Bloomberg units processed US$230 billion in trades in Ontario without proper authorization, OSC alleges
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None of the allegations involves the investors who traded fixed-income securities and none has been proven. Terms of a negotiated settlement reached Dec. 14 will not be made public unless it is approved by a panel of OSC commissioners on Friday.
A lawyer for Bloomberg declined to comment before the settlement hearing.
The OSC said its staff relies on the completeness and accuracy of information supplied by companies and individuals seeking recognition or exemptions, and their compliance with any terms and conditions imposed, “to manage risks to Ontario investors and market participants” in the public interest.
“Before foreign and domestic marketplaces are permitted to carry on business in Ontario, they must obtain authorization from the Commission to do so and their application for such authorization must provide candid, accurate and complete information,” the regulator said.
“These requirements serve to protect Ontario market participants and investors and foster fair and efficient markets.”
