marketplace

As defined in National Instrument 52-107:

In this Instrument: “marketplace” means

(a) an exchange,

(b) a quotation and trade reporting system,

(c) a person or company not included in paragraph (a) or (b) that

(i) constitutes, maintains or provides a market or facility for bringing together buyers and sellers of securities,

(ii) brings together the orders for securities of multiple buyers and sellers, and

(iii) uses established, non-discretionary methods under which the orders interact with each other, and the buyers and sellers entering the
orders agree to the terms of a trade, or

(d) a dealer that executes a trade of an exchange-traded security outside of a marketplace,

but does not include an inter-dealer bond broker;

Lexata notes:

  • NI 51-102 defines “marketplace” the same as above;
  • NI 41-101 cross-references to NI 51-102;
  • proposed NI 51-107 also cross-references to NI 51-102;
  • NI 52-109, by contrast, cross-references to the definition of “marketplace” in NI 21-101 Marketplace Operation, where the definition of “marketplace”
      • for non-Ontario issuers, is the same as recited above
      • for Ontario issuers, cross-references to the definition of “marketplace” in the Ontario Securities Act, which incudes derivatives alongside securities, e.g.
          • “…constitutes, maintains or provides a market or facility for bringing together buyers and sellers of securities or derivatives…”, and
          • “…brings together the orders for securities or deriviatives of multiple buyers and sellers…”