 1 | A trade cleared by a clearing house | The clearing house | | 2 | An uncleared trade between dealers that are parties to the [ISDA](https://www.derivatives-compass.org/en/glossary/isda/) multilateral agreement | The dealer determined by that agreement's method | | 3 | A trade between a dealer that is a financial entity and a dealer that is not | The dealer that is a financial entity | | 4 | A trade between dealers that are financial entities | Both | | 5 | A trade between a dealer and a party that is not a dealer | The dealer | | 6 | A trade that none of the above covers | The party designated in a written agreement made before or at the time of the trade | | 7 | Any other trade | Each local counterparty | The reporting deadline depends on the type of reporting counterparty[^report-timing]. When the reporting counterparty is a dealer, a clearing house, or an affiliate of either, it reports creation data in real time. If that is not technologically practicable, the deadline is the end of the next business day. Lifecycle event data is reported by the end of that business day. Other reporting counterparties report by the end of the second business day after execution. Dealers and clearing houses also report valuation data and collateral and margin data every business day. A reporting counterparty that reports a trade in error reports the error to the repository by the end of the business day after discovery. A local counterparty that is not the reporting counterparty and finds an error or omission in the data also informs the reporting counterparty by the end of the next business day. Dealers and clearing houses verify the reported data for errors and omissions every 30 days. Dealers that use the small-scale exemption in NI 93-101 verify it every quarter[^errors]. Some trades need not be reported. They are as follows[^report-exclusions]. - A commodity derivative of a local counterparty that is not a dealer, clearing house, or affiliate of either. Its aggregate month-end gross notional amount must have stayed at or below 250 million throughout the previous 12 months. - A trade between affiliates, when neither is a dealer, a clearing house, or an affiliate of either. - A trade between a non-resident dealer and a party that is not a local counterparty, except when an individual resident in Ontario is a party. > **For systems professionals: Assigning and passing on identifiers** > > A reporting system holds one UTI per trade. The party that assigns the UTI is decided in order. For a trade reported first under another jurisdiction's law, it is the party that law designates. Next comes the clearing house, then the trading facility on which the trade was executed, and otherwise the reporting counterparty. When there are two reporting counterparties, it is the one whose [LEI](https://www.derivatives-compass.org/en/glossary/lei/), with its characters reversed and sorted alphanumerically, comes first[^uti]. The UTI is assigned as soon as practicable after execution and no later than the reporting deadline, and passed promptly to the counterparty and the clearing house. The UPI is a product identifier assigned by the Derivatives Service Bureau. A local counterparty that is not an individual obtains, maintains, and renews an LEI[^lei-upi]. ## Margin for uncleared trades The Canadian Securities Administrators have not made a margin rule for uncleared OTC derivatives. In CSA Staff Notice 95-301 of August 2019 they decided to delay proposing a rule, and in 95-302 of April 2021 they decided to delay it further[^csa-margin]. The OSC's list of rules and policies does not contain a margin rule either[^osc-list]. OSFI is the federal agency that regulates and supervises federal financial institutions and pension plans. The OSFI Act lists, among OSFI's objects, supervising financial institutions' soundness and their compliance with legislation and supervisory requirements[^osfi-act]. [Margin