The CDCC worked closely with the Investment Industry Association of Canada, stakeholders in the financial industry, the Bank of Canada and other regulatory authorities to create this new CCP, which began operating on a modest scale in February 2012. A second phase of the CCP for repos was launched in December of 2012.
It added the possibility for members to trade and clear “blind” repos. Since then, the clearing of cash trades has been added. And very recently, provincial securities have been included as well. To increase the new CCP’s share of overall repo activity, the CDCC and the industry have engaged in discussions with “buy-side participants” that are significant players in the Canadian repo market.