requirements](https://www.derivatives-compass.org/en/glossary/margin-requirements/) are imposed by OSFI's Guideline E-22 on federally regulated financial institutions, such as banks, foreign bank branches, trust and loan companies, and insurance companies. The guideline sets minimum standards based on the [BCBS](https://www.derivatives-compass.org/en/glossary/bcbs/)-IOSCO framework[^e22-scope]. The international standard is covered on the [BCBS-IOSCO Margin Requirements for Uncleared Derivatives](https://www.derivatives-compass.org/en/regulation-global/uncleared-margin-rules/) page. The main rules of the guideline dated April 30, 2020 are as follows[^e22-table]. | Item | The guideline's rule | | --------------------------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Trades covered | Derivatives that are not cleared. Physically settled [FX forwards](https://www.derivatives-compass.org/en/glossary/fx-forward/) and [FX swaps](https://www.derivatives-compass.org/en/glossary/fx-swap/) are excluded | | Counterparties covered | A financial entity whose group's notional amount of uncleared derivatives exceeds 12 billion on average at the end of March, April, and May | | Excluded | Sovereigns, central banks, public sector entities, some multilateral development banks, the BIS, clearing houses; intragroup trades | | [Variation margin](https://www.derivatives-compass.org/en/glossary/variation-margin/) | The full mark-to-market amount | | [Initial margin](https://www.derivatives-compass.org/en/glossary/initial-margin/) | The [threshold](https://www.derivatives-compass.org/en/glossary/threshold/) is at most 75 million at the consolidated group level. Two-way | | [Minimum transfer amount](https://www.derivatives-compass.org/en/glossary/minimum-transfer-amount/) | At most 750,000 for initial and variation margin combined | | Calculation and exchange | Calculated and called within 2 business days of execution, then daily. Exchanged within 2 business days after each call | | Initial margin calculation | A standardized schedule or an internal model. A model uses a one-tailed 99% confidence level over a horizon of at least 10 days | | Start | Phased in from September 1, 2016. From September 1, 2022, the 12 billion level applies | | Newly covered counterparty | Margin is exchanged from September 1 of that year. Trades made before that date are not covered | The guideline's addressees are federally regulated financial institutions. They check whether the counterparty is covered before trading. A counterparty that is not federally regulated becomes a party to a margin exchange if it meets the conditions for coverage[^e22-covered]. For a trade with a foreign counterparty, a federally regulated institution is deemed to comply if it follows the foreign jurisdiction's margin rules. It must also hold documentary evidence that they are comparable to the BCBS-IOSCO framework[^e22-substituted]. ## Worked examples The following examples use invented trades. Actual outcomes depend on the terms of the transaction and on how the authorities apply the rules. Consider a hypothetical example in which Bank C and Company D, both with head offices in Ontario, enter into a 7-year CORRA OIS. Bank C and Company D are both clearing house participants and use the clearing service for CORRA OIS. The trade falls within the CORRA OIS in Appendix A of NI 94-101 (7 days to 30 years). Both are local counterparties, and neither is a government or central bank. Because both meet the participant condition, they must submit the trade to the clearing house by the end of the day of execution (by the end of the next business day if after business hours). Now suppose that, in the same trade, Company D is an operating company that is neither a clearing house participant nor an affiliate of a participant. Its notional amount falls far short of 500 billion, so Company D meets none of the three conditions. Only Bank C, a clearing house participant, meets a condition. The requirement that both meet one is not satisfied, so the trade is not subject to the clearing obligation. Suppose Bank C (a dealer that is a financial entity) and Company D (not a dealer) enter into an uncleared interest rate swap in Ontario. The trade falls under row 5 of the reporting counterparty table, so Bank C is the reporting counterparty. Bank C reports creation data in real time and also reports valuation and collateral data every business day. If Company D finds an error in the reported information, it informs Bank C by the end of the next business day. Suppose Company D is an asset manager. Its group's uncleared derivatives had an average notional amount of 15 billion at the end of March, April, and May of a given year. Company D is a financial entity with an average above 12 billion, so it is a covered counterparty under E-22. Bank C, which is regulated by OSFI, also exchanges margin on its trades with Company D from September 1 of that year if its own group's average also exceeds 12 billion. Trades made before September 1 are not subject to the guideline. ## Checking location and class, and keeping records A counterparty is checked on two points: location and class. Location decides whether it is a local counterparty for reporting and clearing. Class decides whether it is an eligible derivatives party under the conduct rule. Under Ontario's reporting rule, a dealer that trades derivatives as a business in Ontario is also a local counterparty[^local-cp]. Record retention periods differ by rule[^records]. | Rule | Records kept | Period | | --------------- | ---------------------------------------------------------------------------------------------------------------------- | --------------------------------------------------------- | | OSC Rule 91-507 | Records of trades reported by the reporting counterparty | 7 years after the trade expires or terminates | | NI 94-101 | Records showing that the clearing exemption conditions were met (by a local counterparty that relied on the exemption) | 7 years after expiry or termination (8 years in Manitoba) | | NI 93-101 | Records under the conduct rule | 7 years from creation (8 years in Manitoba) | ## What this page does not cover The provisions of Québec's Derivatives Act and Regulations, the provisions of Manitoba's rules, the text of MI 91-101 and MI 96-101, and the exemption details in British Columbia's conduct rule are not covered on this page. Public dissemination of trade data and provision of data to authorities are not covered on this page. Neither are the regulation of trading facilities and of the Montréal Exchange, eligible collateral and haircuts under E-22, the calculation of the standardized schedule, OSFI's capital rules, and penalties and enforcement. [^csa-forum]: [OSC "Domestic engagement"](https://www.osc.ca/en/about-us/domestic-and-international-engagement/domestic-engagement), the "Canadian Securities Administrators (CSA)" item. It describes the CSA as a forum of the securities regulators of the 13 provinces and territories. [^on-process]: [The notice of ministerial approval](https://www.osc.ca/sites/default/files/2025-11/csa_20251127_94-101_mandatory-central-counterparty-clearing-of-derivative.pdf) is under section 143.3 of the Securities Act (Ontario), and [the notice of coming into force of NI 93-101](https://osc.ca/sites/default/files/2024-09/ni_20240926_93-101_notice-coming-into-force.pdf) is under section 143.4 of the same Act. [^forms]: [NI 94-101](https://www.osc.ca/sites/default/files/2026-01/ni_20260119_94-101_unofficial-consolidation.pdf), section 1(4) and section 2. For reporting, the "Canadian Trade Reporting Rules" paragraph of [the OSC's publication notice for the amendments](https://www.osc.ca/sites/default/files/2024-07/rule_20240725_91-507_91-506CP_trade-repositories-derivatives-data-reporting.pdf). [^ni-application]: [NI 94-101](https://www.osc.ca/sites/default/files/2026-01/ni_20260119_94-101_unofficial-consolidation.pdf), section 1(4) and section 2. [NI 93-101](https://www.osc.ca/sites/default/files/2025-02/csa_2025219_ni_93-101_unofficial-consolidation.pdf), section 3, and [NI 94-102](https://www.osc.ca/sites/default/files/2023-10/ni_20230913_94-102_unofficial-consolidation.pdf), section 2, take the same form. [^d-2013]: ["Background" of the OSC's publication notice for the amendments](https://www.osc.ca/sites/default/files/2024-07/rule_20240725_91-507_91-506CP_trade-repositories-derivatives-data-reporting.pdf). It states that the rules took effect on December 31, 2013. [^d-94-101]: [NI 94-101](https://www.osc.ca/sites/default/files/2026-01/ni_20260119_94-101_unofficial-consolidation.pdf), section 14(1). [^d-94-102]: [NI 94-102](https://www.osc.ca/sites/default/files/2023-10/ni_20230913_94-102_unofficial-consolidation.pdf), section 50. [^d-93-101]: [NI 93-101](https://www.osc.ca/sites/default/files/2025-02/csa_2025219_ni_93-101_unofficial-consolidation.pdf), section 53(1), and [the OSC's notice of coming into force](https://osc.ca/sites/default/files/2024-09/ni_20240926_93-101_notice-coming-into-force.pdf). [^d-91-507]: [The OSC's notice of coming into force](https://www.osc.ca/sites/default/files/2025-07/rule_20250717_91-507_trade-repositories-derivatives-data-reporting.pdf). It states that the amendments come into force on July 25, 2025. [^d-94-101-amend]: [The notice of ministerial approval](https://www.osc.ca/sites/default/files/2025-11/csa_20251127_94-101_mandatory-central-counterparty-clearing-of-derivative.pdf). It states approval on November 21, 2025, and effect on March 25, 2026. [^p91-506-terms]: [Companion Policy 91-506CP](https://www.osc.ca/sites/default/files/2025-07/cp_20250725_91-506CP_derivatives-product-determination.pdf), Part 1 "Introduction" (terms have the meaning in securities legislation). [^p91-506]: [OSC Rule 91-506](https://www.osc.ca/sites/default/files/pdfs/irps/rule_20150727_91-506_unofficial-consolidation-derivatives.pdf), section 2(1)(a) to (g) and section 2(2). Currency is paragraph (c), and exchanges are paragraph (g). [^currency]: [NI 93-101](https://www.osc.ca/sites/default/files/2025-02/csa_2025219_ni_93-101_unofficial-consolidation.pdf), section 4(1), writes amounts with a dollar sign, as in "$500 000 000 000". The amounts here, including those from [NI 94-101](https://www.osc.ca/sites/default/files/2026-01/ni_20260119_94-101_unofficial-consolidation.pdf), [OSC Rule 91-507](https://www.osc.ca/sites/default/files/2025-07/rule_20250726_91-507_trade-reporting.pdf), and [OSFI's Guideline E-22](https://www.osfi-bsif.gc.ca/Eng/fi-if/rg-ro/gdn-ort/gl-ld/Pages/e22.aspx), follow the sources' dollar-sign notation, and the sources do not specify the currency. [^short-fx]: [NI 93-101](https://www.osc.ca/sites/default/files/2025-02/csa_2025219_ni_93-101_unofficial-consolidation.pdf), section 4(1) and (2) (sections 9, 10, and 12 and Division 1 of Part 5). [^biz-trigger]: [The CSA's publication notice](https://www.osc.ca/sites/default/files/2023-09/csa_20230928_93-101_nop-derivatives.pdf), Annex B, "CSA Response" (registration requirements are in securities legislation and are judged by the "business trigger"). [^reg-rule]: The list of documents on [the OSC's NI 93-102 page](https://www.osc.ca/en/securities-law/instruments-rules-policies/9/93-102). There are two: the publication notice of April 19, 2018 and the roundtable transcript of September 20, 2018. [^93-scope]: [NI 93-101](https://www.osc.ca/sites/default/files/2025-02/csa_2025219_ni_93-101_unofficial-consolidation.pdf), section 2 and the definitions of "derivatives dealer" and "derivatives adviser" in section 1(1) (paragraph (b) for Québec). The "Structure of the Instrument" section of [the CSA's publication notice](https://www.osc.ca/sites/default/files/2023-09/csa_20230928_93-101_nop-derivatives.pdf) says that federal financial institutions are also covered. [^edp]: [NI 93-101](https://www.osc.ca/sites/default/files/2025-02/csa_2025219_ni_93-101_unofficial-consolidation.pdf), section 1(1), "eligible derivatives party", paragraphs (a), (b), (d), and (e). [^waiver]: [NI 93-101](https://www.osc.ca/sites/default/files/2025-02/csa_2025219_ni_93-101_unofficial-consolidation.pdf), section 8(1) to (3). The obligations in section 8(3) remain even for eligible derivatives parties. [^exemptions]: [NI 93-101](https://www.osc.ca/sites/default/files/2025-02/csa_2025219_ni_93-101_unofficial-consolidation.pdf), section 38(1)(a) to (e) and (2); section 39 and Appendix A (including Japan); section 42; and section 44(1). Paragraphs (c) and (d) carry a "regularly" qualifier, and paragraph (e), on facilitating clearing, does not. [^bc]: [NI 93-101](https://www.osc.ca/sites/default/files/2025-02/csa_2025219_ni_93-101_unofficial-consolidation.pdf), section 6(2), section 38, section 39(1.1), and section 42(2). [^clr-duty]: [NI 94-101](https://www.osc.ca/sites/default/files/2026-01/ni_20260119_94-101_unofficial-consolidation.pdf), section 3(1) and the definitions of "local counterparty" and "mandatory clearable derivative" in section 1(1). [^clr-cond]: [NI 94-101](https://www.osc.ca/sites/default/files/2026-01/ni_20260119_94-101_unofficial-consolidation.pdf), section 3(1)(a) to (c) and "reference period" in section 1(1). Section 3(2) excludes, for a party that does not meet paragraph (a) but meets paragraph (c), trades executed before the 90th day after the end of the month in which the paragraph (c) threshold was first exceeded. [^clr-timing]: [NI 94-101](https://www.osc.ca/sites/default/files/2026-01/ni_20260119_94-101_unofficial-consolidation.pdf), section 3(3). [^clr-exempt]: [NI 94-101](https://www.osc.ca/sites/default/files/2026-01/ni_20260119_94-101_unofficial-consolidation.pdf), section 6(a) to (f), sections 7 and 8, section 3(5), and Appendix B (EU, UK, and US). [^clr-amend]: [The CSA's publication notice](https://www.osc.ca/sites/default/files/2025-09/csa_20250925_94-101_amendments-counterparty-clearing-derivatives.pdf), "Substance and purpose". The effective date is in [the notice of ministerial approval](https://www.osc.ca/sites/default/files/2025-11/csa_20251127_94-101_mandatory-central-counterparty-clearing-of-derivative.pdf). [^appendix-a]: [NI 94-101](https://www.osc.ca/sites/default/files/2026-01/ni_20260119_94-101_unofficial-consolidation.pdf), Appendix A. This is the consolidation current to January 19, 2026, which reflects the 2025 amendments. [^94-102]: [NI 94-102](https://www.osc.ca/sites/default/files/2023-10/ni_20230913_94-102_unofficial-consolidation.pdf), sections 3, 4, 29, and 47. [^boc]: [The Bank of Canada's 2025 annual report](https://www.bankofcanada.ca/wp-content/uploads/2026/03/annual-oversight-report-2025.pdf), "Regulatory framework" and Table 1. That CDCC is regulated by the AMF and the OSC is in footnote 2. [^cdcc]: [CDCC "About CDCC"](https://www.cdcc.ca/en/about-us), "About CDCC". [^recognized]: [OSC "Recognized clearing agencies"](https://www.osc.ca/en/industry/market-regulation/clearing-agencies-and-clearing-houses/recognized-clearing-agencies). [^exempted]: [OSC "Exempted clearing agencies"](https://www.osc.ca/en/industry/market-regulation/clearing-agencies-and-clearing-houses/exempted-clearing-agencies). [^tr-list]: [OSC "Trade repositories"](https://www.osc.ca/en/industry/market-regulation/trade-repositories), "Designated trade repositories". [^91-507-amend]: ["Substance and Purpose" and "Canadian Trade Reporting Rules" of the OSC's publication notice for the amendments](https://www.osc.ca/sites/default/files/2024-07/rule_20240725_91-507_91-506CP_trade-repositories-derivatives-data-reporting.pdf). The retitling is in the text of the amendments in [the notice of coming into force](https://www.osc.ca/sites/default/files/2025-07/rule_20250717_91-507_trade-repositories-derivatives-data-reporting.pdf). [^reporting-cp]: [OSC Rule 91-507](https://www.osc.ca/sites/default/files/2025-07/rule_20250726_91-507_trade-reporting.pdf), section 25(1) and (2). The ISDA multilateral agreement is in section 25(3)(b). [^report-timing]: [OSC Rule 91-507](https://www.osc.ca/sites/default/files/2025-07/rule_20250726_91-507_trade-reporting.pdf), sections 31 and 32 and section 33(1), and the definition of "qualified reporting counterparty" in section 1(1). [^errors]: [OSC Rule 91-507](https://www.osc.ca/sites/default/files/2025-07/rule_20250726_91-507_trade-reporting.pdf), section 26.1 (frequency of verification), section 26.2 (errors in reporting), and section 26.3(1) (notice of errors and omissions). [^report-exclusions]: [OSC Rule 91-507](https://www.osc.ca/sites/default/files/2025-07/rule_20250726_91-507_trade-reporting.pdf), sections 40, 41.1, and 41.2. [^uti]: [OSC Rule 91-507](https://www.osc.ca/sites/default/files/2025-07/rule_20250726_91-507_trade-reporting.pdf), section 29(2)(a) to (d), (6), and (8). [^lei-upi]: [OSC Rule 91-507](https://www.osc.ca/sites/default/files/2025-07/rule_20250726_91-507_trade-reporting.pdf), section 28.1 (LEI) and section 30(1) (UPI). [^csa-margin]: [CSA Staff Notice 95-302](https://www.osc.ca/sites/default/files/2021-04/csa_20210408_95-302_margin-collateral-requirments.pdf), "Background" and "Plan for Implementation of Margin Requirements". [^osc-list]: [The OSC's list of rules and policies](https://www.osc.ca/en/securities-law/instruments-rules-policies/9?page=1), documents numbered 95 (95-301, 95-302, and 95-401). [^osfi-act]: [The OSFI Act](https://laws-lois.justice.gc.ca/eng/acts/o-2.7/page-1.html), section 3.1 and section 4(2)(a). [^e22-scope]: [OSFI's Guideline E-22](https://www.osfi-bsif.gc.ca/Eng/fi-if/rg-ro/gdn-ort/gl-ld/Pages/e22.aspx), the opening description, paragraphs 1, 2, 12, and 20, and footnote 1. [^e22-table]: [OSFI's Guideline E-22](https://www.osfi-bsif.gc.ca/Eng/fi-if/rg-ro/gdn-ort/gl-ld/Pages/e22.aspx), paragraphs 2 to 4, 15, 20, 22, 25 to 26, 29, 31 to 33, 43, and 70 to 71. [^e22-covered]: [OSFI's Guideline E-22](https://www.osfi-bsif.gc.ca/Eng/fi-if/rg-ro/gdn-ort/gl-ld/Pages/e22.aspx), paragraph 14. [^e22-substituted]: [OSFI's Guideline E-22](https://www.osfi-bsif.gc.ca/Eng/fi-if/rg-ro/gdn-ort/gl-ld/Pages/e22.aspx), paragraphs 11 and 18. [^local-cp]: [OSC Rule 91-507](https://www.osc.ca/sites/default/files/2025-07/rule_20250726_91-507_trade-reporting.pdf), section 1(1), "local counterparty", paragraph (b). [^records]: [OSC Rule 91-507](https://www.osc.ca/sites/default/files/2025-07/rule_20250726_91-507_trade-reporting.pdf), section 36(1); [NI 94-101](https://www.osc.ca/sites/default/files/2026-01/ni_20260119_94-101_unofficial-consolidation.pdf), section 9; and [NI 93-101](https://www.osc.ca/sites/default/files/2025-02/csa_2025219_ni_93-101_unofficial-consolidation.pdf), section 36(1). ## Sources - [Domestic engagement](https://www.osc.ca/en/about-us/domestic-and-international-engagement/domestic-engagement) — Ontario Securities Commission - [Notice of Ministerial Approval of Amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivative (November 27, 2025)](https://www.osc.ca/sites/default/files/2025-11/csa_20251127_94-101_mandatory-central-counterparty-clearing-of-derivative.pdf) — Ontario Securities Commission - [Notice of Coming into Force of National Instrument 93-101 Derivatives: Business Conduct (September 26, 2024)](https://osc.ca/sites/default/files/2024-09/ni_20240926_93-101_notice-coming-into-force.pdf) — Ontario Securities Commission - [National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (Unofficial consolidation current to 2026-01-19)](https://www.osc.ca/sites/default/files/2026-01/ni_20260119_94-101_unofficial-consolidation.pdf) — Ontario Securities Commission - [OSC Notice of Publication – Amendments to OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting; Changes to OSC Companion Policy 91-507CP; Changes to OSC Companion Policy 91-506CP (July 25, 2024)](https://www.osc.ca/sites/default/files/2024-07/rule_20240725_91-507_91-506CP_trade-repositories-derivatives-data-reporting.pdf) — Ontario Securities Commission - [National Instrument 93-101 Derivatives: Business Conduct (Unofficial consolidation, February 20, 2025)](https://www.osc.ca/sites/default/files/2025-02/csa_2025219_ni_93-101_unofficial-consolidation.pdf) — Ontario Securities Commission - [National Instrument 94-102 Derivatives: Customer Clearing and Protection of Customer Collateral and Positions (Unofficial consolidation current to 2023-09-13)](https://www.osc.ca/sites/default/files/2023-10/ni_20230913_94-102_unofficial-consolidation.pdf) — Ontario Securities Commission - [Notice of Coming into Force of Amendments to Ontario Securities Commission Rule 91-507 Trade Repositories and Derivatives Data Reporting and Consequential Amendments (July 17, 2025)](https://www.osc.ca/sites/default/files/2025-07/rule_20250717_91-507_trade-repositories-derivatives-data-reporting.pdf) — Ontario Securities Commission - [Companion Policy 91-506CP Derivatives: Product Determination (Unofficial consolidation current to 2025-07-25)](https://www.osc.ca/sites/default/files/2025-07/cp_20250725_91-506CP_derivatives-product-determination.pdf) — Ontario Securities Commission - [OSC Rule 91-506 Derivatives: Product Determination (Unofficial consolidation as of April 30, 2015)](https://www.osc.ca/sites/default/files/pdfs/irps/rule_20150727_91-506_unofficial-consolidation-derivatives.pdf) — Ontario Securities Commission - [CSA Notice of Publication – Multilateral Instrument 93-101 Derivatives: Business Conduct; Companion Policy 93-101CP Derivatives: Business Conduct (September 28, 2023)](https://www.osc.ca/sites/default/files/2023-09/csa_20230928_93-101_nop-derivatives.pdf) — Ontario Securities Commission - [93-102 - Derivatives: Registration](https://www.osc.ca/en/securities-law/instruments-rules-policies/9/93-102) — Ontario Securities Commission - [CSA Notice of Publication – Amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (September 25, 2025)](https://www.osc.ca/sites/default/files/2025-09/csa_20250925_94-101_amendments-counterparty-clearing-derivatives.pdf) — Ontario Securities Commission - [Trade repositories](https://www.osc.ca/en/industry/market-regulation/trade-repositories) — Ontario Securities Commission - [OSC Rule 91-507 Derivatives: Trade Reporting (Unofficial consolidation current to 2025-07-25)](https://www.osc.ca/sites/default/files/2025-07/rule_20250726_91-507_trade-reporting.pdf) — Ontario Securities Commission - [CSA Staff Notice 95-302 Margin and Collateral Requirements for Non-Centrally Cleared Derivatives (April 8, 2021)](https://www.osc.ca/sites/default/files/2021-04/csa_20210408_95-302_margin-collateral-requirments.pdf) — Ontario Securities Commission - [Rules and policies, 9 Derivatives (list, page 2)](https://www.osc.ca/en/securities-law/instruments-rules-policies/9?page=1) — Ontario Securities Commission - [Margin Requirements for Non-Centrally Cleared Derivatives, Guideline E-22](https://www.osfi-bsif.gc.ca/Eng/fi-if/rg-ro/gdn-ort/gl-ld/Pages/e22.aspx) — Office of the Superintendent of Financial Institutions - [Office of the Superintendent of Financial Institutions Act](https://laws-lois.justice.gc.ca/eng/acts/o-2.7/page-1.html) — Justice Laws Website（カナダ司法省） - [Bank of Canada Oversight Activities for Financial Market Infrastructures, 2025 Annual Report (March 2026)](https://www.bankofcanada.ca/wp-content/uploads/2026/03/annual-oversight-report-2025.pdf) — Bank of Canada - [About CDCC](https://www.cdcc.ca/en/about-us) — Canadian Derivatives Clearing Corporation - [Recognized clearing agencies](https://www.osc.ca/en/industry/market-regulation/clearing-agencies-and-clearing-houses/recognized-clearing-agencies) — Ontario Securities Commission - [Exempted clearing agencies](https://www.osc.ca/en/industry/market-regulation/clearing-agencies-and-clearing-houses/exempted-clearing-agencies) — Ontario Securities Commission